The IDBI Federal Lifesurance Suvidha Savings Insurance Plan simplifies the entire process of creating a long term savings plan to an easy 3-step process. With Lifesurance, you can create a savings plan that helps you achieve your financial goals as well as protect your loved ones in the unfortunate event of your death.
Eligibility Criteria | |||||
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Minimum | Maximum | ||||
Age at Entry (Last Birthday) | 18 Years | 50 Years | |||
Age at Maturity (Last Birthday) | - | 65 Years | |||
Premium payment frequency | Yearly only | ||||
Premium Payment Term | 10 , 12 , 15 , 20 years | ||||
Policy Term | 15 , 18 , 20 , 21 , 25 years |
Feature | Description | |||||
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Surrender Value | On surrender, the higher of the Guaranteed Surrender Value and the Special Surrender Value will be paid.Guaranteed Surrender Value will not be less than 30% of the amount of premiums excluding the first year premium that you have paid.Special Surrender Value, will be higher than the Guaranteed Surrender Value.The special surrender values are not guaranteed and may be changed at any time. | |||||
Notes:- The policy can be surrendered at any time after completion of three years from the date of commencement of your policy provided three full year's premiums have been paid |
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Grace Period | The grace period of 30 days is effective from the due date of the first unpaid premium. |
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Lapse | During the first three policy years, if the premium due is not paid before the end of the grace period, the policy would lapse. No benefits are payable under a lapsed policy. | |||||
Reduced Benefit | Reduced sum assured = Sum Insured x Number of full years premiums paid / Total number of full years premiums payable during the entire policy term.After the third policy year when 3 full years’ premiums are paid.In case the reduced Sum Insured is less than Rs. 10,000, we will pay you the surrender value (as described in the section on General Terms) and terminate the policy.No accidental death benefit would be payable if the policy is in lapsed or paid-up status | |||||
Reinstatement | Reinstatement is made within two years from the due date of the first unpaid premium.Once the policy has been reinstated, thereafter the policy is entitled to receive all benefits.We will charge 3% more than the 10-year Government bond rate for the arrears in premium.These rates will remain fixed between the periods of half-yearly review. | |||||
Loans | We will charge 3% more than the 10-year Government bond rate for the money paid as loan. | |||||
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Know Claim Process of IDBI Federal Lifesurance Suvidha savings Insurance Plan
DBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.