The IDBI Termsurance Life Protection Plan is a non-linked, non-participating pure term insurance plan that gives the policyholder options of choosing the insurance cover as per their needs. The plan can be modified as per the specifications of the policyholder and comes with two options: A pure protection plan and return of premiums on maturity of the plan. The policyholder has the flexibility to choose the policy term as well as the premium paying mode. The plan offers discounted premium rates for female policyholders and individuals who opt for high sum assured.
Grace period: The company provides a grace period of 30 days to make outstanding premium payment in case of yearly, half-yearly and quarterly premium payment frequency. In case of monthly payment frequency, the grace period is 15 days.
Policy lapse: If due premiums are not paid within the grace period, the policy shall lapse, and no benefits are payable under such case. However, this is not applicable in the case of Return of premium on Maturity Option, the policyholder is eligible to receive a paid-up value in such a scenario.
Policy revival: A lapsed policy can be restored within two years, starting from the date of the first unpaid premium. To revive the policy, the policyholder must pay the outstanding premiums along with the applicable interest. The policyholder may have to provide acceptable proof of good health.
Loans: The company does not offer any loan facility against this policy. Free look period: The company offers a free look period of 15 days (30 days for policies sold through Distance Marketing mode) for this policy within which the policy can be returned to the company. If you are not satisfied with the policy term, you have an option to cancel the policy within this period. You must return the original policy document along with the written request stating the reason for the return.
Surrender value: If the policyholder wants to surrender the policy, the company will pay a surrender value to the policyholder. Under the regular premium option, the policyholder is eligible to receive surrender value if the premiums have been paid for three policy terms. The surrender value payable is either Special Surrender Value or Guaranteed Surrender Value, whichever is higher.
Nomination: Nomination is allowed as per Section 39 of the Insurance Act, 1938.
Assignment: Assignment is allowed as per Section 38 of the Insurance Act, 1938.
The following table illustrates the death benefit provided under this plan.
The table below shows the death benefit offered under a single premium payment option before maturity.
| Single premium | Age (under 45 years) | 45 years and above |
|---|---|---|
Highest of the following: • Sum assured chosen • 125% of the premium (single) • Minimum guaranteed sum assured on maturity |
Highest of the following: • Sum assured chosen • 110% of the premium (single) • Minimum guaranteed sum assured on maturity |
The death benefits offered under regular premium option:
| Age | Under 45 years | 45 years and above |
|---|---|---|
| Regular premium | Highest of the following: • Sum assured chosen • 105% of the premiums paid • Minimum sum assured on maturity • 10x annualised sum |
Highest of the following: • Sum assured chosen • 105% of the premiums paid • Minimum sum assured on maturity • 7x annualised sum |
In order to be eligible to purchase the IDBI Federal Termsurance plan, the following is the eligibility criteria to be followed:
| Parameter | Minimum | Maximum |
|---|---|---|
| Age at entry | 18 years | 60 years |
| Age at maturity | 28 years | 70 years |
| Policy term | 10 to 30 years | 10 to 30 years |
Pure protection
This plan covers the life insured throughout the policy term, and in case of an eventuality, the nominee gets the death benefits. Death benefit: In the event of the death of the policyholder, the beneficiary is entitled to receive the death benefit i.e. sum assured. The policy is terminated immediately after that.
Return of premium on maturity
The plan covers throughout the policy term. In case the policyholder survives until the end of the policy term, the premiums paid are returned to the policyholder. In case the policyholder dies within the policy term, the nominee gets the death benefit. Death benefit: In the event of the death of the policyholder, the beneficiary is entitled to receive the death benefit sum assured. The policy is terminated immediately after that.
Tax benefits: The premiums paid towards this policy are eligible to receive tax benefits under Section 80C of the Income-tax Act, 1961. Also, the maturity and death benefits received are eligible to receive tax benefits under Section 10(10D) of the Income Tax Act, 1961. Discounted premiums for women: This policy offers lower premium rates for women policyholders.
Discounts on the high sum assured: The sum assured above Rs. 10 lakhs are eligible to avail discounts under this plan.
IDBI Termsurance Life Protection Plan at a glance.
| Parameter | Minimum | Maximum |
|---|---|---|
| Age at entry | 18 years | 60 years |
| Age at maturity | 28 years | 70 years |
| Sum assured | Rs. 5,00,000 | No limit (subject to underwriting policy) |
| Premium payment term | Single or regular | Single or regular |
| Policy term | 10 to 30 years | 10 to 30 years |
| Premium payment mode | Single, Annual, Half-yearly, Quarterly, Monthly | Single, Annual, Half-yearly, Quarterly, Monthly |
The premium for both the options under this plan can be paid on a regular or one-time basis. The premium range under this policy is different for the two in-built options. In case of pure protection option, below given is the illustration of the premiums for the different age-term combination for the sum assured Rs. 10 lakhs. Age Term of policy
| Age | Term of policy | |||
| 10 years | 15 years | 20 years | 25 years | |
| 30 years | 2,300 | 2,480 | 2,840 | 3,380 |
| 35 years | 2,820 | 3,260 | 3,920 | 4,690 |
| 40 years | 3,930 | 4,740 | 5,690 | 6,720 |
For the return of premium on maturity option, the following table is the sample premium payable for different age-term combinations for the sum assured Rs. 10 lakhs.
| Age | Term of policy | |||
| 10 years | 15 years | 20 years | 25 years | |
| 30 years | 15,760 | 8,920 | 7,220 | 6,750 |
| 35 years | 19,140 | 11,550 | 7,700 | 9,120 |
| 40 years | 25,680 | 16,160 | 13,520 | 12,540 |
Documents required to process IDBI Termsurance Life Protection plan include:
Age proof: Driving license, school/college Leaving certificate, Passport, PAN card, birth certificate.
Identity proof: Passport, voter ID card, a letter from recognised public authority with photograph verifying the identity and address.
Address proof: Electricity bill, telephone bill, Bank account statement, Aadhar card, Passport, voter ID card.
Income proof: Employer’s certificate, Income Tax return, Assessment Order.
The policyholder needs to fill up the policy application form along with the documents mentioned above.
Suicide: If the life insured, whether sane or insane, commits suicide within 12 months from the policy inception date or policy issuance date, whichever is earlier, the company will pay the nominee, 80% of the total premiums paid.
If the life insured, whether sane or insane, commits suicide within 12 months from the policy revival date, the company will pay 80% of the total premiums paid or the surrender value, whichever is higher, as on date of the death.
IDBI Termsurance Life Protection plan is a non-linked, non-participating pure term insurance plan that helps you protect your family against any uncertain event of death. IDBI Presents a Termsurance Life Protection plan that comes with two built-in options: Pure protection option and return of premium on maturity option. You get to choose a plan that fits your life stage and a premium payment option that is convenient for your budget.
The minimum sum assured under this plan is Rs. 5,00,000 whereas, there is no maximum limit on the same. There are certain eligibility criteria that one needs to meet to avail this plan. The premiums on this plan can be paid yearly, half-yearly, quarterly, and monthly. In case the life assured commits suicide within 12 months from the commencement of the policy, the company will pay 80% of the premiums paid till the date of the death. In case of pure protection option, the company does not offer any survival benefits to the policyholder. The plan provides a grace period of 30 days to make a premium payment. In case of a single premium policy, no future payments are due.
IDBI Termsurance Life Protection Plan comes with a free look period of 15 days (30 days for policies sold through Distance Marketing mode) where you can return the policy to the company within the specified time if you are unhappy with the terms and conditions of the policy. Moreover, the policy provides a surrender value, if the policyholder wishes to discontinue the plan. The policyholders are entitled to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
Is it possible to modify the sum assured under IDBI Termsurance life protection policy?
Any increase or decrease in the sum assured is not possible under this plan.
Can I get a loan against IDBI Termsurance Life Protection Plan?
Loan facility is not available under IDBI Termsurance Life Protection plan.
What premium modes are available under IDBI Termsurance Life Protection Plan?
The premiums can be paid yearly, half-yearly, quarterly or on a monthly basis.
How can I check my policy status for IDBI Termsurance Life Protection plan?
Step 1: As a registered user, please visit the official website of the IDBI Federal Life Insurance.
Step 2: Provide relevant information such as name and policy number and check the current status of your policy.
How to pay the premium? What payments modes are available?
You can choose any of the following premium payment modes under IDBI Term Life Insurance.
For online payment, the policyholder needs to visit the e-portal of the IDBI Federal Life Insurance.
How to revive a lapsed policy?
You can revive your lapsed policy within two years starting from the date of the first unpaid premium. To revive your policy, you must pay the outstanding premiums along with the applicable interest on it. You may have to submit an acceptable health certificate along with other documents.
What survival benefits are payable under this plan?
In the case of Pure Protection plan, no survival benefits are payable to the policyholder. However, in the case of Return of Premium on Maturity plan, the policyholder is entitled to receive basic premiums minus service tax and extra premiums paid (if any). After that, the policy will cease.
What if I want to surrender this plan?
It is possible to surrender the IDBI Termsurance Life Protection Plan. Under the regular premium option, the policyholder is entitled to receive surrender value, if the premiums have been paid for three policy terms. The surrender value payable is either Special Surrender Value or Guaranteed Surrender Value, whichever is higher.
