| Plan name
|IDBI Federal Life Insurance Guaranteed Wealth Plan
||This is a non-linked, non-participating life insurance plan that allows the policyholders to enjoy dual benefits. Apart from the benefits of a life cover, the policyholder is also benefited through guaranteed returns on savings. Based on the financial goal, the policyholder can choose to receive the benefit either as a lump sum or as regular income.
- Shorter premium payment term: The policyholder can pay for a limited premium period of 7 years instead of the entire policy term of 14 years.
- Life cover - Though the policyholder pays premium for 7 years, the policyholder's family is protected for the entire
- Enjoy guaranteed benefits - The guaranteed benefits offered under this plan are not subject to market volatility and will be paid out to the beneficiary irrespective of market conditions. The benefits of this plan are guaranteed and will be paid out to you irrespective of market volatility.
- Flexible payouts - The plan allows the policyholder to choose whether he/she wants to receive the assured benefits as a lump sum or as regular income.
- Tax benefits - The customer who to buy this policy are allowing themselves to tax benefits under the Section 80C and 10(10D) of the Income Tax Act, 1961. The premiums paid for the plan are eligible for tax deductions while the benefits and returns qualify for tax exemption. The tax benefits are applicable as per the latest tax laws which are subject to change. Customers are advised to read the policy brochure thoroughly and also to consult a qualified tax advisor before buying the policy.
|IDBI Federal Wealthsurance® Future Star Insurance Plan
||This policy is a unit-linked insurance plan that enables the policyholders to fulfill their child’s dreams. In the event of the policyholder's unfortunate death, all the future premiums are waived off and the child continues to receive all the benefits including the maturity benefits as planned by the policyholder. Upon the death of the policyholder, the nominee/beneficiary/family is not required to pay an additional premium to be eligible for the death benefits. The plan offers the following important feature which includes, but not limited to:
- Multiple benefits - Under this plan, the life cover provides comprehensive protection to the nominee/beneficiary/family of the policyholder. In the event of the policyholder's unfortunate death, the sum assured as the death benefit is paid out to the nominee. Additionally, all future premiums are waived off and the balance premiums are contributed by the insurer. Also, upon the death of the life insured, the policy continues unitl the end of the policy term and entitles the beneficiary for the maturity benefits.
- Efficient investment fund allocation - As the policy advances towards maturity, the investment funds will be switched from high-risk funds to low-risk funds to protect the policyholder’s investment from unfavorable market situations. The same principle applies when the policyholder encounters death, however, the policyholder is required to opt for this benefit at the inception of the policy.
- Flexible payouts -Depending on the policyholder's requirements, the policyholder can choose to receive the maturity/death benefit either as a lump sum amount or as installments. This flexibility can help the policyholder in achieving his/her financial goals efficiently, even when they are not around.
- Guaranteed loyalty additions: The guaranteed loyalty addition under this plan are certain to increase the policyholder’s savings through assured loyalty additions at the end of the 10th policy year and subsequently at the end of every 5 years thereafter.
- Tax benefits - The IDBI Federal Wealthsurance® Future Star Insurance Plan allows the policyholders to save on tax as per the Section 80C and 10(10D) of the Income Tax Act, 1961. The policyholder’s premiums qualify for the tax deduction while the benefits/returns are free from tax. The benefits are provided based on the current tax laws that are subject to change.
|IDBI Federal Wealth Gain Insurance Plan - A unit linked insurance plan
||IDBI Federal Wealth Gain Insurance Plan is a unit linked insurance plan that provides dual benefits of life cover as well as wealth gain features. The customers who are looking for a long-term wealth gain policy that provides the protection of a life cover should consider this plan for various benefits and reasons. Based on the financial goal of the policyholder and the risk appetite, he/she can choose from eight different investment funds, he/she can choose to invest in more than one unit linked fund. The key features of this plan include:
- Waiver of the premium on disability - In case of complete and permanent disability of the policyholder during the policy term, the premiums are waived off while the life cover continues until the end of the policy term. Moreover, the guaranteed loyalty addition will continue to add to the policy fund. If the life assured is a child, this benefit will be applicable post the child attaining 18 years of age.
- Investment fund flexibility - The policy allows the policyholder to choose from 8 different investment fund options. The policyholder can choose to invest in more than one fund or redirect the premium to any of the particular based on his/her needs. The policyholder is allowed to switch between investment funds as many times as they without any additional charges. The policyholder has complete control over maximizing or minimizing returns based on the risk and other factors.
- Guaranteed loyalty additions - At the end of the 10th policy year, the policy adds guaranteed loyalty additions to the policyholder’s funds. Additionally, after the 10th policy year, the guaranteed loyalty additions are added to the fund after every 5 years of the policy term.
- Maturity benefits - When the policyholder survives till the end of the policy term, he/she becomes eligible for the maturity benefits. The maturity benefits include the total fund value and the guaranteed loyalty additions.
- Death benefits - In the event of the policyholder’s unfortunate death during the policy term, the nominee/beneficiary will be entitled to the death benefit which is higher of the death sum assured, fund value or 105% of the total premiums. Once the death benefit is paid out, the policy will be terminated and no further benefit will be due towards the beneficiary.
- Tax benefits - The premiums paid for this plan and benefits/returns from this plan qualified for tax benefits. The Section 80C and 10(10D) of the Income Tax Act provide tax deduction and tax exemptions for the premiums paid by the policyholder and the benefits/returned gained through this plan. The tax benefits are subject to change based on the current tax rules and regulations.
|IDBI Federal Wealthsurance® Growth Insurance Plan
||This is a regular premium unit-linked insurance plan that allows the policyholder to decide how much he/she wants to invest and the duration for the investment as well. The policyholder can choose from 9 different investment funds and decide to invest in one or more funds. Based on the financial goal and risk appetite, the policyholder can choose one or more suitable fund options. Moreover, the life cover protects the family of the policyholder from financial uncertainties in case of the unfortunate death of the life insured. Few of the key features from this plans are listed below:
- Flexibility of investment funds -The policyholder can decide which fund he/she wants to invest in, the investment payment term, and the duration for which the funds needs to be invested. The flexibility enables the policyholder to achieve his/her financial goals efficiently.
- Investment fund options - The policyholder is provided with 9 unique investment fund option which he/she can choose to manage by himself/herself or take assistance from the insurer in managing it. The plan allows switching between investment funds based on the risk appetite and financial goals of the policyholder. The switches are free and don’t attract any charges.
- Guaranteed loyalty additions - Similar to few other insurance plans by IDBI Federal Life Insurance Company, this plan offers guaranteed loyalty additions at the end of the 10th policy tear and every 5 years thereafter. The loyalty additions are provided as rewards for staying invested in the policy.
- Life cover - The regular premium unit-linked insurance plan offers protection to the family of the policyholder through a life cover. In the event of unfortunate death of the policyholder, his/her family will be entitled to the death benefits listed under this plan. The Death benefit will be higher of the sum assured, the fund value or 105% of the total premium amount paid.
- Tax benefits -The plan provides tax benefits to the policyholder as per the Section 80C and 10(10D) of the Income Tax Act, 1961.
|IDBI Federal Wealthsurance® Growth Insurance Plan Single Premium
||It is a single premium unit-linked insurance plan that can be purchased with a single premium. This plan is suitable for customers who don’t have a steady income to rely on but they can afford a lump sum to get a life cover with an option to boost their savings. The one-time premium payment provides unit linked returns from various investment funds while providing protection to the policyholder’s family through a life cover. The plan comes with the following features:
- One-time premium payment - The policyholder is required to make only a single premium payment to take advantage of the benefits of this plan. Moreover, this plan never lapses.
- Investment fund options - The policyholder can choose one or more investment funds out of the 9 available options to suit his/her requirements. Additionally, the plan allows switching between investment funds without any additional charge. The policyholders can manage their investment funds by themselves or choose to take help from the insurer without paying any additional charge.
- Guaranteed loyalty addition -Under the IDBI Federal Wealthsurance® Growth Insurance Plan Single Premium, the guaranteed loyalty addition are added at the end of the 5th policy year and subsequently every 5 years thereafter.
- Partial withdrawal - In case of an emergency situation, the policyholder can choose to withdraw a partial amount from the fund value. The plan allows a minimum of Rs.10,000 and a maximum of 20% of the fund value as the limit for the partial withdrawal, however, this facility is available only after the completion of the 5th policy year.
- Death benefit - In case the policyholder encounters death during the policy term, the nominee will be entitled to the assured death benefit based on the premium. Once the death benefits are paid, the plan will be terminated and no further benefit will be due for payment.
- Tax benefits - The policyholder can take advantage of the tax benefits offered under this plan. The Section 80C and 10(10D) of the Income Tax Act, 1961 offer tax deductions, and tax exemption benefits for the premium paid and returns earned from this plan.