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Know Your Rights And Duties With Birbal

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Birbal, Your Exide Life Insurance Advisor

Birbal

Exide Life Insurance introduces Birbal, your Life Insurance Advisor. History says, Birbal had the solution to every puzzle in the world, but times have changed now. It's the time of specialization and here Birbal's area of specialization is life insurance. Birbal shares your Rights and Duties as a life Insurance customer to help you manage your life insurance policies better. He shares information in a simple and clear format with them.

After all, for him Clarity is the Best Policy.

Birbal Advises 1|18
Safeguard your policy from unauthorized persons
Safeguard your policy from unauthorized persons

Exercise caution while disclosing personal or financial information to unauthorized individuals:

  • Do not respond to any messages or calls from unauthorized entities offering you opportunities to cash in on unpaid benefits from your existing policy
  • Do not respond to any SMS or calls from people claiming to be from the IRDA or RBI promising higher returns, benefits on your policies
  • Do not surrender or cancel your existing policy based on the above false promises
  • Do not share details of your existing policy(s) e.g. fund value, policy benefits, etc,
  • Do not share confidential information like username, passwords, date of birth and credit card numbers
CHOOSE THE RIGHT AMOUNT OF LIFE INSURANCE ACCORDING TO YOUR NEEDS
CHOOSE THE RIGHT AMOUNT OF LIFE INSURANCE ACCORDING TO YOUR NEEDS

The amount of life insurance coverage You need depends on various factors :

  • Number of dependants
  • Lifestyle you want to provide for Your family
  • Your loans or debts
  • Children's education needs
  • Your investment needs
  • Affordability
Always give correct and complete information about youself
Always give correct and complete information about yourself

  • The details provided by you in the Proposal Form are used for underwriting Your insurance policy
  • Do not forget to fill in complete Nominee details
Choose a premium Payment mode that is Most convenient to you
Choose a premium Payment mode that is Most convenient to you

Different schemes offer different premium Payment modes :

  • Monthly
  • Quarterly
  • Half yearly
  • Yearly
You also have the option to change your Premium payment mode during the premium Payment term of the policy
Use the free look period To examine and reassess Your policy
Use the free look period To examine and reassess Your policy

Free look is a 15 day period applicable from The date of receipt of your policy document That allows you to :

  • Check whether the terms of the policy are Agreeable to you
  • Return the policy to the insurer and have Your premium refunded after certain Deductions
Always keep people at Home informed about Your insurance
Always keep people at Home informed about Your insurance

It is important to inform your family about your policy so that:

  • They are aware that they are covered in case of an eventuality
  • They have an idea about the claim procedure
  • They have a fair assessment of their entitlement
Pay your renewal Premium on time
Pay your renewal Premium on time

Pay your renewal payment within the Grace period to continue enjoying the Benefits of your policy.

  • To avoid any penalty /late free charges, You must use the grace period to make Your payment
  • The 30 day grace period available for Renewal Premium Payment ensures that the policy, including riders and add on benefits, remains in force
Think twice before Closing your policy Before maturity
Think twice before closing your policy before maturity

If you stay insured, you enjoy the following advantages :

  • Continued life cover
  • Tax benefits and regular bonuses
  • Reduced charges on the premium paid In the long term
  • If you wish to surrender, applicable charges are levied on the paid up value
If you lose your policy Documents, inform your Insurance company at The earliest
If you lose your policy Documents, inform your Insurance company at The earliest

It's important to inform your insurance Company about the lost documents and Request for a duplicate.

  • Contact your insurance company
  • Update them about the loss
  • Do not share details of your existing policy(s) e.g. fund value, policy benefits, etc.
  • Comply with the necessary verification Procedures to get your duplicate policy documents
Update your contact Information
Update your contact Information

Update your complete information to ensure hassle free interactions.

  • It helps you receive timely information About the latest service offering from The insurer 
  • It avoids delays in receiving important updates regarding renewal Premium Payment Reminders, Annual Statements, etc.
Update your contact Information
Save tax on life insurance

Tax benefits on life insurance

  • Premiums paid under a life insurance policy are eligible for deduction under section 80C*. You can save tax up to INR 30,900*
  • Contributions to a pension plan are eligible for deduction under Section 80CCC*
  • Get tax free maturity amount and death benefit under section 10(10D)
*Assuming Income Tax slab of 30% and surcharge of 3%. *As per the prevailing law, the aggregate amount of deduction under Section 80C and 80CCC shall not exceed One Lakh Rupees.
BENEFIT FROM THE FLEXIBILITY OF TOP UPS
Benefit from the flexibility of top ups

How you benefit from Top Ups

  • In Unit Linked Insurance plans:
    You can increase your contribution to purchase more units when the markets are favorable
  • In Select Traditional Life Insurance Plans:
    You can save more in your existing policy to build a bigger maturity corpus without having to buy a new plan
CAREFULLY REVIEW THE TERMS BEFORE BUYING A LIFE INSURANCE POLICY
Carefully review the terms before buying a life insurance policy

Do Remember

  • Life Cover and / or Sum Assured being offered
  • Premium amount payable by you
  • Premium payment term
  • Policy term
  • Whether your policy is a market linked or a traditional life insurance
  • Maturity charges on your policy
  • Applicable charges on your policy
  • Surrender Charges
Easy premium payment options
Easy premium payment options

Premium Payment Options:

  • Online:
    You can pay your renewal premiums online using Net Banking, Debit Card and Credit Card on your insurer’s website
  • Auto Debit:
    You can opt for a direct debit facility to your bank account using standing instructions or electronic clearing service for regular debits of your premium amounts.
  • Other Payment Options:
    You can pay via cash, cheques at the appointed collection centers.
Premium Payment Options
Always buy insurance policies from authorised personnel

Purchase your insurance policies from Registered Insurance Companies, Licensed Insurance Agents/Brokers or Licensed Web Aggregators only.

  • Check for the ID card/license number of the person selling insurance policy and compare the same on the IRDA website
  • Check if the representative’s IRDA license number is valid or has been terminated
Premium Payment Options
Always pay your policy premiums at company authorized collection centres


  • Always pay your renewal premiums at genuine premium payment centres communicated by the Insurance company. Ensure that the personnel collecting the renewal premium is licensed by the Insurance company.
  • Make cash payments only at authorized premium collection centres and obtain a receipt or acknowledgment attested by the Insurance company while paying premium.
  • You can pay your renewal premiums online using net banking, debit card and credit card on your insurer’s website
Premium Payment Options
Keep your insurance documents securely and conveniently with e-Insurance

4 Reasons to open an e-Insurance Account

  • It’s easy - Your policies can be easily accessed when needed
  • It’s safe and secure - There’s no risk of losing or damaging your policy unlike hard copies
  • It’s free - You don’t have to pay anything to open an e-Insurance Account and convert your policies
  • It’s convenient - You don’t have to go through KYC process each time you buy a new policy
  • IRDA has appointed 5 Insurance Repositories. These are NSDL Database Management Ltd., Central Insurance Repository Ltd., SHCIL Projects Ltd., Karvy Insurance Repository Ltd. and CAMS Repository Services Ltd.

    To open an e-Insurance Account, please get in touch with your insurance company’s branch office.

Update your bank account details for hassle-free policy related payouts

Follow these 3 simple steps:

  • Fill in the Bank Details Updation Form (NEFT Mandate) available with your Life Insurance Company
  • Attach a signed cancelled cheque and photo ID proof
  • Submit the documents at your nearest Life Insurance Company branch office
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