Dear Mr. Nooruddeen,
Please note that, pure term insurance is basically for the protection of your family in case your death during the policy period. In case you wish to provide financial stability to your family members, please go for Term Insurances. If you wish to get some benefits for the insured, please look for some other insurance policy for that you need to pay more premium when compared to pure term insurance policies. Now a days online term insurance policies are available at very low prices.
The other details of the Insurance Policy is give below.
How does this plan work?
If you are over the age of 50, you can enroll for this plan till the maximum age of 85. The entry to the plan is guaranteed without any questions of the state of your health condition. In the unforeseen event of demise in the first two years of the policy, 125% of total premiums paid shall be returned. After two years, you are insured for the amount of sum insured for life. The amount of premium and cover remain the same throughout the life of the policy, except after age 90. At age 90 the policy gets even better as your premiums will stop, but your life insurance cover will continue.Premium Payment
Your premium amount depends on your age, the sum insured at the time of buying this plan. You have the option of paying your premium in monthly, quarterly, half-yearly and yearly basis. A modal loading factor of 0.51 for half-yearly, 0.26 for quarterly and 0.09 for monthly is applicable. You have to pay premium till age 90 years and your premium amount remains level throughout. You can change the frequency of premium payment from any policy anniversary by giving us a written notice. The premiums paid under this policy may exceed the sum insured chosen by you.
The premium for 51 years old person for Rs.100,000.00 sum assured is approximately Rs. 4,500.00
Surrender
You can surrender your policy at any time after three years from the date of commencement of the policy provided you have paid at least three full years' premium. Death Benefit1. On the death of the insured person within 2 years from the commencement of the policy:
n 125% of the total premiums paid will be paid to the beneficiary2. On the death of the insured person after 2 years from the commencement of the policy Sum insured will be paid to the beneficiary
Maturity Benefit
There are no maturity benefitsNote: For more details, please contact the insurance agent or the insurance company.
Also note that I am not an Insurance Agent
Best RegardsPrakash Nair
On Tue, May 22, 2012 at 11:14 AM, P Nair <pnair1966@yahoo.com> wrote:
Dear Mr Nair,
Thank you so much for the message with the information of the IDBI Fed. Terminsurance for Snr Citizens.What is the benefit for the Snr citizens who insured in this plan. What he gets? Is there any medical coverage for the Snr citizen by this plan or just make a chance to get a sum to his next of kin only?
If no benefit for the insured then is it advisable?
Let me know pls if there is any other benefit is available to the insured?
Rgds
nooruddeen Mathilakath veetil
Perinnanam
Trichur.IDBI Federal launches Termsurance for Senior CitizensThe plan, for people aged 50-85 years, does not require customers to go through any medical tests, submit medical reports or answer any health questions and is for whole of life and is entitled for deduction of tax
Mumbai: Private insurer IDBI Federal Life Insurance on Monday launched its maiden online product, IDBI Federal Termsurance Seniors Insurance Plan, targetted at people in age group of 50-85 years, reports PTI.
"There are a sizable number of people who would have missed taking an insurance cover when young. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. This will help parents become self-reliant. With Termsurance Seniors, it will never be too late to get covered," IDBI Federal Life Insurance managing director and chief executive GV Nageswara Rao said in a release.The unique plan, for people aged 50-85 years, does not require customers to go through any medical tests, submit medical reports or answer any health questions and is for whole of life and is entitled for deduction of tax.
The premium payment term is till the age of 90 years and the plan is designed to keep the premium same from the start, while the cover will continue for the whole of life of the insured person.Under the Plan, in case of death of the insured person after two years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of premiums have been made.
In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.
"The unique feature of no medicals in Termsurance Seniors has helped us design a simple and easy three-step online purchase process. Customers have to just calculate the premium, enter nominee details and make the payment to secure a policy," IDBI Federal Life Insurance Head, Marketing and Product Management, Aneesh Khanna said.
IDBI Federal Life Insurance is a joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.
Note - For more details please contact the Insurance Co/Insurance AgentBest Regards
Prakash Nair
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