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IDBI Federal Lifesurance Savings Insurance Plan

Most of us do not prioritise buying a life insurance policy as we are drowning paying our monthly expenses. You may be able to provide for your family financially now. But isn’t life very uncertain? Have you thought about how your family will financially cope up in your absence? Most of us would buy an insurance policy if we were told that we can increase our savings and get a life cover by buying a plan. IDBI Federal Life Insurance Co Ltd. offers IDBI Federal Lifesurance Savings Insurance Plan to help their customers help their loved ones in case of any eventuality.

IDBI Federal Lifesurance Savings Insurance Plan is a comprehensive policy that offers savings and life cover under one plan. It is a participating, non- unit linked, endowment plan helps you maximise your savings, offer life cover to you, and offers financial security to your loved ones in your absence.

Eligibility – Who is the IDBI Federal Lifesurance Savings Insurance Plan for?

You will have to meet the below eligibility criteria to buy an IDBI Federal Lifesurance Savings Insurance Plan:

Parameter Details
Plan Type Unit-linked, participating, endowment plan
Minimum Entry Age 18 years
Maximum Entry Age 55 years
Maturity Age 75 years
Policy Term 10, 15, 20, and 25 years

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

Under the IDBI Federal Lifesurance Savings Insurance Plan, policyholders will be allowed to choose a sum assured while buying the policy. Sum assured should be selected based on the financial requirement of an individual. When the policy matures or in case of any eventuality, the sum insured will be paid to the nominee or the beneficiary of the policy.

Parameter Details
Sum Assured The minimum sum assured will be decided on the age of the insured, policy term chosen, and the premium amount paid. There is no maximum limit for the sum assured.
Premium Payment Frequency Annually, half-yearly, quarterly, and monthly
Policy Term and Premium Paying Term(PPT)  
Policy Term Premium Payment Term
10 years 5 years
15, 20, and 25 years Minimum: 5 years Maximum: Equal to the term of the policy
Minimum Premium   Yearly: Rs.10,000 Half-yearly: Rs. 5,000 Quarterly: Rs.2,500 Monthly: Rs.1,000
Maximum Premium No limit. Subjected to approval from the board
Modal Frequency Factor Yearly: 0.51 Half-yearly: 0.26 Quarterly: 0.09 Monthly: 0.09

Plan Coverage – What the IDBI Federal Lifesurance Savings Insurance Plan Covers?

IDBI Federal Lifesurance Savings Insurance Plan offers four fund options to all policyholders. The policyholder has an option to choose any one of the following fund options or combines two fund options at the inception of the policy:

Other Benefits and Features of the IDBI Federal Lifesurance Savings Insurance Plan are as follows:

Death Benefit In the event of the death of the insured person, the death benefit will be payable under the IDBI Federal Lifesurance Savings Insurance Plan. In case of any eventuality, the benefits that will be paid to the nominee or the beneficiary are as follows:
  • Sum Assured
  • Interim bonus, if any
  • Terminal bonus, if any
  • Vested guaranteed benefits(accumulated till the date of the death)
  • Vested reversionary bonuses(accumulated till the date of the death)
The death sum assured will be 10 times more than the annualised premiums or higher than 105% of the premiums paid by the policyholder till the date of death or the maturity sum assured amount.
Maturity Benefit If the policyholder survives till the end of the term of the policy, they will be eligible to receive the maturity benefit. When the policy matures, the policyholder will receive the following benefits:
  • Maturity Sum Assured
  • Terminal bonuses, if any
  • Guaranteed additions
  • Reversionary bonuses
Please note that the maturity benefit will be paid only if the insured person has made all the premiums and the policy is in active state.
Surrender Value If the policyholder has paid all the premiums for 2 consecutive years, and has opted 10-year policy term, they are eligible to receive a guaranteed surrender value. The guaranteed surrender value that is payable to the policyholder includes two components which are, a percentage of the total premiums paid by the policyholder and a percentage of the vested benefits and accumulated guaranteed additions.
Accidental Death Benefit If a policyholder is looking for extra protection, they can opt for the accidental death benefit. In case of accident to the insured that leads to death, the accidental death benefit will become payable. Please note that the insured can buy an accidental death benefit by paying an additional cost. For every Rs.1,000 from your maturity sum assured, you will be charged Rs.1 to avail this benefit.
Guaranteed Additions IDBI Federal Lifesurance Savings Insurance Plan gives guaranteed additions from time to time. The additions will be given at the rate of Rs.50 for every Rs.1,000 of the sum assured amount. Please note that if you have chosen a premium payment frequency which is less than annually, these additions will be added on a pro rata basis within the first years of the policy.
Bonuses From the fifth year onwards, your policy will be invested in the insurer's fund. Based on the performance of the fund, bonuses will be paid. After the 5th year, the bonuses earned will be announced by the insurer every year.
Reduced Benefit(For paid-up policies) If a policyholder has chosen a policy term which is less than 10 years, the policy is eligible to accumulate a paid-up value. This benefit is given only if the insured has paid all premiums for 2 continuous years.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Following are some of the other key features of the IDBI Federal Lifesurance Savings Insurance Plan:

Advantage Women Under the IDBI Federal Lifesurance Savings Insurance Plan, special discount is given for women who insure their life. The premium that a women policyholder will be required to pay is equal to the premium that a corresponding 3-year younger male policyholder has to pay. For example: If a women policyholder is 25 years old, the premium that she will be required to pay will be equivalent to what a 22-year male policyholder will pay.
Exclusive Funds Another important feature that is available under the IDBI Federal Lifesurance Savings Insurance Plan is that a policyholder will be allowed to create an exclusive fund which will be protected and only their loved ones will be able to access it. Mostly, when an earning member in the family is no more, the funds that they have accumulated is grabbed by creditors and others. To avoid this situation and to make sure that the funds are given to the right person, IDBI Federal Life Insurance Co Ltd. offers this option.
Grace Period The IDBI Federal Lifesurance Savings Insurance Plan has a grace period of 30 days from the due date for payment of premiums if the payment is made in yearly, half-yearly, and quarterly mode. In case the premiums are paid monthly, the grace period is 15 days. Please note that the grace period is applicable for regular and limited premium policies only. There is no grace period for single premium plans.
Revival / Renewal IDBI Federal Lifesurance Savings Insurance Plan policy will lapse if the insured does not pay the premium within the grace period. A lapsed policy can be reinstated if the insured person pays the total outstanding premium amount plus any interest with 2 years from the date of the first missed payment.
Free Look Period The IDBI Federal Lifesurance Savings Insurance Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded. For policies purchased through distance marketing, the free look period is 30 days from the receipt of the policy document.
Loan Facility Loan facility is available under the IDBI Federal Lifesurance Savings Insurance Plan. However, the loan facility can be opted only after the policy accumulates the surrender value. The loan amount can go up to 85% of the surrender value accumulated on the policy. The minimum loan amount that an insured can take under this plan is Rs.5,000.
Nomination Nomination facility is available as per Section 39 of the Insurance Act, 1938.
Assignment Assignment facility is available as per Section 38 of the Insurance Act, 1938.

Add-on riders available under IDBI Federal Lifesurance Savings Insurance Plan:

Additional riders can be attached by the policyholder if they are looking for extra protection. Currently, IDBI Federal Life Insurance Co Ltd. does not offer any add-ons with IDBI Federal Lifesurance Savings Insurance Plan. However, the insurer, may in future, allow their customers to attach a rider under this policy. Contact your insurer or agent from time to time to check if this option is available.

Exclusions – What is excluded from the IDBI Federal Lifesurance Savings Insurance Plan?

Please read the suicide exclusion under the IDBI Federal Lifesurance Savings Insurance Plan.

Suicide Exclusion: If the insured person commits suicide, whether sane or insane, resulting in death, within one year from the date of issue of the policy, the insurance company will pay 80% of the premiums paid by the policyholder to the nominee or the beneficiary, provided the policy is active.

Tax Benefits – How you can save with the IDBI Federal Lifesurance Savings Insurance Plan?

Policyholders who have purchased the IDBI Federal Lifesurance Savings Insurance Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961 and under Section 10(10D) of the Income Tax Act, 1961.

Why you should buy the IDBI Federal Lifesurance Savings Insurance Plan?

IDBI Federal Life Insurance Co Ltd. is known is a joint venture of Ageas, Federal Bank, and IDBI Bank. It is one of the leading insurance companies in India. They offer a diverse range of insurance products like retirement plans, endowment plans, wealth management, and group insurance plans. The company’s hard work and determination made it achieve break even within 5 years from the time they set up their business. Whether you are looking for a plan that promises guaranteed income to maximise wealth or you want an affordable group insurance plan for your new business, IDBI Federal Life Insurance Co Ltd. will be able to help you out.