IDBI Federal Lifesurance Whole Life Savings Insurance Plan

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Introduction/Overview

IDBI Federal Lifesurance Whole Life Savings Insurance Plan is a whole life plan covering the policyholder till 100 years thereby taking care of protection requirement throughout the life of the individual

Key Features

  • This plan is a participating traditional Whole life plan with limited premium payment term
  • The individual is covered up to age 100  years
  • Lump sum amount paid at the end of PPT and another at policy anniversary after the policyholder reaches 100 years of age
  • Guaranteed Additions  and Non-Guaranteed reversionary bonuses grow the corpus

Benefits

  • The Guaranteed Additions are paid for the first 5 policy years @ 5% of the Sum Assured
  • On survival till the end of PPT, the Sum Assured + vested Guaranteed Additions + accrued Reversionary bonuses is paid
  • Reversionary bonus is paid from the 6th policy year till the end of term
  • On death the Sum Assured on death +vested Guaranteed Additions + Accrued bonuses + terminal bonus, if any, is paid to the nominee
  • On the policy anniversary after reaching 100 years, (higher of the guaranteed SA or 10 times the annual premium or 105% of premiums paid) +vested bonuses from the end of PPT till 100 years + terminal bonus, if any is paid
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

100 years

Policy Term (PT) in years

100 – Entry Age

Premium Paying Term (PPT) in years

12

30

Premium Paying Frequency

Annual, Half-yearly, quarterly, monthly

Yearly Premium

12,000

No limit

Sum Assured

Depends on entry age and PPT

No limit

 

Details About Premium

Annual premium in Rupees and benefit illustration

 

Age

30 years

40 years

Policy term

70 years

60 years

PPT

20 years

20 years

Sum Assured

500,000

500,000

Premium

35,955

41,035

 

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 3 full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV = % of Premiums + % of vested bonuses till PPT and after PPT

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

  • The policy provides loan facility of up to 85% of the Surrender value with a minimum amount of Rs.5000

Additional Features or Riders

  • There is the option of availing Accidental Death Benefit Rider
  • High Sum Assured discounts for higher coverages
  • Discount in premium for female lives

Exclusions

  • In case of suicide within 12 months from inception, 80% of total premiums paid is returned and within 12 months of revival, higher of 80% of total premiums paid or acquired Surrender Value is paid to the nominee
  • 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.