Life insurance is like a safety net that helps keep you and your loved ones financially secure. It’s an important tool in today’s unpredictable world. When something unexpected happens, you want to make sure your family is taken care of. That’s where Exide Life Insurance comes in. They’re one of the big players in the insurance market, and they offer a variety of policies designed to meet different needs. In this Exide Life Insurance review article, we’ll take a closer look at Exide Life Insurance and see if it’s the right choice for you. So, let’s dive in and explore what they have to offer!
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Customer Reviews and Ratings – Exide Life Insurance Review 2023 – Is it Safe or Not
To gauge the overall customer experience and satisfaction, it is essential to consider customer reviews and ratings. In this Exide Life Insurance review, it’s worth noting that Exide Life Insurance has received positive feedback from many policyholders who appreciate the company’s prompt services, transparent processes, and personalized assistance. However, it is important to be aware that experiences may vary, and there could be some negative reviews as well. Therefore, it is advisable to thoroughly research and evaluate the customer reviews to form an informed opinion about Exide Life Insurance.
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About Exide Life Insurance
Let’s talk about Exide Life Insurance, a well-established and profitable company that has been providing life insurance since 2001-02. Exide Life Insurance, headquartered in Bangalore and operating as a wholly owned subsidiary of HDFC, oversees assets totaling INR 18,381 Crores as of March 31, 2021.
What sets Exide Life Insurance apart is its focus on long-term protection and savings plans. They offer a range of traditional products that cater to different needs and preferences. In fact, their insurance plans are known for their diversity and flexibility. This dedication to excellence has earned them the prestigious title of being recognized as the Economic Times Best Brand in the BSFI category in 2020.
One thing that makes Exide Life Insurance stand out is its constant emphasis on innovation. They strive to stay ahead of the curve by embracing technological advancements and upgrading their systems regularly. With an extensive reach across various locations and a large customer base, Exide Life Insurance has become a trusted brand that people in India rely on.
Exide Life Insurance has proven itself to be a reliable and reputable insurance provider. Their long-term protection and savings plans, combined with their commitment to innovation, make them a strong contender in the market. If you’re looking for an Exide Life Insurance review, a life insurance company that offers diverse options and a solid reputation, Exide Life Insurance might be the right choice.
Exide Life Insurance has achieved multiple awards
Exide Life Insurance has been recognized and honored with several prestigious awards and accolades throughout its journey. In this Exide Life Insurance review, let’s take a look at some of the notable achievements that further highlight the company’s excellence and commitment to customer satisfaction:
In 2020, Exide Life Insurance was honored with the ET Best Brands award in the BFSI category. This recognition highlights their commitment to providing exceptional services and products in the insurance industry.
The Exide Life Smart Term Plan received the esteemed title of Product of the Year in 2019. This recognition came as a result of a national survey conducted by Nielsen, showcasing the plan’s popularity and value among customers.
In 2018, Exide Life Insurance was named the Digital Insurer of the Year in India at the Insurance Asia News Awards. This award reflects their dedication to leveraging digital technology and innovation to enhance customer experiences and streamline processes.
Additionally, Exide Life Insurance has been acknowledged for its efforts in fostering a diverse and inclusive work environment. The company was ranked among the “100 Best Companies for Women to Work in India” in a survey conducted by Working Mother and the AVTAR Group.
These awards and accolades testify to Exide Life Insurance’s commitment to excellence, innovation, and customer satisfaction. With a strong track record of recognition, they continue to be a trusted and reputable choice in the insurance industry.
Financial Strength and Ratings
When choosing an insurance provider, it is crucial to consider the financial strength of the company. In this Exide Life Insurance review, it’s worth noting that Exide Life Insurance boasts a robust financial position, backed by Exide Industries Ltd. and its strong market presence. The company’s solid financial foundation enables it to fulfill its commitments to policyholders and ensure their financial security. With a history of consistent financial stability and solvency, Exide Life Insurance has gained a reputation for meeting policyholders’ claims promptly and efficiently. Furthermore, Exide Life Insurance has received favorable ratings from leading credit rating agencies, further affirming its financial reliability and reinforcing its standing as a trusted insurance provider.
Exide Life Insurance Benefits
Certainly! Let’s dive into further details about the benefits of Exide Life Insurance:
- Wide Range of Products: Exide Life Insurance takes pride in offering an extensive and diverse range of insurance products. With options such as health plans, term insurance plans, child plans, health insurance, group insurance, retirement plans, and investment products, they cater to the varying needs and preferences of their vast customer base. This means that individuals can find a policy that aligns perfectly with their unique requirements and financial goals.
- Flexible-Premium Payment Options: Exide Life Insurance understands that everyone has different financial capabilities and preferences when it comes to premium payments. To accommodate this, they provide flexible premium payment options. Customers can choose between plans with a single premium or opt for monthly premium payments. This flexibility allows policyholders to select the payment method that best suits their budget and helps them maintain their policies without any financial strain.
- Excellent Claim Settlement Ratio: Exide Life Insurance boasts an exceptional claim settlement ratio, standing at an impressive 98.15% for the financial year 2019-20. This indicates that the company has a strong track record of settling claims efficiently and honoring their commitment to customers. With such a high claim settlement ratio, policyholders can have peace of mind, knowing that their loved ones will be taken care of financially in times of need.
- Customer-Friendly Procedures: Exide Life Insurance places great importance on ensuring customer satisfaction. They have implemented customer-friendly procedures for policy renewals, making the process quick and hassle-free. Additionally, their claim procedures are designed to be straightforward and convenient for policyholders. This customer-centric approach helps build trust and ensures that customers feel supported and valued throughout their insurance journey.
- High-Quality Customer Service: Exide Life Insurance prioritizes providing high-quality customer service. They understand the importance of addressing customer queries and concerns promptly and efficiently. The company has dedicated customer service representatives who are well-trained to assist policyholders with any insurance-related matters. Moreover, they offer an online platform that allows customers to track the status of their claims, ensuring transparency and convenience.
- Tax Benefits: Exide Life Insurance plans come with tax benefits under the provisions of the Income Tax Act, 1961. Policyholders can avail tax deductions on the premiums paid and the benefits received, providing them with potential tax savings while securing their financial future.
Overall, Exide Life Insurance goes above and beyond to provide a wide range of products, flexible payment options, excellent claim settlement ratios, customer-friendly procedures, high-quality customer service, and tax benefits. These benefits make Exide Life Insurance a reliable and beneficial choice for individuals looking for comprehensive insurance coverage that caters to their specific needs and offers financial security for themselves and their loved ones.
Exide Life Insurance Plans
Exide Life Insurance understands that each individual has unique insurance-related needs. That’s why they have carefully designed their plans to cater to a wide range of requirements. Whether you’re looking for a term plan, an investment plan, or a retirement plan, Exide Life Insurance has you covered. Their comprehensive list of plans ensures that you can find the perfect fit for your financial goals and aspirations. Let’s take a closer look at the various types of plans offered by Exide Life Insurance:
Exide life insurance terms
Exide Life Insurance recognizes the importance of addressing the individual insurance needs of each person. To ensure that everyone can find the ideal coverage, they have meticulously crafted a diverse range of plans. Whether your focus is on a term plan for protection, an investment plan for growth, or a retirement plan for a secure future, Exide Life Insurance has tailored options to meet your requirements. Let’s delve into the comprehensive selection of plans available.
| PLANS | ENTRY AGE | Sum Assured (Min Max) | Tax Benefit |
|---|---|---|---|
| Exide Life Saral Jeevan Bima | 18 – 65 Years | 5 Lakh- 25 Lakh | As per prevailing tax laws, subject to change from time to time |
| Exide Life Smart Term Edge | 18 – 60 years | Classic: Min:5 Lakh, Max: As per the board approved Underwriting policy of the company As per eligibility; Comprehensive: Min: 20 Lakh, Max: As per the board approved Underwriting policy of the company As per eligibility. | As per prevailing tax laws, subject to change from time to time |
| Smart Term Pro | 18 – 60 years | Min: 5 Pay: 50 Lakh, 8,10,12 Pay: 15 Lakh, Max: As per the Board Approved Underwriting policy of the company |
Exide Life Saral Jeevan Bima – Key reasons to buy this plan:
- Life Insurance Cover for financial protection: Exide Life Saral Jeevan Bima provides a life insurance cover that ensures financial security for your loved ones in case of any unfortunate event.
- Option to stay covered for a maximum term of 40 years: This plan offers the flexibility to choose a coverage term of up to 40 years, allowing you to customize the policy as per your long-term financial goals.
- Option to choose premium payment method: Exide Life Saral Jeevan Bima provides the flexibility to select the premium payment method that suits your financial preferences. You can choose between Single Pay, Limited Pay, or Regular Pay options.
- Option to choose from monthly, half-yearly, and yearly premium payment modes: This plan offers flexibility in premium payment frequencies, allowing you to choose from monthly, half-yearly, or yearly modes at your convenience.
Exide Life Smart Term Edge – Key reasons to buy this plan:
- 2 plan options – Classic and Comprehensive: Exide Life Smart Term Edge provides you with two plan options, Classic and Comprehensive, allowing you to choose the variant that best suits your needs and preferences.
- 100% of total premiums paid will be returned as a sum assured on maturity: In the Classic Variant, all the premiums paid will be returned as the sum assured upon maturity, ensuring a guaranteed payout.
- 100% sum assured will be paid in case of an unfortunate demise: In both the Classic and Comprehensive variants, the full sum assured will be paid to the nominee in the event of the policyholder’s untimely demise, providing financial security to your loved ones.
Exide Life Smart Term Pro – Key reasons to buy this plan:
- Life cover for the full policy term: Exide Life Smart Term Pro offers life coverage for the entire policy term, ensuring your loved ones are financially protected throughout the chosen duration.
- Return of total premiums on maturity: On maturity of the policy, Exide Life Smart Term Pro returns the total premiums paid, providing a maturity benefit to the policyholder.
- Option to pay premiums for 5, 8, 10, or 12 years only: This plan offers flexibility in premium payment durations, allowing you to choose between paying premiums for 5, 8, 10, or 12 years only.
- Option for Family Income Payout for 5 or 10 years: Exide Life Smart Term Pro provides an option for Family Income Payout, wherein a regular income is paid to the nominee for 5 or 10 years, ensuring their financial stability even in your absence.
- Enhanced Protection through Riders: This plan offers the option to enhance your coverage by adding riders such as Accidental Death Benefit, Critical Illness Benefit, or Waiver of Premium Benefit, providing additional protection against unforeseen events.
Please note that the information provided here is for illustrative purposes only, and it’s important to carefully read and understand the policy terms, conditions, and exclusions before making any purchase decision.
Exide Life Savings and Investment Plans
Exide Life provides a comprehensive range of products to meet various financial needs. Exide Life Insurance offers a wide variety of savings and investment options that also provide the benefits of life insurance. Depending on your life stage and financial requirements, you can choose a plan that suits you best. The investment plans offer the flexibility to create a portfolio that aligns with your risk appetite. Making an early savings and investment decision can greatly contribute to your long-term financial preparedness and overall well-being.
| Plan Name | Entry Age | Max. Maturity Age | Policy Tenure |
|---|---|---|---|
| New Creating Life Insurance Plan | 18-45 years | 60 years | 20 years |
| Smart Income Plan | 4-60 years | 97 years | 19 years| 25 years| 31 years| 37 years |
| Star Saver | 3 – 60 Years | 75 years | 10, 12 and 15 Years |
| Saral Jeevan | 8-50 years | 65 years | 6,8,10 years |
| Saral Bachat | 8-50 years | 65 years | 6,8,10 years |
| My Assured Income Plan | 2 – 60 years | NA | 10/16 years |
| Secured Income Insurance Plans | 0-50 Years | 70 years | 20 years |
| Income Advantage Plan | 3-55 Years | 80 years | NA |
| Guaranteed Income Insurance Plan | 3-55 years | NA | 16/20/24/30 years |
| Guaranteed Wealth Plus | 3-60 years | 101 years | Lump Sum Variant: 12 & 15 years Income Variant: 37/39/41 |
| Wealth Maxima | 0-65 years | 75 years | 10, 15 to 20 Years |
| Assured Gain Plus | 3-65 years | 80 years | 10, 12 or 15 years |
| Wealth Builder | 8-65 years | 75 years | 5/10 years |
| Wealth Elite | 0-65 years | 75 years | 10-20 years |
| Sampoorna Jeevan | 18-60 years | 100 years | Sampoorna Jeevan 75 : 75 minus age at entry Sampoorna Jeevan 100 : 100 minus age at entry |
| New Fulfilling Life | 15-50 years | 70 years | 85 years minus age at entry |
Exide Life Child Plans
Exide Life Insurance presents a new range of child insurance plans known as the “Exide Life New Creating Life Insurance Plans.” These plans are specifically crafted to provide financial security for your children’s future aspirations, ensuring that their goals can be met even in your absence.
| Feature | Exide Life New Creating Life Insurance Plus | Exide Life New Creating Life Insurance Regular Pay |
|---|---|---|
| Minimum / Maximum Age at Entry (Parent) | 18 Years – 45 Years | 18 Years – 45 Years |
| Maximum Age at Maturity (Parent) | 60 Years | 60 Years |
| Minimum / Maximum Age at Entry (Child) | 0 Years – 17 Years | 0 Years – 17 Years |
| Premium Paying Term (PPT) | 5, 8 or 10 Years | 15 – 25 Years |
| Policy Term (Years) | For PPT 5 Years: 10 – 20 Years For PPT 8 Years: 12 – 20 Years For PPT 10 Years: 15 – 20 Years | Equal to PPT |
| Minimum Annual Premium (₹) | For PPT 5 Years: ₹50,000 p.a. For PPT 8 Years: ₹30,000 p.a. For PPT 10 Years: ₹25,000 p.a. | Rs. 15,000 p.a. |
| Waiver of Premium | Yes | Yes |
| Modes of Premium payment | Annual, Monthly | Annual, Monthly |
| Guaranteed addition of 10% of Sum Assured on maturity | Yes | No |
Exide Life Pension Plans
You dedicate a significant portion of your time and energy to fulfilling your responsibilities. It is commonly believed that retirement years are the pinnacle of one’s life, offering the opportunity to indulge in everything you have always desired. To ensure that you can truly relish and savor your retirement years, it is crucial to plan ahead. Exide Life Insurance’s Retirement Solutions provide a means for you to construct a substantial corpus specifically designed to secure your retirement, granting you peace of mind during this significant phase of life.
| Plans | Entry Age | Premium Paying Term | Premium Amount |
|---|---|---|---|
| Exide Life New Immediate Annuity Plan | Min: 0 years age last birthday (for Existing Customers) 45 years age last birthday (for Customers other than Existing Customers) 55 years age last birthday for customers (Customers other than Existing Customers) who were members of a United Kingdom (UK)/Ireland Registered Pension Scheme wanting to transfer their pension corpus from UK/Ireland into this scheme. | Single (one-time payment) | Min: As per the minimum annuity amount of ₹1,000 per month; Max: No Limit |
| Max: 100 years age last birthday (Existing Customers) 80 years age last birthday (Customers other than Existing Customers) | Single (one-time payment) | ||
| Exide Life New Smart Pension Plan | 25-75 Years | Single Premium or Other than Single Premium: 5 to 30 years |
How To Claim at Exide Life Insurance?
Filing a claim at Exide Life Insurance is a straightforward and hassle-free process. To make a claim with Exide Life Insurance Company, you can follow these simple steps:
- Visit their official website and navigate to the ‘Customer Service’ section.
- Click on ‘All Claims’ to access the claims-related information.
- Select the option to ‘Register A Claim’.
- Fill in the necessary details as requested in the provided form.
- Submit the form along with the required documents.
- Alternatively, you can also send an email to claims@exidelife.in for claim registration.
- After completing the registration process, you will receive an acknowledgement for your claim. You can use the policy number to inquire about any queries regarding the claim until a decision is made.
If your claim request is approved, the money will be transferred to the designated claimant’s account.
Please note that you also have the option to file the claim by visiting the nearest branch office of the company.
Documents To Claim at Exide Life Insurance?
To initiate a claim for Exide Life Insurance Plans, you are required to provide specific documents along with the claim application. The following is a comprehensive list of documents that need to be submitted for filing a claim under Exide Life Insurance:
- Fully completed Claim Intimation form.
- Original Death Certificate.
- Copy of Medical Cause of Death Certificate and relevant Medical Records (such as outpatient consultation notes, test results, discharge or death summary, admission notes, etc.).
- Age Proof and Identification document.
- Photographs of the claimant.
- Proof of the claimant’s Bank account (a self-attested copy of the claimant’s Bank Passbook or Account statement).
Please ensure that you provide all the necessary documents mentioned above when filing a claim with Exide Life Insurance.
Exide Life Insurance Contact or HDFC Life Insurance
For Online Policy Purchase
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