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  • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 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 7 Pay is a money back insurance plan that offers guaranteed annual income. Under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, the policyholder has to pay the premiums for the first seven years and he/she will be able to enjoy coverage for a period of 14 years. The guaranteed annual payouts are not hampered by the market conditions. The annual payouts under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay ranges between 126.66% and 143.23% of the premium. The policyholder can also avail great protection offered by the Critical Illness Benefit. Tax Benefits can also be availed by the policyholder under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay.

    Eligibility – Who is the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay for?

    In order to buy the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for eligibility
    Minimum age at entry 10 years
    Maximum age at entry 50 years
    Minimum age at maturity 24 years
    Maximum age at maturity 64 years

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

    Sum Assured – It is the lump sum payout that the policyholder receives after the end of the policy term. In case the policyholder encounters death in an unfortunate event, the sum assured is paid out to the nominee as per the policy.

    Premium Range – Premium is the amount that you pay at regular intervals to keep your policy active. In case of the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, the minimum premium that must be paid by the policyholder is Rs.35,000. The maximum premium for this policy is Rs.20,00,000. The premium payment frequency that can be enjoyed by the policyholder is annual.

    Frequency of premium payment Annual
    Term of the policy 14 years
    Premium payment term 7 years
    Minimum Premium Rs.35,000
    Maximum Premium Rs.20,00,000

    Disclaimer – Premiums may vary depending upon factors like term of the plan, location, age, etc.

    Plan Coverage – What the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay covers?

    Survival Benefit The policyholder can avail annual payouts upon survival of the insured till the end of each year. This starts from the 8th policy year and continues up to the 14th policy year. The GAPs or Guaranteed Annual Payouts that the policyholder receives depends on 2 specific factors. These factors are mentioned below:
    • The policyholder’s age at the commencement of the policy.
    • The annualised premium except extra premium and service tax.
    Maturity Benefit No guaranteed sum assured is paid out upon maturity. The last Guaranteed Annual Payout or GAP is received if the insured survives till policy maturity.
    Death Benefit In case the insured individual encounters death in an unfortunate event within the period of 14 years under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, the beneficiary or nominee will receive the death sum assured. It is the higher of:
    • 10 times of the annual premium.
    • Guaranteed sum assured upon policy maturity.
    • Basic sum assured. (10 times of the premium, including modal loading and extra premium).
    • Sum of all GAPs (Guaranteed Annual Payouts).
    • 105% of all the premiums paid. (This includes modal loading and extra premiums)
    Critical Illness Benefit If the insured person is diagnosed with any critical illness mentioned in the list of critical illnesses under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, then a lump sum amount is paid out for the treatment of the illness and other related expenses. In order to claim the Critical Illness Benefit, there is a 30-day survival period. In case the policyholder encounters death during that period, critical illness benefit is not provided by the insurer. Only death benefit is paid out in that case under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay. Critical Illnesses covered under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay are as follows:
    • Permanent Paralysis of Limbs.
    • Multiple Sclerosis with persisting symptoms.
    • Coma of Specified Severity (Coronary Artery Bypass Graft).
    • Bone Marrow Transplant or Major Organ Transplant.
    • Open Chest CABG.
    • Cancer of Specified Severity.
    • Stroke resulting in permanent symptoms.
    • Kidney failure requiring regular Dialysis.
    • First Heart Attack – Of Specified Severity

    Exclusions – What the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay does not cover?

    Suicide Exclusion – IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay will only pay 80% of the total premiums as death benefit to the nominee in case the policyholder commits suicide within a period of 12 months from the commencement date of the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, whether insane or sane. In case the policyholder commits suicide within a period of 12 months from revival date or reinstatement date of the policy, 80% of the premiums paid out till death or the surrender value is received by the nominee as death benefit.

    Other Exclusions:

    • Participation of the policyholder in criminal activities or unlawful acts.
    • Medical condition that arises as a result of riots, war, invasion, mutiny, rebellion, etc.
    • Medical conditions occurring due to presence of HIV.
    • Participation of the policyholder in a flying activity except as a pilot, employee of the airline company or a registered passenger.
    • Medical conditions arising due to drug abuse or alcohol.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Grace Period IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay offers a grace period of 30 days for the policyholder to pay the required premiums. During this period, if the insured individual encounters death, premiums get deducted from the death benefit that is payable upon the demise of the policyholder.
    Revival The IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay can be revived within a period of 2 years from the first unpaid premium date. The policyholder must provide satisfactory health evidence and meet all other requirement for revival of the policy.
    Free look period Under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, free look period of 15 days can be availed. If the policyholder does not like the terms of the policy, he/she can return it to the insurance company. The policyholder must provide the reasons for not choosing the policy in writing. The policy document (original) along with the cancellation request must be sent to the insurer. If the policyholder purchases the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay via distance marketing, he/she can avail a free look period of 30 days. Distance marketing includes the following modes of sale:
    • Electronic modes like internet, email and DTH.
    • Physical modes that include magazine, newspaper and postal mail alert.
    • Voice mode that includes tele-calling.
    • SMS or Short Messaging Service.
    • Sale of the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay through any mode of communication except in person mode.
    Loans The policyholder can avail a loan of Rs.5,000 under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay.
    Surrender The policyholder may choose to surrender the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay at any given point after paying full premiums for a period of 2 years. The surrender value is higher of the SSV (Special Surrender Value) and the GSV (Guaranteed Surrender Value).

    Tax Benefits – How you can save under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay?

    The policyholder can avail tax deductions applicable under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

    Why you should buy the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay from IDBI Federal?

    IDBI Federal is one of top insurance providers in India. The insurance solutions offered by this company comes with great innovation and flexibility. The plan is tailored to meet the changing needs and requirements of the customers. Under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, the policyholder has to pay the premiums for the first seven years and he/she will be able to enjoy coverage for a period of 14 years. The guaranteed annual payouts are not hampered by the market conditions. The annual payouts under the IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay ranges between 126.66% and 143.23% of the premium. The policyholder can also avail great protection offered by the Critical Illness Benefit.