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IDBI Federal Life Term Insurance

IDBI Federal Life Insurance Company Limited offers 2 online term plans with which you can provide financial protection to your family in the case of unforeseen events such as death, accidental death, and terminal illness. From children’s education to medical expenses, a term insurance plan can ensure that your family is financially protected in your absence. The company offers premium discounts for high Sum Assured, online or direct sales, and women policyholders.

Benefits of IDBI Federal Life Term Plans

The benefits of purchasing IDBI Federal Life Term Plans are:

  • Under the IDBI Federal iSurance Flexi and Online Term Insurance Plans, you can buy a term insurance cover from Rs.50 lakhs to Rs.30 crores.
  • You have the option to add an Accidental Death Benefit Rider at a nominal cost to the IDBI Federal iSurance Flexi and Online Term Insurance Plans for enhanced protection.
  • You can get tax deductions on premiums paid under Sections 80C and 10(10D) as per the Income Tax Act, 1961.

List of term plans provided by IDBI Federal Life Insurance Company Limited

There are 2 term plans offered by IDBI Federal Life Insurance Company Limited:

IDBI Federal iSurance Flexi Term Insurance Plan:

This is an online term insurance policy designed to provide financial protection to your loved ones in the unfortunate event of death, terminal illness or accidental death of the life insured. This plan comes with flexible payout options in order to help the beneficiary manage his or her financial needs better.

Benefits and features of IDBI Federal iSurance Flexi Term Insurance Plan are as follows:

  • Eligibility: Indian residents, NRIs, PIOs, and persons having Overseas Citizenship of India or dual citizenship can apply for this plan.
  • Married Women's Property Act: If the plan is issued under the Married Women's Property Act, 1874, the death benefit will be treated as a Trust and is payable to your wife or children directly.
  • Payout options: You can choose Lump Sum with Conversion, Fixed Monthly Income Benefit, Lump sum + Fixed Monthly Income Benefit or Lump sum + Increasing Monthly Income Benefit.
  • Death Benefit: It is the higher of 10 times the Annualized Premium, 105% of all the Premiums Paid till date, Maturity Sum Assured or absolute amount assured to be paid upon the life insured’s demise.
  • Accidental Death Benefit: In addition to the Death Benefit, in the case of accidental death of the life insured within 180 days from the time of accident, the nominee will be paid an Accidental Death Benefit equal to Basic Sum Assured (Up to Rs.2 crores and 30% of the premium), provided the maximum age at maturity is not more than 75 years.
  • Basic Sum Assured: Minimum Rs.50 lakhs to maximum Rs.30 crores.
  • Policy Term: Minimum 10 years to maximum 62 years.
  • Premium Payment Term: Same as the policy term.
  • Premium Payment Frequency: Yearly, half-yearly, quarterly, monthly.

IDBI Federal iSurance Online Term Insurance Plan:

This is an online term insurance policy designed to provide financial protection to your loved ones in your absence. This plan comes with flexible payout options in order to help the beneficiary manage his or her financial needs better.

Benefits and features of IDBI Federal iSurance Online Term Insurance Plan are as follows:

  • Eligibility: Indian residents, NRIs, PIOs, and persons having Overseas Citizenship of India or dual citizenship can apply for this plan.
  • Married Women's Property Act: If the plan is issued under the Married Women's Property Act, 1874, the death benefit will be treated as a Trust and is payable to your wife or children directly.
  • Death Benefit: The higher of Life cover, 105% of all the premium paid till date or 10 times the annual premium (if you are less than 45 years) or 7 times the annual premium (if you are 45 years or above) will be paid to the nominee.
  • Accidental Death Benefit: In addition to the Death Benefit, in the case of accidental death of the life insured within 180 days from the time of accident, the nominee will be paid an Accidental Death Benefit equal to Basic Sum Assured (Up to Rs.2 crores and 30% of the premium).
  • Basic Sum Assured: Minimum Rs.50 lakhs to maximum Rs.30 crores.
  • Policy Term: Minimum 10 years to maximum 25 years.
  • Life cover: From Rs.50 lakhs to Rs.30 crores.
  • Premium Payment Term: Same as the policy term.
  • Premium Payment Frequency: Annual.

List of all term plans provided by IDBI Federal Life Insurance Company Limited:

Plan Name Entry Age Maturity Age Premium
IDBI Federal iSurance Flexi Term Insurance Plan Minimum 18 years to maximum 60 years Maximum 80 years Premium is determined based on the age, gender, and Basic Sum Assured of the life insured
IDBI Federal iSurance Online Term Insurance Plan Minimum 18 years to maximum 50 years - Premium is determined based on the age, gender, and Basic Sum Assured of the life insured

Why one needs IDBI Federal Life Term Plans?

The Federal Life Term Plans offered by IDBI can be purchased online at any time. You will get a customised quote instantly. The company will send medical experts to your home for medical test at a date and time of your choice. It offers premium discounts for women policyholders, and policies purchased online or through direct sales. You can use the life cover and premium calculators, available on the company website to easily and accurately determine how much life cover your family requires and how much premium you need to pay. IDBI Federal Life online term insurance policies can serve as collateral for loans. You can pay insurance premiums easily and safely through the online premium payment facility offered by IDBI Federal Life. At IDBI Federal Life, the claim settlement process is considered to be a form of repaying the customer’s trust. The claim process is simple, quick, and transparent.