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IDBI Federal Lifesurance Savings Insurance Plan

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IDBI Federal Lifesurance Savings Insurance Plan

IDBI Federal Lifesurance Savings Insurance Plan is a fixed-term participating Endowment Plan. It is a Traditional Plan with Bonus facility.
 
How it works – In this plan, premium needs to be paid for a minimum tenure of 5-6 years, depending upon the Policy Tenure chosen upto a maximum till the end of the Policy Tenure. The policy can be opted for policy tenure of 10, 15 20 and 25 years.
 
In this plan, there is Guaranteed Additions of Rs 50 per Rs 1000 sum insured for the first 5 policy years, which is payable along with sum insured on policy maturity or on earlier death. After the 5th policy year, the policy starts to participate in the Bonus, which again is paid on policy maturity or on earlier death.
 
On survival till policy maturity, the Sum Insured + vested Guaranteed Additions + vested Reversionary Bonuses + Terminal Bonus, if any, would be paid to the policyholder in a lump sum as Maturity Benefit, provided all premiums have been paid. However, if the life insured dies within the policy tenure, the Sum Insured + vested Guaranteed Additions + vested Reversionary Bonuses + Interim Bonus + Terminal Bonus, if any, would be paid in a lump sum as Death Benefit and the policy terminates.
 
 

Key Features of IDBI Federal Lifesurance Savings Insurance Policy

  • It is a participating endowment plan
  • There is Guaranteed Additions in this plan for the first 5 policy years and then Bonus thereafter
  • On death of the Life Insured within the policy tenure, Sum Insured + vested Guaranteed Additions + vested Reversionary Bonuses + Interim Bonus + Terminal Bonus, if any, would be paid as Death Benefit
  • On survival till the end of the policy tenure, the policyholder gets 100% sum insured + vested Guaranteed Additions for first 5 years + vested Revisionary Bonuses declared from 6th year onward + Terminal Bonus (if any) as Maturity Benefit
  • This plan offers rebate for High Sum Assured of Rs 10 lakhs and above
  • There is an additional premium discount for female life insured
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

Benefits you get from IDBI Federal Lifesurance Savings Insurance Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Insured + vested Guaranteed Additions + vested Reversionary Bonuses + Interim Bonus + Terminal Bonus, if any, as Death Benefit, provided all premiums have been paid
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets 100% sum insured + vested Guaranteed Additions for first 5 years + vested Revisionary Bonuses declared from 6th year onward + Terminal Bonus (if any) as Maturity Benefit and the policy terminates.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 

Eligibility conditions & other restrictions in IDBI Federal Lifesurance Savings Insurance Insurance Plan

 
Minimum
Maximum
Sum Assured (in Rs.)
Depends on Age, Premium Payment Term & Policy Term
No Limit
Policy Term (in years)
10
25
Premium Payment Term (in years)
5 years (Policy terms of 15,20 & 25 years)
6 years (Policy term of 10 years)
Equal to Policy Term
Entry Age of Life Insured (in years)
18
65
Age at Maturity (in years)
-
75
Premium (in Rs.)
Rs. 20,000(yearly mode) ,
Rs. 10,000 (half-yearly mode)
Rs. 5,000 (quarterly mode) ,
Rs. 2,500 (monthly mode)
No Limit
Payment modes
Yearly, half yearly, quarterly and monthly
 
 

Sample illustration of premium of IDBI Federal Lifesurance Savings Insurance Plan

The below illustration is for a healthy male of 30 and 35 years old opting for a Sum Assured of Rs 5,00,000. Premium paying term is assumed equal to Policy Term.

IDBI Federal Lifesurance Saving Plan Sample Premiums

 

Additional Features and Benefits of IDBI Federal Lifesurance Savings Insurance Plan

Riders – There are no additional riders in this plan.
 

What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, then the policy acquired paid up value and continues with reduced benefit. The policy can however be revived within 2 years from the due date of the first unpaid premium.
 
You want to surrender the policy – There is Guaranteed Surrender Benefit in this plan after completion of 3 policy years, which is 30% of all premiums paid till date, excluding the first year premium, extra premiums (if any) and premiums for rider benefits (if any). There is Special Surrender Value in this plan as well. On surrender, the higher of the Guaranteed Surrender Value and the Special Surrender Value will be paid.
 
You want a loan against your policy – Loan facility is available in this plan upto 85% of the Surrender Value.


 
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