IDBI Federal Life insurance Savings Plan
The DHFL Pramerica Flexi Cash Plan is a participating non-linked endowment plan with bonus facility. With this policy, policyholders provide protection for their family, as well as generating wealth for themselves through the features offered in this plan. A unique feature of preponing the Maturity Benefit helps policyholders to realize their goals and dreams at an earlier point of time during the policy term.
The premiums for this policy may be paid for short durations of five, ten or fifteen years while life cover is given for a longer period.
The policyholder may opt to receive their Maturity Benefit early at any time during the Flexi Benefit period.
A rebate is given on high Sum Assured amounts.
The policyholders savings grow with the Guaranteed Loyalty Benefit and the Bonuses that the policy offers.
Details About Premium
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues.
Policy Termination or Surrender Benefit: The policy may be surrendered after two years of full premium payment. The Surrender Value that is paid is the higher of the Guaranteed Surrender Value and the Special Surrender Value. If policy premiums are not paid for two full years, then the policy will lapse. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.
Free Look Period: Policyholders have a limited free look period of fifteen days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days in case the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive premiums paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
The policyholder may choose to pre-pone their Maturity Benefit during the flexi benefit period. The flexi benefit period is dependent on the Policy Term as follows:
For Policy Term of 15 years, the Flexi Benefit period is anytime between ten and fifteen years.
For Policy Term of 25 years, Flexi Benefit period is anytime between fifteen and twenty-five years.
For Policy Term of 25 years, Flexi Benefit period is anytime between twenty and thirty-five years.
Additional Features or Riders
The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
If premiums for two policy years are paid, and subsequently the policyholder fails to pay the due premiums within the Grace Period, then the policy acquires Paid- up Value.
A policy loan may be availed after the policy achieves Surrender Value, on the condition that the loan amount does not exceed 80% of the Surrender Value.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund 80% of the premiums paid to the nominee. In case the person insured commits suicide within one year from the policy reinstatement, the nominee will receive the higher of 80% of the premiums paid or the Surrender Value.