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  • Exide Life Group Term Life Solutions

    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

    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.

    Eligibility – Who is the Exide Life Group Term Life Solutions for?

    Employers who wish to apply for this term policy need to meet the following eligibility criteria:

    Parameter Eligibility
    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

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

    Sum Assured:

    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:

    • Monthly
    • Quarterly
    • Half-yearly
    • Annual

    Disclaimer: Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the Exide Life Group Term Life Solutions covers?

    This policy offers numerous benefits to employers as well as employees. The benefits applicable are as follows:

    Benefit Employer Employee
    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
    Additional benefits
    • This policy provides lifetime coverage to all members in the group under a single plan.
    • Opportunity to enhance employee benefit program.
    • Employers can use this policy to retain employees by offering a stronger incentive.
    • The premiums paid by employers can be computed as business expenses incurred to avail income tax benefits under the income tax laws.
    • This policy offers a simple process to add members to and delete members from the policy.
    • Employees can make voluntary contributions to their premiums to enjoy a larger life cover.
    • This policy can provide substantial cover to employees’ families in case of their untimely death.
    • This policy is extremely affordable wherein a small premium can offer a higher cover.
    • For employees who are below the retirement age, there are no medical tests required up to the free cover limit offered.
    • This policy comes with a simplified underwriting.

    *Premiums vary based on age, location, plan term and other factors

    Exclusions – What the Exide Life Group Term Life Solutions doesn’t cover?

    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:

    • Maturity benefit
    • Loan benefit
    • Surrender Value

    Other Key Features of Exide Life Group Term Life Solutions:

    Please take note of some other features offered under Exide Life Group Term Life Solutions:

    Other key features Details
    Grace Period
    • Quarterly/half-yearly mode - 30 days from the premium due date.
    • Monthly mode - 15 days from the premium due date.
    • Annual mode – No grace period offered.
    In an event of demise of the life assured during the grace period, death benefit will be payable after all unpaid/due payments for the whole group have been paid by the Master Policyholder. In case the Master Policyholder does not pay the premiums, the policy will lapse.
    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.

    Tax Benefits – How you can save with Exide Life Group Term Life Solutions?

    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.

    Other Benefits – How you can save with Exide Life Group Term Life Solutions?

    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:

    • Make top-ups on premiums/policies
    • Download their premium certificate
    • Update their contact details
    • Check their unclaimed amount

    Exide Life also offers their customers with several tools and calculators such as:

    • Investment calculator
    • Calculate How Much Life Cover You Need
    • Plan For Your Child’s Future
    • Rising Medical Cost Calculator
    • Tax Benefits Through Life Insurance
    • Risk Analyzer
    • Know Your Retirement Number
    • My Money Book

    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”.

    Why you should buy the Group Term Life Solutions from Exide Life?

    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.