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)
Policy Cover
Cover remains fixed during the policy term
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.
Maturity Value
Policy refunds all basic premiums (excluding extra premiums paid if any) on survival at maturity.
Surrender Value
Allowed only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For limited and regular payment option
= 75% x {(policy duration in complete years) / Policy term} x total premiums paid
For Single premium policies
=75% x {( 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.
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
