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  • IDBI Federal Life Secured Income Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    IDBI Federal Life Secured Income Insurance Plan is a non-linked, participating insurance plan that allows the policyholders to secure their future income for 10 years. Under this plan, the policyholder saves for 10 years and then receives a secured income for the next 10 years. Moreover, the family of the policyholder is protected with a life cover from uncertainties such as disablement or death. The plan helps in boosting savings through regular additions and in achieving various types of financial goals.

    In case of total and permanent disablement, all future premiums are waived off and the policyholder is entitled to a monthly income (1 % of guaranteed sum assured till the end of premium payment term) along with other plan benefits that will continuator be in force as initially planned. The income benefit includes guaranteed sum assured and reversionary bonus that will be distributed in equal installments for 10 years after the premium payment term. The policy can be bought will annualized premiums for 10 years. The policies that have high premiums are benefitted with additional guaranteed sum assured.

    Eligibility - Who is the IDBI Federal Life Secured Income Insurance Plan for?

    The customers who would like to increase their savings through regular annualized contributions and provide financial protection to their family should consider this plan for various reasons and benefits. The plan’s dual benefit scheme can be availed for a minimum of Rs.30,000 as the annualized premium amount. In order to buy this policy, the following eligibility criteria are taken into consideration:

     Parameters Eligibility
    Minimum age at entry 8 years
    Maximum age at entry 50 years
    Maximum age at maturity 70 years
    Policy term 20 years (fixed)
    Premium Paying Term 10 years
    Minimum Premium amount Rs.30,000
    Premium payment mode Annually

    The age is based on the last birthday of the policyholder. There is no limit on maximum premium amount (subject to Board approved underwriting guidelines).

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

    • Sum Assured – The plan offers a basic sum assured of 10 times the premium amount on the unfortunate death of the policyholder. In case of total and permanent disablement, the policyholder will be benefitted from waiver of future premiums. Additionally, the policies that pay a higher premium are eligible for additional guaranteed sum assured.
    • Premium – The policy requires a minimum of Rs.30,000 as the annual premium for 10 years. Though the premium payment term is 10 years, the life cover continues for the entire policy term of 20 years. Based on the monthly income that the policyholder wants to receive post the premium payment term, the sum assured, bonus, and other benefits are calculated.

    Plan Coverage - IDBI Federal Life Secured Income Insurance Plan covers?

    The non-linked, participating insurance plan allows the policyholder to boost their savings while ensuring financial protection for their family. This IDBI Federal Life Secured Income Insurance is suitable plan for customers who wants to save regularly in order to ensure regular income in the future. Based on the eligibility criteria and the sum assured desired by the customer, he/she can choose to pay a certain amount of premium in order to save towards the nest-egg that will return a host of other benefits as well. Few of the benefits of this plan is listed below:

    Death Benefits The plan provides assured death benefits to the nominee in the event of policyholder's unfortunate death during the policy term. Depending on whether the death was during the premium payment or after premium payment term, the following benefits are provided: Death of policyholder during the premium payment term - In the event of policyholder's death during the premium payment term, the death sum assured, vested simple reversionary bonus, interim bonus (if any) are provided to the nominee of the policy. Death of policyholder after the premium payment term - If the policyholder encounters death after the end of the premium payment term but during the policy term, the nominee will be entitled to death sum assured, vested simple reversionary bonus less the paid reversionary bonus, and terminal bonus (if any). The death sum assured will be higher of either maturity sum assured, 10 ties the annualized premium, basic sum assured, or the guaranteed sum assured. The minimum death benefit will be at least 105 % of all the premiums paid. The death benefit is exempted from tax. Once the death benefit is paid, the policy will be terminated and no further benefits will be payable.
    Maturity Benefits If the policyholder survives till the end of the policy term, he/she will be entitled to claim for the maturity benefits. The policyholder needs to ensure that all the premiums have been paid in full in order to be eligible for the maturity benefits. The terminal bonus (if any) will be paid along with the last installment of the income benefit.
    In case of total and permanent disablement If an uncertain situation has caused total and permanent disablement to the policyholder, the waiver of future premium will help him/her along various other benefits. The monthly income and plan benefit will continue to be in force even after the waiver of future premiums.
    Income Benefit The policyholder starts receiving the income benefit as annual payouts after the end of premium payment term till the end of policy term. The income benefit is the guaranteed sum assured along with vested simple reversionary bonus divided into 10 equal installments. The income benefit includes guaranteed and variable benefit.

    Riders / Add-On Plans – Additional coverage under the IDBI Federal Life Secured Income Insurance Plan:

    There are no add-ons/riders applicable for this plan.

    Exclusions - What the IDBI Federal Life Secured Income Insurance Plan doesn’t cover?

    The following factors are found under the exclusion list for the IDBI Federal Life Secured Income Insurance Plan:

    • Suicide - If the policyholder, whether sane or insane, commits suicide within 12 months from the date of policy inception date, 80% of the premiums paid will be considered as the death benefit. In case of suicide within one year of revival of the plan, the benefit payable will be 80% of premiums paid till death or surrender, whichever is higher.
    • Total and permanent disablement benefits - This benefit will not be payable in instances where the permanent disablement was cause by any intentional self-inflicted injury, suicide or attempted suicide, whether sane or insane. If the permanent disablement was caused by HIV/AIDs, directly or indirectly under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of an qualified medical practitioner or any medical condition arising either as a result of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, etc. do not qualify for the total and permanent disablement benefit.
    • Charges - Underwriting charges, stamp duty, and service tax is not included in the premium.

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

    Free Look Period If the policyholder is not agreeable to any of the terms or conditions of this policy or not satisfied with the policy, he/she is provided with a 15 days and 30 days (for policies sold through distance marketing ) free look period to cancel/return the policy. Once the policy is cancelled/returned within the free look period, the insurer will refund the premium after deduction of medical examination fee and stamp duty, if any. The policyholder can cancel/return the policy by submitting the original policy document along with a written statement of objection to. If the plan is bought through a distance marketing channel, the policyholder will have 30 days to return/cancel the policy.
    Surrender Values The policy acquires surrender value after the payment of three consecutive annualized premiums from the start of the policy date. In an emergency situation, the policyholder can choose to surrender the policy in order to stop contributions towards the policy and also to receive the assured surrender value.
    Grace Period Under this plan, the policyholder is provided a 30 days grace period from the date of the last unpaid premium. If the policyholder fails to pay the premium payment within the grace period, the policy will lapse and offer any paid-up value. If the policyholder encounters unfortunate death during the grace period, the premium due will be deducted from the payable death benefits.
    Nomination The nominee details submitted at the inception of the policy can be amended by contacting the insurer and following a simple procedure. Whether the details of an existing nominee requires change or the nominee has to be changed, it can be done by filling in the nomination form and submitting it along with required documents.
    Policy loan -  Once the policy acquires the surrender value, the policyholder can avail a loan on the policy. A minimum of Rs.5,000 and a maximum of 85% of the guaranteed surrender value can be given as loan provided the terms and conditions of this policy are met.

    Tax Benefits – How you can save with the IDBI Federal Life Secured Income Insurance Plan?

    The IDBI Federal Life Secured Income Insurance Plan offers tax benefits to the policyholder while making the premium payment and also when the beneficiary is receiving the maturity benefit or death benefit. The tax benefits include tax deduction under the Section 80 C of the Income Tax Act for premiums paid towards the policy and tax exemption under the Section 10 D (10D) for maturity/death benefits.

    Other Benefits – How you can save with the IDBI Federal Life Secured Income Insurance Plan?

    The plan allows the policyholder to build up a regular flow of income that will help him/her as well as their family in their absence. Under this plan, the regular savings are boosted with added bonus and variable sum assured while being protected with a life cover that also provides relief in a situation where the policyholder is no longer able to draw an income due to a medical situation that caused total and permanent disablement.

    Why you should buy the IDBI Federal Life Secured Income Insurance Plan from IDBI Federal Life Insurance Company?

    IDBI Federal Life Insurance Company is one of the well-known life insurance companies in India. The insurance company is a joint between IDBI Bank, Federal Bank, and Ageas that formed Federal Life Insurance Co Ltd. The company started operations in operations in 2008 and currently, there are over 2,964 outlets that help customers with various types of financial products and services such as insurance, protection, wealth creation, and group plans. The company has plans for various age groups at different stages of life ranging from child plans, endowment plan, group plans, money back plans, wealth plans, and term plans. The company has won many awards for showing excellence in their products, customer services, and implementation of new technology for enhancing customer experience.

    The IDBI Federal Life Secured Income Insurance Plan is a perfect solution for a customer who wants to invest annually in a plan that keeps him/her covered under a life insurance policy while providing a platform for the savings to grow with guaranteed sum assured, bonus, terminal benefits, if any. The plan can be purchased for a minimum of Rs.30,000 as the annualized premium amount for 10 years. The customer can choose to receive a certain amount of sum assured, based on the sum assured indicated by the life insured, the premium amount will be calculated. The customer is required to pay for the premium payment term of 10 years while he/she has the life cover for the entire policy term of 20 years along with the added benefits of protection against total and permanent disablement. In the event of the policyholder's unfortunate death, the nominee/family is entitled to a death sum assured and the bonus, if any. If the policyholder survives till the end of the policy, he/she is eligible for the maturity benefits as applicable under the plan.