The plan offers life cover for a relatively small premium and comes with the flexibility to choose policy term and premium payment term. It allows an individual to choose between three life cover options.
IDBI Federal Life Insurance today launched its MyLife Protection Plan, a pure term plan that offers financial security through the policyholder’s life. The plan comes with options and features to suit different needs and preferences and can be bought through a quick online process
The plan offers life cover for a relatively small premium and comes with the flexibility to choose policy term and premium payment term. It allows an individual to choose between three life cover options – Regular Coverage, Coverage Booster, and Smart Coverage to suit their needs. Apart from these key features, the policy gives the option to pay the premium just once, for a limited period or throughout the policy term, with a choice to enhance protection through the Accidental Death Benefit option.
Karthik Raman, CMO, and Head – Products, IDBI Federal Life Insurance said, “Keeping in mind the varying requirements of individuals, the plan offers a range of options and features to suit different needs and preferences. We are introducing discounted premium rates for females, marathon runners, and non-tobacco users.”
Under the Regular Coverage option, the life cover remains level throughout the policy term, whereas under the Coverage Booster option, the life cover increases at the rate of 10 per cent every 3 years until it reaches 150 per cent. This increase is to take care of inflation and ensure that the family has apt coverage with the passing of time. Moreover, this increase comes with no additional premiums or medicals required. Under the Smart Coverage option, the life cover remains level till the policyholder reaches the age of 60 years, post which it reduces by 50 per cent and remains at this level till the end of the policy term. This allows the individual to purchase a higher life cover at the start of policy for the same premium.
Accidental Death Benefit, if opted for, pays a much-needed additional lumpsum amount to the family in case of the accidental death of the life assured. The insurance premiums under this plan would attract income tax benefits under Section 80C of the Income Tax Act, 1961.