IDBI Federal Lifesurance Savings Insurance Plan
Product Info
UIN
135N024V01
Status
Withdrawn
Launch Date
03/08/2011
Withdrawn Date
31/12/2013
Product Overview
IDBI Federal Lifesurance Savings Insurance Plan - a fixed-term participating endowment policy that provides you with the twin benefits of long term savings and life cover. It is a guaranteed plan that allows you to accumulate considerable savings to meet your responsibilities in life.
Product Description
- Lump sum payout at maturity.
- Guaranteed additions to safeguard your savings.
- Bonuses to boost your savings.
- Financial protection against uncertainty.
- Flexibility to choose options as per your needs.
COMPARE & BUY SIMILAR PLANS
Unique Features
- First 5 years of the policy, you get guaranteed additions at the rate of Rs.50 per Rs.1,000 of maturity sum insured.
- The reversionary bonuses and terminal bonus bonuses will be declared by the Company each year after 5th policy year subject to surplus being emerged.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Age at entry (last birthday) | 18 Years | 65 Years | |||
| Age at maturity (last birthday | - | 75 Years | |||
| Premium Payment frequency | Yearly, half yearly, quarterly and monthly | ||||
| Premium | - | Yearly Mode | Rs. 20,000/- | ||
| Half - Yearly Mode | Rs. 10,000/- | ||||
| Quarterly Mode | Rs. 5,000/- | ||||
| Monthly Mode | Rs. 2,500/- | ||||
| Sum Insured | Depends on age, premium payment and policy term | No limit (subject to underwriting) | |||
| Premium Payment term | 5 years (Policy terms of 15,20 and 25 years) | Equal to Policy term | |||
| 6 years (Policy term of 10 years) | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
Maturity sum insured + Vested guaranteed additions +Vested reversionary bonuses, if any + Terminal bonus, if any - Death Benefit :
Death sum insured + Vested guaranteed benefits, accrued till date of death + Vested reversionary bonuses, accrued till date of death + Interim bonus, if any, + Terminal bonus, if any
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | Guaranteed additions at the rate 50 per 1,000 sum insured will be added to your policy for each full annual premium that is due and paid in the first 5 years of the policy | |||||
| In the case of premiums paid more frequently than annually, the guaranteed additions will be added on a pro rata basis as the due premiums are paid in the first 5 years of the policy. | ||||||
| The vested guaranteed additions will become payable along with the sum insured at the time of a claim or maturity of the policy. | ||||||
| Bonuses | Reversionary Bonuses | Company will start declaring Reversionary bonuses in the plan after the 5th policy year. | ||||
| Terminal Bonus | The Company may also declare a terminal bonus to be paid on maturity or death provided all the due premiums have been paid. |
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| Notes :- The company may declare an interim bonus in the event of a claim made before the subsequent bonus declaration | ||||||
| Advantage women | Lifesurance offers an additional premium discount for female insured persons. | |||||
| The basic premium payable for a woman will be equivalent to the premium for a corresponding 3 year younger man. | ||||||
| High Sum Insured Rebate | Lifesurance offers attractive premium discounts, if the sum insured purchased is Rs. 10 lakhs or above. The rebate offered is as mentioned in the table below: | |||||
| Sum Insured (Rs.) | Rebate (in Rs. per thousand of the Sum Insured) | |||||
| 10,00,000 – 24,99,999 | 1 | |||||
| 25,00,000 and above | 2 | |||||
| Surrender Value | The surrender value on a Lifesurance policy is available at any time after completion of three years from the date of commencement of your policy | |||||
| On surrender, the higher of the Guaranteed Surrender Value and the Special Surrender Value will be paid | ||||||
| Guaranteed surrender value | Guaranteed Surrender Value will not be less than 30% of the amount of premiums excluding the first year premium, extra premiums (if any) and premiums for rider benefits (if any) that you have paid. |
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| Special surrender value | The Company, at its discretion, may also pay a Special Surrender Value which may be higher than the Guaranteed Surrender Value | |||||
| The special surrender values are not guaranteed and may be changed at any time, subject to the prior approval of the IRDA | ||||||
| Loans | Loan amount granted will be 85% of surrender value available under the policy | |||||
| You can avail of the loan facility from IDBI Federal after the policy acquires surrender value | ||||||
| Reduced Paid - Up | Paid-up values are available after three full years’ premiums have been paid | |||||
| After the policy has acquired a paid-up value, if premiums are not paid within the grace period, the policy will be made a paid-up policy, with reduced benefit | ||||||
| Reduced Benefit = Death sum assured x Number of full year’s premiums paid / Total number of full year’s premiums payable during the entire policy term | ||||||
| Lapse / Reinstatement | If during the first three years’ premium due is not paid before the end of the grace period, your Lifesurance policy will lapse | |||||
| If after the third policy year the premium due is not paid before the end of the grace period, the policy shall acquire a paid-up value with reduced benefits | ||||||
| You can reinstate the policy: By paying arrears of premium together with interest at such a rate as decided by IDBI Federal from time to time, and |
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| By furnishing satisfactory evidence of health and satisfy other requirements according to the underwriting guidelines of IDBI Federal. | ||||||
| No benefits will be payable where the policy has lapsed. | ||||||
Add-ons
No Riders are available in the product.
Exclusions
Benefits under the plan are not payable if the insured member, whether sane or insane, commits suicide within 12 months from the date of commencement of the policy or from the date of policy issue or from the date of its reinstatement whichever is later.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of IDBI Federal Lifesurance Savings Insurance Plan
Company Overview
IDBI 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
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