Get an additional life cover at a nominal cost with Exide Life Term Rider. You can double the life cover on your existing Exide Life Insurance Plan by adding Exide Life Term Rider for a nominal additional premium. This rider can be added to select traditional life insurance plans offered by Exide Life Insurance Company Limited. It can be added at the time of policy renewal or while buying a new policy.
Exide Life Term Rider covers death caused due to natural and accidental causes. You can also enjoy tax benefits on premiums paid under Section 80C and on lump sum payouts under Section 10(10D) of the Income Tax Act, 1961.
Eligibility - Who is the Exide Life Term Rider for?
New or existing customers of Exide Life Insurance can add Exide Life Term Rider to the following base policies:
To purchase Exide Life Term Rider, you have to meet the following eligibility criteria:
||Age at which rider protection ceases
|Exide Life Term Rider
||18 years to 60 years
Sum Assured and Premium Range - What you get and what it costs?
The premiums payable for Exide Life Term Rider are calculated based on the Sum Assured chosen by the policyholder under this rider. The premium payment frequency is same as that of the chosen base policy. If you choose the monthly payment mode, you will have to pay 3 months’ premiums in advance on the policy commencement date. These advance premiums are non-refundable with the exception of free look cancellation. If the rider premium is discontinued at any time, then the benefits under this rider policy will automatically cease.
||Premium Paying Term (PPT)
|Exide Life Term Rider
||Minimum Sum Assured is Rs.50,000 and maximum is lower of Sum Assured of the base policy or Rs.50 lakhs
||Minimum 5 years to maximum 40 years
*The rider term is never more than the base policy term and the rider PPT is equal to the base PPT if the rider was added to the base policy at the time of inception or policy anniversary.
Plan Coverage - What the Exide Life Term Rider covers?
The benefits available under Exide Life Term Rider are:
Double Life Cover: In the case of demise of the life assured, the family will be paid up to double the life cover (i.e., the rider amount in addition to the base plan life cover amount).
Nominal premium: You can get enhanced life cover on your existing Exide Life Insurance Plan by paying just a nominal additional premium for Exide Life Term Rider.
Death Benefit: In the case of demise of the life assured, the Rider Sum Assured on Death is paid to the family. Rider Sum Assured on Death is higher of 10 times the annualized rider premiums or rider sum assured. Death Benefit will not be less than 105% of the rider premiums paid, excluding service tax and extra premiums paid.
Exclusions - What the Exide Life Term Rider doesn’t cover?
Exide Life Term Rider will not cover death caused by the following:
Suicide: If the life assured commits suicide within a year from the date of policy commencement or from the reinstatement date of the lapsed policy, Exide Life Insurance is not be liable to pay the benefits under this rider.
Other Key Features of Exide Life Term Rider:
Listed below are few other important features of Exide Life Term Rider:
Free look Period: From the date of receipt of the rider document, you have 15 days to review the terms and conditions of the rider. You can return the rider policy and claim refund if you find the terms and conditions objectionable. The company will refund the rider premium after deducting the risk premium for the appropriate time covered and stamp duty charges, if any. If you have purchased the rider through distance marketing, you will be given 30 days to review the terms and conditions of the rider. Once the policy is cancelled, all benefits under the policy will cease.
Surrender Value: This rider doesn’t offer maturity or surrender benefit, only protection benefits. The rider benefits will cease if the base policy is cancelled or surrendered.
Grace Period: The grace period for paying rider premium follows the same rules as your chosen base policy. If you have chosen annual or half-yearly payment mode, then you are given 30 days grace period within which to pay your rider premium. For monthly payment mode, you are given 15 days from the premium payment due date to pay your rider premium. If the payments are not made within the grace period and your policy hasn’t achieved Surrender Value, then your policy will lapse and the benefits under this plan will cease.
Revival of rider benefits: Reinstating rider benefits follows the same rules as your chosen base policy. You can restore the rider benefits to its original level by reviving the rider during the policy term within 2 years from the time you stopped paying premium. Steps to revive your rider are as follows:
- Submit proof of your eligibility for continued insurance cover.
- Pay all due premiums at once along with the revival charge.
- A medical examiner may be consulted with regards to your policy revival by the company.
Claims: The eligible person for the rider benefit has to give the claim in writing to the company within 60 days of raising the claim.
Tax Benefits - How you can save with the Exide Life Term Rider?
Under Exide Life Term Rider, you can get tax benefits on premiums paid as per Section 80C and on lump sum payouts as per Section 10(10D) of the Income Tax Act, 1961.
Other Benefits - How you can save with the Exide Life Term Rider?
Following are the reasons why you should buy life insurance plans and rider policies from Exide Life Insurance Company Limited:
Customer satisfaction: In 2014, Exide Life Insurance was voted by consumers as one of the top 10 most trusted life insurance brand in The Economic Times - Brand Equity. The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 is 89%.
Customer Service: To register complaints and feedback, you can fill up a simple form on the Exide Life Insurance website. Exide Life Insurance is an ISO 9001:2008 certified company.
Life Cover and Premium calculator: You can calculate how much life cover you need and how much premium you are required to pay using the respective online calculators available on the Exide Life Insurance website.
Easy to track your policy: Check your policy status online by visiting the Exide Life Insurance website, click on ‘Track your policy’ link, and log into your ‘My Life’ account using the registered user ID and password to check your policy status. You can also send an enquiry via email or contact an Exide Life Insurance customer care executive at 1800 419 8228 toll-free number.
My Life: By registering for My Life, you can enjoy the benefits of using various online features such as:
- Make premium payments
- View your policy value
- Switch funds under investment plans
- Revive your policy
- Print your policy fund statements, tax certificates, and portfolio statements
- Update contact details
- Make enquiries through E-box
Premium payment made easy: Visit the Exide Life Insurance website and pay your renewal premiums online via net banking, e-wallet, credit card or debit card. Other modes include:
- Set up auto-debit facility by filling up the Direct Debit mandate and submitting it along with a copy of a personalised cancelled cheque at the nearest Exide Life Insurance branch. Regular debits will be automatically made from your bank account for your renewal premium payments.
- Make payments via cash, credit card, debit card, cheque or Demand Draft in favour of 'Exide Life Insurance Policy No.' at the nearest Exide Life Insurance branch.
- Premium payments can be made via cash, DD or local cheque at the nearest Axis Bank branch.
- Pay premiums using any of your bank account via NEFT or RTGS facility by adding Exide Life Insurance as beneficiary.
- Pay your premium via cash, DD, credit card, debit card or local cheque at Karnataka One Counter, Bangalore One Counter, and HD One Counter.
- Show your renewal premium receipt or notice and pay via cash (up to Rs.49,999) at the nearest South Indian Bank branch.
Policy alerts via SMS: You can get policy related information via SMS on your registered mobile number with Exide Life Insurance. You have to send specific keywords in predefined formats to 09880888228 for policy, premium, and fund value details. You will receive SMS or email alerts regarding the confirmation of policy renewal payment, changes in contact details, change of nominee, policy documents dispatch, etc.
Grievance redressal: For any grievance or complaint, visit the nearest Exide Life Insurance branch, call toll-free number 1800 419 8228 or write to email@example.com. If you are dissatisfied with the resolution or haven’t received any response within 10 days, mail to firstname.lastname@example.org or contact The Complaints Officer at Exide Life Insurance Company Limited, 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore. You will need to quote the reference number provided to you, your policy number, and contact number. If you aren’t satisfied with The Complaints Officer resolution, mail the Head Customer Service at email@example.com.
Why you should buy Term Rider from Exide Life Insurance?
Exide Life Insurance Company Limited serves over 15 lakh customers in India. Managing assets worth Rs.9,530 crores, the company gained a total of Rs.2,047 crores in Premium Income during FY 2015-16. Exide Life Insurance is focused on providing long-term protection plans combined with savings to its customers. It boasts a strong traditional product portfolio with a consistent bonus track record.