Exide Life Insurance T&Cs

Some of the standard terms and conditions in the Exide Life Insurance term insurance plans are listed below:

• Nomination: Every Exide Life Insurance policyholder should register a nomination. It simplifies the insurance claim process. The nominee is the person eligible to register the insurance claim if the policyholder dies before the policy's maturity. There are provisions for changing the nominee at any time during the policy term. The policyholder can include the name of a minor as the nominee but should add the name of a major individual to receive the claim amount on the minor's behalf.
• Grace Period: Insurance plans offered by Exide Life Insurance come with a grace period of 15 days in case the policyholder pays the premium on a monthly basis, and 30 days for all other modes of premium from the respective premium payment due date.
• Lapse: If the insured is unable to pay the required premium within the grace period and the policy has not acquired the surrender value, then the policy will lapse and no benefits could be availed under the policy.
• Taxation: Indian tax laws apply to all Exide Life Insurance policies. The policyholder gets benefits under various sections of the Income Tax Act 1961 for premium payment. The maximum premium amount that can be considered for tax concessions is Rs 1.50 Lakh. Sec 10D of the Act stipulates that the bonus and the benefits received on the maturity or the death benefit are tax-free.
• Proper Disclosure: The policyholder is legally bound to furnish appropriate information to Exide Life Insurance when purchasing term insurance policies. In the event of any misrepresentation of serious nature, the company can decline the insurance claim. If there is a discrepancy in the policyholder's age, the policy benefits can change depending on the actual age.
• Inform Changes: The policyholder should inform Exide Life Insurance of any change in the name, address, and contact details.
• Duplicate Policy Document: The policyholder can contact Exide Life Insurance for the issuance of a duplicate policy if the original is lost, misplaced, or stolen. The application should be in writing detailing the circumstances under which the policy was lost. Exide Life Insurance can issue a duplicate policy to the policyholder.
• Jurisdiction: All the terms and conditions listed in the Exide Life Insurance term insurance annexure are subject to and governed by Indian laws. They can change, depending on the changes in Indian legislation.
• Grievance Redressal: If the policyholder/nominee has grievances regarding any issue, they have to follow the grievance redressal procedure listed on the Exide Life Insurance website.
• Exclusive Rights: Exide Life Insurance has exclusive rights for altering, reviewing, revising, or deleting any of the terms and conditions.