Terms and Conditions
Please read carefully the following 'Terms and Conditions', which apply to all the Users/ visitors to this web site www.exidelife.in. By deciding to visit this website, user implicitly agrees to abide by the following terms and conditions.
Exide Life Insurance Company Limited (hereinafter referred to as 'Exide Life') does not warrant that information contained in the website would be adequate, accurate, reliable or complete and Exide Life expressly disclaims any liability for errors or omissions therein or any consequences from the use thereof.
As a condition of accessing the Website and usage of the Website facility, the User unconditionally and absolutely acknowledges and accepts the Terms and Conditions in its entirety.
Definitions: In this document the following words and phrases shall have the meanings as set below unless the context indicates otherwise:
'Payment Gateway' refers to the facility offered by Exide Life at its website www.exidelife.in which provides facility to the user to pay premium of life insurance policy purchased / to be purchased from Exide Life through his /her own credit card /debit card/ net banking and for such other services as Exide Life may decide to provide from time to time. The availability/non-availability of a particular service shall be advised through email, web page of Exide Life or written communication. For the purpose of availing payment gateway, the User would need to be a current Internet user or have legal access to the Internet. Exide Life will advise from time to time the Internet software such as browsers which are required for using payment Gateway. There will be no obligation on Exide Life to support all the versions of these Internet software.
- 'Personal Information' refers to the information provided by the User to Exide Life
- 'Terms' refer to terms and conditions herein for use of Payment Gateway.
- 'User' refers to a prospective customer interested in buying policy of Exide Life or an existing policyholder of Exide Life who has already purchased policy of Exide Life, this document, all references to the User being referred in masculine gender shall be deemed to include the feminine gender.
- 'Policy' shall mean the life insurance policy purchased by the User from Exide Life and which has not lapsed.
- 'Registered Office' Exide Life Insurance Co. Ltd., JP Techno Park, # 3/1,Millers Road, Bengaluru - 560001.
Applicability of Terms:
These Terms form the contract between the User and Exide Life for Internet payment gateway. By using the payment gateway for the first time, the User acknowledges and accepts these Terms. Notwithstanding anything contained herein, all terms and conditions stipulated in the Policy shall continue to apply.
The User shall take all necessary precautions to prevent unauthorized and illegal use of payment gateway and therefore shall not disclose the details of his/her credit card to any other person to prevent its unauthorized use.
Maintenance of Sufficient Balance:
The User shall ensure that there are sufficient funds (or prearranged credit facilities) in its credit card / debit card / net banking for payment of premium through the payment gateway and Exide Life shall not be liable for any consequences arising out of its failure to carry out the instructions due to inadequacy of funds, low credit limit balance and/or credit facilities.
Accuracy of Information and Instructions:
The User is responsible for the correctness of information supplied to Exide Life for use of the payment gateway.
Exide Life accepts no liability for the consequences arising out of erroneous information supplied by the User. If the User notices an error in the information supplied to Exide Life either in the website or any other communication, he shall immediately advise Exide Life which will endeavor to correct the error wherever possible on a 'reasonable efforts'. The User is also responsible for the accuracy and authenticity of the instructions provided to Exide Life and/or Service provider and the same shall be considered to be sufficient to operate the payment gateway. Exide Life shall have no liability or obligation to independently verify the instructions or the authenticity of any transaction from the User. Exide Life shall not have any liability or obligation to keep a record of the instructions to provide information to the User or for verifying User's instructions. Exide Life may refuse to comply with the instructions without assigning any reason and shall not be under any duty to assess the prudence or otherwise of any instruction and have the right to suspend the operations through the payment gateway if it has reason to believe that the User's instructions will lead or expose to direct or indirect loss or may require an indemnity from the User before continuing to operate the payment gateway.
Liability of the User and Exide Life
Neither Exide Life nor the service providers shall be liable for any unauthorised transactions occurring through the payment gateway and the User hereby agree to indemnify and hold Exide Life and its service providers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. Exide Life shall under no circumstance be held liable to the User if the payment gateway is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of Exide Life Under no circumstances shall Exide Life be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. Illegal or improper use of the Internet Banking shall render the User liable for payment of financial charges as decided by Exide Life or will result in suspension of the operations through the payment gateway.
User shall indemnify and hold Exide Life and/or the Affiliates, as the case may be, including their officers, employees and agents, indemnified against all losses and expenses on full indemnity basis which Exide Life may incur, sustain, suffer or is likely to suffer in connection with Exide Life or Affiliates' execution of the User's instructions and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses as a consequence or by reason of providing a service through payment gateway for any action taken or omitted to be taken by Exide Life and /or the Affiliates, its officers, employees or agents, on the instructions of the User. The User will pay Exide Life and /or the Affiliates such amount as may be determined to be sufficient to indemnify it against any such, loss or expenses even though they may not have arisen or are contingent in nature.
Disclosure of Information
The User agrees that Exide Life and/or Affiliates or their contractors may hold and process his Personal Information and all other information concerning his Account(s) on computer or otherwise in connection with the payment gateway as well as for analysis. The User also agrees that Exide Life may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for fraud prevention purposes.
Change of Terms
Exide Life shall have the absolute discretion to amend or supplement any of the Terms at any time. By using any new services as may be introduced by Exide Life the User shall be deemed to have accepted the changed Terms.
The grant of payment gateway to a User is not transferable under any circumstance and shall be used only by the User.
Termination of payment gateway facility
Exide Life may at its sole discretion suspend or terminate the payment gateway facility at any time for any reason. The User will remain responsible for any transactions made through the payment gateway until the time of such termination.
Notices under these Terms may be given by Exide Life and the User in writing by delivering them by hand or by sending them by post to the last address given by the User and in the case of Exide Life to its corporate office address as set out hereinabove. In addition, Exide Life may also publish notices of general nature, which are applicable to all Users in a newspaper or on its web site located at www.exidelife.in, such notices will have the same effect as a notice served individually to each User. Notice and instructions will be deemed served 7 days after posting or upon receipt in the case of hand delivery, cable, telex or facsimile.
These Terms and/or the operations in the Accounts of the User shall be governed by the laws of India. The Parties hereby agree that any legal action or proceedings arising out of the Terms for Internet Banking shall be brought in the courts or tribunals at Bengaluru in Karnataka in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. Any provision of the Terms for payment gateway which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.
The clause headings herein are for only for convenience and do not affect the meaning of the relative clause. Exide Life may sub-contract and employ agents to carry out any of its obligations under this contract. All costs incurred by the User including telecommunication costs to use the payment gateway would be borne by the User.
Exide Life shall be entitled to sell, assign, or transfer Exide Life's right and obligations under the Terms. Any such sale, assignment or transfer shall conclusively bind the User and all other persons. The User, his heirs, legal representatives, executors, administrators and successors are bound by the Terms. However, the User shall not be entitled to transfer or assign any of his rights and obligations hereunder.
Cancellation of policy
User has a period of 30 days from the date of receipt of the policy document to review the terms and conditions of the policy and where the User disagrees to any of those terms or conditions, he has the option to return the policy stating the reasons for his objection, when he shall be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges.
Payment of premium beyond the Grace period shall not be made online and should be made at the branch of Exide Life. Exide Life shall not be responsible for not processing any online payments made beyond the grace period through the internet by the user. Any dispute arising in respect of payments directly or indirectly connected with lapse of policy due to payment beyond grace period shall not be entertained and Exide Life shall not accept any liability for the lapsation of the policy or any other loss of any nature whatsoever on payments made beyond the grace period. The payment of renewal premium is permitted only by a policyholder for a policy purchased by him. Payment is permitted only by using a personal credit/debit card by the policyholder and no third party payment of renewal premium is permitted. Payment through any Card issued outside India by any institution will not be permitted.
Declaration by the user
I declare that I/we have answered the questions in the proposal form and have duly signed it after understanding its contents.
I have fully understood the nature of the questions including health related questions and the importance of disclosing all material information while
answering such questions. I declare that the answers given by me/us to all the questions in the proposal form and the information given to Exide Life as to
the state of health and habits of the life/lives to be assured are true and complete in every respect and that I/we have not withheld any material
information or suppressed any material fact.
I have made no statement to the Insurance Advisor, Medical Examiner or any other person associated with the Company which in any way modifies the answer given by me in this application form.
I undertake to notify the Company of any change in the information given by me/ us in the proposal form with respect to the Life to be assured subsequent
to the signing of this proposal form and before the receipt of the policy document.
I also understand that in case of any mis-statement or suppression of material information or where the Company is not notified of the change in the information with respect to the Life to be Assured, the Company has the right to repudiate the claim under the Policy subject to the provision of Section 45 of Insurance laws (amendment) Act, 2015. The policy shall become void where it is found that the policy was issued on the basis of fake/ tampered documents and/ or proofs.
I also certify that I have read and understood the Benefits under the policy. I also understand that the terms and conditions including the premium and the benefits payable under the Policy are subject to variation/ taxes/ duties/ charges in accordance to applicable laws. I confirm that all premiums will be paid from bonafide sources.
I agree that I will not use fraudulent means for making claims. I also agree that if I do it, the Company will terminate the contract. I declare that there have been no criminal proceedings (pending or commenced) against me. I understand that Exide Life has tie-ups with certain Banks & financial institution specifically mentioned in its official website. I have an account with one of such Bank or financial institution. I hereby authorise the Bank or financial institution to provide copy of my KYC documents available with them to Exide Life.
Sections Of The Insurance Laws (Amendment) Act 2015
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to ten lakh rupees.
Section 45 - Policy shall not be called in question on the ground of mis-statement after three years:
Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended from time to time. The extant provisions in this regard are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or the date of rider to the policy whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.
7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.
8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.
9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.
As per Regulation 3(d), IRDA (Manner of Receipt of Premium) Regulations, 2002
In case, the proposer/policyholder opts for premium payment through net banking or credit/debit card, the payment must be made only through net banking account or credit/debit card issued on the name of such proposer/policyholder.
[Disclaimer: This is not a comprehensive list of amendments. Policyholders are advised to refer to Section 45 of the Insurance Act, 1938, as amended from time to time for complete and accurate details.]