The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay is a no-linked, non-participating money back insurance plan by IDBI Federal that offers policyholders guaranteed pay-outs during the policy term as well as life cover. The policy also provides policyholders with critical illness cover, thereby enhancing the basic coverage offered by other life insurance plans.
The plan has a 13 year policy term, thus providing the individual with life cover throughout the term, with the annual guaranteed pay-outs beginning from the 8th policy year onwards. The critical illness cover is in-built, providing coverage in case the policyholder is diagnosed with any of the critical illnesses covered under the policy.
The plan is ideal for individuals looking to secure their financial future through life cover as well as receiving a steady income to help meet any financial needs at a later stage.
The plan is held singly and covers the individual only.
The policy has certain eligibility criteria which have to be met, which are listed below:
|Minimum entry age||10 years|
|Maximum entry age||50 years|
|Minimum maturity age||23 years|
|Maximum maturity age||63 years|
|Policy term||13 years|
|Premium paying term||6 years|
|Premium paying mode||Annual|
The sum assured is the guaranteed amount that would be payable to the policyholder and excludes any benefits and additions. The sum assured payable under the policy is subject to the premium amount, age of the policyholder and other associated variables.
The premium is the amount payable by the policyholder towards the life cover being provided. The minimum premium amount payable under the policy is Rs.35,000 while the maximum amount payable is Rs.20 lakhs. The premium is a single premium, payable at the commencement of the policy.
The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay coverage is as follows:
The coverage provided under the plan is listed in the table below:
|Death benefit||In the event of the policyholder’s death during the policy term, the nominees stand to receive the highest of the following:
|Survival benefit||The policyholder stands to receive an annual payment from the 8th to the 13th policy year, which would depend on the following:
|Critical illness benefit||The policyholder stands to receive this benefit if he/she contracts a critical illness from among the ones covered. A lump sum would be paid out as per the below:
There are no add-on covers or riders associated with the IDBI Federal Incomesurance Guaranteed Money Back Plan 6 Pay.
The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay provides policyholders with a number of benefits. Certain circumstances will result in the company not paying any benefit. The exclusions are listed below:
The features and benefits provided by the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay are as follows:
|Free look period||If the policyholder is not satisfied with any of the conditions or provisions of the policy, he/she may return the policy during the free look period and not incur any penalties. The free look period is 15 days from the date of receipt of the physical policy document. For distance marketing policies, it is 30 days from the date of receipt of the policy.|
|Grace period||Policyholders who default on a premium instalment are provided with a 30 day grace period within which the premium amount can be paid with no penalties.|
|Loan||Loans are available against the policy provided the policy has acquired surrender value. The minimum loan amount that is permissible is Rs.5,000 while the maximum is 85% of the guaranteed surrender value at the time of application.|
|Assignment||The policy allows for assignment of the policy to another individual provided as per existing provisions.|
|Nomination||The policyholder can nominate an individual/individuals to receive benefits as per existing provisions.|
|Lapse of policy||If the premium is not paid during the first two years during the grace period, the policy will lapse and no benefits will be payable.|
|Policy revival||The policy can be revived within a period of 2 years from the date the last premium was paid if the following requirements are met:
|Surrender of policy||The policy can be surrendered at any time after paying two years premiums, after which the policy will reach surrender value. The surrender value is the higher of the following:
|Paid-up value||Failure to pay premiums within the grace period would result in the policy acquiring paid-up value provided 2 full years’ premiums have been paid. In case of the policyholder’s death during the policy term, a reduced death sum assured would be paid out. Similarly, in the case of a critical illness claim, the reduced guaranteed annual payout multiplied by the premium payment term would be paid during the premium paying term. After the premium paying term, the reduced guaranteed annual payout multiplied by the premium payment term minus the pay-outs already paid.|
|Termination of policy||The policy would be terminated in the following circumstances:
The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay offers policyholders tax benefits through investing in the policy, enabling them to receive life coverage as well as save on tax. The tax benefits offered to policyholders are as listed below:
It is to be noted that tax exemptions are subject to change. It is advisable to consult with a tax advisor for information on current exemptions.
The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay provides policyholders with a number of benefits and features, as outlined above. In addition to these, IDBI Federal provides a host of services and perks to its policyholders, such as the ones listed below:
The IDBI Federal Life Insurance Co Ltd is a private life insurance company that is a joint venture between IDBI Bank, Federal Bank and Ageas, a multinational Europe-based insurance company. The company was set up in the year 2008 and has steadily expanded its operations, setting up over 2,900 branches catering to customers across diverse segments. The company blends vast banking experience through the two banking concerns and insurance expertise through Ageas, making it a comprehensive solution for those looking to invest in a life insurance policy.
The company provides life insurance solutions to individuals, groups as well as corporate clients, with a range of services across each vertical. IDBI Federal seeks to provide the best in class service to its customers, through its product offerings as well as its stellar customer service.