IDBI Federal Termsurance Increasing Cover
IDBI Federal Life Termsurance Increasing Cover Plan
IDBI Federal Termsurance – Increasing Cover is a term plan where the sum assured keeps increasing by a certain percentage every year to keep up the pace of the growing liabilities of the policyholder. In this policy, if the life insured dies within the policy tenure, then the nominee would receive the sum assured as Death Benefit which corresponds to the value on the year of death. If the policyholder survives till the end of the term, then there is no Maturity Benefit provided.
Key Features
Benefits
In case of death of the policy holder, the nominee gets the increased sum assured under the plan at the year of death. The sum assured keeps rising by 10% of the base sum assured each year.
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
No riders are available in this policy
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 5,00,000 | No Limit |
| Policy Term (in years) | 10 | 30 |
| Premium Payment Term (in years) | Single | Equal to policy term |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | - | 75 |
| Single premium | Not Specified | Not Specified |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
What happen if you stop paying the premium ?The policy would lapse if the premiums are not paid within the grace period and all benefits would also stop. However, there is an option to revive the policy within 2 years from the date of first unpaid premium.
What happen if you want to surrender the policy ?Option to surrender is available after 3 years only in single, 3-pay and 5-pay options only and there is no guarantee of the surrender value.
What happen if you want a loan against your policy ?Loan facility is not available under this policy.
