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.

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    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.

    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:

     

    1. Exide Life Term Plans
    2. Exide Life Investment and Savings Plans
    3. Exide Life Pension Plans
    4. 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:

     

    1. 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. 
    2. 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. 
    3. 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:

    1. 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.
    2. 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. 
    3. 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. 
    4. Exide Life Jeevan Uday: This is a savings policy with tax exempted returns and premium payment only for a few years. 
    5. 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. 
    6. 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.
    7. 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. 
    8. 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.
    9. 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.
    10. 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. 
    11. 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. 
    12. 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. 
    13. 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:

    1. Exide Life Wealth Maxima Child: This ULIP plan helps the investors to increase their wealth thereby ensuring a secured life for their children.
    2. 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. 
    3. Exide New Creating Life Regular Pay: This plan provides a return for the insurer's child on maturity along with accumulated bonuses. 
    4. 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:

    1. Exide Life Golden Years: The policy offers a capital guarantee with huge returns and a variety of options for premium payment and add-ons. 
    2. 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.




    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: 4/5
    • Policy Benefits: 4/5
    • Policy Coverage: 4/5
    • Premium: 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

    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.