IDBI Federal Termsurance - Level Cover with Return of Premium

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IDBI Federal Termsurance- Level Cover with Return of Premium

	Objective		The policy provides financial assistance to the family members if the insured member dies during the policy term. The policy will return all premiums paid on survival of the policyholder.
What does it do?		This is a level term cover in which the sum assured remains same during the policy term. Also, being a return-of-premium policy, it will return all basic premiums in case the policyholder outlives the policy term. Death benefit is the sum assured taken at the time of buying this plan. Single and limited premium policyholders are allowed to surrender their policy after paying all premiums. The surrender value, however, is not guaranteed and may change as per IRDA guidelines in future.
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.
Cons		Surrender value is subject to change as per IRDA guidelines.
Suited for		This policy is suitable for those who do not want to let go of premiums paid on surviving the policy term.
Our View		Return of premium option appears attractive to many, but policies with this option charge hefty premiums as compared to a plain term insurance plan. You should consider a plain term policy that comes at much lower prices.

 

	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)
Policy Cover		Cover remains fixed during the policy term
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.
Maturity Value		Policy refunds all basic premiums (excluding extra premiums paid if any) on survival at maturity.
Surrender Value		Allowed only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For limited and regular payment option = 75% x {(policy duration in complete years) / Policy term} x total premiums paid For Single premium policies =75% x {( 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.

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