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  • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

    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

     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.

    Eligibility - Who is the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay for?

    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:

    Parameter Eligibility
    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

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured:

    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.

    Premium:

    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.

    Plan Coverage - What the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay covers?

    The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay coverage is as follows:

    • The individual chooses the premium amount he/she wishes to pay based on the range provided under the plan.
    • The premium would have to be paid for the first 6 years of the policy term.
    • The guaranteed annual payments would be made from the 7th policy year onwards provided the plan is still in force and all premiums were paid.

    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:
    • Guaranteed sum assured on maturity
    • 10 times the annualised premium
    • 105% of all premiums paid
    • Basic sum assured.
    Survival benefit The policyholder stands to receive an annual payment from the 8th to the 13th policy year, which would depend on the following:
    • Age as on last birthday at the time of policy purchase
    • Annualised premium being paid.
    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:
    • During premium paying term= guaranteed annual payout x number of premiums paid.
    • After premium paying term= (guaranteed annual payout x number of premiums paid) – sum of all guaranteed annual pay-outs paid till date of claim.
    The list of critical illnesses covered under the plan are given below:
    • First heart attack of specified severity.
    • Cancer of specified severity.
    • Kidney failure requiring regular dialysis.
    • Major organ/bone marrow transplant.
    • Coma of specified severity.
    • Open chest coronary artery bypass graft.
    • Permanent paralysis of limbs.
    • Multiple sclerosis with persistent symptoms.
    • Stroke resulting in permanent symptoms.

    Riders/Add-on Covers:

    There are no add-on covers or riders associated with the IDBI Federal Incomesurance Guaranteed Money Back Plan 6 Pay.

    Exclusions - What the IDBI Federal Incomesurance Guaranteed Money Back Plan 6 Pay doesn’t cover?

    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:

    • If the policyholder dies within 30 days of the diagnosis that is covered under the critical illness benefit, only death benefit will be paid and no additional benefit under the critical illness benefit will be paid out.
    • Any medical conditions or any conditions that are a direct or indirect result of Acquired Immunodeficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV).
    • Any medical procedures or conditions arising out of self-inflicted injuries, self-harm or attempted suicide, irrespective of the policyholder being medically sane or insane at that point.
    • Any medical condition or any medical procedure undergone by the life insured that is caused either directly or indirectly by any congenital defect or anomaly.
    • Any medical condition or procedure that is the direct or indirect result of alcohol or drug abuse.
    • Injuries sustained as a result of participation in unlawful or criminal activities.
    • Any medical condition arising out of nuclear contamination or materials of a hazardous nature, or an accident caused due to any such related activity.
    • Injuries caused due to participation in any hazardous sport or activity such as mountaineering, race, martial arts, hunting, parachuting etc.
    • Any medical condition caused due to acts of war, invasion, foreign aggression, civil war, armed hostilities, mutiny, rebellion, riots or strikes.
    • Any medical condition or procedure arising out of participation in naval, military or air force operations during peacetime.
    • Any condition or procedure arising out of the life insured flying except as a bona fide passenger aboard a commercial passenger aircraft operated by a licensed airline.

    Other Key Features - Freelook Period, Surrender Value, Grace Period etc.

    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:
    • Satisfactory evidence of health and re-insurability are provided.
    • All arrears and interest charges pertaining to the policy are paid.
    • Any other requirements as stipulated from time to time.
    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:
    • Guaranteed Surrender Value (GSV)= (total premium paid till surrender date x GSV factor) – survival pay-outs paid till surrender date.
    • Special Surrender Value (SSV), which is non-guaranteed and could change subject to regulatory approval.
    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:
    • On completion of the guaranteed annual pay-outs.
    • On payment of the death benefit.
    • If the policy is not renewed during the revival period (for policies that have not acquired paid-up value).
    • If premiums are not paid during the grace period (for policies that have not acquired paid-up value).

    Tax Benefits - How you can save with the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay?

    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:

    • The policyholder can avail tax benefits on insurance premiums paid under Section 80C of the Income Tax Act of 1961.
    • Under Section 10(10D) of the Income Tax Act of 1961, all benefits received from a life insurance policy such as maturity benefit, death benefit, survival benefit etc. are eligible for tax deductions.

    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.

    Other Benefits - How you can save with the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay?

    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:

    • IDBI Federal provides policyholders with relevant policy information on plans and payments at the click of a button on their website. Policyholders can access a digital copy of the policy document as well as keep track of premium payments and track claims through the website.
    • Policyholders looking to pay their premiums can do so either offline or online. Those looking to pay online can do so through a number of methods, such as netbanking, through NEFT, by issuing a standing instruction or through debit/credit cards based on their convenience. Payments can also be made offline by cheque or cash, providing policyholders with a host of payment options.
    • Making a claim is also a simplified process, thanks to the quick and easy online process that enables real-time claim tracking as well as round the clock assistance.

    Why you should buy the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay from IDBI Federal Life Insurance?

    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.