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 6^th 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.

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