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IDBI Federal Termsurance -Level Term Plan

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IDBI Federal Termsurance-Level Term Plan

Objective

This is a plain term insurance policy that aims to help family members tide over financial difficulties and maintain same standard of living in case of death of breadwinner.

What does it do?

The policy offers a level term cover where the sum assured remains constant throughout the policy term and is paid as death benefit in case of unfortunate death of the policyholder.
The plan allows single and limited premium policyholders to surrender their policy after paying all premiums. The surrender value, however, is not guaranteed and may change as per IRDA guidelines.

Pros

The policy offers flexible premium payment options for convenience.
Premium discounts are available for women. High sum assured policies also get discount.
Policyholders are allowed to surrender their policies in the event of an emergency.
Premiums qualify for taxation benefits.

Cons

Surrender value subject to change as per IRDA guidelines.

Suited for

A plain term insurance policy is recommended for everyone.

Our View

A level term plan is the most economical way of securing your life. You should consider regular premium payment option as single premium policies may turn out to be expensive because you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.

Eligibility

Entry Age (years)

Minimum

18

Maximum

65

Maximum Maturity Age (years)

75

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

500000

Maximum

No limit

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Single, equal to policy term, Limited (3 and 5 years)

Premium Factor (multiply with annual premium)

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

Policy Cover

Cover remains fixed for the tenure of the policy

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 (15 days for monthly option). 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.

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 only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For Limited Premium Payment
= 75% x {(Policy term less policy duration in complete years) / Policy term} x Total premiums paid.
For Single premium policies
= 75% x {(Policy term less policy duration in complete years) / Policy term} x Single premium

Customer Service

Address

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

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

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