IDBI Federal Termsurance - Increasing Term Plan

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IDBI Federal Termsurance- Increasing Term Plan

	Objective		This is an increasing term plan that aims to match the insurance cover with improvement in standard of living.
What does it do?		The sum assured increases at 10 per cent annually to minimize the impact of rising inflation and higher cost of living. The nominee receives the increased sum assured as death benefit on death of the insured. Single and limited premium policies can be surrendered after payment of all the premiums. The surrender value, however, is not guaranteed and may change as per IRDA guidelines in future.
Pros		The policy offers flexible premium payment options for policyholder's convenience. It offers premium discounts for women and high sum assured policies. Policyholders are allowed to surrender the policy in event of an emergency. Premiums paid towards this policy qualify for taxation benefits.
Cons		Premiums are higher as compared to plain term insurance plans. Surrender value is subject to change as per IRDA guidelines.
Suited for		Such plans are more suitable for those who expect their responsibilities to rise in future.
Our View		The plan fights inflation but charges higher premiums as compared to level term plans. Before going for such plans evaluate your needs and go through the policy conditions and costs thoroughly.
Eligibility
Entry Age (years)
Minimum		18
Maximum		65
Maximum Maturity Age (years)		75
Policy Term (years)
Minimum		10
Maximum		30
Sum Assured (Rs)
Minimum		500000
Maximum		No limit
Premium Payment Frequency		Single, Yearly, Half-yearly, Quarterly, Monthly
Premium Payment Term		Single, equal to policy term, Limited (3 and 5 years)
Premium Factor (multiply with annual premium)		Semi Annual: 0.51 ; Quarterly: 0.26; Monthly: 0.09
Policy Cover		Cover keeps increasing @ 10% on an annual basis
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date (15 days for monthly option). If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Surrender Value		Allowed only to Single and Limited Premium policyholders. Surrender value However is non guaranteed. For Limited Premium Payment = 85% x {(Policy term less Policy duration in complete years) / Policy term} x Total premiums paid For Single premium policies = 85% x {(Policy term less Policy duration in complete years) / Policy term} x Single Premium
Customer Service
Address		IDBI Federal Life Insurance Co Ltd First Floor, Tradeview, Oasis Complex, Kamala City, P. B. Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra.

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