• IDBI Federal Insurance Basket Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    IDBI Federal Insurance Basket is a scheme that is offered with Homesurance and Wealthsurance. It is a wealth plan protective cover that offers protection for accidents, terminal illness, death, hospitalisation, disablement, and major diseases. You will receive protection for your fund development plans so that unexpected and unfortunate events such as serious health issues do not affect you or your family.

    This plan is a rider plan with several benefits. It gives you even living benefits. With this plan, your beloved folks will be financially secure even if something happens to you. You will also get cover for high medical expenditures. It will also be your saviour in case you are forced to stop working due to poor health conditions.

    Eligibility – Who is the IDBI Federal Insurance Basket for?

    With the IDBI Federal Insurance Basket, you will receive life cover as well as terminal illness benefit. You will also get cover for 17 specified diseases. The primary benefits offered by this plan include life and terminal illness insurance, health insurance (major diseases benefit and hospital cash benefit), accident and disability insurance, and waiver of premiums.

    Let us take a look at the specific eligibility criteria for some of these benefits:

    Type of benefit Eligibility criteria for selecting the benefit
    Major diseases benefit
    Minimum entry age 18 years
    Maximum entry age 55 years
    Hospital cash benefit
    Minimum entry age 18 years
    Maximum entry age 55 years
    Accidental death and disablement benefits
    Minimum entry age 18 years
    Maximum entry age 60 years
    Waiver of premium benefits
    Minimum entry age 18 years
    Maximum entry age 60 years

    Sum Assured and Premium Range – What you get and what it costs?

    Under the IDBI Federal Insurance Basket, you will receive a lump sum cash benefit if you have taken the Major Diseases Benefit or the Accidental Death Benefit. If the policyholder is diagnosed with any of the 17 major illnesses, then a lump sum cash amount will be given to you so that you can meet your medical expenditures. You will not be required to give any bills, you will have to present only a proof that the policyholder has been identified with a major disease. This lump sum amount offered with the Major Diseases Benefit will enable you to handle all the expenses that you incur for treatment.

    The premiums for this plan are reasonably priced. The premium will depend on the age of the policyholder, policy period, sum assured, type of benefit, and life history of the policyholder.

    Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the IDBI Federal Insurance Basket covers?

    With the IDBI Federal Insurance Basket, you can choose both automatic and optional benefits. The charges for these benefits will be reduced from your base plan i.e. from Homesurance or from the investment account in Wealthsurance. You have the choice to go for an optional benefit or eliminate it anytime. Let us discuss what the IDBI Federal Insurance Basket covers:

    Type of benefit Features of the benefit
    Life and terminal illness insurance This is a benefit that is given with the IDBI Federal Homesurance Plan and the IDBI Wealthsurance Foundation Plan. Under this, a death benefit is given to the policyholder’s nominee when the policyholder dies. If the policyholder is diagnosed with a terminal illness and if he or she will not be living for more than 6 months, then a terminal illness benefit will be paid by the company.
    Living benefits The IDBI Federal Insurance Basket offers you with benefits during your lifetime. Some of the living benefits offered by the plan include terminal illness benefit, withdrawal of funds, accidental death and disablement benefit, hospitalisation benefit, maturity benefit, and waiver of premium benefit.
    Death benefit When the policyholder passes away, the accidental death benefit or the death benefit will be provided to the nominee.
    Major diseases benefit When the policyholder is identified with any major disease, he or she will be given this benefit. You can decide your claim amount according to the diagnosis or the surgery that is done. You will need to fill a major disease claim form and give all the relevant reports. The major diseases covered by this plan include heart attack, cancer, coronary artery bypass surgery, paralysis, stroke, kidney failure, major organ transplant, heart valve replacement surgery, coma, multiple sclerosis, major head trauma, Alzheimer’s disease, benign brain tumour, major burns, Parkinson’s disease, and primary pulmonary arterial hypertension.
    Hospital cash benefit If the policyholder is admitted to a hospital for treating an injury or illness, then a hospital cash benefit will be given. You can go for a daily benefit and a recovery benefit.
    Accidental death benefit When the policyholder dies due to an accident, the benefits will be paid to the nominee. The death should occur in 6 months after the person meets with an accident.
    Accidental death and disablement benefit When the policyholder dies due to an accident or gets permanently disabled due to an accident, this benefit will be offered.
    Waiver of premium benefits With this facility, your premiums will be waived when you become permanently disabled. If you have been paying premiums for one of your IDBI insurance plans and if you are unable to pay your future premiums due to disability, then it will be considered that your premiums have already been paid.

    Exclusions – What the IDBI Federal Insurance Basket doesn’t cover?

    These are the exclusions for the Major Diseases Benefit:

    • This benefit is not given for HIV or AIDS.
    • The policyholder will need to survive for 30 days once the major disease has been diagnosed.
    • The policyholder cannot self-injure or be involved in any illegal activity.
    • This benefit will not be provided if the disease has occurred previously.

    These are the exclusions for the Hospital Cash Benefit:

    • A pre-existing condition
    • Pregnancy or childbirth
    • Abortion and fertility tests
    • Hereditary health condition
    • Food poisoning
    • Elective surgery, and more

    These are the exclusions for the Accidental Death and Disablement Benefits:

    • Suicide or self-inflicted injury
    • Work in the armed forces
    • War and terrorism
    • Radioactive or hazardous materials and reactions

    These are the exclusions for the Waiver of Premium Benefit:

    • Suicide
    • Work in the armed forces
    • Riot and strikes
    • Intoxication
    • War and terrorism

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    These are some of the other salient features of the IDBI Federal Insurance Basket:

    Grace period If you have not paid your premiums for Homesurance policy or Wealthsurance policy, you can pay them within the grace period. If you do not pay within the grace period, your policy will get lapsed. The grace period for both these policies is 30 days.
    Free-look period This plan comes with a free-look period. During this period, you can check the details of this rider plan properly. This period is given for 15 days. If you are not happy with the terms of this plan, you can give back the rider plan within these 15 days.
    Nomination You can nominate another individual to collect your insurance policy benefits according to the Section 39 of the Insurance Act, 1938.
    Reinstatement You will get a reinstatement of this rider plan according to the base plan that you have chosen.

    Tax Benefits – How you can save with the IDBI Federal Insurance Basket?

    With the IDBI Federal Insurance Basket, you will get tax benefits as per the rules of the Income Tax Act, 1961 under Section 80C and 10(10D). The tax benefits will depend on the base plan that you have chosen. The legal principles associated with these tax benefits get updated frequently.

    Other Benefits – How you can save with the IDBI Federal Insurance Basket?

    Let us take a look at some of the other significant advantages of the plan:

    • You can make your premium payments by going to the company’s official website.
    • You can open an e-Insurance account to maintain your multiple insurance policies in the electronic format.
    • You can regularly administer the NAV of your insurance plan online by visiting the official website.
    • You can SMS ‘Home’ or ‘Wealth’ to 5757515 and get instant assistance.
    • You can contact any representative from IDBI Federal Life Insurance by dialling the toll-free number at 1800 102 5005 or 1800 22 1120 from 8 AM to 8 PM.
    • You can also ask an insurance advisor from the company to visit your place. The advisor will help you choose an appropriate policy and help you complete the application process effectively.
    • You can make use of the premium calculator and insurance tools that are available on the website for convenience.

    Why should you buy the Insurance Basket from IDBI Life Federal Insurance?

    IDBI Federal Life Insurance is a prestigious life insurance provider that is committed to giving innovative and advanced insurance solutions. The company focuses on offering transparent insurance services by being trustworthy and accurate. When you take the Insurance Basket from IDBI Life Insurance, you can count on the organisation to provide you with well-planned protection for critical illnesses, terminal illnesses, major diseases, and accidents for your lifetime as well as death. Your near and dear ones will be financially safe even when an ill-fated incident attacks you.

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