Insurance Plans 4989 views November 21, 2019

Exide Life Term Plan

Exide Life Term Insurance Plan – Overview

Are you looking to get a good term insurance cover for yourself?  If yes, then you must consider getting an Exide Life term plan. The term covers from Exide Life are well-defined and available at some of the most reasonable rates as well. You get many options to choose from, which makes it easy for you to get an ideal cover at a fast pace.

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What factors need to keep in mind while buying Exide Life term plan?

As mentioned above, there are different term insurance covers available from Exide Life Insurance. You must thus choose your policy carefully after keeping the following factors in mind:

1. Type of Exide Term Plan

There are different types of term insurance plan in India. Exide Life Insurance also offers a variety of terms covers including the level term cover and the enhanced life cover. You also find the Exide Life Term Plan with Return of Premium. You need to understand what each type of plan offers to know which option is best suited for your needs. Unless you understand the type of the plan and what it covers, you won’t be able to find your ideal term life insurance coverage.

2. Scope of cover

Next, you need to understand the required scope of cover. The different Exide Life term plan offers different volumes of life cover. You need to determine the ideal volume of coverage. For this, you need to see how many people are dependent on you, what your family’s other source of income is, etc. You should compare life insurance to understand which option would be good for you and your family.

3. Cost

The cost of a term insurance plan tells you how to find the best insurance plan in India. You can use a premium calculator to see what the cost of the term insurance policy will be. Once that is done, you will be able to know whether or not the plan is affordable for you. Luckily, the online term insurance plan from Exide Life are very reasonably priced. You can easily find a plan in your budget and stay adequately covered.

4. Riders available

All the top life insurance companies in India, Exide Life Insurance included, offer riders with the term insurance policies. Therefore, you can buy Exide Life term insurance with riders. These riders allow you to make the term cover more flexible and custom-made for your exact requirements. The common riders include the accidental death benefit rider and the critical illness rider.

5. Premium payment clauses

The insurance premium paid towards the term insurance plan is of utmost importance. The payment needs to be done to in full and on time to avoid the life cover from lapsing. When you choose a good Exide Life term plan, keep a strict eye on the premium payment clauses. You may have the option of a limited premium payment term. You may even get to pay the premium for the entire duration of the term plan. Choose the option that is comfortable for you and maintains your policy with ease.

6. Payout options

A very important factor to keep in mind when buying an Exide term plan is the payout option. This refers to the way in which your family will receive the sum assured if you die within the policy period. The family can receive the entire death benefit in one go or they may receive it in parts. Assess the financial requirements of your loved ones and then choose the payout option with utmost care. One of the benefits of Exide Life Term Plan is the option to choose the payout so you must make full use of this benefit.

7. Exclusions

All the term plan from Exide life such as the Exide Life Critical Illness Plan and other plans have a list of exclusions attached to them. You need to be very careful and take a look at this list before you make a purchase. You need to get a plan that has exclusions that suit you. Keep this factor in mind before you shop for an Exide term plan.

8. Cancellation procedure

While it is crucial to have an uninterrupted term insurance coverage always, at times it becomes necessary for a policyholder to cancel a life cover. So at the time of buying the policy, you must ensure you find out all about how to close Exide Life Insurance policy. Fortunately, the Exide Life Insurance cancellation procedure is quite simple and you can do so without too many problems.

9. Claim settlement ratio

You need to take a good look at the claim settlement ratio of any insurance provider before you buy life insurance from them. A good insurance company such as Exide Life has a high claim settlement ratio. In fact, the Exide term plan claim settlement ratio is extremely high and stands at 87%. This shows us that the company is a trusted insurance provider. This is also a reason why the Exide life insurance ranking in India is among the highest.

10. Online access

If you are looking to buy your term insurance plan online, check the Exide Life website and mobile app beforehand. You should find the digital platforms easy to use. If the process looks very difficult for you, consider getting term insurance offline. Thankfully, the digital platforms offered by Exide Life are easy to use and you can buy the plans with ease. But do check them out beforehand to be doubly sure.

These are the most crucial factors to keep in mind when buying Exide term plan.

The bottom line

Exide Life Insurance is a very good provider of term insurance in India. You just need to buy the correct plan to get the highest value out of your term life insurance cover. Keep all the points mentioned above in mind and your job of finding the ideal cover will become a lot simpler. Pay your premium on time and keep your term life insurance policy in a working condition at all times.

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