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Exide life Insurance
Exide life Insurance Company Limited (previously known as ING Vysya Insurance Company Limited) started its operation from 2001-02 onwards and its headquarters is in Bengaluru. It has a customer base of over 10 lakh customers. Its distribution channel comprises of multi channels like Agency, Bancassurance, Alliances and Direct Channels. Exide Life Insurance is one of the leading life insurance companies in South India and is growing in other parts of the country. The main focus of the company is to provide long term protection and savings solution with a strong traditional product portfolio with a bonus track record.
Exide Life ULIP plans
Exide Life Insurance Company offers two types of ULIP Plans to its customers. One is a wealth maximizing plan while the other offers three different variants in one plan. Let us take a look at the plan on offer and the features and benefits of each in details. Exide Life Wealth Maxima Plan – A unique unit linked insurance plan that is flexible to adapt to the customers requirements. Let us take a look at the features and benefits of the plan: The premiums under the plan are payable for the entire tenure of the plan. The premiums paid net of charges are invested as per a choice of three investment options chosen by the policyholder namely Self-Managed Option, Automatic Asset Rebalancing Strategy and Systematic Transfer Plan Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely -Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund Under the Automatic Asset Rebalancing Strategy, the net premium is invested in a specified ratioin the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year Under the Systematic Transfer Plan, the net premium is first invested in the Exide Life Preserver Fund and thereafter every month, a part of the fund is transferred to the Exide Life Prime Equity Fund to utilize the benefit of rupee cost averaging. The plan has three variants namely Maxima Invest, Maxima Family and Maxima Child. The policyholder may choose any variant as per his requirement. On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the tenure of the plan, the death benefit payable depends on the applicable variant at the time of death. In case of the Maxima Invest variant, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death Under the Maxima Family Variant, the death benefit will be higher of the Sum Assured or 105% of all premiums paid along with the Fund Value on the date of death Under the Maxima Child variant, higher of the Sum Assured including top-up Sum Assured or 105% of all premiums paid including top-up premiums paid is paid immediately on death of the insured. Furthermore, all future premiums are waived off and are paid for by the company and on maturity, the Fund Value is paid. The policyholder may switch between variants as per his life stage requirement. A Maxima Invest variant can be switched over to Maxima Family only in case of marriage or Maxima Child if the policyholder has a child and the minor child is made the nominee. The Maxima Family Variant can be changed to Maxima Child on the birth of a child by making the child the nominee. The Maxima Child can be switched to Maxima Family if the nominee child dies and the policyholder chooses to nominate another child or any other family member. Loyalty Additions are added to the fund value after the 10th policy year and every 5 years thereafter for annual premium ranges of Rs.72, 000 and above @2% of the average fund value over the last two years Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000 Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000 Unlimited free switching is available and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Prospering Life Plus Plan – A unit linked insurance plan providing the dual benefit of wealth maximization and insurance protection. The features and benefits of the plan are as follows: The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums paid net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy Under the strategy, the net premium is invested in a specified ratio in the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely -Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund Loyalty Additions @0.5% or 0.75% of the fund value depending on the amount of premium is added to the fund value on maturity if the premium paid is equal to or more than Rs.96, 000. On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000 Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000 Unlimited free switching is available and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Prospering Life Plus SP Plan – A unit linked plan where only one premium is payable at the start of the tenure. The features of the plan are as follows: Premium is paid once at the starting of the plan The premium paid net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy Under the strategy, the net premium is invested in a specified ratio in the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely -Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000 Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000 Unlimited free switching is available Loyalty Additions @0.5% or 0.75% of the fund value depending on the amount of premium is added to the fund value on maturity if the premium paid is equal to or more than Rs.144, 000. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Applying for a Unit Linked Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For ULIPs through PolicyBazaar On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan.
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows: The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund. Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc. Insurance coverage depends on the amount of premium paid The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value Switching option is available which enables the policyholder to switch his investment between funds.
Exide Life ULIP Plans- FAQs
1. How to pay a premium? What are the modes of payment available? Exide Life Insurance Company offers 8 modes of premium payment namely: Cash payment at the branch Payment at the Axis Bank Payment at ING Bank Online Payment NEFT ECS Auto Debit Other options In the other options you can make the payment at South Indian Bank branches, in Karnataka you can make the payment at Karnataka one counters through cash, DD, Cheque, Debit or Credit card. In Bangalore you can also make payment at Bangalore one counters by cash, DD, Cheque, or credit cards. You can also pay at HDONE counters with cash, cheque, or DD if you are in Hubli or Dhrwad. For the online payment mode, the policyholder can pay via; Credit Card, Debit Card Net banking Bangalore one Tech process solution 2. How can I check policy status for Exide Life ULIP plans? You can check your policy sttaus if you are registered online. Simply login with your policy number and data of birth on MY LIFE tab to check the policy status. You may also check other policy details from the same link. 3. What is the policy renewal process for Exide Life ULIP plans? You can renew policy online. Step 1: Simply enter your policy details and date of birth to log into your account Step 2: Make payment via Debit/Credit card or Net Banking Step3: Print the cyber recipt of the premium payment made 4. What is the companys process to settle claim for Exide Life ULIP plans? Please register your claim on Register Your Claim section. Just provide all the necessary information asked in various fields. You also need to use the claim intimation form which can be availed from the branch, or can download from the website or can be sent to you on your mail if you ask the same to the company on their mail id. Once all the documents are submitted to the company, it will provide you with a receipt and a reference number that can be quoted during all the communication. The claim will be settled within 7 business days. 5. What is the policy cancellation process for Exide Life ULIP plans? To cancel the policy, you can visit the branch personally with your policy documents and duly filled surrender form. Upon successful validation of the documents, the refund will be directly credited in your bank within 7 bsuiness days.