IDBI Federal Termsurance-Level Term Plan

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.

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.

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 remains fixed for the tenure of the policy

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
= 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

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	2835	3225	4035	6307	9078	13379	20349	31739	52581
15	2865	3405	4515	7174	10574	15793	24412	39219	NA
20	3045	3825	5190	8449	12563	19057	30090	NA	NA
25	3375	4365	6090	10047	15113	23358	NA	NA	NA
30	3795	5070	7185	12019	18360	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	2655	2955	3480	5151	7242	10642	15793	24123	38709
15	2670	3030	3750	5814	8364	12393	18751	29359	NA
20	2760	3285	4275	6783	9860	14807	22831	NA	NA
25	2970	3690	4950	7973	11781	17952	NA	NA	NA
30	3285	4230	5790	9469	14195	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	19200	21870	27750	43962	63665	93874	141678	217090	346630
15	26535	31875	42870	68782	101456	150484	228276	353923	NA
20	34335	43650	59895	98073	145044	216563	331109	NA	NA
25	43515	56925	79995	131835	195925	295052	NA	NA	NA
30	53850	72570	103170	171275	256360	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	18270	19920	23730	35564	50558	74664	110517	167042	261596
15	24510	28200	35340	55437	80257	118660	177548	271439	NA
20	30960	37245	48990	78489	114274	170119	256768	NA	NA
25	38025	47895	64845	104907	154071	230928	NA	NA	NA
30	46320	60240	82995	135813	201093	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 under Limited Pay -3 year option
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	8865	9645	11430	17051	24123	35547	52581	79628	125273
15	11805	13530	16905	26401	38114	56304	84286	129200	NA
20	14835	17790	23325	37247	54145	80580	121754	NA	NA
25	18150	22800	30780	49691	72896	109276	NA	NA	NA
30	22050	28605	39315	64243	95047	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 Male under Limited Pay -3 year option
Policy Term (in years)	Age (in years)
Policy Term (in years)	25	30	35	40	45	50	55	60	65
10	9300	10560	13335	21012	30328	44659	67473	103700	166838
15	12750	15270	20445	32691	48144	71383	108511	168878	NA
20	16425	20805	28455	46495	68697	102612	157267	NA	NA
25	20745	27045	37920	62390	92684	139689	NA	NA	NA
30	25605	34410	48825	80971	121176	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-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.

Our View

Suited for

A plain term insurance policy is recommended for everyone.

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 remains fixed for the tenure of the policy

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.