IDBI Federal Term Insurance
The offer life cover be it for the individual or for an employer looking to provide the employees and other key elements such as customers and suppliers the . If there is one thing certain in life, it is that life itself is uncertain.
People do not want to leave their families in a rough state should something happen to them and the federal term plans from IDBI provide the sense of security for policyholders. They know if something were to happen to them, their family's financial future will be secured and they will not need to face extra hardship.
Types of IDBI Federal Term Plan
1. iSurance Online Term Insurance Plan
2. Termsurance Life Protection Insurance Plan
iSurance Online Term Plan
Feature | Description |
Term of the policy | Minimum term of the policy is 10 years Maximum term of the policy is 25 years |
Premium Payment Terms | Premium payment term is equal to the policy term chosen |
Premium Payment Mode | Annual |
Age of entry | Minimum age is 18 years as at last birthday Maximum age is 50 years as at last birthday |
Sum assured | Minimum sum assured is Rs 50 lakhs Maximum sum assured is Rs 30 crores |
Premium Amount | Minimum amount is Rs 2400 There is no maximum limit |
Riders | Rider for accidental death benefit is provided with a maximum cover of Rs 2 Crores |
Benefits | Death benefit is payable |
Termsurance Life Protection
Feature | Description |
Term of the policy | Minimum term of the policy is 10 years Maximum term of the policy is 30 years |
Premium Payment Terms | Single payment and regular payment. Regular payment term is equal to the term of the policy |
Premium Payment Modes | Annual, Half-yearly, quarterly and monthly |
Age of entry | Minimum age is 18 years as at last birthday Maximum age is 60 years as at last birthday |
Age when policy reaches maturity | 70 years is the maximum age of maturity for the policy |
Premium Amount | Based on age of the life assured and plan option chosen |
Sum assured | Minimum sum assured is Rs 10 lakhs |
Plan options | Option A is pure protection option Option B is return of premium on maturity |
Benefits | Death benefit is payable Maturity benefit is return of premiums paid on maturity for Option B There is surrender value assigned to the policy |
Termsurance Sampoorn Suraksha
Feature | Description |
Term of the policy | Minimum term of the policy is 5 years Maximum term of the policy is 10 years |
Premium Payment Terms | The terms for premium payments are either single payment or regular payment |
Premium Payment Mode | Annual Payment |
Premium amount | Minimum premium for regular payment is Rs 100 Minimum payment for single payment is Rs 400 Premium amounts have to be increased in multiples of Rs 100 |
Sum assured | Minimum sum assured is Rs 5000 Maximum sum assured is Rs 50,000 |
Age of entry | Minimum age is 18 years as at last birthday Maximum age is 55 years as at last birthday |
Age when policy reaches maturity | Minimum is 23 years Maximum is 60 years |
Riders | One rider of accidental death benefit is provided |
Benefits | Death benefit is payable There is no maturity or survival benefit There is surrender value |
Features of IDBI Federal Term Plans:
- The policies are hassle free and easy to acquire. website in a matter of minutes
- The policies do not offer loan facility against the sum assured or premium paid.
- The policy provides flexible premium payment terms and can be catered to suit every individual’s needs
- The policies offer discounts for large sum assured
- The policies offer tax benefits for premiums paid
- Certain policies such as iSurance plan offers special discounts to women
Read More On Term Insurance
- Term Insurance Policy for 5 Year
- Term Insurance Policy for 10 Year
- Term Insurance Policy for 20 Year
- Term Insurance Return of Premium
- Term Insurance Survival Benefits
- Term Insurance Maturity Benefits
- Term Insurance Without Medical Checkup
- Term Insurance With Riders
- Term Insurance vs Endowment Policy
- Top Term Insurance Plans India
- Term Insurance Premium Calculators
- Term Insurance Plan for Couples
- Term Insurance Plan for Family
- Term Insurance for Groups
- Term Insurance for Senior Citizens
- 1 Crore Term Insurance Plan
- Term Life Insurance for Smokers
- Term Life Insurance for Tax Benefits
- Term Life Insurance for Cancer Patients
- Term Insurance Life Cover Calculation
- Term Insurance Plans Comparison Parameters
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on IDBI Federal Term Insurance
- Are there grace period provided in the policies for premium payments?
Grace period for the policies are 30 days following which missed premiums may lead to the policy being lapsed
- What is the free look period of the policy?
The free look period for policies purchased is 15 days
- Is there a suicide exclusion provided for the policy?
If the life assured commits suicide whether in a sane or insane state of mind within 12 months from the date of commencement of the policy or revival of the policy or issue of the policy, the nominee stands to receive 80% of all premiums paid.
- What are the tax benefits of the policy?
The premiums paid towards the policies are eligible for tax deductions under sections 80C and 10D of the income tax act
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