One of the premier life insurance companies in the country, IDBI Federal Life Insurance offers a range of products suited for customers various needs and requirements. The company has over 2000 branches spread across the country and has issued over 7 lakh policies with an assured sum of more than Rs. 41 crores. The reputation of this company is unparalleled.
Money is earned so that it can spent on the basic necessities, however spending everything that is earned is never advised. Individuals are always advised to save their money for a rainy day as life is highly unpredictable and without money, it is also unpleasant. Saving money does not just imply hoarding it but investing it in such a way that returns are assured. One such way to do this is by investing money in insurance policies as this ensures that customers will not have worry about losing their hard earned money in vain and also can expect returns and maybe even bonuses.
This policy is ideal for those customers who wish to start with a small amount but require high returns. It also comes with a number of unique benefits. Some of these are given below.
Benefits
This plan offers a number of unique benefits such as cover until the age of 100 and many others.
Benefits
Let us take the case of Gaurav Roy who is the sole earning member of his family and is is 30 years of age. The premium payment term that he has chosen is 25 years and has also opted for the accidental death benefit. His annual premium will be Rs. 26,350, excluding tax. Assuming the returns are at 4 percent per year, his sum assured will be Rs. 5 lakhs, maturity benefit when he turns 100 years old will be Rs. 7 lakhs.
Prior to procuring an insurance cover, customers must understand their requirements and their financial capability to pay the required premium. Opting for the first choice that they see is not the wisest decision to make. They must also ensure that the company they wish to procure insurance from is reputed with a high claim settlement ratio.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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