Ageas Federal iSurance Online Term

IDBI’s iSurance Online Term Plan Review

IDBI’s iSurance is an online term plan that provides a large life insurance cover in the range of Rs. 50 Lakh-80 Crore by paying an annual premium for the term or duration of the policy. It also provides an additional death benefit option. There are discounts on premium for opting a cover higher than Rs 75 lakhs and above.

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Key Features

• Life cover of upto Rs. 2 crore with an optional accidental death cover
• Discounts for high sum assured as follows:

SUM ASSURED (Rs.)	DISCOUNT IN PREMIUM PER SUM ASSURED (IN )
75,00,000 - 99,99,999	0.025
1,00,00,000	0.050

 

• Special discounts for women applicants
• Policy provided after medical examination
• Tax benefits on premium paid and benefits received as per Income Tax Act 1961
• Option to endorse the plan under Married Women’s Property Act, 1874, to ensure that life cover is paid only to your wife and/or children

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Benefits under IDBI iSurance Online Term

• Benefits under IDBI iSurance Online Term

• Death Benefit: The nominee of the life assured gets sum assured upon the death of the policy holder. For example 
• Maturity Benefit: Since this is a pure term insurance, there is no maturity benefit under this plan
• Income Tax Benefit: Tax benefits under section 80 C and 10 (10D) are applicable as per provisions of the Income Tax Act 1961

 

Eligibility & Other Restrictions under IDBI’s iSurance

 

AGE AT ENTRY	Minimum: 18 years (as of last birthday) Maximum: 50 years (as of last birthday)
LIFE COVER	Minimum: 50 lacs Maximum: 30 crore. We assess your health and financial profile before we offer the life cover.
ACCIDENTAL DEATH BENEFIT (ADB)	Maximum: Rs. 2 Crore - The premium for ADB can be amaximum of 30% of the premium for life cover, and - The maximum ADB cover is equal to the Life cover
POLICY TERM	Minimum: 10 Years Maximum: 25 Years
PREMIUM PAYMENT TERM	It is the same as the policy term.  For example, for 10 years policy term, you pay premium for 10 years
PREMIUM PAYMENT FREQUENCY	Annual

 

Additional Features and Benefits of IDBI Federal iSurance Online Term Insurance Plan

In case of your unfortunate death during the policy termwewill pay your beneficiary the highest of the 3 amounts given below:

• Life cover asmentioned in the policy schedule
• 105% of all the premium paid till the date of death
• 10 times the annual premium (if you are less than 45 years) or 7 times the annual premium (if you are 45 years or above)

What happens when?

What if I want to cancel after buying this plan?
No problem. You can cancel the plan within 30 days from the date of commencement of your plan. This is your free look period.Wewill refund you the premium amount after deducting charges for the period youwere covered and cost incurred on stamp duty andmedical tests, if any.

What if premiums are not paid on time?
If for some reason you cannot pay the premium on the due date, you get a grace
period of 30 days. During this time, your policywill be active. In case of your death
during this period,wewill pay the life cover to your beneficiary after deducting the
premium amount due.