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Exide Life Insurance Company

Exide Life Insurance Company

Exide Life Insurance Co. Ltd. is among the most profitable life insurance companies in India. Exide plans are a tailor made, wholesome package of, various Protection Plans, Savings and Investment Plans, and Retirement and Pension Plans. The company consistently delivers on providing long-term protection and savings solutions by way of a traditional portfolio.

Exide Life Insurance Co. Ltd was earlier termed as ING Vysya Life Insurance.  The beginning of this venture was in 2001 with collaboration between ING Vysya Bank, ING Insurance and the Damani Group. This was also the first innovative bancassurance enterprise in India.

Overtime, Exide Industries bought major stakes in the venture, and by 2005 it was the owner of a little more than 50% stakes. With the total exit of ING from India in January 2013, the Exide Industries took over the remaining 50% shares of ING Vysya’s Life Insurance division. The organization was almost immediately renamed to Exide Life Insurance Co. Ltd. (Exide Life Insurance) by the Ministry of Corporate Affairs.

With the headquarters based in Bangalore and more than 200 company offices scattered nationwide, Exide Life Insurance Co. Ltd is on the fast track to becoming a leading insurance provider in the country.

Operational and Financial Highlights

Exide Life Insurance Co. Ltd. is backed by century old equity name of Exide Industries Ltd. The 100% stakeholder has a market capitalization of Rs.11,600 crores with no plans of letting up anytime soon.

The premium Income of Exide Life Insurance in itself was a whopping amount of            Rs.2,027 crores which are among the highest in the industries. The core profits of the company are Rs.65.3 crores with a 23% increase from the previous year. The company has clearly carved a niche for itself in the asset management segment with over Rs.8,800 crores in assets under management.

Exide Life Insurance Co. Ltd. serves over 15 Lakh satisfied customers all over India with major focus on over 200 major cities.

Exide life insurance won ‘The Indian Insurance Award’ in 2016 for having the highest average productivity among its agents.

Competitive advantage and features

The Exide Life Insurance brand strives to tell a brand new story of a bright future backed by a rich heritage. The advantage which it enjoys over competitors is based on the roots and the basic way of doing business. Here are a few key features:

  1. Human touch

    Exide life insurance just doesn’t sell policies robotically. It understands the value of life and the dreams associated with it. Probably why it invented a unique record keeping book called ‘My Money book’ to aid people in preparing themselves for a long and financially happy life.

  2. Network

    A strong distribution channel via various Agency, Alliances, Bancassurance and Direct Channel, with more than 35,000 advisors gives Exide Life Insurance Co. Ltd. a big advantage.

  3. Quickest Claim Settlement

    Exide life insurance prides itself in settling more than 89.36% claims filed in the year 2015-16 in the same year itself.

  4. Grievance resolved amicably This company states a grievance to be resolved only when a customer is satisfied which is achieved by merely stating policies or rules. Exide Life Insurance still managed to achieve a 99.59% ratio of resolved grievances in a year.

Products Offered

Exide Life Insurance Co. Ltd. has tailor made plans to suit everyone’s needs

  1. Protection Plans: Gives a wide range of offerings covering Life, accident and disability and health. The Exide Life Insurance plans and riders included are:
    1. Exide Life Smart Term Plan
    2. Exide Life dismemberment, disability, and accidental death rider
    3. Exide Life Sanjeevani
    4. Exide Life rider for critical illness
    5. Exide Life term rider
  2. Exide Life Savings and Investment Plans: They help in achieving life’s goals, planning inheritance and saving for child’s future. The plans included are: -
    1. Exide Life Wealth Maxima for Child’s Future Plan
    2. Exide Life Mera Ashirvaad
    3. Exide Life Star Saver
    4. Exide Life Guaranteed Income Insurance Plan
    5. Exide Life Secured Income Insurance Plan
    6. Exide Life Jeevan Uday
    7. Exide Life Nirmal Jeevan Insurance Plan
    8. Exide Life New Fulfilling Life
  3. Retirement and Pension Plans: These assist in building a retirement corpus or providing for pension in the golden years. The plans offered are:
    1. Retirement Plan for the Golden Years by Exide Life
    2. New Immediate Annuity with returns of the Purchase Price from Exide Life

Product Details

1. Exide Life Smart Term Plan
This plan provides comprehensive protection options and returns all the premiums paid at the time of maturity. There are further three options in this plan which are Classic, Step-up and Comprehensive.

Overview

Policy

Features

Policy Term

Age

Sum Assured (in Lakhs)

 

Classic

Single Premium

10 - 30

18 – 65

5

5 Pay

10 - 30

18 – 65

10

Regular Premium

12 - 30

18 – 60

5

 

Step-up

Single Premium

N.A.

N.A.

N.A.

5 Pay

10 - 30

18 – 60

10

Regular Premium

12 - 30

18 – 58

10

 

Comprehensive

Single Premium

10 - 30

18 – 65

10

5 Pay

N.A.

N.A.

N.A.

Regular Premium

12 - 30

18 – 60

10
Key Benefits
  • Depending upon the choice of plan and policy term, the payout in the event of a demise can go up to 150%
  • Higher Life cover can be added to base by paying an additional nominal amount
  • The option of enhanced protection by choice of two riders covering accidents and critical illness.
  • Tax benefits can be claimed under section 80C and premium paid for riders can be claimed under section 10D and 80D

2. Exide Life Wealth Maxima
A ULIP Plan aiding in efficient wealth creation and higher financial protection

Overview


Minimum Age for entry (years)

18

Maximum age for entry (years)

65

Maximum age for maturity (years)

75

Policy Term (years)

10 – 20

Sum Assured

Annualized Premium x 7 or 10

Benefits

  • Choice between 3 plan option; Invest, Family and Child to cover different levels of life
  • Investment benefit allows for choice from up to 6 fund options
  • Loyalty additions are added after every 10, 15 and 20 Policy years.

3. Exide Life Golden Years Retirement Plan
It provides a host of benefits to build a corpus.

Overview


Minimum & Maximum Age at entry

18 - 65

Minimum & Maximum vesting age

55 - 75

Premium Paying term

10 – 42 years

Benefits

  • Guaranteed interest rates as per the market with fixed rate at 5% p.a. for first 5 years and 1.5% p.a. for the rest of the period.
  • Flexibility to pay extra premium as a top up
  • Guaranteed vesting benefits and Loyalty benefits

4. Exide Life Sanjeevani
It is the first fixed-benefit health plan covering both heart and cancer conditions.

Overview


Minimum Age for entry (years)

18

Maximum age for entry (years)

65

Maximum age for maturity (years)

70

Policy Term

5 – 35

Sum Assured

Rs. 5,00,000/- to Rs. 25,00,000/-

Life Insurance Cover

N.A.

Benefits

  • In severe conditions, 100% of the sum assured is paid up.
  • Double claim benefit pays up on heart and cancer diagnosis even if there is any other claim settled on the policy.
  • Tax benefits under section 80D
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