This is a group insurance plan offered by Exide Life and is a non-participating and non-linked plan. This term insurance offers benefits to both, employees as well as employers. Exide Life Group Term Life Solutions is an innovative and affordable policy offered that reassures the financial security of employees. It thereby maintains welfare of members through world-class delivery of service. This policy offers a minimum sum assured of Rs.5,000 per employee.
Employers who wish to apply for this term policy need to meet the following eligibility criteria:
|Minimum Entry Age for employer-employee group schemes||18 years old|
|Maximum Entry Age for employee group schemes||79 years old|
|Minimum Entry Age for other cases||18 years old|
|Maximum Entry Age for other cases||69 years old|
|Minimum/Maximum Maturity Age for employer-employee group schemes||80 years old|
|Minimum/Maximum Maturity Age for other cases||70 years old|
|Policy Term||1 year policy renewable term|
|Minimum group size for employer-employee group||10 members|
|Minimum group size for non-employer-employee group||50 members|
|Maximum group size||No restrictions|
The minimum sum assured under this policy is Rs.5,000. This policy offers a choice between flat or graded sum assured types depending on several parameters.
Premium Payment frequency:
This policy offers a choice of the following payment frequencies:
Disclaimer: Premiums vary based on age, location, plan term and other factors.
This policy offers numerous benefits to employers as well as employees. The benefits applicable are as follows:
|Basic death benefit||Full sum assured to be provided in case of the employer’s demise before the term of the policy elapses.||Full sum assured to be provided in case of the employee’s demise before the term of the policy elapses.|
|Maturity Benefit||Not applicable||Not applicable|
*Premiums vary based on age, location, plan term and other factors
Limitations on account of suicide under Non-Employer-Employee Group:
In an event that the life assured commits suicide during the first policy year of this membership, the death benefit will be limited to 80% of the paid premiums, not including service tax.
Other exclusions of this policy:
Please take note of some other features offered under Exide Life Group Term Life Solutions:
|Other key features||Details|
|Free look period||This policy offers a free look period of 15 days wherein the policyholder can cancel the policy if they disagree with the terms and conditions. The reason for disagreement must be provided in writing and the original document must be returned. In case of cancellation, the company will issue a refund after deducting expenses incurred such as proportionate risk cover, medical examination charges and stamp duty charges.|
|Suicide under Employer-Employee Group||The suicide clause does not apply to the employer-employee group. Therefore, in an event that the member commits suicide within 1 year of the entry date or cover date, the complete death benefit will be paid to the family/legal heirs of the deceased member.|
|Nomination||Nomination can be made under provisions of Section 39 of the Insurance Act of 1938.|
The premiums that are paid by the Master Policyholder/employer shall be regarded as regular business expenses incurred to avail income tax benefits under the Income Tax Act of 1961.
One of the striking benefits offered by Exide Life is their Self-Service Portal which can be used for the following by customers when they log in:
Exide Life also offers their customers with several tools and calculators such as:
Additionally, they offer an option called “Meet an Advisor” where you need to provide your personal and contact details and a representative will contact you to assist with your insurance needs.
Exide Life offers a Twitter enabled self-service to customers with the Twitter Handle “@ExideLifeCares”.
Exide Industries Limited has 100% ownership of Exide Life Insurance Company Limited and for the FY 2015-2016, the company made more than Rs.2000 crores in Premium Income. The company made a profit of Rs.112 crore for the financial year. The company is also known for its innovate approach to promote new insurance products. For example, earlier in 2017, Exide Life started a campaign on Twitter called “#nomoreexcuses” to promote their product, Sanjeevani Health Insurance for Heart and Cancer. This hashtag garnered almost 10,000 tweets. The campaign also gained momentum on YouTube with millions of hits on their videos. The company’s approach to tackle the issue of health has definitely not gone unnoticed.