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  • Exide Life Group Gratuity Product

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Life Group Gratuity Product by Exide is one of the many Group insurance plans offered by the company. This Unit-linked plan offers financial protection so as to safeguard the monetary needs of the employees. The plan, which considers the employer as the policyholder and the employee as the members, will help organisations to offer a variety of benefits to employees in a very timely manner. The main aim of the Group Gratuity Product is to allow employers to build a corpus to help take care of their workers’ gratuity benefits and also to offer high returns if a member meets their demise.

    Eligibility – Who is the Exide Life Group Gratuity Product for?

    Every organisation looking to buy the Exide Life Group Gratuity Product needs to meet a certain criterias. For instance, the company needs to have the right number of participants which should be the number as listed in the policy and should also meet the age restrictions. Here’s what the eligibility for this plan looks like:

    Parameters Details
    Minimum Group Size 10 members
    Maximum Group Size No limit
    Minimum Entry Age 18 years
    Maximum Entry Age 79 years
    Minimum Maturity Age 19 years
    Maximum Maturity Age 85 years

    Sum Assured and Premium Range – What you get and what it costs?

    All the organisations investing in the Exide Group Gratuity Product are required to make a minimum contribution towards an employee’s fund. The sum assured for the person will depend on this contribution. Below is the sum assured under this plan:

    Parameters Details
    Minimum Sum Assured per Member Rs.1,000
    Minimum Policy Term One year
    Maximum Policy Term This plan can be renewed on a yearly basis till the master policyholder decides to terminate the policy
    Minimum Balance in the Policy Account Rs.1 lakh
    Maximum Balance in the Policy Account No limit
    Premium Payment Terms Monthly, Quarterly, Half-yearly, and Yearly

    Plan Coverage – What the Exide Life Group Gratuity Product Covers?

    There are a number of benefits offered by Exide Life Group Gratuity Product depending on a number of factors. For instance, the plan offers payout on death, retirement, and incapacitation of an employee and termination of the policy. Below is a table which lists out the benefits provided by Exide Life Group Gratuity Product?

    Events Benefits
    Retirement of the employee If an employee, who is also a member of the plan, decides to retire, he/she will be paid the eligible benefits as per the policy rules. To make the payment, money left in the Group Gratuity Product Fund Value will be utilised.
    Death of an employee Upon death of a member, a sum assured of Rs.1,000 will be paid to the beneficiary.
    Death while still in service If a member passes away while still being employed by the organisation, the beneficiary will be paid the gratuity amount along with any other payable benefits as per the policy rules.
    Surrender If the policy is surrendered by the policyholder, a Surrender Charge will be deducted from the fund value before making the settlement. Here’s what the Surrender Charges look like:
    • Surrender within 3 years of buying the policy: 0.05% of the fund value. However, the maximum charge is capped at Rs.5 lakhs.
    • After three years of buying the policy: No charges are applicable if the policy is surrendered after three years.

    Charges and other key features under the Exide Life Group Gratuity Product:

    Below are some of the other features of the Life Group Gratuity Product by Exide:=

    Fund Management Charges Currently stands at 0.8% per annum. Note that the insurance company holds the right to increase the charges at its discretion by providing a notice of 30 days after receiving an approval from the regulator. Also, the charge will be capped at 1.35%, which according to IRDA, is the maximum an insurer can charge at the moment.
    Policy Administration Charges There are no policy administration charges as such under this policy.
    Switching Charges There are no switching charges as such under this policy.
    Mortality Charges The Exide Life Group Gratuity Product will charge a flat mortality cover charge of Re.1 per Rs.1,000. This would be mentioned in the quotation provided to the policyholder. This charge will be deducted from the fund value at the prevailing market value at the time the deduction is made.
    Free Look Period If the policyholder does not agree with the terms and conditions offered to them by the insurance company, he/she can choose to terminate the policy within 15 days of buying the policy by providing a valid reason. However, upon cancellation, the premium paid will be returned after deducting the medical examination charges.

    Tax Benefits - How you can save with the Exide Life Group Gratuity Product?

    Every organisation that has the Exide Life Group Gratuity Product is eligible for tax deductions based on Section 80C and Section 10 (10D) of the Indian Income Tax Act, 1961. However, the total deduction available will vary from time to time depending on any amendments brought to the aforementioned sections of the IT Act.

    Other Benefits - How you can save with Exide Life Group Gratuity Product?

    There are several reasons why the Exide Life Group Gratuity Product is a good fit for employers. They are:

    • Self-service: The Exide Life website offers a self-service tab which allows customers to carry out a number of actions linked to their policy. For instance, they can check for unclaimed amounts, make top up payments, download premium receipts, certificates and also change personal information.
    • Qualified customer service personnel: To keep in line with the tech savvy generation, Exide now offers Twitter-enabled self-services where all the queries regarding a policy will be answered promptly by an automated service. Through this Twitter feature, a policyholder can avail a number of services like downloading premium payment receipts, check policy status and due dates, details regarding premiums and benefits, etc. There’s also an SMS service which customers can make use of to have their grievances addressed.
    • Good advisory board: The Company has over 50,000 people on its advisory boards who serve in areas like bancassurance, corporate agency and broking, and are attached to over 2000 offices in the country.

    Why you should buy the Life Group Gratuity Product from Exide Life Insurance?

    There are a number of reasons why prospective customers should consider the Group Gratuity Product from Exide Life Insurance. These are as follows:

    • Unit-linked payouts: The Exide Life Group Gratuity Product comes with four different unit options a prospective policy buyer to choose between. These range between Liquid, Debt, Secure, Balanced, and Growth Funds, all of which come with Low-Medium risk levels. All of these funds allows the policyholder to accumulate adequate funds to solve the issue of their workforce’s gratuity.
    • No handling woes: This policy is entirely handled by the insurance company, right from the administration of a scheme to settling and accounting issues, everything is handled by the company. All the policyholder needs to do is pay the premiums on time.
    • Customisable plan: Exide Life seems to understand that companies have different needs to cater to. To solve this issue, it assists in setting up of a trust and provides necessary guidance and also some templates to create a plan that can suit a policyholder’s needs.
    • Company with a massive portfolio: Exide Life, which is a subsidiary of Exide Industries Limited, is currently serving over 15 lakh customers and is handling funds worth Rs.9,500 crores. Besides this, the company has reached over Rs.2,000 crores in premiums paid in 2015-16, which is only set to grow in the coming years.