Compare IDBI Federal iSurance Flexi Term Insurance Plan

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IDBI Federal iSurance Flexi Term Insurance Plan

iSurance Flexi Term Insurance Plan is a flexible,online term plan which gives the policyholder the choice to opt for a benefit as per his needs. There are four coverage options available with the plan and any one can be chosen by the policyholder.

Key features of the plan

  • The plan has four types of variants. Any benefit variant can be chosen by the policyholder for protection.
  • Premium discounts are allowed for choosing high levels of Sum Assured
  • Accidental death benefit can be added to the plan which pays an additional Sum Assured in case of accidental death
  • The plan provides the facility of doorstep medical check-ups.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the plan option required. There are four options which are as follows:

  • Lump sum with Conversion Option – under this option, a lump sum benefit is paid in case the life insured dies during the term of the plan. Moreover, there is a conversion option in the plan which allows the policyholder to avail the death benefit at a pre-defined rate if he is diagnosed with cancer, heart attack or stroke. The rate of death benefit payable is as follows:
  • Illness If Sum Assured is less than Rs.1 crore If Sum Assured is more than Rs.1 crore
    Cancer of defined severity 71% of death benefit 71% of Rs.1 crore
    Heart attack of defined severity 50% of death benefit 50% of Rs.1 crore
    Stroke of defined severity 50% of death benefit 50% of Rs.1 crore
  • Fixed monthly income benefit – in this option, the death benefit (Sum Assured) is paid in monthly instalments. 0.60% of the death benefit is paid as monthly income for 15 years post death.
  • Lump sum + fixed monthly income benefit – in this option, 10% of the death benefit is paid in lump sum immediately on death. The remaining 90% of the death benefit is then paid as monthly incomes. A monthly payout of 0.50% of the death benefit is paid for 180 months (15 years).
  • Lump sum + increasing monthly income benefit – in this option, 10% of the death benefit is paid in lump sum immediately on death and then 0.5% of the death benefit is paid for 180 months. The monthly payouts increase at a compounded rate of 7.5% every year.

Step 2 – then the policyholder chooses the term and the premium paying frequency.

Step 3 – if required, the policyholder can add the additional Accidental Death Benefit Rider to the plan.

Step 4- in case of death within the term of the plan, the death benefit is paid. The benefit would depend on the option chosen by the policyholder when the plan was bought.

Step 5 – If the plan matures, no benefit is paid.

Example

Nitin, a non-smoker aged 30 years, buys the iSurance Flexi Term Plan for a term of 30 years and a basic Sum Assured of Rs.1 crore.

Option 1 – If Nitin chooses the Lump Sum with Conversion option, his nominee would get Rs.1 crore if he dies during the plan term. Moreover, Nitin can choose to receive the death benefit in case he suffers from cancer, heart attack or stroke. The payable benefit in case of such illnesses would be Rs.71 lakhs for cancer and Rs.50 lakhs for heart attack or stroke.

Option 2 – If Nitin chooses the fixed monthly income benefit, post his death, his nominee would get Rs.60, 000 for 15 years.

Option 3 – If Nitin chooses lump sum + fixed monthly income benefit, on death, Rs.10 lakhs would be paid immediately in lump sum. Thereafter, Rs.50, 000 is paid as monthly incomes for 180 months.

Option 4 – If Nitin chooses the Lump sum + increasing monthly income benefit, Rs.10 lakhs is paid immediately in lump sum on death. Thereafter, Rs.50, 000 is paid as monthly incomes for 15 years. In subsequent years, the monthly incomes would increase by 7.5% compounded annually.

Option 5 – in case the plan matures, Nitin wouldn’t receive anything.

Plan benefits

  • Death benefit – the death benefit is paid in case of death of the life insured during the plan tenure. The benefit paid would depend on the benefit option selected by the policyholder when buying the plan. It can be availed in lump sum or in monthly instalments or in both. The death benefit is higher of the following:
    • 10 times the annual premium
    • 105% of the total premiums paid till death
    • Sum Assured
  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years 60 years
Age at maturity (in completed years) NA 80 years
Term of the plan 10 years 62 years
Premium paying options Regular pay
Premium Paying term Equal to the plan tenure
Sum Assured Rs.50 lakhs Rs.30 crores

What is not covered by the plan?
If the life insured dies due to suicide within one year of plan commencement or within one year of revival of a lapsed policy, 80% of the premiums paid are refunded.
For the Accidental Death Benefit, accidental death due to suicide, self-inflicted injury, hazardous activities, criminal acts, nuclear contamination, war, aviation, etc. would not be covered.
Premium Illustration
Below are the sample rates of premium payable by a non-smoking male aged 30 years for a Rs.1 crore cover. The term of the plan and the benefit options are varying.

IDBI-Federal-iSurance-Flexi-Term-Insurance-Plan

FAQs

  • What benefit is paid for Accidental Death Benefit?
  • In case of accidental death if the accidental death benefit is taken, an additional benefit is payable which is equal to the basic Sum Assured subject to a maximum of Rs.2 crores and 30% of the premiums paid till death.

  • What types of premium discounts are allowed with the plan?
  • The plan allows lower premium rates if the Sum Assured is more than Rs.75 lakhs, if the life insured is a female and if the policy is bought online.

  • What are the available premium paying modes?
  • Premiums can be paid annually, half-yearly, quarterly or monthly.

  • Does the policy provide loans?
  • No, loans are not provided under the plan.

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