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.
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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.
|
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 |
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 2 lakhs
Riders – No riders are available in this policy
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.