IDBI Federal Life Insurance is a joint-venture of IDBI Bank, Federal Bank, and Ageas Insurance International. IDBI is one of India's well-recognized commercial banks, and the Federal Bank, is a leading private sector bank in India, while Ageas, is a Europe based multinational insurance giant. It is a leading life insurance company in India with a passion for innovation and growth that helps customers to build a financially secured life with their range of life insurance products.
It is a unique term plan with an inbuilt Conversion option
Federal iSurance Flexi is an innovative term insurance plan with a unique feature - inbuilt conversion option. It provides financial security to the family in case of untimely death of the breadwinner or under specified terminal medical conditions.
Death Benefit: iSurance Flexi is a death benefit plan, the nominee/beneficiary receives the sum assured in case of an unfortunate event of the untimely demise of the life assured during the policy period. The nominee receives the sum assured as a one-time lump sum payment.
Conversion Option Benefits: This is a unique feature of this plan which makes iSurance innovative term insurance plan. The life assured gets an immediate payout in case of a listed medical condition of defined severity.
How Conversion option works –
If the life assured is below the age of 65 years and suffers any of the below listed medical conditions during your policy period, then can opt for a conversion option.
Medical Conditions
Specific Conditions –
Benefits
Standard Policies – The sum assured is less than or equal to Rs.1 crore.
| Medical Condition | Cancer of defined severity | Heart Attack of defined severity | Stroke of defined severity |
|---|---|---|---|
| % Sum Assured | 71% | 50% | 50% |
After payment of the encashed value (reduced value of Death Benefit), the policy will terminate and no further death benefit will be payable on death of the Life insured.
High Value Policies – The sum assured is greater than the Rs.1 crore.
| Medical Condition | Cancer of defined severity | Heart Attack of defined severity | Stroke of defined severity |
|---|---|---|---|
| Sum Assured | 71 lakh (71% of 1 Crore) | 50 lakh (50% of 1 crore) | 50 lakh (50% of 1 crore) |
For such policies, after exercising this option, premiums will be reduced in correspondence to the reduced Death Benefit till end of the premium payment. Then in case of death, the Death Benefit amount less 1 crore is paid to the nominee.
Note: This feature is completely optional. That is, if the life assured chooses not to opt for the conversion option, the policy will continue and will be in force as long as the premiums are paid till the policy term ends. And the benefit shall be payable if the life assured dies during the policy period.
Accidental Death Rider: This is an optional rider offered under the iSurance Flexi plan. If the policyholder opts for this rider, IDBI Federal will pay the rider sum assured in addition to the base sum assured, in case of an accidental death of the life assured.
Maturity Benefit: There is no maturity benefit under IDBI Federal iSurance Flexi plan.
| Entry Age | Min. 18 years and Max. 60 years |
| Policy Term Age | Min. 10 years and Max. 62 years |
| Maturity Age | Max. 80 years |
| Premium Payment Mode | Regular (same as policy period) |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly |
| Min Basic Sum Assured | Rs.50 lakh |
Riders are the way through which you can increase the base policy coverage. With IDBI Federal iSurance Flexi term plan you can add accidental death optional rider.
Accidental Death Rider: If the life assured passes away within the 180 days of the accident, then the nominee receives the base policy cover and an additional rider sum assured.
| Entry Age | Min. 18 years and Max. 70 years |
| Rider Term Age | Min. 5 years and Max. 40 years |
| Maturity Age | Max.75 years |
| Premium Payment Mode | Regular (same as policy period) |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly |
| Min Rider Sum Assured | RRs.25 lakh |
| Max Rider Sum Assured | Rs.2 crore |
Specific Exclusion:
Surrender Value: Does not acquire any surrender value throughout the policy terms.
Loans: No loans available under this plan.
Grace Period: In case, the policyholder couldn't pay the premiums on time, and past the due date, a grace period of thirty (30) days in case of the annual premium payment and fifteen (15) days in case of the monthly premium mode.
Tax Benefit: All the premiums and the payout are exempted from the tax under Section 80C, 10(10D) of Income Tax Act.
Free look: The policyholder is entitled to 30 days of free look period from the date of receipt in case the policy is sourced through distance marketing.
If the policyholder disagrees with terms and conditions and wishes to cancel the policy during this period, the policyholder must request in writing stating the reasons for cancellation.
If the policyholder cancels the policy during the free look period, he shall receive the refund of the premiums paid. But that is only after deducting the cost due to the medical tests, the risk premium for the period of cover, and stamp duty charges, if any.
Lapsed Policy Reinstatement or Revival: A lapsed policy can be revived within 2 years from the date of the last unpaid premium.
The approval of reinstatement will be considered only after the approval by the Company's Board approved underwriting.
The reinstatement of policy may have same terms and premium or may be modified depending on the Company's Board Approved Underwriting.
The life assured may need to undergo medical tests.
IDBI Federal iSurance Flexi Lump Sum Plan plan is customizable with the optional accidental death rider. It also comes with a unique feature with an inbuilt conversion option. IDBI Federal iSurance Flexi Lump Sum plan is a perfect non-link, non-participating term insurance policy that would help you to provide financial stability for your family.
The lump sum benefit is one of the payout options you can opt while buying a term insurance plan. When you opt for a lump sum benefit payout option, the nominee/beneficiary receives full payment of the sum assured at once.
In a lump sum payout the nominee receives the entire cover amount in a single payout immediately after the death of the policyholder. This is the most commonly chosen option in a term life insurance.
The plan allows for a grace period of 15 days for monthly mode and 30 days for other modes from the date of the last unpaid premium. The policy will remain in force during the grace period and benefits under this policy will be payable.
The policy shall lapse if premium are not paid before the grace period. No benefit shall be payable in a lapsed policy.
