Given the unpredictability of life, it is essential to ensure that your loved ones are financially protected in case of your accidental demise. Whether it is to ensure that your family continues to enjoy the same standard of living or your child has the financial backing to undertake the educational course he/she has always wanted to, investing in an endowment plan from IDBI Federal Life will offer considerable support in ensuring that your family is well-protected at all times, even in your absence. Here we will look at the endowment plans offered by IDBI after discussing their benefits.
IDBI Federal Life Insurance Company Limited offers just one endowment plan which is as follows:
This is a traditional plan that has no bonus facility but offers guaranteed income linked to Government of India bonds. The plan is designed in a manner such that it offers financial protection to the loved ones of the life assured in case of the unfortunate demise of the person. The plan has flexible premium payment options and offers both death benefits as well as maturity benefits. The IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan also offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
This is a fixed term non-linked participating endowment plan through which policyholders can avail the dual benefits of life cover and long-term savings. The plan offers both maturity as well as death benefit in addition to guaranteed additions and bonuses. The policy term and premium payment terms are flexible and the IDBI Federal Lifesurance Savings Insurance Plan also provides tax benefits under Section 80C of the Income Tax Act, 1961.
|Plan Name||Entry Age||Maturity Age||Premium|
|IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan||Minimum: Three years for premium payment term of 15 years, eight years for premium payment term of 10 years, and 13 years for premium payment term of five years. Maximum: 65 years||Maximum 75 years||Rs.10,000|
|IDBI Federal Lifesurance Savings Insurance Plan||Minimum: Depends on the age, premium payment term and policy term. Maximum: No limit||75 years||Rs.2500 for monthly mode, Rs.5000 for quarterly mode, Rs.10,000 for semi-annual mode, and Rs.20,000 for annual mode|
Customers can purchase the endowment plan offered by IDBI at any time. The plan is easy to understand and offers benefits to the nominees of the life assured in case of his/her unfortunate demise. Moreover, IDBI Federal Life Insurance Company has developed a strong reputation as one of India’s biggest and best insurance providers. The company offers a wide variety of insurance products to ensure that customers can find the policy that best suits their unique needs. The company also boasts almost 3000 branches across India in addition to a huge network of partners and advisors who have helped the company grow into a major force in the insurance sector.
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