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  • IDBI Federal Life Endowment Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Endowment Plans Provided by IDBI Federal Life Insurance Company Limited

    IDBI Federal Life Insurance Company Limited offers just one endowment plan which is as follows:

    IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan:

    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.

    Features and Benefits of the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan:

    • As the name suggests, this is an endowment plan that comes with a money back option.
    • The premium payments under this plan can be made for either five years, 10 years or 15 years.
    • The policy will continue even after the completion of the premium payment term and the payout period can be five years to 10 years.
    • At the end of each year during the payout period, the customer will receive a guaranteed annual payout.
    • An additional annual payout is also offered by the plan, and this payout is linked to the interest rates of government securities.
    • The guaranteed annual payout will be the minimum annual payout plus additional annual payout.
    • Customers who purchase this plan have an option to withdraw the money every year through the Money Back option. Customers can also choose to take the whole amount in a lumpsum as maturity benefit once the policy has matured.
    • Customers can choose Premium Waiver Benefit as an Additional Benefit under the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan.
    • Premium discounts can be availed under this plan for higher sum assured.
    • The death sum assured under the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan is 10 x annual premium.
    • The IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan provides guaranteed annual payouts at the completion of every policy year starting from the sixth year until the 10th year.
    • The IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan offers financial protection against uncertainty.
    • The IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
    • The IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan has a loan facility under which up to 85% of the surrender value of the policy can be availed as credit.
    • In case of an emergency which requires immediate money, the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan can be surrendered if two annual premiums have been paid.
    • Death Benefit: If the life assured dies over the course of the premium payment term, the nominee will be eligible for the death benefit which will be the sum assured plus the accrued additional payout multiplied by the payout period. If the life assured dies after the completion of the premium payment term but during the payout period, the death benefit offered to the nominee will be the sum assured plus accrued additional payout multiplied by the payout period minus guaranteed additional payout already paid before plus balance in the interest bearing account in case the customer has selected the Flexible Payout Option.
    • Maturity Benefit: In case the life assured survives the entirety of the policy term, he/she will receive a maturity benefit in the form of money back over the payout period.
    • The sum assured will depend on the premium chosen by the customer.
    • The entry age of an individual who wishes to purchase the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan can be a minimum of three years in case the premium payment term is 15 years, eight years in case the premium payment term is 10 years, and 13 years in case the premium payment term is five years. The maximum entry age for this plan is 65 years.
    • The maximum age of the individual at the time of maturity cannot exceed 75 years.
    • The minimum premium payment applicable to the IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan is Rs.10,000.

    IDBI Federal Lifesurance Savings Insurance Plan:

    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.

    Features and Benefits of the IDBI Federal Lifesurance Savings Insurance Plan:

    • The IDBI Federal Lifesurance Savings Insurance Plan is a fixed-term participating endowment policy.
    • The minimum entry age for the IDBI Federal Lifesurance Savings Insurance Plan is 18 years, and the maximum is 65 years.
    • The age of the policyholder at maturity cannot exceed 75 years.
    • The sum assured under this plan will depend on the age, premium payment term and policy term.
    • The minimum premium payment term in case the policy term is 15 years, 20 years or 25 years will be five years, and in case of a 10-year policy term, the premium payment term will be six years.
    • Premium payments can be made on a monthly / quarterly / semi-annual or annual basis.
    • The minimum premium you will have to make towards the IDBI Federal Lifesurance Savings Insurance Plan is Rs.2500 for monthly mode, Rs.5000 for quarterly mode, Rs.10,000 for semi-annual mode, and Rs.20,000 for annual mode.
    • Maturity Benefit: If the life assured is alive and well at the time of maturity, and all due premium payments have been made, the policyholder will be eligible for the maturity benefit which is the sum assured plus vested guaranteed additions plus vested reversionary bonuses and terminal bonus, if any.
    • Death Benefit: In case of the unfortunate demise of the life assured over the course of the policy term, the nominee will be eligible for the death benefit which is the sum assured plus vested guaranteed additions plus vested reversionary bonuses and terminal bonus, if any.
    • The IDBI Federal Lifesurance Savings Insurance Plan also provides tax benefits under Section 80C and Section 10(10) D of the Income Tax Act, 1961.

    List of Endowment Plans Provided by IDBI Federal Life Insurance Company Limited:

    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

    Why one needs IDBI Federal Life Endowment Plans?

    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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