IDBI Fortis Life Insurance Company Ltd.

Home Assurance

IDBI Fortis Life Insurance Co. Ltd. is a joint venture between three financial organizations; India's Industrial Development and Commercial Bank (IDBI), Federal Bank, and Fortis, a European banking and insurance firm. IDBI Bank owns 48 per cent equity while Federal Bank and Fortis own 26 per cent equity each.

The company offers wealth insurance and home insurance plans. IDBI Fortis began its operations in India in March 2008 and has its headquarters in Mumbai, India.


Policy Details


Plan Name Home Assurance

Coverage: Security for entire outstanding home loan, covers terminal illness.

Exclusions: "No benefits will be paid if the Insured Person, whether sane or insane, commits suicide within 12 months from the date of commencement of this policy. The Terminal Illness Benefit will not be paid for any claim resulting from the Insured Person, whether sane or insane, attempting suicide or intentionally inflicting self injury."

Grace Period: "For Regular Premium policies, we allow a grace period of 30 days, after 30 days period the policy will lapse and no benefits will be payable."

Premium Frequency: Single, Yearly, Half-yearly, quarterly or monthly

Max Age at maturity: 70 years

Pre-mandatory Medicals: Data Not Available

Cost of Health Checkup: Data Not Available

Conversion Option: Data Not Available

Number of Riders Covered: 5

Riders: Accidental Death and Disablement Benefit, Accidental Death Benefit, Hospital Cash Benefit, Major Diseases Benefit, Waiver of Premium Benefit on Total and Permanent Disablement.

Surrender Value: Regular premium policy has no surrender value. For single premium surrender value is provided on a reducing basis as a percentage of initial single premium. For exact details of surrender value please refer policy document.

Revival of Lapse Policy: "For Regular Premiums if this policy has lapsed, you may apply to the Company within two years of the date of lapse to reinstate the policy. However, acceptance of risk is not guaranteed and will be subject to underwriting and on terms & conditions to be quoted by the Company at that time."
Income Tax benefit: "Premiums that you pay towards your Home assurance policy are eligible for tax deductions Under Sec 80C up to Rs. 1,00,000 Death benefits and claims are Tax free Under Sec 10 (10D) of the Income Tax Act 1961"



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