IDBI FEDERAL TERM INSURANCE

IDBI Federal Insurance Company is one of the fastest-growing life insurance entities in our country. This company offers a wide range of products that include retirement, wealth management, and protection to individuals as well as corporate companies. It is a collaboration between Federal Bank, one of the leading private sector banks in India, and IDBI Bank which is a premier development and commercial bank in India. They started their operations back in the year 2008 and are growing because of their passion for growth, innovation, and creativity.

They have a great network of more than 3000 branches across India. The diligent and innovative services offered by their partners and advisors have made them reach all corners of the nation. In this article, we are going to talk about different term insurance products offered by them and gain a better understanding of them.

WHAT IS TERM INSURANCE?

Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium.

LIST OF TERM INSURANCE OFFERED

A. IDBI Federal Life Protection Insurance Plan:

This plan is a non-linked and non-participating insurance plan, which safeguards the family’s financial requirements on the death of the policyholder. It offers low-cost and high flexibility cover options to customize a plan according to the feasibility and convenience of the customer.

Eligibility

Minimum and Maximum Entry Age	Minimum is 18 years, and Maximum is 60 years
Maximum Maturity Age	70 years
Term of the Policy	10 to 30 years
Minimum Sum Assured	Rs. 5 Lakhs
Maximum Sum Assured	No limit
Premium paying term	Regular premium or Single Premium
Premium Paying Frequency	Monthly/Quarterly/Half Yearly/Yearly

Features and Benefits:

This plan offers special discounts on premium for female customers
It offers a return of premium on the maturity date of the plan
It provides an option to choose the high sum assured plans and comes with dual options on the basis of customer needs.
This plan pays maturity benefits (up to 100% of total premiums paid) on survival till the maturity date.

B. IDBI Federal iSurance Flexi Plan

IDBI federal insurance Flexi term insurance plan is a non-participating and non linked plan that provides life cover along with the option of lump-sum payout and ib built conversion option for cancer, heart attack, or stroke of specified severity.

Eligibility

Minimum and Maximum Entry Age	Minimum is 18 years, and Maximum is 60 years
Maximum Maturity Age	80 years
Term of the Policy	10 to 62 years
Minimum Sum Assured	Rs. 50 Lakhs
Maximum Sum Assured	Rs. 30 Crore
Premium paying term	Same as the policy term
Premium Paying Frequency	Monthly/Quarterly/Half Yearly/Yearly

Features and Benefits

This plan provides flexibility to policy terms and chooses the premium payment.
The plan offers 4 different plan options to opt from as per your feasibility and needs.
The death benefit under this is equivalent to 105% of the premiums paid.
Tax benefits can be availed as per sections 80C and 10(10D) of the Income Tax At, 1961.

C. IDBI Federal Income Protect Plan:

This plan is a term plan that offers security to the family in the absence of an insuree, along with life cover. It takes care of unexpected expenses by providing a lump sum benefit.

Eligibility:

Minimum and Maximum Entry Age	Minimum is 18 years, and Maximum is 60 years
Maximum Maturity Age	70 years
Term of the Policy	10 to 30 years
Monthly income at inception	Minimum Rs 15,000 per month No limit for maximum
Premium paying term	Regular premium or Single Premium
Premium Paying Frequency	Monthly/Quarterly/Half Yearly/Yearly

Features and benefits

This plan offers an increasing monthly income option at a simple rate of 5% per year to meet the expense in the coming future.
The plan offers high coverage at low rates of premium.
There are flexible policy terms and premium payment terms to suit the needs of the customer.
It does not offer any maturity benefit on the maturity of the plan.

Frequently Asked Questions (FAQs)

1. How much time does it take to process a claim at IDBI Federal?

IDBI Federal settles claim within 8 to 14 days on a condition that all the needful documents are submitted and no further scrutiny is required.

2. What are the documents required to file a claim at IDBI Federal?

Claim Intimation Form/Death Claim Form
Claimant’s ID and Address Proof.
Original policy documents
Original as well as the attested photocopy of Death Certificate issued by local municipal bodies
Medival history and reports if death happens due to any disease.
Bank details of claimant like passbook, IFSC code, canceled cheque, etc.

3. Is there any mobile application available for IDBI Federal term insurance?

Yes, the app is available on the play store by the name of IDBI Federal Life Insurance App.