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.

Key Features of IDBI Federal Termsurance Premier Insurance Plan

• It is a pure Term Insurance Policy
• Low premium for high coverage
• The minimum coverage requirement for this plan is Rs 1 crore
• Sum Assured is provided as Death Benefit if the Life Insured dies within the policy tenure
• This plan does not offer any Maturity Benefit
• Woman discount and large sum assured discount is available.

Benefits you get from IDBI Federal Termsurance Premier Insurance Policy

Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan

Maturity Benefit – There are no maturity benefits under this plan.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
 

Eligibility conditions and other restrictions in IDBI Federal Termsurance Premier Insurance Policy 

Sample illustration of premium amount in IDBI Federal Termsurance Premier Insurance Policy

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 5 crore and Policy Term = 25 years

Additional Features and Benefits of IDBI Federal Termsurance Premier Insurance Plan

Riders – No riders are available in this policy

What happens if?

You stop paying the premium - 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.

You want to surrender the policy – 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.

You want a loan against your policy – Loan facility is not available under this policy.