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  • IDBI Federal - Termsurance Life Protection Insurance Plan

    IDBI Federal Term Plan

    Termsurance Life Protection Insurance Plan, offered by IDBI Federal, is a non-linked, non-participating term insurance plan, which offers several benefits such as return on premium upon maturity, different premium payment options (regular and single), high sum assured discounts and discounts on premium for women among others. You can customise your plan based on your specific financial requirements.

    Eligibility Criteria for IDBI Federal Termsurance Plan

    1. Age at Entry
      1. Minimum: 18 years
      2. Maximum: 60 years
    2. Age at Maturity
      1. Minimum: 28 years
      2. Maximum: 70 years

    Features of IDBI Federal Termsurance Life Protection Insurance Plan

    The salient features of this IDBI Federalterminsuranceplan are listed below:

    1. Policy Term
      1. Minimum: 10 years
      2. Maximum: 30 years
    2. Premium Payment Terms: Regular and Singular
    3. Plan Options
      1. Pure Protection: This option offers large cover at a low cost. No maturity benefits are offered under this option. In the event of your death, your family receives death benefit.
      2. Return of premium upon maturity: If you survive the policy term, you will receive all the premiums (excluding service tax and extra premiums) paid. In case your death within the policy term, your nominee will receive the death benefit
    4. Premium Payment Frequency: Annual, Single, Quarterly, Half-yearly, Monthly
    5. Sum Assured/Life Cover
      1. Minimum: Rs.5 lakh
      2. Maximum: No limit (subject to underwriting requirements)

    Benefits of IDBI Federal Termsurance Life Protection Insurance Plan

    The following are the main benefits of the plan

    1. Death Benefit: The following table shows the death benefit offered under the single premium option (before maturity)
        Age of policyholder under 45 years   45 years and above
      Single premium Highest of the following:
      • sum assured chosen
      • 125% of premium (single)
      • minimum sum assured upon maturity
      Highest of the following:
      • Sum assured chosen
      • 110% of premium (single)
      • minimum sum assured upon maturity

      The following table shows the death benefit offered under the regular premium option

        Age of policyholder under 45 years   45 years and above
      Regular premium Highest of the following:
      • sum assured chosen
      • 105% of premiums paid
      • 10X annualised premium
      • Minimum sum assured upon maturity
      Highest of the following:
      • Sum assured chosen
      • 7X annualised premium
      • 105% of premiums paid
      • Minimum sum assured upon maturity

      In case of your death before maturity, while the policy is paid up, your nominee will receive the reduced sum assured.

    2. Discounts for women: Women can avail of premium discounts under this plan
    3. Discounts for high Sum Assured: If the Sum Assured is above Rs.10 lakh or above, you can avail of a discount
    4. Tax Benefits: You can avail of tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961

    Example

    Adesh Varma, a 30-year-old IT employee, opts for a regular premium pure protection Termsurance Life Protection Insurance Plan for sum assured of Rs.10 lakh on an annual premium payment basis for a policy term of 10 years. He pays annual premium of Rs.2300* (excluding education cess and service tax). In the unfortunate event of Adesh’s death, his nominee will receive the death benefit. The policy will be terminated after payment of the death benefit. In case Adesh outlives the policy term, he will not receive any maturity benefits.

    * Indicative only. Exact premium may vary due to underwriting requirements

    FAQs

    1. Can i alter my premiums or sum assured during the policy term?

      No. You cannot alter premiums or sum assured during the policy term under this plan

    2. What is the Surrender value for pure protection and return of premium on maturity option?

      There is no surrender value for regular pay. You can surrender your plan after payment of premium for single pay plans.

    3. How can i revive my policy?

      You can revive the policy within 2 years of the last unpaid premium after submission of the required documents.

    4. Can i avail of any loans against this plan?

      No. You cannot avail of any loans against this plan

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