IDBI Federal Termsurance TROP
IDBI Federal Life Termsurance with Return of Premium Plan
IDBI Federal Termsurance with Return of Premium plan is according to its name where the life cover is Level throughout the policy tenure and the premiums are returned on maturity. This is a variant of a term plan as there is maturity benefit along with death benefit.
Key Features
Benefits
if the life insured dies within the policy tenure, then the nominee gets the sum assured as Death Benefit and the policy is terminated.
The basic premiums paid are returned on maturity and the policy is terminated.
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
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 5,00,000 | No Limit |
| Policy Term (in years) | 10 | 30 |
| Premium Payment Term (in years) | Single | Equal to policy term |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | - | 75 |
| Single premium | Not Specified | Not Specified |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
What happen if you stop paying the premium ?If you stop paying the premiums before completion of 3 years, then the policy lapses and all benefits would stop. However, if you stop paying the premium after 3 years for 5-pay and regular pay terms, then the policy becomes paid up for a reduced sum insured on death and a reduced return of premium benefits on maturity.
What happen if 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.
What happen if you want a loan against your policy ?Loan facility is not available under this policy.
