IDBI Federal Termsurance Premier Plan
IDBI Federal Termsurance Premier Insurance Plan
IDBI Federal Termsurance Premier Insurance Plan is a pure Term Insurance Plan for the high net worth individuals. This is a traditional plan without Bonus facility.
In this plan, premium needs to be paid till the end of the Policy Term. This is a pure term plan for the high net worth individuals since the minimum coverage is Rs 1 crore. This is a plan where the nominee would get the entire Sum Assured as Death Benefit if the Life Insured dies within the policy tenure. Being a pure term plan, there is no Maturity Benefit. There is uniform cover throughout the policy term.
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. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
No riders are available in this policy
|Sum Assured (in Rs.)||1,00,00,000||No Limit|
|Policy Term (in years)||5||30|
|Premium Payment Term (in years)||Equal to policy term|
|Entry Age of Policyholder||18||70|
|Age at Maturity||-||75|
|Payment modes||Yearly, Half-Yearly, Quarterly and Monthly|
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.
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.
Loan facility is not available under this policy.