Compare IDBI Federal Term Insurance Plans

IDBI-Federal-life-Insurance-Company

IDBI Federal life Insurance Company

IDBI Federal Insurance Co. Ltd. Is a joint venture of one of India’s leading development and commercial bank, IDBI Bank, leading private bank, Federal Bank and one of the leading multinational insurance companies based out of Europe, Ageas! One of the fastest growing companies in the insurance industry, IDBI Federal Life showed exemplary growth since its launch in 2008 and achieved break even in only 5 years of its operations. As of today, their pan India presence and synergy between different operations are striving hard to provide the customers complete insurance and wealth management services. A diversified portfolio of products is being serviced by a dedicated team of employees to bring best solutions to customer’s financial needs.

IDBI Federal Life Term Plans

The term plans offered by the company offer multiple benefits to ensure protection and financial stability of the customers and their families. There are plans that offer return of premium as well as accidental benefits apart from offering plain life insurance. These plans are designed to provide a wholesome life insurance coverage.

List of Term Plans Offered By IDBI Federal Life Insurance Company, With Features, Benefits And Eligibility

IDBI Federal iSurance Online Term Plan

Features:

  • Basic term insurance plan that can be bought online
  • Offers accidental death benefit
  • Discount on premium offered
  • Tax benefits can be availed
  • Special feature for women

Benefits:

  • This term insurance plan offer high sum assured for a very low premium
  • There is an option to choose additional accidental death benefit. This way, the nominee will receive extra funds in addition to sum assured if the insured dies due to an accident
  • For selecting sum assured of Rs. 75 lakhs and above, the company offers discount on premiums
  • Women customers can enjoy lower premium rate
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 18 years | Max: 50 years
Life Cover Min: Rs. 50 lakhs | Max: Rs. 30 crores
Accidental Death Benefit Rs. 2 crore
Policy Term Min: 10 years | Max: 25 years
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly

IDBI Federal Termsurance Life Protection Insurance Plan

Features:

  • Offers return of premium option
  • Multiple premium discounts under different categories
  • Easy Premium Payment options

Benefits:

  • This term plan offers two options:
    1. Pure Protection Option: This ensures that the nominee receives sum assured at the time of death of the policyholder, if he dies during the policy term
    2. Return of Premium on Maturity Option: If the insured survives the policy term, then at the time of maturity, all the premiums paid till maturity shall be returned to him.
  • Discounts on premium are available as:
    1. For women, premiums are lower than compared to men
    2. For sum assured of Rs. 10 lakhs and above, a discount will be available on the premium
  • There is an option to either pay the premium at one go under single premium option or pay regular instalments under regular premium payment option
  • Income tax benefits can be availed under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18 years-60 years
Min-Max Maturity Age 28 years-70 years
Policy Term 10 years-30 years
Sum Assured Min: Rs. 5 lakhs | Max: No limit
Premium Payment Term Single and Regular
Premium Payment Frequency Single or Yearly, half-yearly, quarterly or monthly

IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan

Features:

  • Very economical term plan especially for rural consumers
  • Options available for policy term and premium payment terms
  • Accidental death benefits available
  • Income tax benefits applicable

Benefits:

  • Death Benefit: If the policyholder dies during the term of the plan, the nominee shall be paid the higher of
  • Sum assured, or
    105% of all premiums paid till the date of death, or
    10 times of annualized premium (7 times for ages more than 45 years)

  • Accidental Death Benefit: If the policyholder dies due to an accident, an additional amount, equal to the sum assured, shall be paid to the nominee
  • Income tax benefits under section 80C and section 10 (10) D shall be available to the customer

Eligibility:

Sum assured Min: Rs. 5000 | Max: Rs. 50,000
Entry Age Min: 18 years | Max: 55 years
Maturity Age Min: 23 years | Max: 60 years
Premium Min: For Regular Premium: Rs. 100; For Single Premium: Rs. 400 | Max: Rs. 5,200
Policy Term 5 years and 10 years
Premium Payment Term Single and Regular
Premium Payment Frequency Yearly

Premium Payment Frequency: Annual & Semi Annual

IDBI Federal iSurance Flexi Term Insurance Plan

Features:

  • Multiple options available for death benefits
  • Accidental death benefit is payable
  • Discount on premium
  • Tax benefits are applicable

Benefits:

  • If the policyholder die during the policy term, the nominee shall be paid death benefits. The plan offer following four death benefits to choose from:
    1. Lumpsum with Conversion: A lumpsum amount shall be paid at the time of death of the insured. Alternatively, if the insured is diagnosed with any of the specified critical illnesses before the age of 65 years, he shall have the option of conversion. Under this option, he can encash the death benefit at a pre-determined rate. This way, a lumpsum amount will be paid at the time of diagnosis of the disease so it can help in covering medical and treatment expenses. The insured can make such a claim only once during the policy term and 5 years before the maturity of the policy.
    2. Fixed Monthly Income Benefit: Under this option, the nominee shall be paid the death benefit in the form of regular monthly income for a period of 15 years from the date of death. The total benefit in this case will turn out to be 108% of the basic sum assured
    3. Lumpsum + Fixed Monthly Income Benefit: This option shall help the nominee to receive 10% of the death benefit at the time of death and remaining amount as part of regular monthly income over a period of 15 years
    4. Lumpsum + Increasing Monthly Income Benefit: This benefit assures a 10% of the death benefit at the time of death and the remaining as monthly income over a period of 15 years. However, the monthly income shall increase by 7.5% compounded on annual basis to beat inflation. Hence, the total death benefit paid in this option will be 166% of the death benefit
  • Death benefit here is calculated as the higher of
  • 10 times the annualized premium, or
    105% of all premiums paid till death, or
    Guaranteed sum assured on maturity, or
    Any absolute amount assured to be paid on death

  • Accidental death benefit shall be paid to the nominee if the policyholder dies due to an accident. This amount shall be in addition to basic sum assured and equal to sum assured subject to maximum limit of Rs. 2 crore
  • Discount on premium shall be available for women and for sum assured of Rs. 75 lakhs and above
  • Income tax benefits will be available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-60 years
Max maturity Age 80 years
Min-Max Sum Assured Rs. 50 lakhs- Rs. 30 crores
Policy Term 10 years-62 years
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly
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