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
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.
Suited for
A plain term insurance policy is recommended for everyone.
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.
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
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
Cost Details
| Annual Premium Option for Male | |||||||||
| Policy Term (in years) | Age (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) | ||||||||
| 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) | ||||||||
| 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) | ||||||||
| 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) | ||||||||
| 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) | ||||||||
| 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. | |||||||||
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