Says Karthik Raman, CMO, Head Products & Strategy, IDBI Federal Life Insurance, “It is important we transform our Term plans to suit the modern consumers’ changing preferences and lifestyle needs. Life expectancy in India has gone up with better immunization and nutrition, coupled with prevention and treatment of infectious diseases. Thus, we came up with a comprehensive plan, IDBI Federal iSurance Flexi Term Insurance Plan, that gives customers multiple choices within the same product, including a conversion option in the event of a critical illness. This was also done while keeping it simple, friendly and affordable.”
He adds, “The cover for critical illness, especially at terminal stages, remains out of reach for many customers due to high costs. With IDBI Federal iSurance Flexi Term Insurance Plan under the ‘Lump sum with Conversion Option’, the plan offers a unique feature that allows the policyholder to encash the Death Benefit, at a pre-determined rate, upon diagnosis of any of the specified terminal medical conditions.”
Here is the plan in numbers for a 35 year old healthy male who doesn’t smoke. The cost for Rs. 50 lacs of Life cover with the option to convert the cover in case of a terminal illness, for 25 year term is Rs 5,135 per annum. In case of death, the benefit paid would be Rs 50 Lacs.
The customer has the choice to reduced value in case he is suffering from certain terminal conditions, i.e. for cancer in this scenario it may come to Rs. 35.5 Lacs and 25 Lacs in case of a heart attack and stroke.
Other than the conversion option, iSurance Flexi gives customers some other key benefits.
- Cover till the age of 80 years.
- Payout of death benefit in the form of monthly income or increasing monthly income for 15 years.
- Option of taking some part of the life cover as lumpsum and balance in monthly instalments for 15 years.