Are you planning to buy the Term Insurance Plan? Here is the solution for your problem. Choose the IDBI Federal Term Plan for the secure protection of you and your family. The IDBI Federal Life Insurance offers many Termsurance Plans for their Customers. You can opt for the plan which best suits you. Follow the below article for more information regarding each IDBI Federal Term Insurance Plan.
IDBI Federal Term Plan Review
One of the most important plans in Life Insurance is Term Plan. The IDBI Federal Life Insurance Company offers the best Term Plans for the Customers. The family of the Insured will receive lump sum amount, In the case of unfortunate death of the Policyholder. The IDBI Federal Term Insurance Plans has a fixed duration for the premium payment. The Policyholders family will receive the benefits offered on the sudden demise of the Insured. Refer the below section for more details about the Key Features, Benefits of the IDBI Federal Term Plans.
The Life Assured has the flexibility to choose the premium payment term, sum assured and policy term. It offers more features compared to other Term Insurance Plans. The Insured family can withstand from the unfortunate event, and Life Insurance cover is provided at low cost. On Payment of additional premium, Riders benefits are provided. You can avail the Tax Benefits as per the Income Tax Act, 1961.
Key Features of IDBI Federal Term Insurance Plan
IDBI Federal Life Insurance has the following Key Features. You have to check the features and proceed further while taking IDBI Federal Term Plans.
- At Nominal Cost financial protection is provided to you and your family.
- The Policyholder receives a High Sum Assured Discount.
- Hassle free documentation.
- The Premium Payment Options are suitable for you.
Therefore, while considering a Term Plan, we must check all the above features and take the best of all the IDBI Federal Term Insurance Plans.
IDBI Federal Term Plans Benefits
The IDBI Federal Life Insurance company offers benefits for their customers.
- Death Benefit: The Life Insured family will receive the Sum Assured along with the additional bonus.
- Maturity Benefit: The Plans are pure Term Insurance Plans. Therefore no Maturity Benefit is provided, and the program terminates on the survival of the Policyholder.
IDBI Federal Term Insurance Plans Details
There are four Term Plans in IDBI Federal Life Insurance. Check the list of Term Plans here.
- IDBI Federal iSurance Online Term Insurance Plan.
- Life Protection Insurance Plan.
- Group Protection Insurance Plan.
- Sampoorn Suraksha Micro Insurance Plan.
The Benefits, Key Features and Eligibility Conditions of Term Plans are available below.
IDBI Federal Term Plan – iSurance Online Term Insurance Plan
IDBI Federal iSurance is an online Term Insurance Plan (UIN: 135N039V01) which is simple and hassle free. You and Your family are provided with financial security in case of unfortunate deaths. Also, helps your family to become financially stable. Special discounts are offered for women and provide life cover at an affordable cost.
Key features of IDBI iSurance Plan:
IDBI Federal Life Insurance – iSurance Online Term Plan is life assurance plan with the following key features:
- Simple and affordable Life Insurance Plan.
- Hassle free online buying.
- Tax Benefits are provided to the Policyholder as per the Income Tax Act, 1961.
- Women are provided with special discounts.
- For High Sum Assured, discounts are available.
- For Small Premium, big life cover is provided.
Eligibility Conditions of iSurance Online Term Plan
|Minimum Entry Age||18 years.|
|Maximum Entry Age||50 years (last birthday).|
|Minimum Policy Term||10 years.|
|Maximum Policy Term||25 years.|
|Minimum Life Cover||50 lakhs.|
|Maximum Life Cover||30 Crore.|
|Premium Payment Term||Same as Policy Term.|
|Premium Payment Frequency||Annual.|
|Accident Death Benefit Rider||2 Crore – Maximum.|
Benefits of iSurance Online Term Plan
Accidental Death Benefit: The family of the Policyholder will receive an additional amount in case of death due to an accident within the policy term.
Tax Benefit: The Insured can avail the tax benefits under Section 80 C and 10(10D) as per the income tax act, 1961.
IDBI Federal Term Plans – Life Protection Insurance Plan
The Term Insurance Life Protection Insurance Plan of IDBI Federal is the non-linked non-participating plan. The Unique Identification Number is 135N040V01. Your family can receive the lump sum amount on the sudden demise of the policyholder. Refer the below article for more details.
Eligibility Details of Term Life Protection Plans:
|Min Age At Entry||18 years age last birthday.|
|Max Age At Entry||60 years age last birthday.|
|Min Maturity Age||28 years.|
|Maximum Maturity Age||70 years.|
|Minimum Policy Term||10 years.|
|Max Policy Term||30 years.|
|Minimum Sum Assured||Rs. 5,00,000.|
|Maximum Sum Assured||No Limit, Depends on Company’s Board approved underwriting policy.|
|Premium Payment Term||Single and Regular|
|Premium Payment Mode||Single, Annual, Half-yearly, Quarterly, Monthly.|
Tax Benefit: The Life Insured can get the Tax Benefits as per the Income Tax Act, 1961 under section 80 C or 10 (10D).
IDBI Federal Term Plan – Group Protection Insurance Plan
The Term Plans is a better alternative to provide more life insurance benefit to all employees under a single cover. Additional benefits are also provided such as critical illness, terminal illness and accident death. A single Master Policy Issued to the company provides Life Insurance Benefit for all employees. The UIN Number is 135N043V01. Therefore, check the details below.
Key Features of IDBI Federal
Advantages of Employer:
- The Plan helps you retain and attract your most valuable asset, employees.
- Your Premiums are tax deductible under section 37 of the Income Tax Act, 1961.
- The Term plan is economical and easy to administer.
Advantages to the Employee:
- The death sum assured is paid to the beneficiary, In the unfortunate death of the employee.
- No medical examination is required up to a certain coverage limit.
- The Death benefit is exempt from income tax in the hands of the beneficiaries.
Benefits for IDBI Federal Group Term Insurance Plan
Accidental Death Benefit: If the master policyholder chooses the Accident Death Benefit option at the time of renewal, the sum assured in the event of an accident is offered to the insured member.
Terminal Illness Benefit: If the Insured member is with Terminal Illness by medical practitioners and not expected to live more than six months are provided with accelerated benefit.
Critical Illness Benefit: The Insured member is provided with the Sum Assured if diagnosed by any of the specified 12 critical illness in the plan.
IDBI Federal Term Plan – Sampoorn Suraksha Micro Insurance Plan
The Term Insurance Plan of IDBI Federal is a non-participating insurance plan which is available for low cost. The Policyholder has the option to select the single or regular premium according to the convenience. The UIN is 135N037V01. This plan caters the needs of the Insured family in case of untimely death. Therefore, check detailed information here.
Key features of IDBI Federal Sampoorn Suraksha Micro Insurance Plan
- Life insurance cover at affordable premium rates.
- Accident Death Benefit.
- Surrender Value is offered in this plan.
|Min age at entry||18 years.|
|Maximum entry age||55 years age at last birthday.|
|Minimum maturity age||23 years.|
|Maximum maturity age||60 years.|
|Premium Payment Frequency||Single or Regular Premium.|
|Premium Payment Mode||Annual Mode (for regular premium).|
|Policy term||5 and 10 years.|
|Minimum sum assured||Rs 5,000/-.|
|Maximum sum assured||Rs 50,000/-.|
|Min Premium||Rs 100 for Regular Premium.
Rs 400 for Single Premium.
|Max Premium||Rs 5,200/-.|
Accident Death Benefit: The Nominee will receive the Sum Assured additionally in case the accidental death of the Insured.
Tax benefits under this plan are available as per the provisions of the Income tax Act. The plan provides tax benefits under section 80C for the premiums paid and section 10(10D) for the amount received as death benefit as per the prevailing tax laws. The Life Insured may please consult his financial advisor for more details on tax benefits.
What is the Buying Process for IDBI Federal Term Plans?
The Customers interested in buying the Term Insurance Plan can visit the nearest IDBI Federal Life Insurance. The interested individuals can also purchase the Term Policy through online. You can also get the IDBI Federal Term Plan through the agent of IDBI Federal Life Insurance.
Documents required for buying IDBI Federal Term Insurance plan are
- Application form/ Proposal form.
- Medical reports ( if necessary).
- Passport Size Photo
- Address Proof.
- Age Proof.
IDBI Federal Term Plan Premium Calculator
The Policyholder can calculate the premium for the any term plans here. The Life Assured has to enter the Personal Details to check the Premium amount. Therefore, we have provided the list of required details. The Required information from the Life Insured include
- Policy Term.
- Date Of Birth.
- Sum Assured.
- Premium Paying Term.
IDBI Federal Term Insurance Plan Claim Process
If the Policyholder expires due to a Sudden Accident, the Nominee can apply for Claim of the Term Plan. If the Policy Maturity Period completed, then the Insured can apply for Claim. The beneficiary can claim for the amount after the death of the policyholder or after the successful completion of the premium. Therefore, check the information given below about the Claim Settlement.
The documents required to request for the Claim of IDBI Federal Term Plan are
- Original Policy Document.
- Age proof.
- Death Proof.
- Proof of title.
- Medical treatment documents before death.
- Additional documents in case of death occurred due to unnatural or accidental death.
Additional Details of IDBI Federal Term Insurance Plans
If the Life Assured doesn’t pay the premium within the policy term, the company will extend the time to pay the premium providing the grace period. IDBI Federal Term Plan has a grace period of 30 days. The Insured can pay the premium within this Grace Period.
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will lapse. Within the two consecutive years from the date of first unpaid premium, the lapsed Term Plan can be revived.
If the Life Assured wants to return the policy within the Minimum Policy Term, surrender value will the paid to the policyholder.
Free Look Period:
If you don’t satisfy with the Terms and Conditions of the Policy, you can return IDBI Federal Term Insurance Plan within 15 days from the date of receipt of the Policy.
Riders: For each IDBI Federal Term Plans, there are special riders available. For more details check the brochure of that specific Term Plan.