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09 Sep 2020

Exide Life Insurance Review

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Exide Life Insurance Company- Background and overview

Exide Life Insurance Company is one of the leading life insurance corporations in India, which was established in the year 2001-02. It has its headquarters in Bengaluru and is owned by Exide Industries Limited. The company has a very strong network in India, with over 48,000 plus outlets and 180 plus sales & service touchpoints.

Exide Life offers a plethora of services in the life insurance space, ranging from protection plans, retirement and pensions, and savings and investment plans.
Let us look at the range of schemes and policies offered in detail below-

Exide Life Insurance Company- Policies and schemes

Before dwelling into the various policies and schemes offered by Exide Life Insurance Company, let us get a basic understanding of the term insurance.
Insurance, in simple words, means transferring risks associated with financial losses to the insurer (insurance company) by an individual (insured). The insured individual pays a fixed sum of money regularly to the insurer, known as premium which the company pools from other insured individuals as well, which the company promises to pay as lump-sum compensation upon arrival of financial loss.

Nowadays, insurance does not only play a key role in compensation for financial losses but can also serve the purpose of an investment with a savings element attached to the same.
Let us take a look into the various schemes offered to Indians and NRIs by Exide Life Insurance Company-

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Exide Life Insurance Company- Plans and policies

Investment policies-

  • Exide Life Wealth Maxima: A Unit Linked Insurance Plan(ULIP) that helps make returns on investments as well as adapts to offer higher life cover at every new life phase. 3 plan options to suit one’s requirements, Comprehensive life cover, and 3 investment strategies in line with the risk appetite.
  • Exide Life Assured Gain Plus: a traditional insurance-cum-investment plan wherein premium needs to be paid for 5 years and life cover can be enjoyed over the full policy term. At the end of the policy term, a lump-sum is paid out on survival to help fulfill your financial goals. Life Insurance Cover for the full policy term wherein only 5 years worth of premium needs to be paid for. Guaranteed Sum Assured upon Maturity.
  • Exide Life Wealth Builder - Single Premium Plan: a single premium Unit Linked Insurance Plan (ULIP) offering an option to pay a onetime lump-sum amount and flexibility to choose a maximum life insurance cover of 10 times the single premium. Life Insurance is covered for the full policy term with only one requirement to pay a single premium. Choose Policy Maturity of 5/10 years with an option to choose from 8 Fund options depending on risk appetite.
  • Exide Life Wealth Elite: Special ULIP with a choice of 8 fund options and Comprehensive Death benefit.
  • Exide Life Secured Income Insurance Plus: A limited pay plan that offers life cover not only in the form of a lump-sum but also as income for a family for 5 years. On maturity, one gets a 10% guaranteed accrued bonus in addition to the sum assured, if declared.

Plan Inheritance-

  • Exide Life Sampoorna Jeevan: A Life Insurance cum savings plan that provides life insurance cover till the age of 75 or 100 years as well as gives one the power to modify the payouts in accordance with the changing financial needs.
  • Exide Life New Fulfilling Life: A comprehensive plan that helps one fulfill all their responsibilities with regular payouts for intermediate needs, tax-free wealth, and life cover over a long period. Life Cover till the age of 85 coupled with Income tax benefits.

Plan Your Child's Future-

  • Exide Life New Creating Life Insurance Plans: A plan in which premium is paid regularly over course of the full policy that ensures your child gets the sum assured along with accrued bonuses, if any.

Plan Your Life's Goal-

  • Exide Life Saral Jeevan: A life insurance cum savings plan that helps one save regularly, and get the Sum Assured at the end of the policy term to fulfill one’s financial goals.
  • Exide Life Saral Bachat: A non-linked, non-participating life cum Savings insurance plan that provides life insurance cover over the course of the policy and guarantees the receipt of the Sum Assured on Maturity to assist reaching financial needs
  • Exide Life My Assured Income Plan: A unique savings life insurance plan that provides assured regular income to fulfill financial goals and needs
  • Exide Life Income Advantage Plan: A unique savings cum protection Life Insurance plan which works to one’s advantage and provides a regular income to the same.
  • Exide Life Secured Income Insurance Plans: A regular payment plan that offers Death Benefit in the form of a lump-sum as well as an income for a family for 5 years. On maturity, the family gest sum assured with accrued bonuses, if any

Health Insurance-

  • Exide Life Sanjeevani: A fixed benefit health insurance plan offering comprehensive coverage against Heart and Cancer-related conditions.
  • Exide Life Critical Illness Rider: An additional protection aid that policyholders can add on to their new or existing Exide Life Insurance policies. The policy provides cover up to 25 illness.

Protection Plans-

  • Exide Life Term with Return of Premium Plan: The plan provides life cover at affordable premiums and guarantees the receipt of the premiums paid at the ending of the term.
  • Exide Life Elite Term Insurance Plan: A unique Term Insurance Plan that offers a huge sum amount that is assured at a reasonable premium amount and also rewards one for leading a healthy life during the duration of the policy term.
  • Exide Life Term Rider: It is an additional product that can be added to their existing Exide Life Insurance Traditional plans for enhanced life cover at a reasonable additional premium.

What can be inferred from the various policies and schemes above is that Exide Life Insurance provides a plethora of options for Indian residents as well as Non-Resident Indians looking to invest in insurance for multiple reasons, be it for the purpose of compensation at the time of financial losses or for the purpose of return on investment post the term period.
Despite the number of options, short-listing the perfect plan can be a tedious task, plus the premium required to be paid can often be high with low returns.

In the case of Indian residents as well as NRIs, North Loop works as the optimal fix in these scenarios, offering relatively low premiums that can be paid at regular intervals with an option to sign up for the same completely online, within a couple of minutes.
In the case of NRIs in the UAE, North Loop offers health and life insurance policies, with low premiums and high cover. Insurance can be availed 100% online, within a span of just a few minutes. Click here for more info on our products and services

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.