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IDBI Federal Termsurance Premier Insurance Plan

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Call 0 94 8300 8300 (India)

IDBI Federal Termsurance Premier Insurance Plan

Objective

This policy aims to protect the family from financial turbulence in the event of death of policyholder.

What does it do?

This is a simple term insurance plan that pays sum assured to the nominee on unfortunate demise of the life insured. There is no maturity or surrender value.

Pros

The policy offers lower premium rates for females and non tobacco users.
It also covers for a longer age up to 75 years.
Premiums qualify for taxation benefits.

Cons

The policy is not suitable for anyone who needs life cover lesser than Rs 1 crore.
The policy doesn't have any surrender value and doesn't offer any riders.

Suited for

The policy provides minimum coverage of Rs 1 crore, which makes it suitable for those who require a higher life cover.

Our View

Minimum sum assured is Rs 1 crore which makes the policy apt for those with bigger responsibilities and liabilities.
However this is a plain life insurance plan without any riders for additional coverage.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

70

Maximum Maturity Age (years)

75

Policy Term (years)

Minimum

5

Maximum

30

Sum Assured (Rs)

Minimum

10000000

Maximum

No limit

Premium Payment Frequency

Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Equal to policy term

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 (15 days for monthly option) 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.

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.

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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