IDBI Federal term insurance is divided into four-term plans that offer flexible death benefit payout along with lifelong protection to the family even after death. IDBI federal life insurance company has been declared and given the status as the ‘top 10 most trusted life insurance brands’ operating successfully in India.
IDBI Federal term insurance triggers the raising demand and awareness of different individuals to protect their family from the outburst of uncertainties like the death of a responsible person in the house on which the whole family relies for expenses. The IDBI Federal term insurance focuses on giving complete protection cover on time to meet future liabilities and other financial needs.
IDBI Federal life insurance company was formed in 2001 and in a less interval of time, it has gained much momentum in the insurance sector. Let’s check what benefits do IDBI Federal term insurance gives to its policyholders.
Claim Settlement Ratio
IDBI Federal keeps the convenience and safety of customers on priority to maintain a flock of satisfied and happy policyholders in the long term. The company holds a claim settlement ratio of 90.33% which stupendously qualifies the IRDA established ratio for claim settlement in term insurance.
The premiums submitted for the continuation of IDBI Federal term insurance will get tax exemptions in the annual income tax paid with reverence to section 80C and 10(10D) of the Income Tax Act. The amount exemption will depend upon the salary receiving and the premium paying.
Due to promising and remarkable service to its bonafide policyholders by IDBI Federal customer care, the company has seized the honor of most trusted brands prevailing in India by ET brand Equity study.
Awards and Accolades
IDBI Federal life insurance has been awarded and declared by ASSOCHAM in 2017 as the ‘Insurance Company Of The Year’ and also the title of ‘Life Insurance Company of the year 2017’ by India Insurance Summit and Awards.
Helps In Meeting Liabilities
The primary expectation from a term plan is financial security to meet the financial liabilities or payments of loans taken by the life assured. Almost every term plan under IDBI Federal contains this component where the family of assured gets a lump sum as well as regular income of death benefit plus any other benefits earned during the policy.
This term plan gives lifelong protection to the family of the deceased life assured. Anybody who is Indian Resident or a Non-residentIndian (NRI) or Person of Indian Origin having an Overseas Citizenship of India.
|Diseases covered under iSurance Flexi Term plan||Percentage Of Death Benefit convertible|
|Cancer of defined severity||71% of Death Benefit|
|Heart Attack of defined severity||50% of Death Benefit|
|Stroke of defined severity||50% of Death Benefit|
As life is a book of adventures where there good chapters as well as bad chapters just like positive events and negative events (like death) that impact the life of a person and of the people related to it.
So, this term plan triggers the need of a family for financial support and supplies fixed monthly income me to cope up with rising expenses after the death of a responsible person.
A highly flexible, low-cost protection plan that fulfills the need for the financial security of the family.
Death benefit: The benefit applicable under regular premium paying policies is paid-
A total protection plan that locks the safety of your family from uninviting exigencies of life like death.
Death Benefit: On the death of the assured, the nominee can make a claim to avail the coverage where the death benefit is equal to the highest of -
|IDBI federal Term Insurance Plan||iSurance Flexi Term Plan||Income Protect Plan||Termsurance Life Protection Insurance Plan||Termsurance Sampoorn Suraksha Micro-insurance|
|Minimum Age of Entry||18 years||25 years||18 years||18 years|
|Maximum Age of Entry||70 years||60 years||60 years||55 years|
|Maximum Age of Maturity||80 years||70 years||70 years||23 years to 60 years|
|Term of the Policy||5 years to 40 years||10 to 30 years||10 to 30 years||5 to 10 years|
|Minimum Sum Assured||Rs 5,000||No sum assured Monthly Income is paid equal to Rs 15,000 every month||Rs 5 lakhs||Rs 5,000|
|Maximum Sum Assured||Rs 50,000 (regards to underwriting)||No limitations (in m multiples of 5,000)||No limitations||Rs 50,000 (regards to underwriting)|
|Premium Paying Term||Same as the policy term||10/ 15/ 20 years||Same as the policy term|
|Premium Paying Frequency||Yearly/ Monthly||Yearly/ Monthly||Annual, Half-yearly/ Quarterly/ Monthly||Yearly|
Suicides are not given any death benefit. However, if the suicide is committed within first year of the policy starting from the inception or revival of policy, then 80% of premiums paid till the date of death are returned to the nominee/ beneficiary.
IDIBI Federal life insurance says that the claim must be intimidated by the claimant immediately after the claim arises for a specific incident.
IDBI Federal life insurance claims to complete the claim process within 8 days, on a condition that all the documents are submitted and no further investigation is necessary.
However, in some cases, this limit can be extended if the claim information given is inadequate and needs close inspection.
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Last updated on 13-11-2019