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IDBI Federal Termsurance Premier Insurance Plan
| Objective | This policy aims to protect the family from financial turbulence in the event of death of policyholder. |
| What does it do? | This is a simple term insurance plan that pays sum assured to the nominee on unfortunate demise of the life insured. There is no maturity or surrender value. |
| Pros | The policy offers lower premium rates for females and non tobacco users. |
| Cons | The policy is not suitable for anyone who needs life cover lesser than Rs 1 crore. |
| Suited for | The policy provides minimum coverage of Rs 1 crore, which makes it suitable for those who require a higher life cover. |
| Our View | Minimum sum assured is Rs 1 crore which makes the policy apt for those with bigger responsibilities and liabilities. |
| Eligibility | |
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 70 |
| Maximum Maturity Age (years) | 75 |
| Policy Term (years) | |
| Minimum | 5 |
| Maximum | 30 |
| Sum Assured (Rs) | |
| Minimum | 10000000 |
| Maximum | No limit |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly |
| Premium Payment Term | Equal to policy term |
| 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 (15 days for monthly option) from the due date. 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. |
| Customer Service | |
| Address | IDBI Federal Life Insurance Co Ltd |
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
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