Exide Life Saral Jeevan Bima

Exide Life Saral Jeevan Bima

Exide Life Insurance is a 100% Indian-owned entity that has over two decades of experience in the insurance sector. The insurer is known for its quality customer service and a reliable insurance partner with an excellent claim settlement ratio of 98.15% for the FY 2019-20. Exide Life Insurance offers a range of insurance products which includes term insurance as well. Exide Life Saral Jeevan Bima is a pure protection plan which provides financial security to the insured’s family in case of his or her absence.

Exide Life Saral Jeevan Bima Features

  • Exide Life Sara Jeevan Bima is affordable and offers various premium payment options to choose from, which include monthly, yearly, and half-yearly.
  • It offers life cover up to Rs 25 lakhs and 70 years.
  • It is a non-linked, non-participating individual pure risk premium life insurance plan.
  • The policy offers a waiting period of 45 years from the date of commencement of the policy.
  • This policy covers death due to accidents only during the waiting period of 45 days.
  • Tax benefits on Exide Life Saral Jeevan Bima premiums are paid, and the benefit amount is available per the prevailing Income Tax Laws.
  • The policy does not offer any survival benefit, surrender benefit, or revival benefit.

Exide Life Saral Jeevan Bima Eligibility Criteria

Parameters Minimum
Minimum/ Maximum Age at Entry 18 years/ 65 years age (last birthday)
Maximum Maturity Age 70 years (last birthday)
Policy Term Single pay and Regular pay: 5 years to 40 years
  Limited pay – 5 years: 10 years to 40 years
Limited pay – 10 years: 15 years to 40 years
Minimum/ Maximum Sum Assured Rs. 5 lakhs and Rs 25 Lakhs (subject to underwriting guidelines)
Premium Payment Options Single pay: In lump sum
Regular and Limited Premium payment options: 
Yearly, half yearly
Monthly (only under ECS/ NACH)

Exide Life Saral Jeevan Bima Benefits

  • Death benefit: In case of an unfortunate demise during the policy term but after the waiting period, the nominee will receive the Death Benefit amount as a lump sum amount, provided the policy is in force.

The death benefit payable – 

In case of Regular or Limited premium payment policies:

Highest of –

 10 times the annualized premium

 105% of all premiums paid as on date of death or

 Absolute amount assured to be paid on death

 In case of Single premium policy

 Higher of-

 125% of Single Premium or

 Absolute amount assured to be paid on death

  • A Grace Period of 30 days is available for Premium payment for yearly or half-yearly and 15 days in case of monthly. If the premium is not paid before the expiry of the days of grace period, then the policy lapses.

Exide Life Saral Jeevan Bima Exclusions

Exide Life Saral Jeevan Bima does not cover death due to suicide

  • Suicide within 12 months
  • Breach of law with criminal intent
  • Participation in any illegal or unlawful act
  • Use of drugs, alcohol, solvent, etc.

Exide Life Saral Jeevan Bima Review

Exide Life Saral Jeevan Bima is a basic term plan which safeguards the insured family financially in case of his or her sudden demise within the policy period. The policy offers a flexible option to opt for the preferred premium payment mode based on the convenience of the policyholder.


What are the documents required to apply for Exide Saral Jeevan Bima?

The documents required to buy Exide Saral Jeevan Bima includes:
· Address proof (Aadhar card, driving license, and passport)
· Passport size photograph
· Mobile number
· Identity proof (Aadhar card, PAN card, Passport, etc.)

Are tax benefits available on the premium paid for Exide Life Saral Jeevan Bima Plan?

Yes, the premiums paid towards Exide Life Saral Jeevan Bima are eligible for tax deductions under Section 80C of the Income Tax Act.

Is it possible to cancel my Exide Life Saral Jeevan Bima Plan?

Yes, in case the policyholder is not satisfied with the “Terms and Conditions” of Exide Life Saral Jeevan Bima, then he or she can return the policy within 15 days (30 days in case of online purchase) from the date of receipt of the policy.

Can an NRI buy an Exide Life term insurance plan?

Yes, an NRI can buy an Exide Life term insurance plan for which he or she needs to contact the insurer.

What is meant by limited pay in Exide Life Insurance?

Under Exide Life Insurance, limited pay means the insured needs to pay a premium for periods ranging from five to twelve years; however, he or she can enjoy the life cover for the entire policy term.

Is it possible to change the duration of the Exide Life term insurance policy after purchasing?

No! Exide Life Insurance does not allow making any changes to the policy duration after the policy purchase.

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