Term Insurance 7416 views November 21, 2019

About Exide Life Term Insurance Plan

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 plan 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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Factors to Keep in Mind While Buying Exide Life Term Insurance Plan

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

Types of Exide Term Plans

Exide Life Term Insurance Plans come in three variants – Classic, Step-up and Comprehensive.

Classic plan has premium rates as per the death benefit chosen by you at inception. So, if you die during the policy term, the nomnee will receive the chosen sum assured. However, if you survive at the end of the policy term, a 100% of the total premiums paid will be returned to you.

With a Step-up Plan, the death benefit payout remains the same as the Classic Plan. But the return of premium will be more at 150% upon survival till the end of the policy term. The payout also depends on the chosen policy term.

Under Comprehensive Plan, you pay for the chosen death benefit under the Classic Variant. For additional protection, you can pay extra premium. So when you die during the policy term, the nominee will get the total of Classic Variant and additional protection. Upon survival till the end of the policy term, you get back 100% of the premium paid under the Classic variant.

The table below further illustrates about the plan variants.

Policy AspectsClassicStep-Up Comprehensive
Minimum Age at Entry18 to 60 years18 to 58 years18 to 60 years
Premium Paying Term/Policy Term12 to 30 years12 to 30 years12 to 30 years
Minimum Sum AssuredINR 5 lakhINR 10 LakhINR 10 Lakh
Maximum Sum AssuredDepends on the board-approved underwriting normsDepends on the board-approved underwriting normsDepends on the board-approved underwriting norms
Premium Payment FrequenciesMonthly, Half-yearly and YearlyMonthly, Half-yearly and YearlyMonthly, Half-yearly and Yearly

As you have read the plan variants above, you can choose the one that is best suited to your needs.

Scope of Cover

Next, you need to understand the required scope of cover. The different Exide Life term plans offer 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 term plans to understand which option would be good for you and your family.

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 the likely cost of the term insurance policy. Once that is done, you can figure out whether or not the plan is affordable to 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.

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, disability and dismemberment rider and the critical illness rider. While the first one covers death, disability or dismemberment, the next one immunes you financially in case you get affected with any of the 25 critical illnesses as specified in the rider document. Some of these illnesses include heart attack, paralysis, cancer, etc.

Premium Payment Clauses

The insurance premium paid towards the term insurance plan is of utmost importance. The payment needs to be done in full and on time to avoid the life cover from lapsing. When choosing a good Exide Life term plan, keep a close 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 you are comfortable with and maintain your policy with ease.

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 before choosing the payout option.

Exclusions

All the term plans from Exide life, such as the Exide Life Critical Illness Plan and other plans, have a list of exclusions attached to them. So, 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.

Cancellation Procedure

While it is crucial to have an uninterrupted term insurance coverage, 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 much problems.

Claim Settlement Ratio

You need to take a good look at the claim settlement ratio of any insurance provider before buying 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 is ranked very high in India.

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.

How to Pay the Exide Term Insurance Premium?

You can pay the premium using any of the online and offline modes. The easiest way to do so is by logging on the website of Exide Life Insurance. Here are the steps needed to pay on the website of the insurer.

  • Visit the official website of Exide Life Insurance
  • Click on ‘Pay Premium’
  • Enter your policy number, date of birth and type the security code as it appears on your screen
  • Click on ‘Submit’
  • Choose from the payment options – net banking, debit card, credit card and wallets – to complete the transaction

Other Premium Payment Modes

You can also get the premium deducted automatically from your bank account on the due date. For such automatic payments, you will need to fill the direct debit form and submit it along with a cancelled cheque at the nearest branch of Exide Life Insurance. You can also download the ECS mandate form on the website, take its printout, fill it and submit the same along with a cancelled cheque. As and when Exide Life activates your request, you will receive an intimation regarding the same.

The Bottom Line

Exide Life Insurance is a very good term insurance provider in India. You just need to buy the correct plan to get the highest value out of your term life insurance cover. Keep in mind all the points mentioned above, 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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