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Introduction/Overview
IDBI Federal Sampoorna Suraksha Micro Insurance Plan is a specially designed micro-insurance policy for the poor sections of the society. It is designed to provide insurance coverage to the backward classes at a low rate so that they can also enjoy financial security Key Features It is a pure term insurance plan with single or regular premium payment option The premium amount is chosen by the policyholder based on which the Sum Assured is determined Benefits In case of death of the policyholder, the nominee gets higher of the basic SA or 10 / 7 times the annual premium or 105% of all premiums paid as death benefit. Inbuilt Accidental Death Benefit Rider provides additional Sum Assured in case of accidental 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.
Exclusions
In case of suicide within 12 months of policy inception or revival only 80% of the premiums paid is refunded 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 or if death occurs 6 months after the accident.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history. New Delhi Marathon to be sponsored by IDBI Federal Life Insurance 8 Day Claim Settlement Guarantee by IDBI Federal Seven New Plans by IDBI Federal Life Insurance
Details about Premium
Annual Premium in rupees and the corresponding Sum Assured
Policy Details
Grace Period: grace period of 30 days is allowed for premium payment Policy Termination or Surrender Benefit: the policy acquires a Surrender value only in case of Single Premium where the value is 60% of the Single Premium paid. Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.