IDBI Federal – Termsurance Sampoorn Suraksha Micro-Insurance Plan
Termsurance Sampoorn Suraksha Micro-Insurance Plan offered by , is a comprehensive life insurance plan which is affordable and simple in that you can opt for a life cover of Rs.1 crore for a policy term of 20 years at Rs.5646* p.a as premium. You can also avail of various benefits such as discounts on high sum assured, hassle-free online buying mode, accident death benefit option, discounts for women and the convenience of getting your medical tests done at your home.
(male, non-smoker. Rate exclusive of edu cess and service tax)
Eligibility Criteria for iSurance Online Term Insurance Plan
Age at Entry
Minimum: 18 years
Maximum: 50 years
Features of iSurance Online Term Insurance Plan
The salient features of this IDBI Federal term insurance plan are listed below:
Policy Term
Minimum: 10 years
Maximum: 25 years
Premium Payment Terms: Equal to policy term
Premium Payment Frequency: Annual
Annual Income
18 to 30 years: Rs.5 lakhs
31 years and above: Rs.7.5 lakhs
Sum Assured/Life Cover
Your health and financial profile is assessed before life cover is provided based on the insurance provider’s discretion
Minimum: Rs.50 lakhs
Maximum: Rs.30 crore
Benefits of iSurance Online Term Insurance Plan
The following are the main benefits of the plan
- Death Benefit: In the unfortunate event of your death within the policy term, your nominee will receive highest of the following:
- 105% of premiums paid
- 10X annual premium (under 45 years) or 7X annual premium (45 years and above)
- Life cover chosen
- Rider Benefits: You can opt for the accidental death benefit cover. The maximum limit of this cover is capped at Rs.2 crore (not above the life cover). The rider premium should not exceed 30% of the life cover premium. The accident death benefit is payable when the death occurs from an injury as a result of an accident (death must occur within 180 days of the injury)
- Surrender Benefit: There are no surrender benefits under this term insurance plan
- Tax Benefits: You can avail of tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961
- Hassle-free process: You can buy this term 24x7 in a simple and quick process
- Discounts for women: Under this plan, women can avail of discounts in terms of lower premiums compared to men
- Discounts for high Sum Assured: If you opt for a sum assured of above Rs.75 lakhs and above, you can avail of discounts as listed in the table below:
Sum Assured | Discount |
Rs.75 to Rs.99 lakhs | 0.025 |
Rs.1 crore and above | 0.050 |
Example
Arun Malhotra, a 30-year-old IT employee (non-smoker) opts for the iSurance Online Term Insurance Plan for a life cover of Rs.1 crore and a policy term of 25 years. Arun, however, does not opt for the accidental death benefit option. Arun has to pay an annual premium of Rs.6445 (exclusive of service tax and edu cess). In the unfortunate event of your death within the policy term, your nominee will receive the entire life cover opted by you, i.e, Rs.1 crore.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on IDBI Federal TSSMI Plan
- Are there any maturity benefits offered under this plan?
No. There are no maturity benefits offered under this plan
- What if i do not pay my premiums on time?
If you do not pay your premiums before the due date, you will be given a grace period of 30 days within which you have to make the payments. If you do not make the required payments, your policy will lapse.
- How can i revive my policy?
You can revive your policy if you make a request and submit the required documents within 2 years of your last unpaid premium.
- When can the policy be terminated?
Your policy can stand terminated under certain conditions as listed below:
- Nominee is paid the life cover
- Policy term is complete
- Fraud (Section 45 of Insurance Act 1938)
- Not reinstating your policy within 2 years
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