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  • IDBI Federal iSurance Online Term 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

    The IDBI Federal iSurance Online Term Insurance Plan from IDBI Federal Life is an online term insurance offering that offers policyholders comprehensive life coverage as well as accidental death benefit cover. Policyholders stand to benefit from a hassle-free process since the policy can be purchased online, with the medical test being conducted in the policyholder’s home. The policyholder is assured of his/her dependents’ wellbeing as the policy ensures a quick disbursal of the claim amount in the event of the policyholder’s demise due to either natural causes or an accidental death.

    Eligibility - Who is the IDBI Federal iSurance Online Term Insurance Plan for?

    The term insurance offering from IDBI Federal is ideal for individuals who wish to secure their dependents futures in the event of their untimely death. The policy also covers accidental death and provides an additional sum in such a case, ensuring that the policyholder’s dependents are well taken care of. While the IDBI Federal iSurance Online Term Insurance Plan is open to Indian citizens, Overseas Citizens of India (OCI), Non Resident Indians (NRI), Person of Indian Origin (PIO), there are certain criteria that have to be met.

    Parameters Eligibility Criteria
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Policy term 10 years to 25 years
    Premium payment term Same as the policy term
    Premium payment frequency Annual
    Plan additions Accidental death benefit option

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

    Sum Assured:

    The sum assured amount is the amount payable by IDBI Federal in the event of the policyholder’s death. The minimum amount payable is Rs.50 lakh, while the maximum cover available under the policy is Rs.30 crore. The life cover would be offered based on an assessment of the policyholder’s financial position and general health.

    Premium*:

    The premium amount is payable by the policyholder as a fee for the coverage offered by the insurance company. The premium amount is to be paid annually, with the premium payment term the same as the policy term chosen by the policyholder.

    *Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan Coverage - What does the IDBI Federal iSurance Online Term Insurance Plan cover?

    The IDBI Federal iSurance Online Term Insurance Plan offers policyholders coverage options, which have been explained briefly below:

    Accidental death benefit In the event of the policyholder’s death due to an accident during the policy term, an accidental death benefit will be paid out to the beneficiaries. This amount can be up to 30% of the premium amount paid for the life cover (and a maximum of Rs.2 crore).
    Death benefit In the event of the policyholder’s death during the policy term, the beneficiaries stand to receive the highest of the following:
    • Life cover as per the policy document.
    • 10 times the annualised premiums (for those below 45 years) or 7 times the annualised premiums (for policyholders over 45 years)
    • 105% all premiums paid till the date of demise.

    Riders/Add-On Plans - Additional coverage under the IDBI Federal iSurance Online Term Insurance Plan

    Riders enhance the protection and coverage that is provided by the base plan. For riders associated with the IDBI Federal iSurance Online Term Insurance Plan, please contact he insurance company.

    Exclusions - What the IDBI Federal iSurance Online Term Insurance Plan Does Not Cover?

    The IDBI Federal iSurance Online Term Insurance Plan offers policyholders with comprehensive coverage. However there are certain exceptions in which case the insurance company will not be obliged to pay any benefit, which are listed below:

    • Suicide: In the event of the policyholder committing suicide within 1 year of the policy bring issued or renewed, the company will not pay any death benefit. Instead, the beneficiaries will receive 80% of the total premiums paid and the policy will be terminated.

    In the case of accidental death benefit, the company will not pay any benefit for deaths caused either directly or indirectly as a result of the following:

    • Suicide, attempted suicide or self-inflicted injury irrespective of whether the policyholder is medically sane or insane at the time.
    • Participating in any activity with a criminal intent or any illegal activity that could be classified as a breach of the law.
    • War, rebellion, invasion, acts of foreign aggression, terrorism, civil wat, martial law, military insurrections, riots or civil commotion. In this context, war denotes both declared as well as undeclared war.
    • Abuse of alcohol and solvents, consumption of psychotropic substances or narcotics unless taken under the direction of a registered medical practitioner.
    • Participation in hazardous sports such as bungee jumping, horse riding, martial arts, parachuting or activities that require the use of a breathing apparatus, hunting etc.
    • All infections and diseases except gynogenic infections through an accidental wound.
    • Service in the armed forces or any police organisation of any country at war or in the force of any international body.
    • Participation in any flying activity unless on board a recognised airline as a bonafide passenger or crew member on a scheduled timetable and route.

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

    The term plan from IDBI Federal offers policyholders a number of features and benefits as mentioned above.

    Free-look period Policyholders can choose to return their plan if they are dissatisfied with any of the features or provisions. The plan can be returned within 15 days of receipt (30 days for distance marketing policies) and this period is known as the ‘free-look period’. There is no penalty associated with the return and the premium amount is refunded.
    Surrender value There is no surrender value under this plan.
    Grace period Policyholders who cannot pay their premiums within the stipulated deadline are provided with a grace period of 30 days within which they can pay their premiums. There is no penalty for premiums paid during the grace period.
    Loan There are no loans available against this policy.
    High sum assured rebate Policyholder opting for a high sum assured (above Rs.75 lakh) are eligible for a premium rebate.
    Lapse of policy If premiums are not paid within the grace period provided, the policy lapses.
    Revival of lapsed policy Lapsed policies can be revived within a period of 2 years from the date of the last paid premium. The policyholder is required to:
    • Pay off outstanding premium amount
    • Provide proof of re-insurability.
    Assignment Assignment and transfer of policy is permitted under the provisions of the Insurance Act.

    Tax Benefits - How you can save with the IDBI Federal iSurance Online Term Insurance Plan?

    Policyholders stand to save on the amount they pay as tax by investing in the IDBI Federal iSurance Online Term Insurance Plan. Policyholders will receive tax benefits under Section 80D of the Income Tax Act of 1961 on insurance premiums. Additionally, they will also receive tax benefits under Section 10(10D) of the Income Tax Act.

    Other Benefits - How you can save with the IDBI Federal iSurance Online Term Insurance Plan?

    The IDBI Federal iSurance Online Term Insurance Plan offers policyholders a number of benefits such as accidental death benefit. Additionally, policyholders stand to benefit from the various features and benefits that IDBI Federal offers.

    Policyholders can pay their premiums either online or offline, based on their convenience. IDBI Federal provides online premium paying options in the form of debit/credit card, netbanking, NEFT/RTGS as well as through services like BillDesk. Offline methods include paying by cash or through a cheque.

    IDBI Federal also has one of the quickest claims processing services, with assistance provided at each step. Policyholders can track their claims online as well as raise queries or consult with customer care at a click of a button.

    Why you should buy the IDBI Federal iSurance Online Term Insurance Plan from IDBI Federal Life Insurance?

    A joint venture between 2 Indian banks and a European insurance giant, the IDBI Federal Life Insurance Company Limited was established in the year 2008. The two Indian banking partners, IDBI Bank and Federal Bank, provide local expertise while the European insurance firm Ageas provides the insurance experience.

    IDBI Federal Life Insurance has over 2,960 branches across the country, enabling a country-wide presence.

    The company provides life insurance solutions to individuals, groups as well as corporate clients, with a range of services across each vertical. IDBI Federal Life Insurance aims to ensure all its customers are provided with superior service and products through its customer service and various products on offer.