IDBI Federal Lifesurance Suvidha Savings Insurance Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
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.
Product Description
- Hassle-free enrolment, with no medical tests or lengthy documentation
- Get an insurance cover of up to Rs.3 lakhs
- Get additional financial support in the unfortunate event of an accidental death
- Reversionary bonuses from 4th policy anniversary onwards and a terminal bonus added at the time of maturity, or on earlier death
COMPARE & BUY SIMILAR PLANS
Unique Features
- "IDBI Federal Lifesurance Suvidha savings Insurance Plan" is a Non-Unit-Linked / Endowment plan. It simplifies the entire process of creating a long term savings plan to an easy 3-step process with no medicals.
- There is Guaranteed Additions of Rs 50 per Rs 1000 sum insured for the first 3 policy years , After the 3rd policy year, from the 4th year onwards the policy starts to participate in the Bonus, both Guaranteed Additions + Bonus is paid on policy maturity or on earlier death
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| 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 | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit :
Sum Assured + 5 % Guaranteed Addition for the first 3 year of the policy + Reversionary bonuses from the 4th policy year onwards + Terminal bonus - Death Benefit :
Sum Assured + Reversionary bonus + Terminal Bonus
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| 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. | |||||
Add-ons
- Accidental Death Benefit(In Built Rider):
In the unfortunate event of an accident during the policy term, and provided the death occurs within a period of 90 days from the date of the accident, the plan will pay the beneficiary a lump sum amount equal to the Sum Insured, in addition to the other eligible death benefits.
Exclusions
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.
Claim Process
Know Claim Process of IDBI Federal Lifesurance Suvidha savings Insurance Plan
Company Overview
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
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