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IDBI Federal Term Life Insurance
  • Life Cover Upto Age of 80 Years
  • Special Discounts For Women
  • Accidental Death Benefit
  • Hassle-Free Online Buying
  • Tax Benefit Under 80C & 10D

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IDBI Federal Term Insurance

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.

Benefits Of IDBI Federal Term Insurance

Claim Settlement Ratio

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.

Tax Benefits

Tax Benefits

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.

Customer Satisfaction

Customer Satisfaction

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

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

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.

Types Of IDBI Federal Term Insurance Plans

  • IDBI Federal Life insurance iSurance Flexi Term Plan
  • IDBI Federal Life insurance Income Protect Plan
  • IDBI Federal Termsurance Life Protection Insurance Plan
  • IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance

IDBI Federal Life insurance iSurance Flexi Term Plan

IDBI Federal Life insurance iSurance Flexi Term Plan

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.

Benefits:

  • Payout Options for death benefit: When the death of the life assured happens the family is liable to receive an assured amount. The sum assured available can be taken in different payout options available under the IDBI term plan. There are four options can be chosen at the time of purchase of the policy.
  1. Lump-Sum with Conversion Option: This option can be taken to meet the immediate needs and liabilities that may flame up after death. IDBI Federal has upgraded this option by involving the ‘Conversion option where a life assured can pay his/ her medical expenses with the death benefit for any specified disease.
  2. Fixed Monthly Income Benefit: Here, loved ones left behind will get constant payment of monthly income for 15 years successively or in 180 monthly installments. The income would be 0.60% of the gross death benefit. For instance, if you have taken a sum assured of Rs 3 crore., then after the death under this death benefit payout option, the nominee will receive Rs 1,80,000 per month.
  3. Lump-Sum Plus Fixed Monthly Income: A lump sum payment of sum assured will be supplied immediately after the death. The remainder sum assured is payable in fixed income for 180 months or 15 years constantly without any break. The amount can be utilized by the family to persist in the current lifestyle in the future. 10% of the sum assured will be furnished towards lump sum payment and 90% is reserved for monthly income generation.
  4. Lump-Sum Plus Increasing Monthly: The unique feature of increasing income makes this option as the most efficient and profitable payout option preferred by most of the policyholders. The income will increase at 7.5% annually to enable the family of assured to endure the accelerating inflation rate. 10% will be delivered as a lump sum payment of sum assured and 90% will be for monthly income for 14 years. Benefit paid must be 166% of the Death Benefit under this option.
  • High sum assured at lower premium rates: This term plan provides a higher coverage option to accomplish the long term protection goals of the family gifted by the life assured.
    The highest sum assured given under this IDBI Federal term plan is Rs 30 crores. As the company can precisely decipher the future economy and related parameter, that’s why it has introduced a higher coverage term plan.
  • Freedom to Choose Policy Term: We all crave for freedom in our lives, work, and everything. Due to attention to this factor, the company has provided several choices in policy terms and premium paying term.
  • Guaranteed coverage for the family: Don’t feel insecure that whether your company will get the sum assured or not after you left them forever. IDBI Federal life insurance respect this concern and thereby tussles to pay coverage on time with respect to proper submission of evidence.
  • Conversion Option to pay immediate medical expenses: The term plan contains this element to enable the life assured to take the death benefit for the treatment of any specific illness before turning 65 years of age.
Diseases covered under iSurance Flexi Term planPercentage Of Death Benefit convertible
Cancer of defined severity71% of Death Benefit
Heart Attack of defined severity50% of Death Benefit
Stroke of defined severity50% of Death Benefit
  • Accidental Death Benefit: Accidental Death Benefit is an additional benefit that can be available on payment of minimal premium. The sum assured for this optional cover will fluctuate with the sum assured is chosen in the event of policy purchase.
  • Medical examination facility: A medical examination of the assured is required to proceed in the process of policy agreement. IDBI Federal provides the facility of empanelled medical practitioners in the home of the assured on the convenient date and time as agreed.
  • Discounts to Women: A reward in the form of lower premiums will be given to the females who buy the policy on their name.
  • Discount for opting high sum assured: If the life assured select a higher sum assured during the purchase, then a discount in premium is awarded for the entire period of a term plan.

IDBI Federal Life insurance Income Protect Plan

IDBI Federal Life insurance Income Protect Plan

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.

Benefits:

  • Freedom To Choose Premium Paying Term: When you buy this term plan of IDBI Federal, you get a variety of options in the premium paying term and frequency. You can choose according to your needs and goals of obtaining protection.
  • Flexible Policy Terms: If you are of lower age let’s say 35 years, then you can select more than 15 years of the policy term and if you are older and aged more than 40 years, then the term of 10 to 15 years is perfect. This term plan is the best term insurance plan when it comes to the presence of flexibility.
  • Financial Security To The Family: A regular income minimum of Rs 15,000 can be chosen and the maximum will hinge to underwriting guidelines of the company. There is no system of sum assured and the assured have to pay the premium paid to generate income.
  • Death Benefit: On death, the nominees will get monthly income as decided at the policy purchase. Like other IDBI Federal term plan, this plan also offers payout options as elucidated below-
  1. Lump sum Benefit: A wholesome amount equal to 12 times of monthly fixed income on the happening of death.
  2. Death benefit Increasing Monthly Income Benefit: This option is fabricated for those who want to assure monthly income which keeps on ascending @ 5% every year to compete with fluctuating standards of inflation in the economy. The benefit is paid even after the policy term up to a minimum of 5 years.
  • Free Look Period: In case the policyholder is not in peace with the terms and conditions of the term plan, then he/ she has the complete right to cancel the policy by communicating the decision to the IDBI Federal. A time limit of 15 days is given to the assured to scrutinize all the clauses.

IDBI Federal Termsurance Life Protection Insurance Plan

IDBI Federal Termsurance Life Protection Insurance Plan

A highly flexible, low-cost protection plan that fulfills the need for the financial security of the family.

Benefits:

Death benefit: The benefit applicable under regular premium paying policies is paid-

  1. Highest of sum assured or,
  2. 10 times the annualized premium
  3. 105% of all the premiums paid as on the date of death
  4. The minimum guaranteed sum assured on maturity
  • Affordable Premium: Everybody tries to curtail their expenses in order to save bigger. If you are thrifty, then this term plan is ideal for you as it offers high coverage at low premium rates.
  • Two Options of Premium Payment: When you purchase this term plan, you will be provided two choices for payment of premium i.e Single Pay and Regular Pay. I single. The sum of premiums for the entire policy term will be paid in a lump sum at the beginning of the policy.
  • Return of Premium on Maturity: If the life assured completes and survives more than the term of the policy, then all the premium submitted without any break are returned. The premiums paid will be after deduction of GST and extra premium for riders, if any).
  • Discount on premium for Women: The females' interest is always kept on top, which is why the company gives a discount on the premium paid for age between 21 years to 60 years.

IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance

IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance

A total protection plan that locks the safety of your family from uninviting exigencies of life like death.

Benefits:

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 -

  1. 10 times of annualized premium (7 times for ages more than 45) or
  2. 105% of all premiums deposited till the date of death or
  3. Sum assured selected
  • Surrender value: Isn’t amazing that apart from getting the protection you also receiving surrender value benefit? Of course yes, as you are still paid some value even if death does not occur. The option is available in Single Premium paying policies and the benefit is proportionate to-
  • 60% of Single Premium paid x total coverage term calculated in months/ Outstanding coverage term in a month.
  • Flexible premium paying options: If you want to get free from daily expenses of premium payment and have enough funds, then choose a single premium paying option. However, if you are responsible to fulfill the monthly expenses of the family, then regular premium paying options are suitable.
  • Accidental death benefit: Any death due to an accident that has severely damaged the body parts and other organs which can be noticed physically is given due coverage. The benefit payable in addition to the sum assured and the value paid is equal to the basic sum assured.

Eligibility Of IDBI Federal Term Insurance Plan

IDBI federal Term Insurance PlaniSurance Flexi Term PlanIncome Protect PlanTermsurance Life Protection Insurance PlanTermsurance Sampoorn Suraksha Micro-insurance
Minimum Age of Entry18 years25 years18 years18 years
Maximum Age of Entry70 years60 years60 years55 years
Maximum Age of Maturity80 years70 years70 years23 years to 60 years
Term of the Policy 5 years to 40 years10 to 30 years10 to 30 years5 to 10 years
Minimum Sum AssuredRs 5,000No sum assured Monthly Income is paid equal to Rs 15,000 every monthRs 5 lakhsRs 5,000
Maximum Sum AssuredRs 50,000 (regards to underwriting)No limitations (in m multiples of 5,000)No limitationsRs 50,000 (regards to underwriting)
Premium Paying TermSame as the policy term10/ 15/ 20 years
  • Single Premium
  • Regular Premium
Same as the policy term
Premium Paying Frequency Yearly/ MonthlyYearly/ MonthlyAnnual, Half-yearly/ Quarterly/ MonthlyYearly

Suicide Exclusion

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.

FAQs

IDIBI Federal life insurance says that the claim must be intimidated by the claimant immediately after the claim arises for a specific incident.

  • Death Claim Form/ Claim intimation Form.
  • Original Policy Document
  • Original as well as the attested photocopy of Death Certificate issued by local Municipal bodies
  • Claimant’s ID proof and address proof.
  • Medical history and reports of deceased assured, if death due to any disease
  • Bank details of claimant like IFSC code, passbook photocopy displaying the name of claimant, or any canceled cheque)
  • Accidental Death Claim Form is available on the company’s website.
  • Original Policy Document
  • Original as well as an attested photocopy of Death Certificate issued by local Municipal bodies
  • Claimant’s ID proof and address proof.
  • First Information Report, Police Inquest, Police Panchnama and Final Police Report submitted Police authorities.
  • Verified copies of Postmortem Report and chemical analysis/ viscera reports by treating hospital.
  • Copy of driving license of the deceased (if the deceased was driving at the time of the accident)
  • Newspaper cuttings/photographs of the accident (if available)
  • Register your claim as soon as possible by filling the form with complete information.
  • Collect and submit the documents requested by the company.
  • The company will evaluate each document and then communicate the final decision to the nominee. If the claim is approved, an acceptance letter will be issued.
  • The payment will be processed within 8 working days if no further verification is required.
  • The claim amount is transferred to the bank account of the claimant through an electronic mode.
  • If the payment fails to proceed, then a cheque will be issued in the name of the claimant.

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