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IDBI Federal Termsurance-Level Term Plan

Objective

This is a plain term insurance policy that aims to help family members tide over financial difficulties and maintain same standard of living in case of death of breadwinner.


What does it do?

The policy offers a level term cover where the sum assured remains constant throughout the policy term and is paid as death benefit in case of unfortunate death of the policyholder.
The plan allows single and limited premium policyholders to surrender their policy after paying all premiums. The surrender value, however, is not guaranteed and may change as per IRDA guidelines.


Pros

The policy offers flexible premium payment options for convenience.
Premium discounts are available for women. High sum assured policies also get discount.
Policyholders are allowed to surrender their policies in the event of an emergency.
Premiums qualify for taxation benefits.


Cons

Surrender value subject to change as per IRDA guidelines.


Suited for

A plain term insurance policy is recommended for everyone.


Our View

A level term plan is the most economical way of securing your life. You should consider regular premium payment option as single premium policies may turn out to be expensive because you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.  

Eligibility
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)75
Policy Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
Minimum500000
MaximumNo limit
Premium Payment FrequencySingle, Yearly, Half-yearly, Quarterly, Monthly
Premium Payment TermSingle, 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 CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn 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 ValueAllowed only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For Limited Premium Payment
= 75% x {(Policy term less policy duration in complete years) / Policy term} x Total premiums paid.
For Single premium policies
= 75% x {(Policy term less policy duration in complete years) / Policy term} x Single premium
Customer Service 
AddressIDBI 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 On1800 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)
253035404550556065
102835322540356307907813379203493173952581
15286534054515717410574157932441239219NA
203045382551908449125631905730090NANA
25337543656090100471511323358NANANA
303795507071851201918360NANANANA
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)
253035404550556065
102655295534805151724210642157932412338709
1526703030375058148364123931875129359NA
20276032854275678398601480722831NANA
2529703690495079731178117952NANANA
30328542305790946914195NANANANA
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)
253035404550556065
10192002187027750439626366593874141678217090346630
1526535318754287068782101456150484228276353923NA
2034335436505989598073145044216563331109NANA
25435155692579995131835195925295052NANANA
305385072570103170171275256360NANANANA
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)
253035404550556065
10182701992023730355645055874664110517167042261596
152451028200353405543780257118660177548271439NA
2030960372454899078489114274170119256768NANA
25380254789564845104907154071230928NANANA
30463206024082995135813201093NANANANA
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 under Limited Pay -3 year option
Policy Term (in years)Age (in years)
253035404550556065
1088659645114301705124123355475258179628125273
1511805135301690526401381145630484286129200NA
20148351779023325372475414580580121754NANA
251815022800307804969172896109276NANANA
302205028605393156424395047NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.
Annual Premium Option for Male under Limited Pay -3 year option
Policy Term (in years)Age (in years)
253035404550556065
109300105601333521012303284465967473103700166838
15127501527020445326914814471383108511168878NA
201642520805284554649568697102612157267NANA
252074527045379206239092684139689NANANA
3025605344104882580971121176NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.

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