Termsurance Life Protection by IDBI Federal Insurance is a non-linked, non-participating insurance plan which gives you the power to be able to shield your family against any eventuality that may arise in the future. This plan provides financial protection to ensure that nothing comes in the way of your family’s dreams. This plan comes in two options – Pure Protection option and Return of Premium Maturity option. In addition to that, you get to choose a policy term that fits your life stage and premium payment options which are convenient for your budget. Additionally, policyholders can avail tax benefits under Section 80C and 10D of the income Tax Act.
In order to be eligible for the IDBI Federal Termsurance Life Protection Insurance Plan, following is the eligibility criteria to be followed.
|Age at entry (last birthday)||18 years||60 years|
|Age at maturity (last birthday)||28 years||70 years|
|Policy Term||10 years to 30 years|
The minimum sum assured under the IDBI Federal Termsurance Life Protection Insurance Plan is fixed at Rs.5,00,000. There is no maximum limit to the sum assured amount
Premiums for both the options under this policy can be paid on a one-time basis or on a regular basis. The premium range under this plan differs for the two built-in options available. For the Pure Protection option, given below is the illustration of the premiums for various age-term combinations wherein sum assured is Rs.10 lakh.
|Age||Term of the policy|
|10 years||15 years||20 years||25 years|
For the Return of Premium on Maturity option, the following table illustrates the range of premiums payable for different age-term combinations where the sum assured is fixed at Rs.10 lakh.
|Age||Term of the policy|
|10 years||15 years||20 years||25 years|
Premiums for this plan can be paid on an annual, semi-annual, quarterly and monthly mode.
The IDBI Federal Termsurance Life Protection Insurance Plan is a unique plan which comes with two in-built options to allow individuals to best protect the financial future of their loved ones in case of eventualities. The plan coverage for both these options is given below.
|Option Name||Death Benefit||Maturity Benefit|
|Pure Protection||In the event of the death of the life assured during the policy term, their beneficiary/nominee will be entitled to the Death Benefit Sum Assured, following which the policy is terminated.||There is no maturity benefit payable under this option. If the life assured survives after the policy term, the policy will cease.|
|Return of Premium on Maturity||In the event of the death of the life assured during the policy term, their beneficiary/nominee will be entitled to the Death Benefit Sum Assured, following which the policy is terminated.||If the life assured survives the policy term, they will receive all basic premiums which they have paid minus service tax and extra premiums paid (if any). Following this the policy shall terminate.|
Death Benefit for both the pan options will be defined as follows.
|Age of Life Assured|
|Below 45 years||45 years and above|
|Single Premium||Death Benefit will be highest of the sum assured amount OR minimum guaranteed sum assured on maturity* OR 125% of the single premium. (*contractual single premium in case of return of premium option)||Death Benefit will be highest of the sum assured OR minimum guaranteed sum assured on maturity* OR 110% of the single premium. (*contractual single premium in case of return of premium option)|
|Regular Premium||Death Benefit amount will be the highest of the sum assured OR 10x of annualised premium OR 105% of all the premiums paid till death OR minimum guaranteed sum assured on maturity (total of all contractual basic regular premiums payable throughout the term in case of return of premium option)||Death Benefit amount will be the highest of the sum assured OR 7x of annualised premium OR 105% of all the premiums paid till death OR minimum guaranteed sum assured on maturity* (total of all contractual basic regular premiums payable throughout the term in case of return of premium option)|
In case the life assured commits suicide, whether in a sane or insane state of mind, within a year of policy commencement, the policy will pay 80% of the premiums paid as Death Benefit. If the life assured has committed suicide within a year of policy revival, then the higher of 80% of premiums paid till death or Surrender Value (if any) of policy on the date of death will be payable.
|Grace Period||In case of the Pure Protection option for regular premium policies, a Grace Period of 30 days is allowed for yearly, half-yearly and quarterly modes of payment and 15 days for monthly mode of payment. In case of single premium policies, no future premiums are due.|
|Policy Lapse||In case outstanding premiums have not been paid within the grace period, the policy shall lapse and no benefits will be payable. However, this is not applicable to policies taken with the Return of Premium on Maturity Option where the policy will acquire a paid up value.|
|Policy Revival||A lapsed policy can be revived within a period of 2 years from starting from the date of the first outstanding premium. For revival, the policyholder must pay the arrears of premiums unpaid along with applicable interest and also provide an acceptable proof of good health and any other document as may be required as per the approved underwriting guidelines. No benefits will be payable during the policy revival period.|
|Loans||This policy does not offer loan facility.|
|Free Look Period||The insurer allows a free look period of 15 days starting from date of policy receipt (30 days if policy has been received via distance marketing channels. If you wish to cancel your policy, you must do so within the Free Look period. For policy cancellation, the policyholder must send the request or cancellation in writing, stating the reason for cancellation along with the original policy document. Once the documents have been received, the insurer will refund the amount of premiums paid, minus a proportionate risk premium and other charges like stamp duty or medical examination expenses.|
|Surrender Value||If policyholders wish to discontinue their policy, they can surrender the same and the insurer will pay a Surrender Value as settlement. Under the regular premium option, the policy will acquire Surrender Value after premium have been paid for a total of 3 policy terms. The Surrender Value payable shall be either the Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV), whichever is higher.|
|Nomination||Nomination facility is provided in this policy under provisions of Section 39 of Insurance Act, 1938.|
|Assignment||Policyholders can assign or transfer the policy as per the regulations of Section 38 of Insurance Act, 1938.|
Policyholders are entitled to tax benefits under provisions of Section 80C and 10 (10D) of the Income Tax Act, 1961.
Following are the additional benefits provided by IDBI Federal to all their customers.
|Premium calculator – Customers who wish to find out the premiums for the policies which they which to take, can easily do so with the help of the premium calculator that is available for different policies on the website.|
IDBI Federal was founded in the year 2008 following a partnership between two major Indian banks – IDBI Bank & Federal Bank with Ageas, a Europe-based multinational insurance company. With over 9 years of experience in the industry, IDBI Federal Life Insurance is counted among the top insurance providers in the country, which is also one of the fastest growing. Operating with a network of more than 2900 branches of IDBI Bank and Federal Bank located across the country, IDBI Federal offers a number of insurance solutions not only to individuals but also to a variety of corporate clients as well. Armed with their deep insight of customer requirements and industry expertise, IDBI Federal has crafted and offers a range of financial solutions stretched across categories like protection, wealth management, and retirement.
*Premiums Vary Based On Age, Location, Plan Term and Other Factors