Online Premium Payment 255 views June 28, 2021

Exide Life Insurance Premium Payment

If you want to keep enjoying the benefits of your life insurance policy without any interruption, you should learn about the different aspects related to Exide Life Insurance Premium Payment. These are premium payment methods, the concept of lapsed policy and the process to revive the same.

On this page, we will talk about the same so that you can understand better. Let’s start without any further delay!

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How to Make Exide Life Insurance Premium Payment?

On purchasing a life insurance policy from Exide Life, you will need to pay a fixed amount towards it at regular intervals. This amount is known as the premium amount. Exide Life ensures that a policyholder gets multiple options to pay his or her premiums conveniently.

Here, we are talking about the different premium payment options that you can check.

Pay Online at Exide Life Insurance Website

One of the easiest methods to make Exide Life Insurance Premium Payment is doing so online using your credit/debit cards, net banking, UPI ID or e-wallets. To do the same, you will need to follow the steps mentioned below.

  1. Go to the official website of Exide Life Insurance.
  2. Here, you will see the option of ‘Premium Payment’.
  3. Once you click on it, you will be redirected to a page where you will need to enter your policy details such as policy number and date of birth.
  4. Confirm your policy number and premium details.
  5. Make the required payment via any of these options – Net banking, credit or debit card or e-wallets.

NEFT or RTGS Facility

Exide Life also offers other online methods to make your premium payment. One such method is to use NEFT or RTGS facilities by adding Exide Life Insurance as beneficiary. To do the same, you will need the following details.

Beneficiary Name – Exide Life Insurance Company Limited

Beneficiary Bank – Citibank N.A.

Bank Branch – Bangalore

Account Type – Current Account

Bank Account Number – EXLI <Policy Number> (EXLI should be followed by your 8-digit policy number)

IFSC Code (11 digit) – CITI0000004

Electronic Bill Payment & Presentment (EBPP) with Banks

You can also make the premium payment by adding ‘Exide Life Insurance’ as a biller. After this, you can use your internet banking facility and make the payment using the utility bill payment facility. All leading banks in India offer the Bill Pay Service (EBPP).

Wire Transfer

Policyholders living or paying premium payments outside India can opt for the wire transfer method. To do the same, you will need the following details.

Name of the account – Exide Life Insurance Company Limited

Bank Name – Citibank N.A.

Account No – 35163026

SWIFT Code – CITIINBX

IFSC Code – CITI0000004 

Direct Debit

If you want to set up a facility by which renewal premium will get debited from your bank account regularly, you can choose Direct Debit Instruction. For this, you will need to fill in the duly-signed direct debit mandate and submit it with a copy of the cancelled cheque at your nearest Exide Life Insurance Branch. You can download the ECS Mandate from Exide Life’s official website.

Other than this, you can also courier the same to the address mentioned below.

1st Floor, JP Techno Park,

No. 3/1, Millers Road,

Bangalore, 560 001

Pay at Exide Life Insurance Branch

Don’t want to make Exide Life Insurance Premium Payment via online methods? Well, you can choose from different offline methods to do the same. You only need to visit the nearest branch.

We are mentioning the methods below. Please check.

  1. Via Cash
  2. Cheque or Demand Draft in favor of ‘Exide Life Insurance Policy Number’
  3. Your Bank’s Master, Visa or Rupay Debit/Credit Card (Your Debit/Credit Card can be swiped at all Exide Life Insurance branch offices)
  4. UPI payments through QR code Scan

Note: To locate the nearest branch of Exide Life, visit the official website of Exide Life. Enter the city name and you will get a list of all the branches in that particular location.

State Bank of India (SBI), Axis and South Indian Bank Branches

You can also visit any of the nearest SBI, Axis and South Indian Bank Branches with your renewal premium notice to make your Exide Life Insurance Premium Payment via cash, cheque, demand draft at the Easy Collect Counters (ECCs).

Do remember that the cheque or local DD should be drawn in favor of the ‘Exide Life Insurance Policy Number (8 digits)’. Also, you can pay up to INR 2 lakh in the financial year on choosing this method.

What is the Meaning of Policy Lapse?

Exide Life Insurance provides a grace period for premium payment which stands at 15 and 30 days from the due date for monthly premium payment frequency and all other options, respectively. If a policyholder does not pay a premium even after the completion of the grace period, your policy gets a status of ‘Discontinued’ or ‘Lapse’. The amount accumulated in your policy would move to the discontinued fund.

How to Revive Your Lapsed Exide Life Insurance Policy?

You can revive your lapsed or discontinued policy within three and five years (from the date of discontinuance) for Unit-linked and all other policies, respectively.

To do the same, you will need to pay the due premium, reinstatement charges and submit the personal health declaration form.

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