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IDBI Federal Lifesurance Whole Life Savings Insurance Plan

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

Keeping in mind the need to save for the future or have a backup in case of an eventuality (death or disability), IDBI Federal Life Insurance has launched the IDBI Federal Lifesurance Whole Life Savings Insurance Plan. The IDBI Federal Lifesurance Whole Life Savings Insurance Plan offers a lump sum payout at the end of the policy term and another payout when the policyholders attains the age of 100. This plan also comes with additional bonuses and coverage in case of accidental death or disability.

Eligibility - Who is the IDBI Federal Lifesurance Whole Life Savings Insurance Plan for?

To be eligible for the IDBI Federal Lifesurance Whole Life Savings Insurance Plan, customers need to meet certain criteria.

Parameters Details
Entry Age Minimum: 18 years Maximum: 53 years (if maximum age with accidental death benefit cover is 65) 55 years (if maximum age without accidental death benefit cover is 75)
Maturity Age 100 years (maximum)
Premium paying term Minimum: 12 years Maximum: 30 years

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

Sum Assured:The sum assured depends on the entry age of the policyholder and the policy term.

Premium: For monthly premium payment mode, the premiums amount to Rs.12,000 per annum and for all other modes (annually, half-yearly or quarterly), the premium amounts to Rs.10,000 per year.

Parameter Details
Premium payment term Minimum: 12 years Maximum: 30 years
Premium payment frequency Annually, half-yearly, quarterly, monthly.
Premium Minimum: Rs.10,000 per year for annual, half-yearly, quarterly modes Rs.12,000 per year for monthly mode Maximum: No limit

Plan Coverage - What the IDBI Federal Lifesurance Whole Life Savings Insurance Plan covers?

Death benefit In case of untimely death of the policyholder, the nominee is entitled to:
  • 10 times the annualised premium
  • The guaranteed sum assured
  • 105% of the premiums paid till date.
Maturity benefit At the point of maturity, the policyholder is entitled to the guaranteed sum assured in the form of a lump sum payout and in addition he/she will also receive the vested guaranteed addition (accrued in the first 5 years of the policy) and the vested reversionary bonuses (accrued from the 6th year of the policy).
Life coverage Policyholders and nominee (if the policyholder is not alive) are granted an additional lump sum payout when the policyholder attains the age of 100. Policyholders are granted the guaranteed sum assured, 10 times the annualised premium or 105% of the premiums paid till date, the vested reversionary bonuses (accumulated from the end of the policy), and the terminal bonus (if applicable).
Accidental death benefit The nominee is entitled to an additional sum equal to the guaranteed sum assured if the policyholder opts for the accidental death benefit. To be eligible for the benefit, death should occur within 180 days from the occurrence of the accident.

Exclusions - What the IDBI Federal Lifesurance Whole Life Savings Insurance Plan doesn’t cover?

In the case of suicide, whether sane or insane, the nominee is entitled to 80% of the benefits paid till that point. If death from suicide occurs within one year of revival, the nominee is entitled to 80% of the premiums paid till date or the surrender value at that point, whichever is higher.

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

The key features of the IDBI Federal Lifesurance Whole Life Savings Insurance Plan are listed below.

Surrender benefit If policyholder surrenders the policy after the completion of three policy terms, the policyholder is entitled to the guaranteed surrender value and the special surrender value. Once the surrender value is paid to the policyholder, the policy is terminated.
Women premium benefit The IDBI Federal Lifesurance Whole Life Insurance Plan offers discount for premiums for women customers.
High sum assured rebate Policyholders are granted a discount in premiums if the sum assured is north of Rs.10 lakh.
Grace period Policyholders are granted a grace period of 30 days to pay the due premiums. All benefits are applicable during the grace period.
Reduced paid-up benefits If the policyholder has held the policy for three consecutive yet has failed to pay the premiums, the policy will automatically be converted to the reduced paid-up benefit structure.
Loan facility Once the policy attains the surrender value, policyholder can take a loan amount against the policy up to 85% of the surrender value.
Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with any of the terms and conditions of the policy, they can return the policy.
Revival Policyholder can revive the policy within two years of the first unpaid premium if he/she pays the outstanding premiums and the interest accrued, all the benefits of the policy will be applicable.
Nominations Policyholder can make nominations as per section 39 of the Insurance Act, 1938. The nominee will receive all the benefits following the untimely death of the policyholder.
Assignment As per section 38 of the Insurance Act, 1938, policyholder can assign the policy.

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

Policyholder enrolled with the IDBI Federal Lifesurance Whole Life Savings are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:

  • Section 80C of the Income Tax Act, 1961, for contributions (premiums) made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

Other Benefits – How you can save with the IDBI Federal Lifesurance Whole Life Savings Insurance Plan?

IDBI Federal Lifesurance Whole Life Savings Insurance Plan has a number of benefits, some of which are mentioned below:

  • Policyholders can choose the premium or contribution towards the IDBI Federal Lifesurance Whole Life Savings Insurance Plan.
  • Policyholders can also choose the payout modes - annually, half-yearly, quarterly and monthly.
  • On the IDBI Federal Life Insurance website, customers can avail insurance products of their choice, track their applications, calculate the premiums, make claims, take advice, and check the performance of their investments.
  • Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They can also make premium calculations.

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

IDBI Federal Life Insurance was formed in 2008 following a three-way joint venture between IDBI Bank, Federal Bank and multinational insurance company Ageas. IDBI Federal Life Insurance made history when they broke into making profits by the 5th year of being formed. Since then, they have recorded annual profits of Rs.80 crore. Having branches spread across the country, IDBI Federal has a top-notch customer service that keeps the satisfaction of each and every of their customers as their top priority.