Exide Life Insurance Reviews, Ratings, Best Plans and USPs
Exide Life
Exide Life Insurance, formerly known as ING Vysya Life Insurance Company, is a reputed life insurance company that was established in the year 2000, and became operational in 2001. Exide Industries Limited has complete ownership of the company.
Headquartered in Bengaluru, the company has a strong client base of over 10 lakhs across India and holds assets worth over 18,000 crores to its name. Mr. Kshitij Jain is the Managing Director and CEO of the company that has an effective network of channels like Alliance, Agency, and Direct channels with over 35,000 advisors across the country. There are over 200 branches and customer service centers all over India.
Exide Life has received the ISO 9001:2008 certification for its excellent quality of customer service operations. It also holds the “India Leadership Award” for its Marketing and Social media initiative.
During the financial year 2020-21, Exide Life registered a Total Premium Income of approximately INR 3,325 crores during the fiscal year 2020 to 2021. Their products range from long-term protection solutions, retirement and pensions plans to group insurance, health, and savings plans.
Exide Life aims to provide complete coverage at low premium rates making the process of life insurance affordable to everyone.
About Exide Life Insurance
Buy life insurance online
From carrying out policy renewal and premium payments, to making policy changes and checking policy status, all insurance-related services are manageable online.
Quick and simple claim settlement
Customers can initiate claim settlement either on Exide Life's website or by visiting a branch.
Mobile application services
Exide Life's mobile app allows customers to carry out all insurance-related activities online without having to visit a branch
Automated social media assistance
Customers can reach out to Exide Life on Twitter at ExideLifeCares to have their queries addressed.
High Claim Settlement ratio
Exide Life paid for 3404 claims in the fiscal year 208-2019 taking its claim settlement Ratio to 98.15%. It was listed among top 5 insurance companies having a high claim settlement ratio.
The Economic Times-Brand Equity and Nielsen has ranked Exide Life Insurance among the top 10 reliable insurance brands in India. On Policy Bazaar, the company enjoys an impressive rating of 4.3/5 based on 138 reviews. Here's a break-up of the rating:
| Customer Service | Policy Benefits | Policy Coverage | Premium |
| 4/5 | 4/5 | 4/5 | 3/5 |
Exide Life is praised by customers for discounts, long-term benefits, and online availability of cheap and affordable plans. It is known for providing reliable services and seamless customer support.
Exide Life has reported consistent increase in net profit for the past 8 years. The company declared an 88.7% hike in the net profit of fiscal year 2019-20, having jumped from Rs 15 crore to Rs 28.3 crore from 2018-2019. Exide
Life insurance is an agreement between an insurer and the company that facilitates the family of the insurer to receive compensation in the unfortunate event that the insurer dies. The death benefit directed to the family is calculated on the basis of a specific amount of premium paid by the policyholder for a fixed term.
The company primarily focuses on providing coverage to insurers at all stages of their lives. Therefore, its plans cover savings, financial protection against health, retirement and investment, to name a few.
Let's discuss the four major plans offered by Exide Life:
- Exide Life Term Plans
- Exide Life Investment and Savings Plans
- Exide Life Pension Plans
- Exide Life Child Plans
Exide Life Term Plans
This is the most basic form of life insurance where buyers avail higher coverage at nominal rates. The coverage can be increased through policy riders. Exide Life's three term plans are:
- Exide Life Term Insurance Plan: The policy helps the family of the investor by protecting them from unexpected financial crises arising due to the insurer's death. The sum assured (SA) of the policy is quite huge. The plan offers benefits to the investor for a healthy life maintained during the policy tenure.
- Exide Smart Term Plan: It is a new age wholesome protection plan that offers to return the total premium paid by the policy bearer on completion of the policy term.
- Exide Life Term Rider: This is an add-on plan that can be linked to any Exide pure insurance policy to obtain an additional life cover with a nominal extra premium.
|
Policy Name |
Age Limit |
Tenure of the policy |
Range of the Sum Assured |
Tax Benefits |
|
Exide Life term Insurance Plan |
21 to 60 years |
5 to 35 years |
INR 50 lakhs (online mode) or 2 Crores (offline mode) No maximum limit |
Benefits valid under sections 80C and 80D of the Income Tax Act |
|
Exide Life Smart Term Plan |
18 to 65 years |
10 to 30 years |
5 Lakhs |
Benefits valid under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Life Term Rider Plan |
18 to 60 years |
5 to 40 years |
INR 50,000- 50 Lakhs |
Benefits valid under sections 80C and 10D of the Income Tax Act. |
Exide Life Investment and Savings Plan
The policy enables the policy bearers to enjoy the market benefits and customize the policy according to their risk-taking abilities.
Here are the various investment and savings plans offered by Exide Life:
- Exide Life My Money Back Plan: This plan provides an assured money-back at specific fixed intervals during the policy term. The insurer can choose either uniform money back or increasing money back.
- Exide Life Income Advantage Plan: It is one of a kind insurance policy that offers the investors the luxury of life cover coupled with a regular income.
- Exide Life Guaranteed Income Insurance: This plan requires the policy bearers to pay the premium only for a few years to receive assured benefits. The benefits include a regular income at an affordable rate of 11-13 % per year, life coverage lasting throughout the policy term, and a huge amount as a maturity benefit.
- Exide Life Jeevan Uday: This is a savings policy with tax exempted returns and premium payment only for a few years.
- Exide Life Wealth Maxima: It is a ULIP Plan that comes with 3 plan choices to the insurers relevant to their stage of life. Three investment options come with different risk levels. This investment plan not only helps in wealth generation but also acts as a protective financial layer to face unexpected financial crunch.
- Exide Secured Income Insurance Plus: This is a limited pay plan with life coverage, lump-sum benefit, and regular income. The maturity benefits include the assured sum, 10% top-up, and accumulated bonuses if applicable.
- Exide Life Secured Income Regular Pay: This plan is a slight modification of the Exide Secured Income Insurance policy that provides a life cover, a lump-sum amount, and a regular income to the insurer's family for 60 months. On maturity, the policy bearer receives the assured amount with accumulated bonuses.
- Exide life Star Saver: It is a non-linked and non-participating policy that offers a total life cover and extra accident coverage. The insurer is required to pay the premium only for 5 years to become eligible for receiving the benefits of life coverage for the entire policy term.
- Exide Life Nirmal Jeevan: This is a rural insurance plan that provides assured life coverage, tax-exempted maturity benefits, and an extension of life cover for 2 to 3 years.
- Exide Life Wealth Elite: It is a ULIP Plan with lesser administration and allocation charges to increase the value of the fund. The plan has a total life coverage with 7 fund options to increase the chances of generating wealth.
- Exide Prospering Life Plus: This is a non-participating ULIP plan where any type of risk in the investment is taken up by the policy bearer. The policy bearer has 6 different types of investment strategies to choose from and has the luxury to switch his investment from one fund to another.
- Exide Life Assured Gain Plus: A non-participating endowment plan that helps the insurers with systematic saving options. The plan provides a life cover for the entire policy term with a premium payment requirement of only 5 years.
- Exide New Fulfilling Life: This is a non-linked and non-participating policy in which the company invests on behalf of the insurer and the insurer receives a portion of the company's participatory fund. the investor's share is paid through the company's declared bonuses.
|
Policy Name |
Age Limit |
Policy Tenure |
Limits of sum assured |
Tax Benefits |
|
Exide Life My Money Back plan |
12 to 54 years |
16 to 24 years |
INR 1,94,489. No maximum limit |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Income Advantage |
2 to 50 years |
16 to 30 years |
Nil |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Life Guaranteed Income |
3 to 55 years |
15 to 30 years |
INR 90,978. No maximum limit |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Life Jeevan Uday |
0 to 55 years |
10 to 20 years |
INR 37,734 to 42,000 |
Benefits eligible under sections 80D, and 10D of the Income Tax Act. |
|
Exide Life Wealth Maxima |
0 to 65 years |
10 to 20 years |
10 times the annual premium (for insurer under 44 years of age) 7 -10 times the annual premium (For insurers over 44 years of age) |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide Life Secured Income Insurance Plus |
0 to 50 years |
10 to 20 years |
Nil |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Life Secured Income Regular Pay |
0 to 55 years |
15 to 25 years |
Nil |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Life Star Saver |
3 to 60 years |
10 to 20 years |
INR 65,037 No maximum limit. |
Benefits eligible under sections 80C, 80D, and 10D of the Income Tax Act. |
|
Exide Nirmal Jeevan |
3 to 55 years |
10 to 15 years |
Nil |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide Wealth elite |
0 to 65 years |
10 to 20 years |
INR 1,40,0000 to 2,00,0000 |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide Wealth Maxima |
0 to 65 years |
10 to 20 years |
INR 2,52,0000 to 3,60,0000 |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide Prospering Life Plus |
0 to 65 years |
10 to 20 years |
7 times the annual premium - 10 times of annual premium |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide Life Assured Gain Plus |
3 to 60 years |
10 to 15 years |
7 times the annual premium - 10 times the annual premium |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide New Fulfilling Life |
15 to 50 years |
Till 85 years of age |
INR 75,642 to 1,48,331 |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
Exide Life Child Plans
The policy is designed to cover the needs of the insurer's child. This includes education and financial returns. Here's discussing the different child plans Exide offers:
- Exide Life Wealth Maxima Child: This ULIP plan helps the investors to increase their wealth thereby ensuring a secured life for their children.
- Exide New Creating Life Plus: This policy entitles the insurer to receive the sum insured in addition to a 10% guaranteed add-on with accumulated bonuses. In case of a mishap, the future premiums to be paid will be waived off and the insurer's family will receive a monthly income for 60 months.
- Exide New Creating Life Regular Pay: This plan provides a return for the insurer's child on maturity along with accumulated bonuses.
- Exide Life Mera Ashirvad: It is a non-linked and non-participating policy in which the insurer can choose from 3 payout modes.
|
Policy Name |
Age Limit |
Policy Tenure |
Limits of sum assured |
Tax Benefits |
|
Exide Life Wealth Maxima Child |
18 to 50 years |
10 to 20 years |
10 times the annual premium (for insurers below 44 years of age) 7 -10 times the annual premium (for insurers above 44 years of age) |
Benefits eligible under sections 80C and 10D of the Income Tax Act. |
|
Exide New Creating Life Plus |
18 to 45 years (for parents) 0 to 17 years (For children) |
15 to 25 years |
INR 1,05,263 to 1,33,242 |
Benefits eligible under sections 80C,80D, and 10D of the Income Tax Act. |
|
Exide New Creating Life Regular Pay |
18 to 45 years (for parents) 0 to 17 years (For children) |
10-20 years |
INR 1,13,766 to 1,23,995 |
Benefits eligible under sections 80C, and 10D of the Income Tax Act. |
|
Exide Life Mera Ashirvad |
18 to 45 years (for parents) 0 to 17 years (For children) |
15-25 years |
INR 3.5 lakhs No limit |
Benefits eligible under sections 80C, and 10D of the Income Tax Act. |
Exide Life Pension Plans
Exide offers two pension plans for retired individuals to secure them in their older years:
- Exide Life Golden Years: The policy offers a capital guarantee with huge returns and a variety of options for premium payment and add-ons.
- Exide New Immediate Annuity: The plan requires a one-time payment to receive a pension at chosen intervals.
|
Policy Name |
Age Limit |
Term of premium payment |
Premium Cost |
Tax Benefits |
|
Exide Life Golden Years |
18-65 years |
10-42 years |
INR 2,000 to 48,000 |
Benefits eligible under section 10A of the Income Tax Act. |
|
Exide New Immediate Annuity |
0-75 years |
Single payment |
INR 1000 No maximum limit |
As per the tax laws. |
Best Policies of Exide Life
|
Policy Name |
Age Limit |
Policy Tenure |
Assured Sum |
Tax Benefits |
|
Exide Smart Term Plan |
18- 65 years |
10-30 years |
5 lakhs |
Benefits eligible under sections 80C,80D, and 10D of the Income Tax Act. |
|
Exide Life Income Advantage Plan |
2-50 years |
16-30 years |
Nil |
Benefits eligible under sections 80C,80D, and 10D of the Income Tax Act. |
|
Exide Life Jeevan Uday |
0-55 years |
10-20 years |
INR 37,734 to 42,000 |
Benefits eligible under sections 80C, and 10D of the Income Tax Act. |
|
Exide Secured Income Plus |
0-50 years |
10-20 years |
Nil |
Benefits eligible under sections 80C,80D, and 10D of Income Tax Act. |
|
Exide New Creating Life |
18-45 years (For parents) 0-17 years (For child) |
15-25 years |
INR 1,05,263 to 1,33,242 |
Benefits eligible under sections 80C,80D, and 10D of Income Tax Act. |
|
Exide Life Golden Years |
18-65 years |
10-42 years |
- |
Benefits eligible under section 10A of Income Tax Act. |
Other Insurance Companies
Exide Life FAQs
1. Which of Exide Life's insurance plans can be purchased online?
Following categories of insurance plans can be purchased on the internet:
Guaranteed Returns Insurance Plan
Term Insurance
Zero Cost Term Insurance
Smart Term Edge
Heart & Cancer Insurance
Single Premium ULIP Plan
Investment with Insurance Plan
Savings cum Insurance Plan
5 Pay Savings Plan
Smart Pension Plan
Saral Jeevan Bima
2. Can policyholders change the nominee during the course of the policy tenure?
Yes. The Nominee addition/change form allows policyholders to add, remove, change, nominee in the middle of their policy tenure. The form should be submitted at an Exide branch office.
3. What is the procedure to check the policy status of an Exide Life Insurance plan?
Customers can check the status of their policy online. Here are the steps to follow:
Existing customer
Visit the official website of Exide Life Insurance.
Enter your registered User ID and Password and log in to your account.
You will find a ‘Customer Login’ option. Click on that.
Fill in your ‘Username’ and click ‘Submit’.
Enter your Password to view your policy status.
New customer:
Visit the official website of Exide Life Insurance.
Select 'Customer Login'.
Click on the ‘Register Now’ button.
Fill in the required details (Policy number, dob, contact information) and select ‘Submit’.
Thereafter, change your Username and Password, login to your account, and find your policy status.
4. Are customers charged a penalty for not paying premiums for a year?
Customers are required to pay arrears during the given grace period in case of regular premium payment. If this grace period lapses and there are no premiums paid, the policy will be terminated. It can only be revived once the arrears are cleared. However, it is up to the complaint if they choose to revive a lapsed policy or not.
5. What is the survival benefit in Exide Life Insurance?
Exide Life's My Money Back Plan offers insured individuals guaranteed payouts despite crossing pre-defined periods. This is known as the Survival Benefit. All the insured person has to do is pay their premium to avoid and fixed percentage of the SA.
