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IDBI Federal Lifesurance® Savings Insurance Plan

What is the Plan all About?

Lifesurance® Savings Insurance Plan is a non-linked participating endowment plan that provides you with life cover plus long-term savings. With life cover, this plan ensures financial security for your family. Your small savings also help realize your family’s dreams & aspirations.

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What are the Key Features?

  • Lump sum payment at Maturity
  • Financial protection
  • Get guaranteed additions
  • Bonuses to enhance savings
  • Avail Accidental Death Benefit
  • Exclusive fund for loved ones
  • Flexible policy term and premium payment term
  • Discounts on choosing high sum assured
  • Premium discount on female lives

What are the Plan Benefits?

Death Benefit

    In case of pre-mature demise of the life insured, death sum insured plus vested guaranteed benefits plus vested reversionary bonuses plus interim bonus plus terminal bonus is payable. Death Sum Insured is higher of 105% of all the premiums paid, 10 times of annualized premium, or maturity sum insured. Accidental death benefit can also be opted on payment of nominal additional premium.

Maturity Benefit

    At maturity of the policy, maturity sum insured plus vested reversionary bonuses plus vested guaranteed additions plus terminal bonus is payable.

Guaranteed Addition

    Guaranteed additions are payable during the first five years @ Rs 50 per Rs 1,000 of maturity sum insured.

Bonus

    Sixth policy year onwards, the company will declare reversionary bonuses and terminal bonus, which depends on future experience and performance of the fund.

Loan Benefit

    Loan amount can be availed up to 85% of Special Surrender Value and the minimum loan amount is Rs 5,000.

Surrender Value

    For premium paying term of less than 10 years, a guaranteed surrender value can be acquired on payment of all premiums for at least 2 consecutive years. For premium paying term of 10 years or more, payment of all due premiums for at least 3 consecutive years is required to get a guaranteed surrender value.

Tax Benefit

    Premiums paid are eligible for tax benefits under section 80C and the maturity benefit & death benefit qualify can also avail tax benefits under section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Age at Maturity - 75 Years
Policy Tenure 10/15/20 Years 25 Years
Premium Paying Term 5 Years (for 15/20/25 Year Policy Term) -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Premium Amount Rs 10,00 (annually), Rs 5,000 (semi-annually), Rs 2,500 (quarterly), Rs 1,000 (monthly) No Limit (subject To Underwriting)
Sum Assured Depends On Age, Premium Payment And Policy Term No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Accidental Death Benefit can be availed on payment of additional premium.

How the Plan Works?

Age of Life Insured: 30 years

Policy Term Chosen: 25 years

Premium Payment Term: 15 years

Premium Amount: Rs 30,610 per annum

Lifesurance® Savings Insurance Plan

Please note: Some benefits mentioned above are guaranteed and some are variable depending on the future performance of the company. If the policy offers guaranteed returns, it will be marked as ‘guaranteed’. The above illustration is based on 4% & 8% investment rates of return and these are not guaranteed and are also not the upper or lower limits of the return.