Exide Life Group Loan Suraksha Plan
- 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
Exide Life Group Loan Suraksha Plan is a non-participating, non-linked group credit life insurance plan offered by Exide Life Insurance. This insurance plan is for loan borrowers who want to protect their families from the repayment liability in case of any unfortunate event. The plan offers the following cover options:
- Level Coverage.
- Reducing Cover.
The reducing cover is available for loan segments that have/don’t have moratorium period. Apart from this, the plan offers surrender and tax benefits to the policyholders.
Exide Life Group Loan Suraksha requires policyholders to pay a single premium only. Premium for this policy starts from Rs.1,000* per group.
*Premiums vary based on age, location, plan term and other factors.
Eligibility - Who is the Exide Life Group Loan Suraksha Plan for?
People can apply for Exide Life Group Loan Suraksha Plan only if they meet the eligibility requirements mentioned below:
| Plan Type | Non-participating, non-linked group credit life insurance plan. |
| Minimum age at entry for Education Loan | 15 years |
| Minimum age at entry for other loans | 18 years |
| Maximum cover cessation age | 76 years |
| Maximum age at entry | 74 years |
| Lives covered | Single life, joint life or proportionate |
| Minimum/Maximum Cover Term | 2 years to 30 years |
| Moratorium Period | 1 year to 7 years |
Sum Assured and Premium Range - What you get and what it costs?
Sum Assured is what the policy gives in return to the policyholder. In case of Exide Life Group Loan Suraksha Plan, the Sum Assured amount differs based on the type of loan that has been availed by the policyholders. The Sum Assured by the policy in case of death during the start of the policy cannot be less than the loan amount.
| Particulars | Details |
| Minimum Sum Assured | For Loan against Property and Housing Loan – Rs.50,000 per member. For other loans – Rs.5,000 per member. |
Premium is the amount paid by the policyholders to avail the policy. For Exide Life Group Loan Suraksha Plan, policyholders have to pay a single premium only.
| Particulars | Details |
| Minimum Premium | Rs.1,000 per group |
*Premiums vary based on age, location, plan term and other factors.
Plan Coverage - What the Exide Life Group Loan Suraksha Plan covers?
Exide Life Group Loan Suraksha Plan offers coverage for the following loans:
- Education Loan
- Housing Loan
- Car Loan
- Loan against Property
- Commercial Equipment Loan
- Commercial Vehicle Loan
- Auto/Other Vehicle Loan
- Business Instalment Loan
- Business Loan
- Business Cash Credit Loan
- Cash Credit Loan
- Business Overdraft
- Personal Overdraft
- Gold Loan
- Credit Card Loan
The plan provides the following cover options:
| Particulars | Details |
| Level Cover (Available for Interest Only Loan) | Here, the death benefit will be equal to the loan amount throughout out the policy term. The benefit will not reduce at any time and in case of death, the Insured Member will receive the amount guaranteed at the start of the policy. It will be given regardless of the actual outstanding loan amount. |
| Reducing Cover | Here, the Sum Assured reduces according to the schedule during the membership term. This option is available both with and without the moratorium period. Moratorium period is usually applicable to education and housing loans. In case of loans with moratorium period – During the period, the Sum Assured in case of death is the sum of loan amount and interest accrued. After the moratorium period, the Sum Assured in case of death is the original amount that was guaranteed at the start of the policy. |
Apart from the above, the plan offers the following additional options for loans that have co-borrowers:
- Joint Life Coverage – If there are 2 members who have borrowed loans, then both the members will be covered under the policy. The protection will be applicable on the basis of ‘first-death’. So, when one member passes away, the nominee will receive the death benefits and the risk cover for the surviving member will cease. Here, the death benefit depends on the type of cover (reducing or level) chosen at the start of the policy.
- Proportionate Coverage – To avail a high amount of loan, sometimes multiple guarantors are required or some people together borrow a loan. Exide Life Group Loan Suraksha Plan provides insurance cover to all the co-borrowers. The amount of cover and the maximum cover that will be provided depends on the company. In case of death of any member, the pro-rata cover will continue for the surviving members. The death benefit paid will be the share of the member who passed away and his/her outstanding loan will be adjusted with the death benefit.
Riders/ Add-On Plans –Additional coverage under the Exide Life Group Loan Suraksha Plan:
Exide Life Group Loan Suraksha Plan does not provide any riders.
Exclusions - What the Exide Life Group Loan Suraksha Plan doesn’t cover?
Suicide Exclusion – In case a member commits suicide within a period of 12 months from the start of the policy, then his/her nominee, beneficiary or legal heir will receive 80% of the premium paid. The amount will be paid only if the policy is active.
Other Key Features – Free Look Period, Surrender Values, Grace Period etc.:
Exide Life Group Loan Suraksha Plan has the following features:
| Particulars | Details |
| Free Look Period | For the Master Policyholder - 15 days from the receipt date of the policy document. For the Member – 15 days from the receipt date of the Certificate of Insurance. 30 days if the policy is availed through Distance Marketing in both the cases. |
| Surrender | In case of Loan Foreclosure – If an Insured Member prepays the loan amount to the Master Policyholder to foreclose the loan or if the creditor-debtor relationship between the Master Policyholder and Insured Member ends before the policy term, then the Insured Member can choose to discontinue the coverage. If he/she discontinues the protection, then he/she will receive the surrender value. Surrender Value = GSV Factor X Premium Paid by the Insured Member In case of partial Prepayment – If the Insured Member(s) prepays only a part of the loan amount to the Master Policyholder, then the coverage will continue without any reduction in the Sum Assured on Death. |
| High Sum Assured Discount | If the Sum Assured on Death is high, then the following discount will be given:
|
| Discount for Females | Female members will receive discount on premium. For them, the premium will be equal to the premium that is applicable for a male member who is 3 years younger to them. |
| Nomination | It is allowed under Section 39 of the Insurance Act of 1938. |
Tax Benefits – How you can save with the Exide Life Group Loan Suraksha Plan?
Exide Life Group Loan Suraksha Plan allows policyholders to claim tax exemption under Section 80C of the Income Tax Act, 1961. The exemption can be claimed on the premium amount.
Other Benefits – How you can save with the Exide Life Group Loan Suraksha Plan?
Exide Life Group Loan Suraksha Plan offers many benefits apart from the ones mentioned above. Some of them are as follows:
| Particulars | Details |
| Online Premium Payment | Customers can easily pay the premium amount online on the website of Exide Life Insurance. |
| Customer Service | To get any information about the plan or the company, customers can easily contact its customer service team. |
| Online Tools | The website of Exide Life Insurance has many online tools, which customers can use to plan their investment. |
Why you should buy the Group Loan Suraksha from Exide Life Insurance?
Exide Life Insurance started in 2001-2002 and is one of the leading insurance companies in India today with over 15 lakh customers. It is known for providing some of the best insurance plans and customers can avail insurance advice from over 50,000 advisors of the company. It has over 200 branches in different parts of the country, which makes it easily accessible. Exide Life Group Loan Suraksha Plan is one of the most popular group insurance plans offered by the company.