EXIDE LIFE TERM INSURANCE

Exide Life Term Insurance Plans fall under the category of term protection plan offered by Exide life Insurance Company. The entity has more than 15 lakh customers, 200 company offices, 47,000 plus advisors, and an AUM of more than Rs. 15,795 Crores. The total premium income stood at Rs 3220 Cr for the financial year 2019-20. There are very decent plans offered by them which will cater to the need of the insurance seekers. In this article, we are going to discuss and gain a better understanding of the term insurance offered by them. 

WHAT IS TERM INSURANCE?

Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium. 

LIST OF TERM INSURANCE OFFERED

A. Exide Life Smart Term Plus:

This plan is term insurance that offers comprehensive life insurance cover for the entire policy term and returns 100% of the total premiums paid on the maturity of the term 

Eligibility:

Features and Benefits

1. Life Insurance cover:

In case of the unfortunate demise of the insuree during the policy term, the sum assured is paid as per the selected option of death benefit payout. 

2 Limited payment of premium:

The policy comes out with the flexibility to pay premiums for a limited tenure while offering life coverage for the full policy term. Insuree can opt to pay premiums for 5, 8, 10, or 12 years. 

B. Exide Life Term with Return of Premium Plan

This plan comes ut with a life coverage at affordable and economical premiums and also returns the premiums paid at the end of the policy tenure.

Eligibility:

Features and benefits 

1. Life insurance Cover:

The plan offers life coverage for the entire policy term. No medical tests are required while purchasing this plan. In case of until death of the insuree, an amount equal to the sum assured is paid to the nominee on death. 

2. Flexibility:

Customers can choose to pay the premium for 5 years or for the entire policy tenure as per their feasibility and suitability.

3. Return of premium:

At the maturity of the policy tenure, the policyholder will get an amount equal to 100% of the total premiums paid. 

C. Exide Life Smart Term Plan:

This plan is an innovative and unique insurance plan that provides comprehensive protection coverage options and returns the total premium paid by the policyholder upon the maturity of the policy tenure. 

Eligibilty:

Feature and Benefits

1. Flexible-Premium Payment Options:

The plan comes out with the flexibility to choose a premium payment term. The policyholder can choose to pay over the entire policy tenure (Regular pay) or pay for a shorter duration (5 pay/single) while being covered for the whole policy tenure. 

2. 3 Plan option:

This policy comes out with 3 plan options and allows the policyholder to choose from them as per suitability.

3. Tax Benefits:

With this plan, policyholders can save tax on premiums paid under sections 10(10D) and 80C under the Income Tax Act, 1961. 

FAQs

1. Can an NRI purchase this term insurance plan in India?

Yes, as per the eligibility criteria, NRIs can purchase these plans and it will be treated as any other policy bought by an Indian resident. 

2. How to track the term insurance claim status?

To track the claim status, you can visit the official website and log in to your respective account. 

3. What are riders?

Riders are paid features that assist you to widen the scope of the base term insurance policy at an economical rate of premium.

4. Who should buy term insurance?

Term insurance is an economical life insurance plan. With the help of term insurance, insurees can provide financial protection to the family in case of any unfortunate event.