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IDBI Federal Homesurance Plan

Sample Premiums for this plan
The below illustration is for a healthy male of 30 years opting for a Home Loan coverage of Rs 10 lakhs for period 15, 20 and 25 years
10 Lakhs Cover
2,295
10 Lakhs Cover
17,797
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Maturity Benefit
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5 additional riders
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Loan tenure

IDBI Federal Homesurance Plan

IDBI Federal Homesurance Plan is a Decreasing Term Plan for Home Loans. It can be taken to cover your home loan amount as the cover decreases over a period of time.

How it works – In this plan, premium can be paid in a lumpsum under Single Payment Option or maximum till 2/3rd of the Loan Tenure under Regular Payment Option.

Being a pure protection plan, there is no maturity benefit under this plan. However, if the Life Insured dies within the Policy Tenure, an equal amount of the Home Loan Liability as per the home loan schedule would be paid to the nominee to pay off the outstanding home loan liability. This policy pays for the outstanding loan amount even if the same is higher than the one mentioned in the policy schedule due to interest rates fluctuations.

This plan has an inbuilt feature of Terminal Illness coverage. On diagnosis on any terminal illness of the Life Insured, the death benefit is paid ahead of time so as to help in home loan liability settlement.

There are 5 additional riders available in this plan as well.

Compare this plan with other Term Plans

IDBI Federal Homesurance Plan - Key Features

It is a Decreasing Term Plan without bonus
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There are 2 payment options in this plan
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  • Single Payment Option
  • Regular payment Option, where the premium paying term is till 2/3rd of the Loan Tenure

There is no Maturity Benefit in this plan
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This plan has an inbuilt feature of Terminal Illness covera
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There are 5 additional riders available in this plan
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This policy provides coverage of the construction period as well for 3 years over and above the loan tenure
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The policy provides coverage irrespective of home loan interest rates fluctuations in fixed as well as floating rates
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IDBI Federal Homesurance Plan - Benefits

Death Benefit

 In case of death of the Life Insured within the Policy Tenure, the nominee gets an amount equal to the Home Loan Outstanding Liab...

Maturity Benefit

Being a pure protection plan, there is no Maturity Benefit in this plan.

Income Tax Benefit

 Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C an...

Riders

There are 5 additional riders available with this plan
Accidental Death and Disablement Benefit...

Eligibility conditions & other restrictions in IDBI Federal Homesurance Policy

 
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
2,00,00,000
Policy Term (in years)
5
2/3rd of Loan Tenure
Premium Payment Term (in years)
Single under Single Payment
2/3rd of Loan Tenure under Regular payment
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
70
Payment modes
Single, Annual, Semi-Annual, Quarterly and Monthly

IDBI Federal Homesurance Plan - FAQs

angle right iconWhat happen if you stop paying the premium ?

If the policy holder stops paying the premium, under Regular Scheme, the policy lapses and all benefits cease. The policy can however be reinstated within a period of 2 years from the due date of the first unpaid premium.

angle right iconWhat happen if you want to surrender the policy ?

There are no Surrender Benefits in this plan under Regular Payment Option. However, under Single Payment Option, Surrender Value is provided on a reducing basis as a percentage of initial Single Premium.

angle right iconWhat happen if you want a loan against your policy ?

Loan facility is not available with this plan.