IDBI Federal Lifesurance Savings Insurance Plan

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Introduction/Overview

IDBI Federal Lifesurance Savings Insurance Plan is a traditional participating Endowment Assurance plan which provides long term savings and life insurance for a happy and planned future

Key Features

  • It is a participating plan with limited and regular premium payment option
  • Guaranteed Additions, reversionary bonuses, interim bonus and terminal bonus add to the corpus
  • Guaranteed Additions are added in the first 5 policy years @ 5% of the maturity Sum Assured
  • Reversionary bonuses accrue form the 6th policy year

Benefits

  • On maturity, the basic SA along with the aggregate Guaranteed Additions + vested reversionary bonuses + terminal bonus, if any, is paid to the policyholder.
  • On death of the policyholder, the death SA + vested Guaranteed benefits + vested reversionary bonuses + interim bonus + terminal bonus, if any, is paid to the nominee
  • The Death Sum Assured is defined as the higher of the maturity SA or 10 times the annual premium or 105% of all premiums paid till death
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

25

Premium Paying Term (PPT) in years

5

25

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

10,000

No limit

Sum Assured

Depends on the premium chosen, age and term

Details About Premium

Annual premium in Rupees for a Sum Assured of 5 lakhs

Age

Policy Term / PPT

Annual Premium

30

20 / 20

30,795

30

15 / 15

43,060

35

20 / 10

49,015

35

15 / 10

57,565

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2/3 full years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of Guaranteed Additions and Bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is available under the plan to a maximum of 85% of the Surrender Value and  a minimum amount of Rs.5000

Additional Features or Riders

  • Accidental Death Benefit rider is available under the plan
  • Rebates for choosing high Sum Assured of 10 lakhs and above
  • Discount in premium for female lives

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
  • In case of the Accidental rider, benefit is not payable for death from accidents which are self-inflicted or due to civil commotions, riots, war, participation in hazardous sport activities, criminal activities, aviation, etc.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.