IDBI Federal Lifesurance Whole Life Savings Insurance Plan
Product Info
UIN
135N035V01
Status
Active
Launch Date
21/08/2014
Withdrawn Date
Product Overview
IDBI FEDERAL Lifesurance Savings Insurance Plan - a fixed-term participating endowment policy that provides the customer with twin benefits of longterm savings and life cover. It is a guaranteed plan that allows the customer to accumulate considerable savings to meet your responsibilities in life.
Product Description
- Life cover till 100 years of age.
- Additional lump sum payout on policy anniversary after you touch 100 years of age.
- Enhanced protection option with Accidental Death Benefit.
- Lump sum payout at the end of your chosen premium payment term.
- Vested guaranteed additions and bonuses to boost your savings.
COMPARE & BUY SIMILAR PLANS
Unique Features
- “IDBI Federal Lifesurance Whole Life Savings Insurance Plan “is a non-linked participating whole life savings plan, which gives 2 Lump Sum Payout, first at the end of your premium payment term and second when you reach 100 years of your age.
- Guaranteed Additions and Non-Guaranteed reversionary bonuses grow the corpus, where the Guaranteed Additions are paid for the first 5 policy years @ 5% of the Sum Assured and Reversionary bonus is paid from the 6th policy year till the end of term.
- Option to enhance financial protection with Accidental Death benefit.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Age at entry (last birthday) | 18 Years | 55 years (Subject to a maximum age at the end of PPT being 75 years) for cover without Accidental Death Benefit | |||
| • 53 years (subject to maximum age at the end of PPT being 65 years for cover with Accidental Death benefit |
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| Age at maturity (last birthday | 100 Years | ||||
| Premium Payment frequency | Yearly, half yearly, quarterly and monthly | ||||
| Premium (exclusive of service tax and education cess) | Rs. 10,000 per annum for all modes except for monthly mode Rs.12,000 per annum for monthly mode |
No limit subject to underwriting approval | |||
| Premium payment frequency | Yearly, Half-Yearly, Quarterly, Monthly | ||||
| Modal frequency factor | 0.51 for half yearly, 0.26 for quarterly and 0.09 for monthly mode | ||||
| Guaranteed sum assured | Depending on age at entry and premium payment term | No limit (subject to underwriting) | |||
| Premium Payment term | 12 years | 30 years | |||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
Higher of (Guaranteed sum assured, 10 times annual premium or 105% of all premiums paid) + Vested reversionary bonuses (accrued from the year after the end of PPT till 100 years of age) + Terminal bonus (if any).
- Death Benefit: In the event of your unfortunate death during the policy term, the minimum amount guaranteed to be paid out to your nominee will be the death sum assured which is the highest of:
- 10 times the annualized premium
- Guaranteed sum assured
- 105% of all the premiums paid as on the date of death
- Accidental Death Benefit:
In addition to the benefit payable, your nominee gets ‘Accidental Death Benefit’. This is an additional amount equal to the sum assured, subject to a maximum limit of Rs 50 lac. For more details on ‘Accidental Death Benefit’, read through the Enhanced protection with Accidental Death Benefit (ADB) section.
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 are paid monthly, quarterly or half-yearly, the guaranteed additions are added on a pro rata basic | ||||||
| Guaranteed Sum Assured (GSA) | This is the base sum assured amount that you choose at the beginning of the policy | |||||
| This amount is guaranteed to be paid on survival at the end of premium payment term in accordance with the terms and conditions of the policy. | ||||||
| Bonuses | Reversionary Bonuses | The bonus rate applicable from the 6th year till the end of the premium payment term, and The bonus rate applicable from the year after the end of premium payment term till maturity. |
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| Terminal Bonus | Terminal bonus is paid, on maturity or death, provided all the due premiums have been paid. | |||||
| Notes :- The company may declare an interim bonus in the event of a claim made before the subsequent bonus declaration | ||||||
| Advantage women | Get additional discount on the premium for a female life insured | |||||
| 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 | The policy will acquire GSV, if all premiums have been paid for at least 3 consecutive years. | |||||
| (GSV) = ‘Percentage of total premiums paid’ + ‘Percentage of vested guaranteed additions + vested bonuses before the end of PPT’ and ‘Percentage of vested bonuses after the end of PPT’ | ||||||
| Special surrender value | Depending on the prevailing market conditions, the company may pay SSV which is higher than the GSV | |||||
| The minimum special surrender value will be equal to GSV. | ||||||
| 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 Guaranteed Sum Assured = Guaranteed Sum Assured x { Number of full year premiums paid / Total number of full year premiums payable during the entire policy term } | ||||||
| Reduced Death Sum Assured = Death Sum Assured x { Number of full year premiums paid / Total number of full year 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 | ||||||
| Application for revival is made within 2 years from the due date of the first unpaid premium. | ||||||
| The insured person has furnished satisfactory evidence of health and other requirements as per the Company’s Board approved underwriting guidelines | ||||||
| Arrears of premium together with interest, at such rate as decided by the Company from time to time have to be paid along with the revival application. The interest rate will be 3% more than the 10-year yield of Government securities | ||||||
Add-ons
- Accidental Death Benefit (ADB) :
This add-on plan provides an additional insurance cover in case of an accidental death resulting from an accident. The cover amount will be paid to your family.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
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 Whole Life 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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