IDBI Federal MyLife Protection Plan

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IDBI Federal MyLife Protection Plan is a pure term insurance plan that offers extensive financial security through its life cover. It is a non-participating, non-linked, individual life, pure risk premium product. It offers a lump sum amount to the beneficiary in the unfortunate event of the death of the life assured during the policy term, provided that the policy is active and in force. 

This plan offers you the flexibility of choosing the policy term and the premium payment term. With this plan, you also get a free-look period of at least 15 days, from the date of receipt of the policy documents so that they can go through the terms and conditions of the policy. In case of objection, the policy can be returned. There are 3 life cover options for you to select from, as per your protection requirements.

Best Features of IDBI Federal MyLife Protection Plan

Listed below are some of the most salient features of IDBI Federal MyLife Protection Plan which make the term plan a beneficial one in comparison to other term plans-

  • There are 3 different types of life cover options namely Regular Coverage Option, Coverage Booster Option, and Smart Coverage Option offered under this term plan. You can opt for the one that suits your individual needs
  • In case of death of the life assured, the protected family can maintain their standard of living with the extensive death benefit offered under the policy
  • You have the utmost flexibility to choose the policy term as well as the premium payment term
  • You can opt to pay the premium just once, or for a limited period, or throughout the policy term
  • You can also choose the Accidental Death Benefit rider at the time of purchasing the policy for enhanced protection
  • Attractive Premium discounts are offered for females, marathon runners, and non-tobacco users under this policy.

Benefits of IDBI Federal MyLife Protection Plan

Below-mentioned are the different types of benefits that you can get upon choosing to buy IDBI Federal MyLife Protection Plan-

1. Death Benefit
In case of the unfortunate death of the life assured during the policy term, the beneficiary receives the death benefit as a lump sum amount, provided that the policy is in force. The policy terminates after the payment of the benefit.

The death benefits payable to the beneficiary depend upon the life cover variant chosen by you at the time of purchasing the term policy. Please note that once the life cover option is chosen, it cannot be changed later on.

Death benefit for the Single Pay option will be the highest of the following -

  • 1.25 times Single Premium, or
  • Any absolute amount assured to be paid on the death of the life assured.

Death benefit for the ones who opted for the Limited and Regular Pay option will be the highest of either-

  • 10 times the Annualised Premium, or
  • 105% of Total Premiums Paid till the date of death of the life assured, or
  • Any absolute amount assured to be paid on the death of the life assured.

2. Immediate Expense Cover Benefit

IDBI Federal understands that an unforeseen death of the life assured can bring a financial strain on the family. Thus, the Immediate Expense Benefit available under the MyLife Protection Plan helps in providing timely financial assistance to your loved ones in the unfortunate event of your demise during the policy term. The benefit is payable in the following manner:

  • A lump sum amount of the total premiums paid till the date of death of the life assured are returned to the beneficiary within 24 hours of the submission of valid forms and documents
  • If an Accidental Death benefit option is chosen, the premiums paid for those are not valid for return in the lump sum amount of the total premiums paid
  • The balance Death benefit amount (Sum Assured as Death Benefit minus the amount paid under the Immediate Expense Cover) is paid to the beneficiary after the claim is processed and accepted.

3. Surrender Refund Benefit

Being a pure protection plan, IDBI Federal MyLife Protection Plan does not acquire a Surrender Value. However, if you surrender the plan during the policy term, a certain amount is refunded back.

  • Limited Pay Option

Refund is applicable only if all the premiums have been fully paid, or at least paid for the first 3 consecutive years of the plan
Applicable Refund = 70% of the (Total Premiums Paid till the date of surrender minus the Premium paid for the Accidental Death Benefit option, if applicable) x {([Policy Term - Premium Payment Term] / Policy Term) x (Unexpired Policy Term in months / Total Policy Term in months)}

  • Single Premium Payment Option 

Applicable Refund = 70% of the (Single Premium Paid minus the premium paid for the Accidental Death Benefit option, if applicable) x (Unexpired Policy Term in months / Total Policy Term in months)

All the amounts are rounded down to a multiple of hundred. Upon the payment of the applicable refund, the policy stands terminated and all the rights, benefits, and interests that come under the policy are extinguished.

4. Rider Benefit

An optional Rider is available for you to choose under the IDBI Federal MyLife Protection Plan. The Accidental Death Benefit is an optional Rider that offers add-on enhanced protection to your Base Plan by paying an additional premium. You can find details of the Rider discussed ahead.

5. Premium Discount Benefits

Under the IDBI Federal MyLife Protection Plan, several attractive discounts are offered as a motivation to lead a healthy and fit lifestyle.

  • Discounts for Female Policyholders

A discount on the premiums for the female life assured is applicable under this plan. The rates of premium for a female is the same as the rates of premium for a male 3 years younger. Meaning, the female of age 25 would be paying the premium equivalent to that of a 22-year-old male.

  • Discount for Non-tobacco Users

As a lucrative deal to let go of smoking and consumption of other tobacco products, IDBI Federal MyLife Protection Plan offers differential premium rates for non-tobacco users.

  • Discount for Marathon Runners

Differential premium rates are offered for Marathon runners who also declare themselves as non-tobacco users. This discount can only be availed at the inception of the policy and is subjective to meeting the required conditions.

What is Covered?

IDBI Federal MyLife Protection Plan is an individual life plan that comes with different life cover variants that cover the different contingencies. The coverage for the different variants are discussed below in detail:

IDBI Federal MyLife Protection - Regular Coverage Option

The following types of coverage benefits are offered under this option:

  • Death Benefit

In the unfortunate event of the death of the life assured during the policy term, the Sum Assured will be paid to the beneficiary, after which the policy will be terminated. The Sum Assured payable on death is equal to the Basic Sum Assured that remains level throughout the policy term.

To get the benefits, the policy should be well in force and all due premiums should be cleared.

How the Regular Coverage option works-

Example - 

Name of the AssuredMr. Agrawal
Age35 years
Policy Term20 years
Premium Payment TermEqual to policy term (20 years in this case)
Sum AssuredINR 1 Crore
Premium amount for non-smoking maleINR 22,610/- per annum

Benefits Payable 

  • If Mr. Agrawal dies during the policy term, the sum assured payable on death would be INR 1 Crore.

IDBI Federal MyLife Protection - Coverage Booster Option

The following types of coverage benefits are offered under this option:

  • Death Benefit

The life cover increases at a rate of 10% every 3 years under the Coverage Booster option until it reaches a maximum of 150%. This increase comes with zero additional premiums and ensures that the family has financial coverage in times of inflation.

To get the benefits, the policy should be well in force and all due premiums should be cleared.

How the Coverage Booster option works-

Example - 

Name of the assuredMr. Agrawal
Age35 years
Policy Term20 years
Premium payment termEqual to policy term (20 years in this case)
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 30,800/- per annum

Benefits Payable 

  • If Mr. Agrawal dies during the policy term, the sum assured payable on death would be calculated depending upon the year of the policy. If he dies in the 2nd policy year, a Sum Assured of INR 1 Crore would be payable. If Mr. Agrawal died in the 15th policy year, the beneficiary would receive a sum of INR 1 Crore and 40 Lakh, as per the increased cover rate.

IDBI Federal MyLife Protection - Smart Coverage Option

The coverage benefits offered under this option are mentioned below:

  • Death Benefit

The life cover under the Smart Coverage option remains level till the policyholder reaches 60 years of age. After this, the life cover is reduced by 50% and remains at this level for the rest of the policy term.

The policy should be in force and all due premiums should be cleared for the death benefit claim.

How the Smart Coverage option works-

Example - 

Name of the AssuredMr. Agrawal
Age35 years
Policy Term40 years
Premium Payment Term20 years
Sum AssuredINR 1 Crore
Premium amount for non-smoking maleINR 19,090/- per annum

Benefits Payable 

  • In case of the unfortunate death of Mr. Agrawal during the policy term, the Sum Assured would be calculated depending upon the year of the policy. If he dies before his 60th birthday, a Sum Assured of INR 1 Crore would be payable to the beneficiary. If Mr. Agrawal dies after his 60th birthday, the beneficiary would receive a sum of INR 50 Lakh.

IDBI Federal MyLife Protection Plan Eligibility

Mentioned below are the eligibility parameters for buying IDBI Federal MyLife Protection Plan-

Age at Entry (as on Last Birthday)Minimumfor all Cover Options21 years
Maximumfor Regular Coverage and Coverage Booster65 years
for Smart CoverageSingle Pay - 55 years
Limited Pay - 60 years minus Premium Paying Term
Age at Maturity (as on Last Birthday)Minimumfor Regular Coverage and Coverage Booster31 years
for Smart Coverage65 years
Maximumfor all Cover Options85 years
Premium Payment ModeYearly and Monthly
Basic Sum AssuredMinimumINR 50 Lakh (Sum Assured will be in multiples of INR 5 Lakh till INR 1 Crore, after which it will be in multiples of INR 25 Lakh)
MaximumNo Limits
Policy Term/Premium Payment Term combinationsRegular Coverage and Coverage BoosterSmart Coverage
Minimum Policy TermRegular Pay10 yearsNot applicable
Limited Pay65 - Age of Entry
Single Pay
Maximum Policy TermRegular Pay85 Years, Age at Entrynot applicable
Limited Pay85 - Age of Entry
Single Pay
Minimum Premium Payment TermRegular Pay10 yearsnot applicable
Limited Pay7 years7 years
Single PaySingle PaySingle Pay
Maximum Premium Payment TermRegular Pay85, Age at Entrynot applicable
Limited Pay*25 years25 years
Single PaySingle PaySingle Pay
*Limited Pay options are 7, 10, 15, 20, and 25 years

What is not Covered?

Below discussed are the exclusions, death due to any of which is not liable for the Sum Assured on death under the IDBI Federal MyLife Protection Plan-

  • Suicide Exclusion
  1. In case of death by suicide within 12 months of the commencement of the policy or the revival of the policy, the beneficiary of the deceased policyholder is entitled to 80% of the Total Premiums paid, till the date of death or surrender, whichever is higher, provided that the policy is in force.
  2. The Total Premiums paid do not include any extra premiums paid, the Rider premiums, and taxes.
  3. Exclusions for Accidental Death Benefit
    1. Attempted suicide, or self-inflicted injuries
    2. Acts done with criminal intent
    3. Drug and alcohol abuse
    4. Injuries resulting from nuclear contamination, war, riots, invasion, or any other war-like operations
    5. Engaging in flying activities other than a bonafide passenger in a registered and licensed aircraft
    6. Participating in any dangerous sports and activities, and hazardous pursuits

IDBI Federal MyLife Protection Plan Claim Process

The claim process at IDBI Federal is a simple and hassle-free process. Below mentioned is the claim process and the documents required-

Death Claims

  1. To register for a death claim, the nominee or the beneficiary has to first inform the insurance company about the death of the life assured.
  2. The claim process can be initiated online, through the mobile app of I8DBI Federal, and by visiting the company branch
  3. Once all the documents are completed and found in order, the valid death claim is settled within 8 working days
  4. The amount of the death claim is transferred to the bank account of the nominee(s) via Electronic Fund Transfer. In a case where the Electronic Fund Transfer does not work, a cheque of the Assured Sum is sent to the address of the beneficiary.
  5. The death claim is registered on the date of receipt of the written intimation along with the valid documents from the list given below.

Documents Required for Death Claims

  • A duly filled Death Claim form
  • The original policy document
  • An attested copy of the Death Certificate of the life assured, issued by the Municipal Corporation
  • An attested copy of the nominee’s identity proof, and proof of residence
  • The medical records of the deceased at the time of the death
  • Documents related to any previous or past illnesses of the deceased life assured.
  • A cancelled cheque of the nominee’s bank account, with the correct IFSC code (for transfer of funds).

Claim Intimation Process

You can inform the insurance company about your claim online through the following steps-

  • Visit the IDBI website https://www.idbifederal.com/ and select the ‘Claims’ tab
  • Provide the policy details and follow the claim process to get a settlement of the claim
  • You can also take the help of the virtual assistant Rehan present at the website

Alternatively, you can visit the insurance company’s branch, or log on to the self-service ‘Customer Portal’ ( https://mypolicy.idbifederal.com/ )

IDBI Federal MyLife Protection Plan Riders

As mentioned earlier, IDBI Federal MyLife Protection Plan offers an add-on plan or Rider known as the Accidental Death Benefit Rider. Following are the details for this rider:

  • In case of accidental death of the life assured, this Rider gets triggered
  • One can opt for this rider only at the inception of the Policy, and it cannot be changed thereafter
  • An accidental Death Sum Assured is paid to the beneficiary as a lump sum amount, along with the Death Benefit.

IDBI Federal MyLife Protection Plan Review

IDBI Federal MyLife Protection Plan is a comprehensive term plan that offers financial security at optimum rates and premiums. Its different variants are suited to the individual needs of different people. The plan can be bought online in a quick and simple process. The policy also comes with an option to pay the Premium just once, or for a limited period, or throughout the policy term. It does not cause any extra burden on the life assured at any time. 

If your policy gets lapsed due to non-payment of premium, this plan allows you to revive the same but with the condition that the application for the revival of the policy is made within 5 years from the date of the first unpaid premium. If the due premium is not paid under the Regular Pay option, then the policy stands to lapse and all the benefits are extinguished. With an add-on Rider of Accidental Death Benefit, the IDBI Federal MyLife Protection Plan is an all-round plan for the protection of your loved ones.

IDBI Federal MyLife Protection Plan FAQs

  • 1. How do I check my IDBI Federal Life Insurance policy status?

    You can contact the IDBI Federal life  at 1800-209-0502 (toll-free) to verify the coverage status on your term insurance plan. Alternatively, you can also visit the official IDBI website and click on the 'Track Application' button at the bottom-right side of the screen, you can check it online. Enter 'Application Number' and 'Date of Birth' along with the issued 'code' to continue forward.

  • 2. During the policy term, can the premiums or amount assured be altered? How is it possible to restore the policy?

    No. In this plan, you can not change rates or amounts guaranteed within the policy term. Yes, it is possible to restore the policy. After submission of the necessary paperwork, you can restore the policy within 2 years of the last unpaid premium.

  • 3. How to conduct ULIP transactions for my IDBI Federal life insurance plan, such as fund switch and premium redirection?

    From the official website of IDBI Federal Life Insurance, you need to access the consumer portal. Tap on 'Transact fund transfer and transfers linked to premium redirection' then. Alternatively, from the website, you can download the Fund Switch Application and Future Premium redirection form and email it to support@idbifederal.com from your registered email ID.

  • 4. For pure protection and return of premium on maturity option, what is the Surrender value?

    For occasional pay, there is no surrender value. After payment of premiums for single pay plans, you will forfeit your contract. 

  • 5. What are the variants available under the IDBI Federal MyLife Protection Plan?

    The IDBI Federal MyLife Protection Plan comes with 3 variants for you to choose from:

    • Regular Coverage option
    • Coverage Booster option
    • Smart Coverage option

       
  • 6. Can any loans be availed against this plan?

    Unfortunately, no loans against this plan can be availed.

  • 7. Does smoking affect the term plan premium?

    Yes, smoking affects the premium amount. In comparison to non-smokers or non-tobacco users, life assured who smoke or consume tobacco pay a much higher premium.

  • 8. Is suicide covered in IDBI Federal MyLife Protection Plan?

    If the life assured dies of suicide within the first 12 months of the commission of a new policy or revival of an old one, the beneficiary is eligible for 80% of the Total Premiums paid till the date of death or surrender, whichever is higher.

  • 9. Can I change the nominee in my term insurance policy?

     You have to give a written request to IDBI Federal for the same. In some cases, you as the assured may have to fill up a form to change the nominee in your term insurance policy.

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