IDBI Federal Termsurance Seniors Insurance Plan
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.
Compare this plan with other Term Plans
IDBI Federal Termsurance Seniors Insurance Plan - Key Features
IDBI Federal Termsurance Seniors Insurance Plan - Benefits
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
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C....
No riders are available in this policy
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 | |
IDBI Federal Termsurance Seniors Insurance Plan - FAQs
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.
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
Loan facility is not available under this policy.
