IDBI Federal Lifesurance Savings Insurance Plan is a traditional participating Endowment Assurance plan which provides long term savings and life insurance for a happy and planned future
On maturity, the basic SA along with the aggregate Guaranteed Additions + vested reversionary bonuses + terminal bonus, if any, is paid to the policyholder.
On death of the policyholder, the death SA + vested Guaranteed benefits + vested reversionary bonuses + interim bonus + terminal bonus, if any, is paid to the nominee
The Death Sum Assured is defined as the higher of the maturity SA or 10 times the annual premium or 105% of all premiums paid till death
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Loan is available under the plan to a maximum of 85% of the Surrender Value and a minimum amount of Rs.5000
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
In case of the Accidental rider, benefit is not payable for death from accidents which are self-inflicted or due to civil commotions, riots, war, participation in hazardous sport activities, criminal activities, aviation, etc.