Exide Life Smart Term Plan

With Exide Life Smart Term Plan, you can secure your family’s financial future for a nominal annual premium. This term insurance plan is offered by Exide Life Insurance Company Limited. This smart life insurance plan offers the following benefits:

• 3 plan options to suit your life cover needs (Classic, Step-up, and Comprehensive)
• Guaranteed return of premium
• Flexible premium payment options
• Enhanced protection through add-ons such as riders
• Tax benefits

In the unfortunate event of demise of the life assured, the family is protected with a substantial life cover. You can choose the amount of Life Cover and Return of Premium that you want to be paid upon reaching policy maturity date.

Eligibility - Who is the Exide Life Smart Term Plan for?

Listed below are the eligibility factors that you must meet in order to purchase Exide Life Smart Term Plan:

Entry Age	Classic	Step-up	Comprehensive
Single Premium	18 to 65 years old	NA	18 to 65 years old
5 Pay	18 to 65 years old	18 to 60 years old	NA
Regular Premium	18 to 60 years old	18 to 58 years old	18 to 60 years old

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

• Policy Term for Exide Life Smart Term Plan is as follows:

  Policy Term	Classic	Step-up	Comprehensive
  Single Premium	10 to 30 years old	NA	10 to 30 years old
  5 Pay	10 to 30 years old	10 to 30 years old	NA
  Regular Premium	12 to 30 years old	12 to 30 years old	12 to 30 years old

• Sum Assured for Exide Life Smart Term Plan is as follows:

  Sum Assured	Classic	Step-up	Comprehensive
  Single Premium	Rs.5 lakhs	NA	Rs.10 lakhs
  5 Pay	Rs.10 lakhs	Rs.10 lakhs	NA
  Regular Premium	Rs.5 lakhs	Rs.10 lakhs	Rs.10 lakhs

• Premium paying mode: The available premium paying modes are annual, half-yearly, and monthly. For monthly mode, 3 months’ premiums are collected in advance on the policy commencement date.

Plan Coverage - What the Exide Life Smart Term Plan covers?

This is how Exide Life Smart Term Plan works:

Choose a policy variant, the policy term, PPT, and death benefit amount before filling up the application form for Exide Life Smart Term Plan. Enjoy the following benefits under this policy:

• 3 variants of the policy: The 3 variants offered under Exide Life Smart Term Plan are:
  • Classic: With Classic protection, you can get a predetermined Sum Assured upon the death the life assured and an amount equal to 100% of total premiums paid upon maturity.
  • Step-up: With Step-up protection, you can get a predetermined Sum Assured upon the death the life assured and an amount equal to 110-150% of total premiums paid upon maturity. The total premium paid with regards to the policy term is as follows:

    Policy Term	Total premium paid upon maturity (excluding the underwriting extra premiums)
    10 to 14 years	110%
    15 to 19 years	120%
    20 to 24 years	130%
    25 to 29 years	140%
    30 years	150%

  • Comprehensive: With Comprehensive protection, you can get a predetermined Sum Assured upon the death the life assured and an amount equal to 100% of total premiums paid upon maturity. In addition, you have the option to add a rider to get enhanced protection. You also get 2 premium payment options under this variant: Single Premium and Regular Premium.
• Lower Premium Rates: By choosing higher Basic Sum Assured such as Rs.10 to 20 lakhs, Rs.20 to 50 lakhs or 50 lakhs above, you can get lower premium rates.
• Discount on premiums for women policyholders: Under Exide Life Smart Term Plan, women policyholders pay premiums equal to that of a 3-years younger male policyholder.

Riders / Add-On Plans – Additional Coverage under the Exide Life Smart Term Plan:

Get enhanced protection by adding an Exide Life Rider to your base policy, Exide Life Smart Term Plan. Exide Life offers the following riders:

Exide Life Critical Illness Rider	Get enhanced life cover against critical illness. This rider covers 25 major critical illnesses.
Exide Life Accidental Death, Disability and Dismemberment Rider	Get additional protection against accidental death, disability or dismemberment for a nominal premium payment.

Riders can be added at the inception of the policy or policy anniversary. The rider Sum Assured shall not be more than the Sum Assured of the base policy.

Exclusions - What the Exide Life Smart Term Plan doesn’t cover?

Exide Life Smart Term Plan doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In this case, the company will not pay the policy benefits except the following:

• 80% of the premium paid (excluding Service Tax) for death within a year from the policy commencement date.
• Surrender Value or 80% of the premium paid, whichever is higher 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 Smart Term Plan:

• 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 fail to pay the premium on the due date, Exide Life Insurance offers you a grace period of 15 days for monthly payment mode and 30 days for annual and half-yearly modes to pay the premium due without interest. If the premium is not paid within the grace period then your policy will lapse.
• Policy Lapse: The policy will lapse and all benefits under the policy will cease, if the premiums due are not paid within the grace period and the policy has not acquired Surrender Value.
• Reduced Paid-Up Benefit: The policy will acquire Reduced Paid-Up status if 3 full years’ premiums are paid in Regular Premium and 2 full years’ premiums in 5 Pay, and further premiums are unpaid within the grace period and the policy is not surrendered. Once the policy, acquires Reduced Paid-Up status, you are eligible for non-forfeiture benefits. The Reduced Paid-Up status will continue until the policy is revived or reinstated.
• Policy Reinstatement: You revive or reinstate a policy within 2 years from the date of first unpaid premium, provided you submit a reinstatement request in writing, proof of insurability, and pay all premiums due with reinstatement charge.
• Policy Surrender: The policy will attain Guaranteed Surrender Value (GSV) on the first policy year for Single Premium and after 3 full years’ premiums are paid for Regular Premium and 5 Pay. The surrender benefits will be paid immediately after policy surrender. All other benefits under this policy are not payable once the surrender benefit is paid.

Tax Benefits – How you can save with Exide Life Smart Term Plan?

Under Exide Life Smart Term Plan, 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.

If the Sum Assured is less than 10 times the base annualised premium, then the tax benefit is not applicable under Section 10(10D).

Other Benefits – How you can save with Exide Life Smart Term Plan?

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

• Policy alerts: Get policy notifications via email or SMS on your registered mobile number.
• My Life: Register for My Life and easily manage your policy. With this feature, you can make:
  • Premium payments online
  • Update contact details
  • Check policy status
  • View Policy Value
  • Revive your insurance policy
  • Make enquiries through E-box
  • Print policy fund statements, tax certificates or 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 or 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 care@exidelife.in. You can also call toll-free number 1800 419 8228 for any policy related queries.
• Life Cover and Premium calculator: Determine how much life cover you need and how much premium you have to pay using the online life cover and premium calculators, available on the Exide Life Insurance website.

Why should you buy Exide Life Smart Term Plan from Exide Life Insurance?

Following are the reasons why you should buy Exide Life Smart Term Plan from Exide Life Insurance:

• Exide Life Insurance Company Limited was voted as one of the most reliable life insurance providers in India.
• The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.
• Over 15 lakh customers in more than 200 cities are served by the company.
• The company’s strong traditional insurance portfolio is distributed via Banc Assurance, Agency, and Corporate Agency & Broking.
• Exide Life Insurance customers are served by more than 50,000 agents spread across 200 offices.
• Previously, the company has managed assets worth Rs.9,530 crores and earned Premium Income of Rs.2,047 crores in during FY 2015-16.