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 Plans:

  1. Termsurance Sampoorn Suraksha Micro-insurance Plan
  2. iSurance Online Term Insurance Plan
  3. 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

IDBI Federal Term Insurance FAQs:

1. Q) Are there grace period provided in the policies for premium payments?

A) Grace period for the policies are 30 days following which missed premiums may lead to the policy being lapsed

2. Q) What is the free look period of the policy?

A) The free look period for policies purchased is 15 days

3. Q) Is there a suicide exclusion provided for the policy?

A) 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.

4. Q) What are the tax benefits of the policy?

A) The premiums paid towards the policies are eligible for tax deductions under sections 80C and 10D of the income tax act

Other Products

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

 4.0 / 5.0   by 3 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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IDBI Federal Term Insurance Reviews

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  • IDBI Federal Life Insurance
    "It is a good accidental policy"
    0.5 4.0/5 "Great!"
    IDBI term insurance is really good,. The premium what I pay its a one time payment of rs 4000 and the coverage amount is 50 lakhs. I am supposed to pay 4k on an annual basis and this was offered for a period of 25 years.
    Was this review helpful? 1
    , kolkata
    Reviewed on Nov 17, 2016
  • IDBI Federal Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got the term life insurance with the IDBI federal.Its the single shot payments and its the insurance one which I bought the loan with them for the home loan and its very optional.I am happy with them.The services and other options are good with them.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 04, 2015
  • IDBI Federal Life Insurance
    "Am happy with this policy"
    0.5 4.0/5 "Great!"
    I have took traditional policy from IDBI Federal which is pure term plan. Its not any return policy, its life insurance coverage provided where some assured amount is been given in case of emergency. Through ECS payments, premium would gets deducted on a monthly basis. Overall am happy with this policy.
    Was this review helpful? 5
    , kochi
    Reviewed on Oct 03, 2014
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