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.

Death Benefit

Maturity Benefit

Very low and Affordable

Compare this plan with other Term Plans

Key Features

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.

Benefits

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.

Riders

No riders are available in this policy

Eligibility

	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

FAQs

What happen 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.

What happen if 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

What happen if you want a loan against your polic ?

Loan facility is not available under this policy.