IDBI offers the Termsurance Sampoorn Suraksha Micro-insurance plan, a pure term insurance plan that provides life insurance cover to the policyholder by paying a lump sum benefit to the family in case of the life insured’s unfortunate death.
Eligibility Criteria for IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan
In order to be eligible to avail the Termsurance Sampoorn Suraksha Micro-insurance plan, the policyholder should fulfill the following criteria
- Minimum age at entry - 18 years (as on the last birthday)
- Maximum age at entry - 55 years (as on the last birthday) (subject to maximum maturity age)
- Minimum age attained at maturity - 23 years
- Maximum age attained at maturity - 60 years
Features of IDBI Termsurance Sampoorn Suraksha
The tabular form below contains some attractive features of the Termsurance Sampoorn Suraksha offered by IDBI:
|Sum Assured||Minimum - Rs. 5,000 Maximum - Rs 50,000|
|Premiums||Minimum - Minimum Rs 100 for Regular Premium (in multiples of Rs. 100 thereof) - Rs. 400 for Single Premium (in multiples of Rs. 400 thereof) Maximum - Rs 5,200|
|Policy Term||Fixed term of 5 years and 10 years|
|Premium payment frequency||Single premium Regular premium|
|Premium Payment Mode||Annual mode only (for regular premium option)|
Benefits of IDBI Termsurance Sampoorn Suraksha
Sampoorn Suraksha comes with a range of benefits that give you the best IDBI Federal Term insurance plan to protect your family. Some of the advantages are mentioned below:
- Financial security at a nominal cost
- Choice of single or regular premium
- Flexibility to choose 5 or 10 years policy term
- Hassle free documentation with no medical check up
- In case of death of the policyholder during the policy term, the highest death benefit is paid to the nominee. This may include 10 times of annualized premium (7 times for ages more than 45) or 105% of all premiums paid as on date of death or Sum assured.
- In case of an accidental death, an amount equal to sum assured will be additionally paid to the nominee.
Mr. Anil is 35 years old. He buys the Termsurance Sampoorn Suraksha Micro-insurance for a period of 10 years for Rs 10 lakhs. He pays a premium of Rs 15,052. In case of his accidental death, the entire sum assured along with the additional death benefit will be paid to his beneficiary.
Termsurance Sampoorn Suraksha Micro-insurance Plan FAQs
- Can I nominate anyone as a beneficiary for the micro-insurance plan?
At any time before the expiry of the policy you can nominate a person to whom the death benefit will be paid. If the nominee is a minor, you need to appoint a person, aged 18 and above, to hold the benefit until the nominee’s 18 birthday.
- Can I change or alter the policy in mid of the term?
No policy changes or alterations are allowed. The initial sum assured fixed at the purchase of the policy will remain the same till maturity.
- Does the policy have a surrender value?
Surrender value is only allowed in case of single premium. 60% of the premium is paid on the outstanding coverage term in months.
- What are the conditions for policy revival in case of premium payment relapse?
The policyholder can apply for revival of a lapsed policy within two years of the date of lapse, subject to the company’s board approved underwriting policy terms and conditions at the time. Generally revival of the policy is made after a satisfactory declaration of good health by the insured person. The policyholder must pay all due premiums plus interest at the rate of 5% per annum.
- Are there any exclusions in case of accidental death benefit?
The company will not pay the additional sum assured in case the death is caused by intentional self injury, attempted suicide, insanity or immorality or under the influence or consumption of intoxicating liquor, drugs or narcotics. Death resulting from taking any part in riots, civil commotion, rebellion, war, invasion, hunting, or mountaineering are also excluded from accident benefit.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017