IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan is a pure term insurance plan offered by IDBI Federal Life Insurance Company Limited to help you protect your family’s future at a nominal cost. It is a non-participating term insurance plan, designed to cater to the needs of rural people at an affordable cost. Under this plan, you can get the following benefits:
- In the unfortunate event of the demise of the life insured, the nominee will be paid Sum Assured and Accidental Death Benefit (if the death is caused by accident).
- You can choose between Single Premium and Regular Premium to make premium payments as per your convenience.
- The Sum Assured is uniform throughout the Policy Term.
- No medical records required to purchase the plan.
Eligibility - Who is the IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan for?
Listed below are the eligibility factors you must meet to purchase IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan:
||Minimum 18 years to maximum 55 years
||Minimum 23 years to maximum 60 years
Sum Assured and Premium Range - What you get and what it costs?
The premium, Policy Term and Sum Assured for IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan are as follows:
||5 to 10 years
|Premium Payment Term (PPT)
||Single Premium or Regular Premium
|Premium Payment Mode
||Annual mode for Regular Premium
||Minimum Rs.400 for Single Premium and Rs.100 for Regular Premium
||20 times the Single Premium
Plan Coverage - What the IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan covers?
Under IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan, you can get the following benefits:
Death benefit: In the unfortunate event of the demise of the life insured, the nominee will be paid the higher of:
- 10 times the annualized premium (7 times for ages more than 45),
- 105% of all premiums paid as on date of death or
- Sum assured
Accidental death benefit: A sum equal to Sum Assured is paid to the nominee if the life insured is dead within 180 days from the date of accident. The death has to be a result of injuries sustained in an accident.
Exclusions - What the IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan doesn’t cover?
Under IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan, the following are excluded:
Suicide: The nominee will receive 80% of the premiums paid as death benefit in the case of death of the life insured by suicide within 1 year from the date of policy issue (or commencement, whichever is later) or revival.
Accidental death: The Company will not pay a sum equal to Sum Assured if the demise of the life assured is caused 180 days after the date of the accident. The same applies for accidental death caused by attempted suicide, intentional self-injury, under the influence of alcohol or narcotic. Other exclusions include accidental death caused as a result of injuries sustained while taking part in illegal activities, extreme sports activities (mountaineering, parachuting, etc.), riots, war, civil commotion and the like.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are the key features of IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan:
Free-look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will be refunded the premium paid minus risk premium cover for that period and stamp duty charges.
Termination: Your policy will be terminated under the following circumstances:
- Policy lapse at the end of policy revival period.
- Surrender value paid to the policyholder by the company.
- Sum Assured paid to the nominee in the case of demise of the life insured.
- Upon reaching policy maturity date.
- In the case of fraud or misrepresentation by the policyholder, the policy will be terminated by the company after paying the surrender value.
Grace period: In the case of regular premium payment option, you are given a grace period of 30 days (for annual payment mode) from the date of first unpaid premium to pay the premiums due. The life cover and all benefits under this plan will be active during the grace period.
Revival: The policy can be revived within 2 years from the date of the first unpaid premium. You must provide proof of insurability and submit a written request for reinstatement. You must pay all premiums due with 5% interest p.a. till the reinstatement date. In the case of Single Premium option, lapsed policies cannot be revived.
Nomination: You can nominate a person to whom the company will pay death benefit in the case of the demise of the life insured. If the nominee is a minor, an adult should be appointed to hold the benefit until the nominee reaches 18 years of age.
Surrender Value: In the case of Single Premium option, the surrender value equals 60% x Single Premium paid x (Outstanding coverage term in months/Total coverage term in months). There is no surrender value in the case of regular premium option.
Tax Benefits – How you can save with the IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan?
Under IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan, you can get tax deductions on the following:
- On premiums paid under Section 80C of the Income Tax Act, 1961.
- On maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
Other Benefits – How you can save with the IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan?
There are several other benefits of purchasing insurance plans from IDBI Federal Life Insurance Company Limited such as:
Customer service: For any insurance related queries, call toll-free number at 1800 209 0502 or mail to firstname.lastname@example.org.
Track your application: You can check your application status by entering the application number on the company website.
Premium calculator: You can calculate premiums easily and accurately using the online premium calculator available on the company website.
Grievance redressal: The Company will acknowledge the register complaint or grievance within 3 working days and resolve it in 2 weeks from the date of receipt. You can register a complaint online through the company website by filling up an online form.
Premium payment: You can make premium payments online, at an IDBI Bank branch, Federal branch, or IDBI Federal branch, auto-debit, and cash deposits up to Rs.49,999.
Claim process: You can initiate your claim by visiting the nearest IDBI Federal branch or writing to The Claims Department, IDBI Federal Life Insurance, Ground Floor, Tradeview, Oasis Complex, Kamala City, P.B. Marg, Lower Parel (W), Mumbai - 400 013. Call 1800 209 0502 or send an email to email@example.com for assistance with your claim process or checking the status of the claim. Claim amount will be paid via NEFT.
Why should you buy IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan from IDBI Federal Life Insurance Company Limited?
The following are the reasons why you should buy IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan from IDBI Federal Life Insurance Company Limited:
IDBI Federal Life Insurance Company Limited offers a wide range of insurance products from protection solutions and wealth management to retirement solutions and ULIPs, to both individual and corporate customers.
The company is a joint-venture of IDBI Bank, a premier development and commercial bank and Federal Bank, a multinational insurance company headquartered in Europe.
- The company has 2,964 branches across the country to reach urban and rural customers.
- As of March 2017, It has issued around 10.29 lakh policies with a Sum Assured of Rs.58,653.76 crores.
- The total Assets Under Management of IDBI Federal Life Insurance is Rs.6,090 crores and capital base in more than Rs.800 crores.