IDBI Federal - Termsurance Life Protection Insurance Plan

Termsurance Life Protection Insurance Plan, offered by , is a non-linked, non-participating , 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 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

GST of 18% is applicable on life insurance effective from the 1st of July, 2017