Skip to main content

IDBI Federal Homesurance Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

IDBI Federal Homesurance

Objective

This policy aims to protect your family from the liability of a home loan in the event of your death.

What does it do?

The sum assured under this policy decreases as the outstanding home loan is repaid.
This policy offers loan protection along with terminal illness benefit, i.e. if the insured person is diagnosed with a terminal illness and not expected to survive more than 6 months, the benefit will be paid equivalent to sum assured available after six months, subject to a maximum of Rs 25 lakh.
The policy will expire at the end of first remaining policy year where the sum assured as per policy schedule is greater than or equal to the terminal illness benefit.
Single premium policyholders are allowed to surrender the policy.
This policy also covers increase in home loan amount due to increase in interest rates. On the contrary if the outstanding loan reduces with falling interest rates, the insurance company will pay the higher of outstanding home loan as per policy schedule to the nominee.
If home loan term includes construction period as well, the policy in case of any eventuality during that period, pays full sanctioned loan amount which can be used to repay the partly disbursed home loan and the builder. However, construction period coverage is limited to 3 years and loan term has to be more than 15 years. Policy term will be loan term plus construction term.
It also offers additional riders to widen the coverage. Waiver of premium rider makes sense as all future premiums will be borne by the insurance company in case of total and permanent disability of the life insured. Major diseases benefit becomes must if you have a family history of any of the listed illnesses.

Pros

This decreasing home loan protection cover saves policyholders from paying for the protection that is actually not required.
The plan provides riders for additional protection. Major diseases rider is a comprehensive one covering 17 major diseases.
Single premium policyholders have an option to surrender their policies.
It covers an increase in home loan amount on account of rising interest rates.
Premiusm qualify for taxation benefits.

Suited for

Anyone who is willing to take home loan may go for this plan.

Our View

This is a comprehensive home loan protection plan and suitable for those who want extra protection along with a home loan cover. Terminal illness benefit makes this home loan policy distinct in its category.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

5

Maximum

25

Sum Assured (Rs)

Minimum

100000

Maximum

20000000

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Single, Regular (2/3rd of loan term)

Premium Factor (multiply with annual premium)

Semi Annual: 0.51 ; Quarterly: 0.26; Monthly: 0.09

Policy Cover

Cover decreases in line with decrease in outstanding loan amount

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premium paid is eligible for tax deduction as per current income tax act.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Surrender Value

Allowed under single premium policy. Surrender Value is not guaranteed. Details will be given in policy document.

Customer Service

Address

IDBI Federal Life Insurance Co Ltd
First Floor, Trade view,
Oasis Complex, Kamala City,
P. B. Marg, Lower Parel (West),
Mumbai - 400 013, Maharashtra.

Mail To

support@idbifederal.com

Call On

1800 102 5005 for non MTNL subscribers and 1800 22 1120 for MTNL subscribers

SMS

Home' to 5757515

Additions to the Plan

Available Rider(s)

Accidental Death and Disablement Benefit: covers Death due to an accident, Disablement caused due to an accident.
Accidental Death Benefit: Death due to an accident
Hospital Cash benefit: Admission to hospital for treatment of any injury or illness.
Daily cash allowance for each day of hospitalisation from the third day and onwards. Normal benefit is paid for stay other than ICU.
Recovery allowance in case of hospitalisation for more than 5 days.
Additional allowance if I.C.U treatment is required.
Major Diseases Benefit: It covers 17 critical illnesses namely Heart Attack, Coronary Artery Bypass Surgery, Heart Valve Replacement Surgery, Surgery of disease of the Aorta, Cancer, Stroke, Kidney failure, Major organ transplant, Paralysis, coma, Multiple Sclerosis, Alzheimer's Disease( before age 61), Parkinson's Disease (before age 61). benign Brain Tumour, Major Head Trauma, Major Burns and Primary Pulmonary Arterial Hypertension.
Waiver of Premium: future premiums will be borne by the insurance company in case of total and permanent disability

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

Accidental Death, Accidental Death and Disability Benefit & Waiver of premium Benefit: 60; Hospitalisation Cash Benefit, Major Disease Benefit: 55

Maximum Maturity Age (years)

65

Rider Term (years)

Minimum

5

Maximum

Hospitalisation Cash benefit: 5 years, subject to maximum of base policy term. For others: Base policy term

Sum Assured (Rs)

Minimum

Accidental Death, Accidental Death and Disability Benefit, Major Diseases Benefit: Rs 50000

Maximum

Accidental Death, Accidental Death and Disability Benefit: Rs 50 lakh or Basic Sum Assured whichever is lower. Major Diseases Benefit: Rs 20 lakh or Basic Sum Assured whichever is lower

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accidental Death rider for Rs 5 lakh sum assured over a 10 year tenure with premium payment term of 6 years; the annual rider premium works to Rs 500, Rs 750 in case of Accidental Death and Disablement Benefit, Rs 240 for Hospital Cash Benefit for 500 capsules and Rs 1255 in case of Major Disease Benefit.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

SBI Magnum Tax Gain Scheme 1993 Applcation Form

    https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss     Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.
Read more

Birla Sun Life Tax Plan Online

Invest Birla Sun Life Tax Plan Online   An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.   After a bad patch from 2008 to 2010, Birla Sun Life Tax Plan has made a big comeback in the last five years, with a particularly good run since 2014. The fund's rankings, which had slipped to two stars in 2011-12, recovered sharply to three-four stars in the last three years. The fund has delivered a particularly large outperformance over its benchmark and peers in the last couple of years. The fund's investment strategy focuses on a diversified and high-quality portfolio, with parameters such as capital ratios and balance-sheet strength used to judge quality. It uses a combination of top-down and bottom-up approaches to take sector/stock positions. The fund avoids highly leveraged plays. Staying more or less fully invested at all times, the fund parks roughly half of its portfoli
Read more

Should you Roll Over 1 year Fixed Maturity Plans?

The period between January and March typically sees an uptick in the launch of fixed maturity plans, or FMPs. Not this year. Instead, fund houses are busy rolling over or extending the tenure of their one- year FMPs launched last year to three years. Investors in one- year FMPs have a choice. Either redeem units or roll over to three years. If you exit now, your gains will be added to your income and taxed in line with your individual slab rate of 10, 20 or 30 per cent. If you stay invested for two more years, you pay 20 per cent tax with indexation benefit. Yields have softened in the past few months on expectations of a rate cut. If the central bank continues its soft monetary stance, yields are likely to fall further. In such a scenario, it makes sense for investors, particularly those in the 30 per cent tax bracket, to roll over their investments and lock in at a higher yield now. In a surprise move, the Reserve Bank of India cut repo rate by 25 basis
Read more

Mutual Fund Review: IDFC Premier Equity Fund

  IDFC Premier Equity Fund, which falls under the presumed high risk group of mid- and small-cap schemes, can rely on astute and timely equity picks. These make it less vulnerable to fluctuations compared with others in the category   IDFC Premier Equity Fund is designed to invest in upcoming, but promising businesses available at cheap valuations, and hold on to these businesses until they reap desired returns. The experiment has been successful so far, and IDFC Premier Equity has emerged as one of the top performing mutual fund schemes in the mid- and smallcap category of equity schemes.    While the scheme is an open-ended equity fund, i.e. open for subscriptions throughout the year, it has a unique philosophy to limit fresh inflows. Thus, while an investor can always take the systematic investment plan ( SIP ) route to invest in the scheme throughout the year, inflows through a lumpsum investment have been restricted. Since inception, IDFC Premier Equity has been opened for l
Read more

IDFC Premier Equity Fund dividend

  IDFC Mutual Fund   has announced dividend under the dividend option of   IDFC Premier Equity Fund Direct-D . The quantum of dividend shall be   R 4.3464 per unit.   The record date has been fixed as May 06, 2015. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot]
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now