Money & Banking

Exide Life launches new product aligned to IRDAI’s revised norms

New Delhi | Updated on November 19, 2019

Exide Life Insurance has come up with a life insurance-cum-savings plan, ‘Sampoorna Jeevan’, a participating life product that is expected to emerge as the company’s flagship product in the days to come.

Speaking to BusinessLine on the features of the product, Sanjay Tiwari, Director, Product Management and Customer Service, Exide Life Insurance, said the launch timing is critical as it comes just days before the IRDAI’s revised product regulations come into force from December 1.

Sampoorna Jeevan is the first product that is aligned to the revised IRDAI product regulations, he said. “This is a participating product that will help us to reach out to each and every customer segment we have in the market right now. This is exciting as we have always believed that life insurance products should give power to the customers to fit in the requirements,” he said.

In a new avatar

Exide Life, which has a portfolio of 35-plus products, has launched this whole life product after a long time — it is new avatar of its existing product, Exide Life New Fulfilling Life Plan.

Tiwari made it clear that Exide Life has no plans to withdraw the Exide Life New Fulfilling Life Plan. He, however, expressed confidence that Sampoorna Jeevan will attain pole position in its portfolio.

The flexibility of the product covers every conceivable savings aspect of any life insurance product one can think of, he said. Besides multiple options of bonuses, the product comes with set of guaranteed benefits and lumpsum payouts.

A customer of ‘Sampoorna Jeevan’ can pay premium for a limited term (say up to 12 years) and enjoy life insurance cover up to the age of 75 or 100. There will be an option to choose guaranteed income benefit and flexible options to avail income payouts.

It allows partial withdrawal, which is generally available in unit-linked plans. “The benefits cut across every requirement that a life insurance product offers. We are excited about the comprehensive product and it is so palatable that the customer comprehends easily,” said Tiwari. The sheer expanse of this product in terms of options and benefits is unparalled, he added.

Published on November 19, 2019

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