• Term Life
  • Investment

IDBI Termsurance Life Protection Plan

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.

Features of Termsurance Life Protection Plan

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.

Benefits of Termsurance Life Protection Plan

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 premiumAge (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:

AgeUnder 45 years45 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

Eligibility criteria

In order to be eligible to purchase the IDBI Federal Termsurance plan, the following is the eligibility criteria to be followed:

ParameterMinimumMaximum
Age at entry18 years60 years
Age at maturity28 years70 years
Policy term10 to 30 years10 to 30 years

Plans offered by Termsurance Life Protection Plan

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.

  • Maturity benefit: No maturity benefit is available under this option. If the life insured survives until the end of the plan, the policy will cease.

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.

  • Maturity benefit: If the policyholder survives till the end of the policy term, he/she will receive the basic premiums minus service tax and extra premiums paid (if any). After that, the policy will cease.

Other details IDBI Termsurance Life Protection

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.

Product details

IDBI Termsurance Life Protection Plan at a glance.

ParameterMinimumMaximum
Age at entry18 years60 years
Age at maturity28 years70 years
Sum assuredRs. 5,00,000No limit (subject to underwriting policy)
Premium payment termSingle or regularSingle or regular
Policy term10 to 30 years10 to 30 years
Premium payment modeSingle, Annual, Half-yearly, Quarterly, MonthlySingle, Annual, Half-yearly, Quarterly, Monthly

Premium details

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

AgeTerm of policy
10 years15 years20 years25 years
30 years2,3002,4802,8403,380
35 years2,8203,2603,9204,690
40 years3,9304,7405,6906,720

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.

AgeTerm of policy
10 years15 years20 years25 years
30 years15,7608,9207,2206,750
35 years19,14011,5507,7009,120
40 years25,68016,16013,52012,540

Documents required

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.

Exclusions - Termsurance Life Protection

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.

Review of IDBI Termsurance Life Protection

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.

FAQs on Termsurance Life Protection Insurance Plan

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.

  • Online payment
  • Payment through IDBI and Federal Bank branch
  • ECS
  • Payment through policy advisor
  • Payment through cheque

For online payment, the policyholder needs to visit the e-portal of the IDBI Federal Life Insurance.

  • Enter the policy number and date of birth
  • Verify the policy details
  • Select payment option and make the payment

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.