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  • IDBI Federal Lifesurance Whole Life Saving Insurance Plan

    IDBI Federal Life Insurance

    Specially designed to offer two lump sum payouts, IDBI Federal Lifesurance Whole Life Saving Insurance Plan is a non-linked participating whole life savings plan. As per this insurance plan, the first lump sum payout will be at the end of Premium Payment Term (PPT) and second, when the policyholder attains the age of 100 years. This IDBI Federal Lifesurance insurance scheme will not only offer life cover up to 100 years of age but will also help you build a corpus over the years for your loved ones. The policyholder also receives guaranteed additions in the first five years and from the sixth policy year until the end of premium payment term, the customer gets guaranteed additions, guaranteed sum assured and vested reversionary bonuses.


    Eligibility for Lifesurance Whole Life Saving Insurance Plan

    The eligibility criteria for Lifesurance Whole Life Saving Insurance Plan is described below.

    Parameters Minimum Maximum
    Guaranteed Sum Assured Depending on entry age and premium payment term No limit (However, this is subject to underwriting approval)
    Entry age of the member (age as per last birthday) 18 years
    • 55 years (subject to a maximum age of 75 years at the end of premium payment term) for cover without Accidental Death Benefit.
    • 53 years (subject to a maximum age of 65 years at the end of premium payment term) for cover with Accidental Death Benefit.
    Premium Payment Term 12 years 30 years
    Age at Maturity (as on last birthday) 100 years NA
    Premium (excluding education cess and service tax) Rs. 10,000 per annum for all premium payment modes excluding monthly mode. The premium would be of Rs. 12,000 per annum. No limit (subject to approval by the underwriting department)
    Modal Frequency Factor

    0.09 for monthly mode

    0.26 for quarterly mode

    0.51 for half yearly mode

    NA

    Features of Lifesurance Whole Life Saving Insurance Plan

    Given below are some of the features of Lifesurance Whole Life Saving Insurance Plan.

    Guaranteed Sum Assured (GSA) GSA is the base sum assured that you opt for at the beginning of the policy. This amount is to be paid on survival basis at the end of premium payment term.
    Death Sum Assured (DSA) DSA is the minimum amount to be paid to the nominee in the event of unfortunate death of the policyholder during the policy term. The DSA will be highest of the guaranteed sum assured, 105% of all premiums paid as on the date of death or 10 times the annualized premium.
    Guaranteed Additions (GA) GAs are added to your plan for the first five years at the rate of Rs. 50 per Rs. 1000 of the guaranteed sum assured if the full annual premiums are paid when due.
    Terminal Bonus Terminal Bonus is paid either on death or maturity provided all due premiums have been paid.
    Lump Sum Payout at the end of PPT At the end of PPT, you will get a lump amount which includes guaranteed sum assured plus vested reversionary bonuses which have been accrued from the 6th policy year till the end of PPT and vested guaranteed additions which have been accrued in the first five years of the policy.

    Benefits of Lifesurance Whole Life Saving Insurance Plan

    Some of the benefits of Lifesurance Whole Life Saving Insurance Plan are described below.

    Surrender Benefit If you wish to surrender the policy, you can do so provided that at least 3 consecutive premiums have been paid in full. On surrender, you will receive the higher value of Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV).
    Discounts for Women For a female life insured, additional discount on the premium will be offered. The basic premium payable for a female policyholder will be equal to the premium for a corresponding male customer who is younger by 3 years.
    High Sum Assured Rebate For a sum assured equal to Rs. 10 lakhs or above, discounts on premium will be offered as described in the table below.
    Guaranteed Sum Assured Premium Rebated
    Rs. 25 lakhs and above Rs. 2 per thousand of Guaranteed Sum Assured
    Rs. 10 lakhs to Rs. 24, 99, 999 Rs. 1 per thousand of Guaranteed Sum Assured
    Loan Facility Lifesurance Whole Life Saving Insurance Plan also gives you the option of availing a loan on your policy after it acquires surrender value. The loan amount will be a maximum of 85 per cent of the surrender value, subject to other terms and conditions.
    Grace Period The grace period begins from the date of first unpaid premium. The policyholder will get a grace period of 30 days for quarterly, yearly and half-yearly premium payment modes and 15 days for monthly premium modes.
    Free Look Period If you are not satisfied with the terms and conditions mentioned in IDBI Federal Lifesurance Whole Life Saving Insurance Plan, you can opt out of the policy within the free look period of,
    • 30 days from the date of receipt of policy, if the policy is sourced through distance marketing.
    • 15 days from the date of receipt of policy, if the policy is not sourced through distance marketing.
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