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.
Key Features
Life cover of upto Rs. 2 crore with an optional accidental death cover
| 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
Benefits
Benefits under IDBI iSurance Online Term
The nominee of the life assured gets sum assured upon the death of the policy holder.
In case of your unfortunate death during the policy term will 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)
Since this is a pure term insurance, there is no maturity benefit under this plan
Tax benefits under section 80 C and 10 (10D) are applicable as per provisions of the Income Tax Act 1961
Eligibility
| 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 |
FAQs
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.
