IDBI Federal Saving Plans | IDBI Federal Life Insurance Savings Plan

Nowadays credit cards are very easy for us to buy the things which we want without having money. But we all know that they can make our investment tough to pay off. So why not consider developing a savings plan rather than an interest pay for your next larger purchase or your long goals? Choosing best saving policy is essential for stress-free life. The policyholders who wish take a new savings plan are at right place to view the complete details of all the IDBI Federal Saving Plans. From the following section, you will get the full information about IDBI Federal Saving programs and its Key features as well as eligibility.

IDBI Federal Saving Plans

In these days the life span of the person’s decreases due to several reasons. So you need to plan savings plan not only to reflects your personal growth and success but also stays with you for the lifelong. Presently, you have many economic priorities happen for securing a happy future for you along with your family which you can’t ignore. So, to fulfil your promises and requirements IDBI Federal Life Insurance has introduced various saving plans to the people who secure their life with new buying saving plans. With the help of an IDBI Federal Saving Plans, you may reach your long term goal in short time.

The various Saving Plans offered by the IDBI Life Insurance makes increases your wealth so that your future will grow up in the way you want. For that, the first step you have to do is to take any of the saving plans from the  IDBI life Insurance. Most of the people may confuse about the available IDBI Federal Saving Plans and their details. This article may help you to clarify your doubts related to IDBI Federal Saving Plans.

IDBI Federal Life Insurance Savings Plans

IDBI Offers various plans to the insured. Out of all the plans, IDBI Federal Saving Plans are useful to reach your long term goals and plans There are two plans categorised under this IDBI Life Insurance savings plan. So, below we have provided the brief details like the review, eligibility, features, benefits, etc. of all these plans. Go through the details of each plan and check the details you want which satisfies your goal. The two various savings plans are

• Lifesurance Savings plan.
• Whole life insurance plan of Lifesurance.

IDBI Lifesurance Savings Plan

IDBI Lifesurance is a fixed term non-linked participating plan which provides you with the double benefits of long-term savings as well as life cover. With this Lifesurance Savings, the small savings will help to realise the big dreams that they have for themselves as well as for their family members. Along with this Lifesurance savings plan also offers you the advantage of life cover from which your family may have the financial support in case of your absence.

Eligibility Conditions of IDBI Lifesurance Savings Plan

Benefits

• Maturity Benefit: Maturity Sum Assured + Vested guaranteed additions+ Vested reversionary bonuses(If any)+ Terminal Bonus(if any).
• Death Benefit: Death sum insured+ vested guaranteed benefits, accrued till the date of death +  Vested reversionary bonuses(If any), accrued till the date of death+ interim bonus(if any)+ Terminal Bonus(if any).
• Death Sum Insured: it is the minimum amount guaranteed to be paid on the death of the policyholder during the term of the policy. It is Highest of
  • Ten times of annualised premium.
  • 105% of all premiums paid as on date of death.
  • Maturity sum insured.

Download Broucher of IDBI Lifesurance Savings Plan 

Click here for sample Policy Document

 IDBI Lifesurance Whole Life Savings Plan

• At the end of your premium payment term
• 100 years of your age.

With you or without you being around your family, this plan may also keep your family financially secured throughout the period of 100 years in addition to the above plans.

Sample Policy Document

IDBI Federal Saving Plans Additional Information

Tax Benefits:

These Tax benefits are provided on your premiums. Tax laws may change from time to time. The life insured are advised to consult your tax advisor for more information. Savings plan are the tax efficient investment tool, and it gives

• Deduction under section 80C.
• Tax-free benefits under section 10(10D).

Free Look Period:

In case, the policyholder may not be satisfied with the terms and conditions of their IDBI Federal Life Insurance then the IDBI offers you an option of cancelling their policy. This period is called free look period and which is 15 days from the date of your policy document. If the Assured disagrees to any of the circumstances, the policyholder can return the policy stating the reasons for your objection. Therefore, the insured can return the policy without paying any sum.

• Free look period of 30 days is available for the policyholders who take policy through distance marketing. In distance marketing, various methods are followed to the sale of insurance products. The various distance marketing modes are
  • Telephone calling.
  • Through SMS.
  • With the help of Electronic Mode (which includes email, the internet, and Interactive television).
  • The Physical mode which may have direct postal mail, newspaper, and magazine inserts.
  • Communication among the persons.

Grace Period:

The IDBI Federal Life Insurance will allow the grace period of 30 days for premium payment from the due date for yearly, half yearly and Quarterly, etc. In the case of Monthly mode payment, the grace period is allowed for 15 days.

Lapse:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be a lapse. During the lapsed state the company will not pay any benefits. The Policy should lapse during the following cases

• The first two years for premium payment term and less than ten years.
• The first three years for premium payment terms greater than or equal to ten years.

Revival of Lapsed Policy:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be a lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. You can revive your policy before the expiry period of Policy term. In case the policy has already acquired a paid value, and the death of policyholder happens then the IDBI Federal Life Insurance company will pay following benefits during the revival period.

• Paid up Death sum assured+Vested Guaranteed additions+ vested bonuses(if any).

Surrender Value:

If the insured candidate wants to return the policy within the Minimum Policy Term, surrender value will the paid to the policyholder. The various Surrender value plans are as follows

• Guaranteed Surrender Value (GSV).
• Special Surrender Value (SSV).

Loans

The policy chosen by the policyholder acquires the surrender value; then you are eligible for a facility loan grant by the IDBI Federal life Insurance Company. For this Loan avail process, the various conditions are as follows

• The Minimum amount of loan is Rs 500/-.
• The interest rate will be 3% more than the ten year yield of government securities. The rates will assess for every six months for the ease of administration.

Exclusions

• If the insured member, whether reasonable or insane, commits suicide within 12 months from the date of commencement of the policy then 80% of the benefits under the plan are payable.
• In a case of suicide of the policyholder within one year of revival of the plan, the benefits payable will be equal to an amount which is higher of 80% of the premiums paid till the date of death, surrender value as available on the date of death.

On the death of the policyholder during the policy term or on maturity, the nominee/policyholder can claim for the benefit. To claim any of the Max Life Term plans, you need to visit the branch office if there is no online facility. Documents that may be required for claiming a Max Life Protection/Term plan are,

• Original Policy Document.
• Proof of title and Death Proof.
• Medical treatment documents before death.
• Age proof.
• Additional documents in case of death occurred due to unnatural or accidental death.

IDBI Federal Life Insurance Premium Calculator

The policyholder can make use of the IDBI Federal Savings Plan Premium Calculator in case you want to calculate the premium or maturity amount for the chosen policy. For this premium calculation, the necessary information is here,

• Name of the Policyholder.
• Email Id.
• Mobile Number.
• Age Proof.
• Policy Term and Sum Assured.

IDBI Federal Life Insurance Claim Process

On the death of the policyholder during the policy term or on maturity, the nominee/policyholder can claim for the benefit. To claim any of the IDBI Federal Saving Plans, you need to visit the home branch office in case there is no online facility. During this IDBI Federal Saving Plans claiming process, the document list is here.

• Original Policy Document.
• Proof of title and Death Proof.
• Medical treatment documents before death.
• Age proof.
• Additional documents in case of death occurred due to unnatural or accidental death.