The Group Illness Rider offered by Exide Life is a non-participating and non-linked group product that offers its customers with an array of benefits that can be clubbed with your base policy. With health being a major concern, people are now realizing the importance of health insurance plan that takes care of any financial expenses that arise at the time of hospitalization. This rider is designed to cater to the financial needs of employees and provides financial protection in case they suffer from a Critical Illness or Terminal Illness listed under the rider. With the Exide Life Group Illness Rider, the rider pays out a chosen percentage of the Sum Assured by the Rider due to a diagnosis of a Critical Illness or Terminal Illness that is listed under the rider. An Exide Life Group Illness Rider can be clubbed with an existing Exide Life Insurance product to avail its benefits. Once the rider has been purchased, a decision will have to made on the percentage of the Sum Assured that will have to be paid at the time of diagnosis of a critical or terminal illness. Some of the fey features of an Exide Life Group Illness Rider are:
To purchase an Exide Life Group Illness Rider, employer-employee groups will have to meet the eligibility criteria set by Exide Life Insurance or a Group Illness Rider. The eligibility criteria listed below has to be met to purchase an Exide Life Group Illness Rider:
|Minimum Entry Age||Critical Illness: 18 years Terminal Illness: 18 years|
|Maximum Entry Age||Critical Illness: 65 years Terminal Illness: 79 years|
|Minimum Group Size||Non-Employer-Employee Group: 50 members Employer-Employee Group: 10 members|
|Maximum Group Size||No limit as applicable to the base plan on which the rider has been purchased and attached|
Employer-employee groups who enrol for Exide Life Group Illness Rider will have to make sure that each member of their company is insured for a certain amount of money. This capital is called the sum assured. Regular contributions in the form of premiums will have to be paid to the insurer to keep the policy running. Listed below are some of the important details that you have to know about the Exide Life Group Illness Rider:
|Minimum Sum Assured for each member||Rs.1,000|
|Maximum Sum Assured for Critical Illness||100% of the Sum Assured of the base plan or Rs.50 lakhs (option that is lower)|
|Maximum Sum Assured for Terminal Illness||100% of the Sum Assured of the base plan or Rs.50 lakhs (option that is lower)|
|Premium Payment Term||Single|
|Minimum Policy Term||1 year|
|Maximum Policy Term||The Exide Life Group Illness Rider will continue to be in force as long as premiums are made at the anniversary of the base policy each year. The policy continues to remain active unless the policyholder terminates the plan or if payments lapse.|
The Exide Life Group Illness Rider provides benefits that a policyholder can avail. Some of these benefits are listed below:
|Critical Illness Benefit||Option A:
|Terminal Illness Benefit||An employee make a choice to receive either 50% or 100% of the sum assured up to a maximum of Rs.50 lakhs and the remaining balance is paid after the life assured passes away|
|Maturity||No maturity benefit is offered with this plan|
|Protection Benefit||Pure protection benefit is offered|
The Exide Life Group Illness Rider benefit shall not be applicable and the policyholder will not receive a payout if any of the listed critical illnesses was caused either directly or indirectly by and of the reasons listed below:
The policyholder or life assured can avail tax benefits on any premiums made towards the Exide Life Group Illness Rider according to the tax laws under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Listed below are some of the other benefits that a policyholder can avail by purchasing a Group Illness Rider from Exide Life Insurance:
|Free Look Period||The Free Look Period is applicable as that of the base policy which is 15 days. Distance marketing mode has a Free Look Period of 30 days.|
|Termination||After the cover term has expired and the life assured does not want to renew it, the rider will terminate.|
|Nomination||A nomination for the rider policy is permissible with the base policy.|
|Assignment||Assignment is not permitted under the rider policy.|
|Grace Period||The grace period is applicable as the base policy. However, a 30 day period is provided from the date of revival of the rider where the policy will not be terminated but all benefits from this rider will be suspended during this period.|
The Group Illness Rider from Exide Life Insurance Company Limited is a very good option for employer-employee groups who intend on managing their leave and gratuity encashment while also making sure that the discharge of liabilities goes smoothly. Exide Life Insurance Company is one of the country's most renowned insurance providers and boats of several years of experience in the insurance domain. The company has a large customer base of 15 lakh individuals. Operating out of Bengaluru, the company has assets that are worth in excess of Rs.9,500 crores. The company recorded a total premium income that amounted to more than Rs.2,000 crores in the FY 2015-16.
Exide Life Insurance Company Limited employs several different channels that include bancassurance, corporate, broking, and other agencies, and with over 50,000 quality advisors that are on its payroll, finding the right insurance plan that best suits their requirements and needs. A 24/7 customer care service is also available to address any needs and requirements of a customer.
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