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IDBI Federal Termsurance Seniors Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

IDBI Federal Termsurance Seniors Insurance Plan

IDBI Federal Termsurance Seniors Insurance Plan is basically a whole life plan for people more than 50 years of age. A whole life plan is a Term Plan with unlimited term. Under this plan, if the Life Insured dies within the first 2 years of the plan, 125% of total premiums paid would be given to the nominee as a Death Benefit. However, if the Life Insured survives 2 years from the policy inception and dies thereafter, the entire Sum Assured would be paid to the nominee as Death Benefit. The coverage for this plan continues till death, but premium needs to be paid till the life insured is 90 years old.

 

Key Features of Termsurance Seniors Insurance Plan

  • It is an unlimited Term Insurance Policy with Death Benefit only and no Maturity Benefit
  • The premium for this plan is very low and affordable.
  • There are no medicals under this plan and each policy is guaranteed to be accepted.
  • Once the policy is inforce, the premiums would never rise throughout the entire tenure
  • This policy can be continued till death, as long as the premiums are duly paid.
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Benefits you get from Termsurance Seniors Insurance Plan

Death Benefit – In case of death of the Life Insured

1.  Within 2 years from policy inception, the nominee would get 125% of the premiums paid till date

2.  After 2 years, the nominee would get 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 Termsurance Seniors Insurance Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

2,338

5,00,000

Policy Term (in years)

Whole Life

Premium Payment Term (in years)

Till age 90 of Life Insured

Entry Age of Policyholder

50

85

Age at Maturity

Till Death

Single premium

NA

NA

Payment modes

Yearly, half-yearly, quarterly and monthly


 

Sample illustration of premium amount in Termsurance Seniors Insurance Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 2 lakhs

 IDBI Federal Termsurance Seniors Insurance Plan

 

Additional Features and Benefits of Termsurance Seniors 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 the reinstatement period which varies from 6 months to 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 of tenure

Guaranteed surrender value = (T / PPT X Sum Assured X Surrender Factor) - Due Unpaid Premium (as on the date of surrender)
T= Duration in complete years from inception of the policy

PPT= Premium Paying Term

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



 

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