IDBI Federal Sampoorna Suraksha Micro Insurance Plan

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Introduction/Overview

IDBI Federal Sampoorna Suraksha Micro Insurance Plan is a specially designed micro-insurance policy for the poor sections of the society. It is designed to provide insurance coverage to the backward classes at a low rate so that they can also enjoy financial security

Key Features

  • It is a pure term insurance plan with single or regular premium payment option
  • The premium amount is chosen by the policyholder based on which the Sum Assured is determined

Benefits

  • In case of death of the policyholder, the nominee gets higher of the basic SA or 10 / 7 times the annual premium or 105% of all premiums paid as death benefit.
  • Inbuilt Accidental Death Benefit Rider provides additional Sum Assured in case of accidental 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)

23 years

60 years

Policy Term (PT) in years

5

10

Premium Paying Term (PPT) in years

Single Pay or Regular pay

Premium paying frequency

Annual

Yearly Premium

100 for Regular Pay

400 for Single Pay

5200

Sum Assured

5,000

50,000

 

Details about Premium

Annual Premium in rupees and the corresponding Sum Assured

 

 

Sum Assured

Regular Premium

Single Premium

Term

5 yrs.

10 yrs.

5 yrs.

10 yrs.

5 yrs.

10 yrs.

5 yrs.

10 yrs.

Age

Premium = Rs.100

Premium = Rs.200

Premium = Rs.400

Premium = Rs.800

30 yrs.

17,922

16,577

35,843

33,155

20,893

11,551

41,785

23,102

35 yrs.

16,274

15,052

32,548

30,105

18,579

9785

37,158

19,570

40 yrs.

13,605

11,947

27,211

23,894

15,037

7446

30,073

14,893

45 yrs.

10,196

8610

20,392

17,220

10,846

5203

21,691

10,406

 

Exclusions

  • In case of suicide within 12 months of policy inception or revival only 80% of the premiums paid is refunded
  • 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 or if death occurs 6 months after the accident.

Policy Details

Grace Period: grace period of 30 days is allowed for premium payment

Policy Termination or Surrender Benefit: the policy acquires a Surrender value only in case of Single Premium where the value is 60% of the Single Premium paid.

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.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history.