Exide Life Sanjeevani is a fixed benefit health insurance plan offered by Exide Life Insurance Company Limited. This plan offers coverage against cancer and heart conditions. With this health insurance plan, you get following benefits:
- Comprehensive coverage for heart and cancer related illness
- Double claim benefit
- Premium Funding benefit
- Tax benefit
Under this plan, you have to wait for a period of 180 days called the waiting period before making a claim. Waiting period starts from the policy commencement or reinstatement date. To be eligible for claim benefit, you have to survive the survival period from the time of diagnosis. Exide Life Sanjeevani covers the following cardiovascular and cancer conditions under:
Option A: This policy covers cardiovascular conditions ranging from mild to severe categories. 9 conditions are covered under the mild category including Angioplasty and Valvuloplasty. 4 conditions are covered under the moderate category including Cardiomyopathy and Carotid Artery Surgery. 7 conditions are covered under the severe category including heart transplant and stroke.
Option B: Under this option, you can make claims for cancer related conditions in addition to heart conditions for a nominal additional premium. This policy covers cardiovascular and cancer conditions ranging from mild to severe categories. 5 conditions are covered under the mild cancer category including Bladder Microcarcinoma and early stages of prostate cancer. 4 conditions are covered under the moderate cancer category including Mastectomy and Cystectomy. 3 conditions are covered under the severe cancer category, a malignant tumour including leukemia, sarcoma, and lymphoma.
The diagnosis of any covered condition must be established with a necessary proof and certification from a specialist in the cancer or cardiovascular field. This policy doesn’t provide maturity benefit, death benefit or surrender benefit.
Eligibility - Who is the Exide Life Sanjeevani for?
Listed below are the eligibility factors that you must meet in order to purchase Exide Life Sanjeevani:
|Entry age of the life insured (minimum to maximum)
||18 to 65 years old
|Maximum maturity age of the parent
||70 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 Sanjeevani:
|Premium Payment Term (PPT)
||5 to 35 years (subject to maturity age of 70 years)
||Rs.5 lakhs to Rs.25 lakhs
|Premium Payment Frequency
*Premiums vary based on age, location, plan term, and other factors.
Plan Coverage - What the Exide Life Sanjeevani covers?
You will receive the following benefits under Exide Life Sanjeevani:
Comprehensive coverage for heart and cancer related illness: This health insurance plan has 2 options:
- Option A: Coverage for cardiovascular or heart conditions
- Option B: Coverage for cardiovascular and cancer related conditions
The benefits payable under this policy are paid as a lump sum amount after diagnosis of the covered conditions. The payout depends on the severity of the conditions and any claims previously admitted under this policy. The maximum claims payable shall not exceed 100% of the Basic Sum Assured. The categories of severity and payouts are as follows:
||Claim Benefit Payout
||A claim benefit under this category is 25% of the Basic Sum Assured. Only 1 claim can be made under this category in Option A and maximum 2 claims under Option B, provided the conditions are from 2 different classes.
||A claim benefit under this category is 50% of the Basic Sum Assured. Two claims can be made under this category. Once 100% of the Basic Sum Assured is paid, the policy will terminate.
||A claim benefit under this category is 100% of the Basic Sum Assured minus the Basic Sum Assured already paid for previous claims. The policy shall be terminated after paying this claim benefit.
If more than 1 covered condition is diagnosed at the same time, the claim with the highest benefit will be paid.
Double claim benefit: You can make a claim with Exide Life Sanjeevani even if you have filed a claim under any other health insurance policy. The benefit will be paid irrespective of your actual medical expenses.
Premium Funding benefit: If you submit first claim under a moderate category, the future premiums are waived for the next 5 years or till the end of the policy term, whichever is earlier. After the end of 5 years, the premiums payable will be calculated depending on the entry age, subjected to premium reviewability by the IRDAI.
Exclusions - What the Exide Life Sanjeevani Plan doesn’t cover?
Under this plan, if the life assured is identified as having any pre-existing disease related to cancer or heart condition, then the policy term between 5 to 9 years will not be issued. Benefits under this plan will not be payable due to other exclusions such as:
- Any covered condition occurring during the waiting period, lapse period or reinstatement period.
- Failure to get medical advice and treatment.
- Self-inflicted injury, insanity, immorality or attempted suicide.
- Under the influence of alcohol, narcotics or drugs.
- War, invasion, riots, etc.
- Radioactive contamination.
- Diagnosis and treatment undergone outside India.
- Congenital condition (anomaly present since birth).
- Participation in hazardous sports, hobbies or pastimes like racing, mountaineering, etc.
- Treatment of the donor for organ transplant.
Other Key Features - Freelook Period, Surrender Values, Grace Period etc.
Following are other key features of Exide Life Sanjeevani:
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 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. If you make a claim during the grace period, the company will pay the claim proceeds after deducting the outstanding premiums dues.
Premium reviewability: The premium rates are fixed for 5 years and reviewed after IRDAI approval. Any change in rates will be intimated to you 3 months prior to the policy anniversary date. You can discontinue the policy if you don't wish to pay the revised premium.
Policy termination: The policy will be terminated under the following conditions:
- Risk Cessation date.
- Payment of 100% of the Basic Sum Assured.
- Policy cancellation by you.
- Death of the life assured.
- Unpaid premiums within the grace period and failure to reinstate the policy within 2 years from the date of unpaid premium.
Policy Reinstatement: Once the policy lapses due to non-payment of premium, you have the option to revive it if the life insured is still alive by doing the following:
- Submit a written request for policy reinstatement within 2 years from the date of the unpaid premium.
- Provide proof of insurability.
- Paid all premium dues with interest till the date of reinstatement.
Survival period: This is defined as a period from the date of diagnosis or undergoing treatment during which the life assured has to survive in order to get benefits under this plan.
Tax Benefits - How you can save with the Exide Life Sanjeevani Plan?
Under Exide Life Sanjeevani, you can get tax benefits on premiums paid towards Critical Illness Rider under Section 80D of the Income Tax Act, 1961.
Other Benefits - How you can save with the Exide Life Sanjeevani Plan?
There are several other benefits of purchasing a health insurance plan from Exide Life Insurance such as:
||Register for My Life and easily manage your policy. With this online feature on the Exide Life website, 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.
||You can get policy notifications via email or SMS on your registered mobile number.
|Premium payment channels
||Premium payments can made online via e-wallet, net banking, credit card or debit card. Other premium payment channels are 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.
|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 email@example.com. You can also call toll-free number 1800 419 8228 for any policy related queries.
Why should you buy Exide Life Sanjeevani from Exide Life Insurance?
Following are the reasons why you should buy a health insurance plan from Exide Life Insurance:
- The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was an impressive 89%.
- More than 15 lakh customers in more than 200 cities are served by Exide Life Insurance Company Limited in India.
- The life insurance products are distributed via Banc Assurance, Agency, and Corporate Agency & Broking.
- Over 50,000 agents spread across 200 offices are dedicated to serving Exide Life Insurance customers.
- The company has experience managing assets worth Rs.9,530 crores and gained Rs.2,047 crores in Premium Income during FY 2015-16.