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    • Benefit Payout

Benefit Payout

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1. What is the procedure to surrender my policy?+ -

Surrendering of policy will end all your policy related benefits. Policy can be surrendered only after completion of the lock-in period. On surrender of your policy your policy value will be paid to you as per the policy terms.

To surrender your policy, you can visit any of our branches with the following documents:

  • Surrender Form.
  • Policy Document.
  • Copy of Photo Identity Proof of the policy holder. Please carry the original Identity proof also.
  • Cancelled Cheque of the Bank account in which you wish to receive the surrender amount.

Once we receive your request, we will process your payout within 15 working days and send you a confirmation.

In lieu of the current crisis situation, you can also share your service request forms/letter duly signed clearly mentioning the request details along with KYC copies through email to Claims@exidelife.in . Please click here for further details regarding COVID-19 assistance.

IMP Note: To ensure smooth, hassle free and on time pay-outs of your eligible benefits, please keep your bank account details updated in our records. To update your bank account details click here

2. How much bonus am I entitled to get from my policy?+ -

Feature of providing bonus is present in some of our Life Insurance plans. The bonus amount gets added to the policy on premium payment. The bonus amount gets accumulated in your policy and is paid to you along with your maturity payout.

If your contact details are updated, you will receive an email and a letter informing you about the bonus amount added to your policy.

For details on the Bonus Declaration rates, please click here.

IMP Note: To ensure smooth, hassle free and on time pay-outs of your eligible benefits, please keep your bank account details updated in our records. To update your bank account details click here

3. What would be the Maturity benefit of my policy?+ -

Maturity Benefit is the amount of money received by the insured, upon survival of the term of the policy.
Maturity benefits will vary for conventional and ULIP policies. Also, it differs from product to product.

  • For policies that offer a bonus, the sum assured plus the bonus for the term of the policy is paid to the insured upon maturity.
  • For policies that do not offer a bonus, upon maturity, the sum assured or a refund of the premium or no money is receivable by the insured (depending on the type of policy selected).
  • Some policies offer a loyalty addition, which is paid along with the sum assured and is based on the term of the policy.
  • For select policies, the sum assured or fund value is paid to the insured upon maturity.

Kindly refer to the Standard Policy Provision section in your policy document for maturity benefits. You may also refer to our website for plan details.

4. What is the process to get my policy maturity amount?+ -

Subject to the condition that all due premiums have been paid, then at the end of your policy term, a maturity benefit will be paid to you according to the terms and conditions of your policy. Your maturity amount will be directly credited to your bank account number registered with us within 15 days of your policy maturity date.

As per IRDAI mandate, please update your bank account details to ensure an error free transfer.

Following documents would be required to register your bank account details:

  • Signed copy of Policy Benefit Payout Form with your bank account details.
  • Personalised Cancelled cheque (with your name printed on it)/ Bank statement with seal of the bank account in which you wish to receive your policy maturity amount.
  • A signed copy of your Id proof.

You can submit these documents through any of these options:

  • Our Branches: You can submit these documents at any of our branches.
  • Courier: Courier these documents to:

    POS Department
    1st Floor, Exide Life Insurance Company Limited,
    JP Techno Park,No.3/1,
    Millers Road,
    Bangalore - 560 001

Once we receive your request, your request will be processed in 15 working days and a confirmation will be sent to you.

In lieu of the current crisis situation, you can also share your service request forms/letter duly signed clearly mentioning the request details along with KYC copies through email to Claims@exidelife.in . Please click here for further details regarding COVID-19 assistance.

IMP Note: To ensure smooth, hassle free and on time pay-outs of your eligible benefits, please keep your bank account details updated in our records. To update your bank account details click here

5. What is the process to claim Survival Benefit payout for my policy?+ -

Please follow the below mentioned steps to claim the survival benefit for your policy:
As per IRDAI mandate, please update your bank account details to ensure an error free transfer.
Following documents would be required to register your bank account details:

  • Duly filled and signed copy of ‘Policy Benefit Payout’ form with your bank account details. Click here for the form
  • Personalised Cancelled cheque of the bank account in which you wish to receive your policy maturity amount/ Bank statement with seal
  • A signed copy of your Id proof

You can submit these documents through any of these options:

  • Our Branches: You can submit these documents at any of our branches. Click here for the list of branches / nearest branch
  • Courier: Courier these documents to:

    POS Department
    1st Floor, Exide Life Insurance Company Limited,
    JP Techno Park,No.3/1,
    Millers Road,
    Bangalore - 560 001

Once we receive your request, your request will be processed in 15 working days and a confirmation will be sent to you.

In lieu of the current crisis situation, you can also share your service request forms/letter duly signed clearly mentioning the request details along with KYC copies through email to Claims@exidelife.in . Please click here for further details regarding COVID-19 assistance.

IMP Note: To ensure smooth, hassle free and on time pay-outs of your eligible benefits, please keep your bank account details updated in our records. To update your bank account details click here

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IRDAI notice : Beware of spurious phone calls and fictitious/fraudulent offers : IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus, public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

Exide Life Insurance Company Limited.
IRDAI Registration Number: 114, CIN:U66010KA2000PLC028273
Registered Office: 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001, India.
2017 Exide Life Insurance Company Limited. All rights reserved.

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