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IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy - The IDBI Federal iSurance Flexi Term Insurance Plan is a non-participating, non-linked term life insurance plan that offers financial security to your family’s monetary needs during times of accidental death, terminal medical conditions, and death. IDBI Federal iSurance Flexi Term Insurance Plan offers 4 options which you can choose from this plan:

Choices Details
Fixed Monthly Income Benefit
Policyholder’s family gets regular monthly income for 15 years after their death.
Lump Sum with Conversion Option
Policyholder or nominee is paid a lump sum amount at the time of diagnosis of a terminal illness or death.
Lump Sum + Increasing Monthly Income Benefit
Policyholder’s family is paid a lump sum of money along with a regular income for the next 15 years plus an increase of 7.5% on the regular monthly income every year.
Lump Sum + Fixed Monthly Income
Policyholder’s family receives a lump sum of money and a fixed monthly income for 15 years after their death.

Fixed Monthly Income Benefit:

The Death Benefit that is payable to the beneficiary or nominee of the policy shall be made in the form of monthly instalments. This monthly income that is payable will be equal to 0.6% of the total Death Benefit that has to be paid.

Lump Sum with Conversion Option:

The Death Benefit shall be payable in lump sum to the beneficiary of your policy provided the policy is still in force at the time of your unfortunate demise. This option also comes with another value feature that is called the "Conversion Option". With this option, you can avail the Conversion Option if you have been diagnosed with a terminal illness before you reach the age of 65 years. This mean that the Death benefit that you are entitled to can be encashed at a predetermined rate. This lump sum will be paid out after validating the claim and this amount will come in handy to cover your medical expenses.

This option will be available after a waiting period of 180 days from the date of reinstatement or commencement of the policy. This lump sum amount shall be payable only once during a policy term.

Death Benefit that is less than or equal to Rs.1 crore:

Terminal Medical Conditions Conversion Rate
Heart Attack of a pre-defined severity 50% of the Death Benefit
Cancer of pre-defined severity 71% of Death Benefit
Stroke of a pre-defined severity 50% of the Death Benefit

Death Benefit that is greater than Rs.1 crore:

Terminal Medical Conditions Conversion Rate
Heart Attack of a pre-defined severity 50% of Rs.1 crore
Cancer of pre-defined severity 71% of Rs.1 crore
Stroke of a pre-defined severity 50% of Rs.1 crore

Lump Sum + Increasing Monthly Income Benefit:

The Death Benefit that is payable to the beneficiary or nominee of the policy shall be made in the form of monthly instalments along with an initial 10% of the Death Benefit paid as a lump sum. This monthly income that is payable will be equal to 0.5% of the total Death Benefit that has to be paid and shall be payable for the next 15 years. This monthly income shall increase by 7.5% which shall be compounded on an annual basis to help negate the effect that inflation shall have on the income.

Lump Sum + Fixed Monthly Income:

The Death Benefit that is payable to the beneficiary or nominee of the policy shall be made in the form of monthly instalments along with an initial 10% of the Death Benefit paid as a lump sum. This monthly income that is payable will be equal to 0.5% of the total Death Benefit that has to be paid and shall be payable for the next 15 years.

Eligibility - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

An individual will have to meet the eligibility criteria listed below to avail the IDBI Federal iSurance Flexi Term Insurance Plan:

Parameters Details
Minimum Age at Entry 18 years (As of last birthday)
Maximum Age of Entry 60 years (As of last birthday)
Maturity Age 60 years (As of last birthday)
Minimum Policy Term 10 years
Maximum Policy Term 62 years

Sum Assured and Premium Range - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

Sum Assured

The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for IDBI Federal iSurance Flexi Term Insurance Plan is listed below:

Parameters Details
Minimum Basic Sum Assured Rs.50,000
Maximum Basic Sum Assured Rs.30,00,00,000

Premiums*

Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a IDBI Federal iSurance Flexi Term Insurance Plan are listed below:

Parameters Details
Premium Payment Term Payment term is same as that of the policy
Premium Payment Frequency
  • Monthly
  • Quarterly
  • Half-Yearly
  • Yearly
Modal Factor
  • Monthly: 0.09% of the Annualized Premium
  • Quarterly: 0.26% of the Annualized Premium
  • Half-Yearly: 0.51% of the Annualized Premium

*Premiums paid vary based on age, location, plan term and other factors

Premiums for an IDBI Federal iSurance Flexi Term Insurance Plan can be made using any of the following ways:

  • Payment in cash at the insurer’s branch office
  • Using payment gateways or internet banking
  • ECS/Direct Debit/Salary Deduction Scheme
  • Through the use of debit or credit cards
  • With a cheque or demand draft

Plan Coverage - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

The IDBI Federal iSurance Flexi Term Insurance Plan offers a number of different benefits and these are listed in the table below:

Parameters Details
Death Benefits
The Death Benefit that is paid is the higher value among the following:
  • 105% of the Premiums that have been paid up to the time of death of the policyholder
  • 10 times the total Annualized Premium
  • Guaranteed Sum Assured
  • Absolute Amount that is payable on death of the policyholder
Maturity Benefits
There are no maturity benefits
Tax Benefits
As per the prevailing tax laws
Accidental Death Benefit
This is an additional benefit option that you can opt for. You family will be entitled to an additional payout that will be equal to a maximum of 30% of the premiums that were paid subject to a maximum limit of Rs.2 crore.

Exclusions - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

If the policyholder commits suicide within a year from the date of commencement of the policy or revival date, whether the policyholder is sane or insane at the time of death, the nominee or beneficiary of the policy shall be entitled to 80% of the total premiums that have been paid.

Exclusions to the Accidental Death Benefit:

The beneficiary is not entitled to Accidental Death Benefit if:

  • The policyholder sustains injury that was inflicted on himself/herself
  • If the life assured was under the influence of alcohol, drugs, psychotropic or narcotics substances unless directed by a registered practitioner
  • If the life assured has participated in any criminal activity
  • If the life assured has participated in any riot, been a part of civil unrest, rebellion, mutiny, war, insurrection, revolution, military or usurped power, etc.
  • If the life insured has participated in any flying activities except as a paying passenger
  • Nuclear contamination which could be radioactive, hazardous, explosive in nature, nuclear fuels, etc.
  • Taking part in any type of hazardous activity such as mountaineering, parachuting, martial arts, bungee-jumping, any type of underwater activity, etc.

Exclusions to specified medical conditions:

The policyholder or beneficiary is not entitled to a payout if:

  • If the policyholder is diagnosed with cancer apart from the following cancers listed below:
  • Lung cancer diagnosed as Stage IV TNM staging system
  • Colorectal cancer diagnosed as Stage IV on the TNM staging system
  • Pancreatic cancer diagnosed as Stage IV TNM staging system
  • Malignant Brain tumour diagnosed as Grade 4

Other Key Features - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

Parameters Details
Free Look Period
In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer. The company will return any premiums that were made during this period after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.
Grace Period
A grace period of 15 days is provided for monthly mode from the due date of making a premium payment so that the policyholder can clear his/her dues. A time period of 30 days is provided for other modes of premium payment. If the policyholder fails to make the premium payments within the grace period, the policy will lapse.
Assignment
Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.
Nomination
Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.
Loan Facility
There is no loan facility provided with this plan.
Surrender Value
The plan does not acquire a surrender value throughout the period of the policy.
Policy Lapse
If a policyholder fails to pay the premiums within the Grace Period, the policy shall lapse and the policyholder will not be entitled to any benefits during the lapsed period.
Revival
The application for the revival of a policy should be submitted within 2 years from the date of your last unpaid premium.

Tax Benefits - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

A policyholder can enjoy tax benefits on any premium that is paid towards IDBI Federal iSurance Flexi Term Insurance Plan under the prevailing tax laws under Section 80C and for monthly income received by the policyholder under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.

Other Benefits - IDBI Federal iSurance Flexi Term Life Insurance Plan and Policy

Listed below are the benefits that you can avail by choosing the IDBI Federal iSurance Flexi Term Insurance Plan:

  • Register and track claims easily online
  • Get policy updates through SMSes
  • Manage the policy online
  • Get coverage for your entire family
  • You can ask for an advisor to guide you
  • Get a quote easily online for your insurance policy
  • Download brochures and policy bonds online
  • Contact the customer care through various avenues
  • Pay a single annual premium for 1-year coverage
  • Get a quote easily online for your insurance policy
  • Pay premiums online
  • Download brochures and policy bonds online

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