IDBI Federal Termsurance- Increasing Term Plan

What does it do?

The sum assured increases at 10 per cent annually to minimize the impact of rising inflation and higher cost of living. The nominee receives the increased sum assured as death benefit on death of the insured.
Single and limited premium policies can be surrendered after payment of all the premiums. The surrender value, however, is not guaranteed and may change as per IRDA guidelines in future.

Pros

The policy offers flexible premium payment options for policyholder's convenience. It offers premium discounts for women and high sum assured policies.

Policyholders are allowed to surrender the policy in event of an emergency.

Premiums paid towards this policy qualify for taxation benefits.

Cons

Premiums are higher as compared to plain term insurance plans.

Surrender value is subject to change as per IRDA guidelines.

Entry Age (years)

Minimum

18 Maximum

65 Maximum Maturity Age (years)

75

Policy Term (years)

Minimum

10 Maximum

30

Sum Assured (Rs)

Minimum

500000

Maximum

No limit

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Single, equal to policy term, Limited (3 and 5 years)

Premium Factor (multiply with annual premium)

Semi Annual: 0.51 ; Quarterly: 0.26; Monthly: 0.09

Policy Cover

Cover keeps increasing @ 10% on an annual basis

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date (15 days for monthly option). If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Surrender Value

Allowed only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For Limited Premium Payment
= 85% x {(Policy term less Policy duration in complete years) / Policy term} x Total premiums paid
For Single premium policies
= 85% x {(Policy term less Policy duration in complete years) / Policy term} x Single Premium

Customer Service

Address

IDBI Federal Life Insurance Co Ltd
First Floor, Tradeview,
Oasis Complex, Kamala City,
P. B. Marg, Lower Parel (West),
Mumbai - 400 013, Maharashtra.

Mail To

[email protected]

Call On

1800 102 5005 for non MTNL subscribers and 1800 22 1120 for MTNL subscribers from 8A.M to 8 P.M

SMS

Term' to 5757515

Annual Premium Option for Male
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	4017	4665	6009	9203	13457	20132	30847	48505	80759
15	4615	5744	8018	12424	18672	28302	44108	71520	NA
20	5644	7570	10773	17177	25988	39979	63742	NA	NA
25	7254	10026	14674	23585	36081	56604	NA	NA	NA
30	9379	13413	19854	32254	50125	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

Annual Premium Option for Female
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	3818	4183	5096	7351	10609	15860	23781	36686	59310
15	4200	4980	6474	9879	14632	21983	33678	53329	NA
20	4963	6258	8632	13528	20185	30776	48113	NA	NA
25	6092	8167	11637	18423	27857	43165	NA	NA	NA
30	7752	10773	15621	25062	38430	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

Single Premium Option for Male
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	27440	32138	41981	64845	95105	142062	215576	332593	533288
15	43874	55112	77522	120737	180866	271468	414331	647333	NA
20	65636	88860	127007	202048	302867	457353	704346	NA	NA
25	96645	134394	196760	313921	472287	719494	NA	NA	NA
30	137581	197108	290434	465612	705556	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

Single Premium Option for Female
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	25996	28735	35325	51460	74920	112140	167373	254860	401746
15	39757	47459	62250	95764	142062	212229	320756	494929	NA
20	57469	72990	101526	159506	236811	356463	544021	NA	NA
25	80908	109112	156206	246566	368852	559365	NA	NA	NA
30	113395	158298	229196	365025	550162	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

Annual Premium Option under Limited Pay- 3 year option for Male
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	13214	15421	20053	30865	45159	67426	102510	158740	256534
15	20949	26228	36786	57174	85600	128569	196743	308634	NA
20	31175	42098	60075	95479	143130	216359	334213	NA	NA
25	45766	63528	92894	148149	223016	340211	NA	NA	NA
30	65022	93026	136983	219581	333002	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

Annual Premium Option under Limited Pay- 3 year option for Female
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	12533	13811	16915	24546	35618	53240	79477	121343	192240
15	19007	22626	29581	45408	67248	100463	152030	235334	NA
20	27324	34628	48057	75401	111891	168530	257637	NA	NA
25	38363	51626	73787	116376	174102	264294	NA	NA	NA
30	53635	74766	108132	172144	259506	NA	NA	NA	NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

IDBI Federal Termsurance- Increasing Term Plan

Objective

This is an increasing term plan that aims to match the insurance cover with improvement in standard of living.

Our View

The plan fights inflation but charges higher premiums as compared to level term plans. Before going for such plans evaluate your needs and go through the policy conditions and costs thoroughly.

Suited for

Such plans are more suitable for those who expect their responsibilities to rise in future.

What does it do?

Pros

Cons

Eligibility

Entry Age (years)

Minimum

18

Maximum

65

Maximum Maturity Age (years)

75

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

500000

Maximum

No limit

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Single, equal to policy term, Limited (3 and 5 years)

Premium Factor (multiply with annual premium)

Semi Annual: 0.51 ; Quarterly: 0.26; Monthly: 0.09

Policy Cover

Cover keeps increasing @ 10% on an annual basis

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date (15 days for monthly option). If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Surrender Value

Customer Service

Address

IDBI Federal Life Insurance Co LtdFirst Floor, Tradeview,Oasis Complex, Kamala City,P. B. Marg, Lower Parel (West),Mumbai - 400 013, Maharashtra.

Mail To

[email protected]

Call On

1800 102 5005 for non MTNL subscribers and 1800 22 1120 for MTNL subscribers from 8A.M to 8 P.M

SMS

Term' to 5757515

Cost Details

IDBI Federal Life Insurance Co Ltd
First Floor, Tradeview,
Oasis Complex, Kamala City,
P. B. Marg, Lower Parel (West),
Mumbai - 400 013, Maharashtra.