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  • Exide Life New Creating Life Insurance Plan

    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

    Exide Life New Creating Life Insurance Plans are a new type of child insurance plans offered by Exide Life Insurance Company Limited to help you fulfill your child’s dreams. The 2 types of Exide Life New Creating Life Insurance Plans are:

    • Exide Life New Creating Life Insurance Plus: Pay premiums for a few years and in return your child gets Sum Assured upon policy maturity and additional 10% of the Sum Assured with accrued bonuses, if any. In the unfortunate event of the death of the life assured, future premiums are waived and your family will be paid life cover in lump sum and family income benefit over a period of 60 months.
    • Exide Life New Creating Life Insurance Regular Pay: Pay premiums regularly over the full policy term and in return upon policy maturity, your child gets the Sum Assured along with accrued bonuses, if any. In the unfortunate event of the death of the life assured, future premiums are waived and your family will be paid life cover in lump sum and family income benefit over a period of 60 months.

    Save for your child’s future with Exide Life New Creating Life Insurance Plans. This type of child insurance plan offers tax-free returns, limited pay option, premium waiver, and life cover with family income benefit. Under this plan, the company will invest money on your behalf, you will get a share of the profits of made in the company’s participating fund in the form of bonuses upon policy maturity. This plan is ideal for those who are content with moderate and steady returns and aren’t keen on taking investment risks. You have the option to get enhanced protection with add-ons in the form of Exide Life Term Rider, Exide Life Critical Illness Rider, and Exide Life Accidental Death, Disability and Dismemberment Rider.

    Eligibility - Who is the Exide Life New Creating Life Insurance Plan for?

    Listed below are the eligibility factors that you must meet to purchase Exide Life New Creating Life Insurance Plans:

    Entry age of the life insured (minimum to maximum) 18 to 45 years old
    Entry age of the child (minimum to maximum) 0 to 17 years old
    Maximum maturity age of the parent 60 years old

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

    Listed below are the required Policy Term, PPT, and Sum Assured for Exide Life New Creating Life Insurance Plus:

    Premium Payment Term (PPT) 5, 7 or 10 years
    Policy Term Minimum Policy Term for 5 years PPT - 10 years Minimum Policy Term for 7 years PPT - 12 years Minimum Policy Term for 10 years PPT - 15 years Maximum Policy Term - 20 years
    Sum Assured Minimum Sum Assured for 5 years PPT - Rs.1,22,249 (Monthly) and Rs.1,33,242 (Annual) Minimum Sum Assured for 7 years PPT - Rs.1,05,263 (Monthly) and Rs.1,14,728 (Annual) Minimum Sum Assured for 10 years PPT - Rs.1,07,759 (Monthly) and Rs.1,17,448 (Annual)
    Premium Minimum Premium for 5 years PPT - Rs.1,500 (Monthly) and Rs.18,000 (Annual) Minimum Premium for 7 years PPT - Rs.2,000 (Monthly) and Rs.24,000 (Annual) Minimum Premium for 10 years PPT - Rs.3,000 (Monthly) and Rs.36,000 (Annual) Maximum Premium - No limit
    Premium Payment Mode Annual and Monthly (For monthly mode, 3 monthly premiums must be paid at the commencement of the policy)

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

    Listed below are the required Policy Term, PPT, and Sum Assured for Exide Life New Creating Life Insurance Regular Pay:

    Premium Payment Term (PPT) 15 to 25 years
    Policy Term Same as PPT
    Sum Assured Rs.1,13,766 (Monthly) and Rs.1,23,995 (Annual)
    Premium Minimum Premium - Rs.1,000 (Monthly) and Rs.12,000 (Annual) Maximum Premium - No limit
    Premium Payment Mode Annual, Monthly*

    *For monthly mode, 3 monthly premiums must be paid at the commencement of the policy.

    Plan Coverage - What Exide Life New Creating Life Insurance Plans cover?

    This is how Exide Life New Creating Life Insurance Plans work:

    Choose the policy term, the sum assured, PPT, and premium payment mode before filling up the application form for Exide Life New Creating Life Insurance Plan. Premium will be calculated based on the above mentioned parameters and your age. Enjoy the following benefits under this policy:

    • Life Cover with Family Income Benefit: In the unfortunate event of the demise of the life assured, the company will pay the Life Cover in a lump sum or part lump sum and part Family Income Benefit. In the case of Option B, your family will receive 50% of the Sum Assured as lump sum and 1% of the Sum Assured as monthly income over a period of 60 months. In this scenario, your family gets additional 10% of the Sum Assured.
    • Premium Waiver: In the unfortunate event of the demise of the life assured, all future premiums are waived and the policy continues until maturity date. The Maturity Benefits will not be affected by this.
    • Maturity Benefit: Upon reaching policy maturity date, the company will pay the Sum Assured along with vested bonus and terminal bonus, if any. Your share of the profits in the company's participating fund forms the bonus. Therefore, bonuses are not guaranteed as it is based on the fund performance. The Maturity Benefit will not be less than 101% of the base premium excluding Service Tax.
    • Premium Payment Term Benefits: Under the Exide Life New Creating Life Insurance Plus plan, you have the flexibility to pay premiums for a shorter period while getting benefits for a longer period. You can opt for a PPT of 5, 7 or 10 years.

    Riders / Add-On Plans – Additional Coverage under Exide Life New Creating Life Insurance Plus:

    Get enhanced protection by adding an Exide Life Rider to your base policy, Exide Life New Creating Life Insurance Plus or Regular Pay. Exide Life offers the following riders:

    Riders can be added at the inception of the policy or policy anniversary. The rider sum assured can’t be more than the sum assured of the base policy.

    Exclusions - What Exide Life New Creating Life Insurance Plans don’t cover?

    Exide Life New Creating Life Insurance Plans don’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a scenario, the company will not pay policy benefits except the following:

    • Get 80% of the premium paid (excluding Service Tax) for death within a year from the policy commencement date.
    • Get higher of 80% of the premium paid (excluding Service Tax and Surrender Value on that date) for death within a year from the policy reinstatement date.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Following are other key features of Exide Life New Creating Life Insurance Plans:

    • Free look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will receive refund of the premium paid after certain deductions. The Free Look Period is 30 days for policies that are purchased through Distance Marketing.
    • Grace period: If you have failed to pay the premium on the due date, Exide Life Insurance offers a grace period of 15 days for monthly payment mode and 30 days for annual payment mode to pay the premium due without interest. If the premium is not paid within the grace period, your policy will lapse.
    • Surrender Benefit: The policy can be surrendered at any time but the surrender benefit will be paid only if at the least 1 full year’s premium has been paid. The surrender benefit will be paid immediately after surrendering the policy or in the 2nd policy year, whichever is later. Surrender benefit is the higher of Special Surrender Value or Guaranteed Surrender Value after loan deductions, if any.
    • Policy Lapse: If you fail to pay the premium within the grace period, the policy will lapse. If at the least 1 full year's premium is paid and less than 2 full years' premiums have been paid for a PPT of 5 or 7 years, and less than 3 full years[' premiums are paid for PPT of 10 years, then the nominee will get life cover which is equal to the Surrender Value. After which, the policy will be terminated.
    • Reinstatement: Lapsed policy can be reinstated during the policy term within a period of 2 years from the date of unpaid premium. You have to provide proof of insurability and submit a written request for reinstatement. All the premium dues have to be paid with a reinstatement charge of 9% p.a.
    • Loan: Once your policy acquires Special Surrender Value, you have the option to avail a loan to meet your urgent financial needs.
    • High Premium Discount: Opt for higher premiums and get discounts as mentioned below:
    Annualised premium Discount Rate
    First Rs.48,000 0%
    Next Rs.12,000 3%
    Next Rs.12,000 4%
    Any excess over the above 6%

    Tax Benefits – How you can save with Exide Life New Creating Life Insurance Plans?

    Under Exide Life New Creating Life Insurance Plans, you can get guaranteed tax benefits on:

    • Premiums paid under Section 80C of the Income Tax Act, 1961.
    • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
    • Premiums paid towards Critical Illness Rider under Section 80D of the Income Tax Act, 1961.

    Other Benefits – How you can save with Exide Life New Creating Life Insurance Plans?

    There are several other benefits of purchasing life insurance plans from Exide Life Insurance such as:

    • My Life: By registering for My Life, you can easily manage and track your policy. With My Life, you can make online premium payments, update contact details, check policy status, view Policy Value, revive your insurance policy, make enquiries through E-box, print policy fund statements, tax certificates, and portfolio statements.
    • Premium payment channels: Online premium payment methods include e-wallet, net banking, credit card or debit card. Other premium payment channels include Auto-Debit Arrangement, NEFT or RTGS, cheque, DD or cash deposit at Exide Life Insurance branch, South Indian Bank branch, Axis Bank branch, Karnataka One Counter, Bangalore One Counter, and HD One Counter.
    • Policy alerts: Get policy notifications via email or SMS on your registered mobile number.
    • Complaints and feedback: Fill up an online form on the Exide Life Insurance website to register your complaints or feedback. For grievance redressal, visit the nearest Exide Life Insurance branch or write to care@exidelife.in. You can also call toll-free number 1800 419 8228.

    Why should you buy Exide Life New Creating Life Insurance Plans from Exide Life Insurance?

    Following are the reasons why you should buy Exide Life New Creating Life Insurance Plans from Exide Life Insurance Company Limited:

    • The company serves over 15 lakh customers in more than 200 cities across India.
    • It distributes insurance policies via Banc Assurance, Agency, and Corporate Agency & Broking.
    • Exide Life Insurance customers are served by 50,000 agents across 200 offices.
    • The company managed assets worth Rs.9,530 crores and gained Rs.2,047 crores in Premium Income during FY 2015-16.
    • The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.