Term Insurance 144 views August 12, 2021

IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan is a non-participating term insurance policy that provides financial security to the family of the deceased person. The plan offers you the option to pay the premium in single and regular payments. You’ll also get an inbuilt Accidental Death Benefit under the policy. Let’s know more about the IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan benefits on this page below.

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IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan Benefits

You’ll get the following benefits under the IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan.

Death Benefit

In case of death during the policy term, the insurer shall pay the highest of the following to the nominee.

  1. 10X annualized premium or 7X annualized premium (if the age is > 45 years)
  2. 105% of all paid premiums as on the date of death
  3. Sum assured

Accident Death Benefit

In case of death due to an accident, the insurer shall pay an additional amount equal to the sum assured to the nominee. For the payout, it is important that Accidental Death happens within 180 days of any bodily injury. The company will not be liable to pay the additional sum if the death occurs due to the following:

  1. Intentional self-injury, attempted suicide, insanity or immorality or under the influence or consumption of intoxicating liquor, drug or narcotic
  2. Injuries resulting from taking part in riots, civil commotion, rebellion, war, invasion
  3. Injuries due to hunting, mountaineering, steeplechasing, racing of any kind, paragliding, parachuting, taking part in adventurous sports
  4. Committing any breach of law with criminal intent

IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan Eligibility Criteria

You need to meet the following age criteria to purchase IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan

  1. Minimum Entry Age – 18 years (as on the last birthday)
  2. Maximum Entry Age – 55 years (as on the last birthday)
  3. Minimum Age Attained at Maturity – 23 years
  4. Maximum Age Attained at Maturity – 60 years

IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan Policy Term & Premium Payment Options

IDBI Federal Termsurance Sampoorn Suraksha Micro Insurance Plan policy terms are 5 and 10 years. Premium payment frequency is single and regular pay and the premium payment mode is annual for regular pay. The minimum premium amount is

  1. INR 100 for regular pay (in multiples of INR 100 thereof)
  2. INR 400 for single pay (in multiples of INR 400 thereof)

Whereas, the maximum premium amount is INR 5,200. The sum assured is a minimum INR 5,000 and a maximum INR 50,000

Suicide Clause

The company will pay 80% of the paid premiums to the nominee if you commit suicide within 12 months from the date of commencement of the policy or revival.

Free Look Period

You’ll get a free look period of 15 days from the date of receipt of the document to review the terms and conditions of the policy. In case you are not satisfied with the terms and conditions, cancel the policy within the free look period by sending the original policy document along with a request letter stating the reasons for your cancellation. On cancellation, the insurer will refund the paid premium after deducting a proportionate risk premium for the period on cover and stamp duty charges.

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