Exide Life Insurance: Canceling Your Policy Simplified

Exide Life Insurance Company offers a range of insurance products, including term insurance, child plans, and retirement plans. The process of closing or surrendering an Exide Life Insurance policy involves submitting a request at the nearest Exide Life Insurance branch. The policyholder needs to provide the reason for surrender, fill out a surrender form, and submit various documents, including the original policy documents, ID proof, and a cancelled cheque. It is important to carefully follow the required procedures and provide the necessary documentation to ensure a smooth closure of the Exide Life Insurance policy.

Surrendering an Exide Life Insurance policy

Reasons for Surrender:

Firstly, it is important to consider your reasons for surrendering your Exide Life Insurance policy. Ensure that you understand the implications of surrendering your policy and that it aligns with your financial goals.

Documents Required:

When surrendering your Exide Life Insurance policy, you will need to submit the following documents:

• Original policy documents
• A cancelled cheque with the policyholder's name on it. If the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned, provide a passbook copy or bank statement with the necessary details.
• Valid ID proof, such as a PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID.
• A policy surrender or cancellation form, which can be obtained from an Exide Life Insurance branch or downloaded from their website.
• Latest contact details, including a valid phone number and address.
• NRE bank statement reflecting any premiums paid from an NRE account (if applicable).

Submission Process:

Once you have gathered all the required documents, visit your nearest Exide Life Insurance branch. Submit the documents, along with the completed surrender form, to an Exide Life Insurance representative. They will review your request and initiate the surrender process.

Refund and Fees:

After submitting your surrender request, Exide Life Insurance will process your request and refund your money after deducting any applicable fees or charges. The time taken for the refund to be processed may vary, and you may need to follow up with Exide Life Insurance for updates.

It is important to carefully consider your decision to surrender your Exide Life Insurance policy and understand the financial implications. Ensure that you have all the necessary documents and follow the above steps to facilitate a smooth surrender process.

Documents required to surrender an Exide Life Insurance policy

To surrender an Exide Life Insurance policy, the policyholder must submit the following documents to their nearest Exide Life Insurance branch:

• Original policy documents
• Cancelled cheque with the policyholder's name on it (if the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

In addition to these documents, the policyholder must provide the reason(s) for surrendering the policy.

Partial withdrawal from an Exide Life Insurance policy

To make a partial withdrawal from an Exide Life Insurance policy, the policyholder must submit the following documents to their nearest Exide Life Insurance branch:

• Original policy documents
• Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in-branch)
• Cancelled cheque of the insured's name
• If the cancelled cheque does not have a pre-printed name and account number, or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

In addition to the above documents, the policyholder must also submit a pay-out form and provide their reason(s) for the partial withdrawal.

Documents required for partial withdrawal

To make a partial withdrawal from your Exide Life Insurance policy, you will need to submit the following documents, along with the reason(s) for the partial withdrawal and the pay-out form, at the nearest Exide Life Insurance branch:

• Original policy documents
• Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in the branch)
• Cancelled cheque of the insured's name
• In case the cancelled cheque does not have a pre-printed name and account number or a new account is mentioned on the cheque, then a passbook copy/bank statement having the pre-printed name and the account number is required
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Customer care options for Exide Life Insurance

Exide Life Insurance offers a variety of customer care options to assist with any queries, issues, or concerns regarding their products and services. Here are the ways in which customers can reach out to the Exide Life Insurance customer support team:

Customer Care Helpline

Customers can call the Exide Life Insurance customer care helpline to speak to a representative. The helpline number is 1800 419 8228 (toll-free), and it is operational from Monday to Saturday, 9:00 a.m. to 7:00 p.m. Customers can enquire about products and services, get assistance with policy servicing, and resolve any service-related issues.

Email Support

Customers can also reach out to the customer care team by sending an email to [email protected]. The customer care team will respond to queries and provide the necessary information.

Twitter-based Customer Service

Exide Life Insurance offers Twitter-based customer service through their handle, @ExideLifeCares. Customers can tweet 'hello' or 'hi' to this handle, and the subsequent communication will move to direct messages to ensure privacy. Customers can use this service to check their policy status, download premium payment receipts, check due dates, make renewal payments, and update their contact details.

SMS Services

Exide Life Insurance provides policy-related information via SMS. Customers need to send an SMS in a prescribed format to 09880888228. For instance, to get policy details, customers can type "Policy" followed by their policy number and send it to the number. Similarly, for premium details, type "Premium", for fund value details, type "Fund", and for NAV details, type "NAV".

Branch Offices

Customers can also visit any Exide Life Insurance branch office during their operational hours. The branch offices are open from Monday to Friday, 10:30 a.m. to 3:30 p.m., and on Saturdays from 10:30 a.m. to 1:00 p.m. They are closed on the second Saturday of every month. Customers can locate the nearest branch by visiting the 'Contact Us' page on the Exide Life Insurance website.

Meet an Advisor

The Exide Life Insurance website also offers the option to 'Meet an Advisor' for expert advice on specific life insurance policies or plans. Customers can visit the 'Contact Us' page, click on 'Meet an Advisor', and fill in their details. A customer care representative will then get in touch with them.

Customer Grievance Redressal

Exide Life Insurance follows a 4-level approach to address customer grievances:

• Level 1: Customers can call the customer care centre or visit the nearest branch for general queries and product inquiries.
• Level 2: If the response at Level 1 is unsatisfactory or no response is received within 10 days, customers can write to the Complaints Officer at the following address: The Complaints Officer, Exide Life Insurance Company Limited, 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001, India. Email: [email protected]. Toll-Free Number: 1800 419 8228. Telephone Number: +91 80 4134 5134.
• Level 3: If the response at Level 2 is not satisfactory, customers can email the Head of Customer Service at [email protected].
• Level 4: As a last resort, customers can approach the Insurance Ombudsman Officer under certain conditions, such as a rejected insurance claim, delay in claim settlement, disputes regarding premiums, or non-receipt of insurance documents.

Frequently asked questions