IDBI Federal Termsurance Level Cover
IDBI Federal Termsurance Level Cover
IDBI Termsurance is a vanilla level cover term insurance plan with the basic benefits of term insurance where the nominee would get the sum assured if the life insured dies within the policy tenure and nothing would be payable if he survives. There is uniform cover throughout the policy term.
Key Features
Benefits
In case of death of the policy holder, the nominee gets the sum assured under the plan
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,00,000 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 ?If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 2 years of lapsation by paying up all due premiums with interest.
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.
