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  • IDBI Federal Term Insurance

    IDBI Federal Term Plan

    The term plans from IDBI 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 benefit of life cover. 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. Policies can be bought of the IDBI 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

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