"Spending a whole day looking for insurance is fun," said nobody, EVER!
Loading your search...
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • IDBI Federal Life Money Back 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

    Insurance plans are perhaps one of the most procured financial plans in the market today. This is not just because of the cover and the protection that they provide to the family of the policyholder in case of his/her untimely demise, but also because certain investment plans provide investment opportunities as well. Additionally, maturity and surrender benefits are also provided by most policies. Certain other plans ensure annual payouts regardless of the ongoing market conditions, providing policyholders with an avenue to enhance the growth of their investments.

    IDBI Federal Life Insurance is one such company that provides customers with money back insurance plans that ensure that in addition to protection, customers can also increase their financial growth. Policyholders will have to pay premium for a pre-decided number of years after which they can avail life cover along with tax benefits. Through these plans, policyholders need not worry about the future but can guarantee their income instead.

    IDBI Federal Life provides three Money Back plans and these are -

    • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan
    • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay
    • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

    Benefits of IDBI Federal Life Money Back Plans

    • These plans provide comprehensive life cover to the policyholders and death benefit to the nominee in case of the policyholder’s untimely death.
    • Money Back plans ensure guaranteed annual payouts regardless of market conditions, thus ensuring financial security.
    • Option to avail add-on plans or riders to enhance life cover and protection.
    • Policyholders can procure tax benefits on these Money Back plans.
    • IDBI Federal Life is also known for its robust customer care service and hassle-free claims process making it easy for customers who wish to procure their policies.

    List of Money Back Plans by IDBI Federal Life

    Incomesurance Guaranteed Money Back Insurance Plan:

    This non - participating, non-linked money back plan by IDBI Federal Life ensures that guaranteed returns are provided on the policyholder’s investment.

    Benefits and Features of Incomesurance Guaranteed Money Back Insurance Plan

    • Individuals, at the time of purchasing the plan will know the amount that they would receive as annual payouts.
    • Premiums will only have to be paid for the first five years of the policy tenure and policyholders will then receive annual payouts at the end of every year from the sixth year of policy until the 10th year of policy.
    • Customers have the option to choose the premium amount that they wish to pay according to their requirements and needs.
    • In case of policyholder’s untimely death, the nominee will receive 10X the annual premium amount as the death benefit.
    • Policyholders can avail not just one, but two tax benefits on this policy through which they can save an additional amount of money.
    • Another benefit that can be procured through this plan is the facility for loan which will be limited to 85% of the Guaranteed Surrender Value that is available under the policy. However, the minimum amount of loan available is Rs.5,000.
    • After the payment of two annual premiums, policyholders have the option to surrender their policy if there is a financial emergency.
    • Additionally, in case policyholders wish to do so, they can create a fund for their family under the Married Women's Property Act of 1874.
    Age at Entry (in years)
    • Minimum - 18
    • Maximum - 55
    Age at Maturity (in years) 65
    Death Sum Assured Fixed - 10X Annual Premium
    Premium
    • Minimum - Rs.20,000
    • Maximum - NA
    Policy Term Fixed - 10 years
    Premium Payment Period Fixed - 5 years
    Survival Benefit Guaranteed payouts annually at the end of each year from the 6th year of policy to 10th year of policy.

    Incomesurance Guaranteed Money Back Insurance Plan 6 Pay:

    Through this option, policyholders can safeguard their money during times of financial crisis and unpredictability. The Guaranteed Money Back Insurance Plan 6 Pay helps policyholders achieve their financial goals as it provides guaranteed returns in the final six years of the plan. Additionally, cover and rider options are available for added protection.

    Benefits and Features of the Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

    • Policyholders under this plan will only have to pay for the first 6 policy years and can avail all the benefits after.
    • Annual payouts are guaranteed from the 8th policy year until the 13th policy year. This amount is a percentage of the annualised premium and is dependent on the policyholder’s age of entry. However, this annual payout does not include underwriting premium and taxes.
    • Although customers only have to pay premium for a period of 6 years, life cover is available for a period of 13 years, as long as the policy is in force.
    • An additional benefit that policyholders an procure is the Critical Illness Benefit which provides protection against a predefined set of diseases. A lump sum benefit will be paid to aid treatment costs as long as the policyholders survives for a period of 30 days from the diagnosis of illness. This cover will continue until the end of the policy tenure.
    • Policyholders can avail not just one, but two tax benefits regarding this policy, under Section 80C and Section 10(10D) of the Income Tax Laws.
    Age at Entry (in years)
    • Minimum - 10
    • Maximum - 50
    Customers should note that only legal guardians or parents can procure policies on minors.
    Age at Maturity (in years)
    • Minimum - 23
    • Maximum - 63
    Premium
    • Minimum - Rs.35,000
    • Maximum - Rs.20,00,000
    Policy Term Fixed - 13 years
    Premium Payment Period Fixed - 6 years
    Mode of Premium Payment Yearly

    Incomesurance Guaranteed Money Back Insurance Plan 7 Pay:

    Individuals procure life insurance policies so that their family will not have to suffer financial in case of their untimely demise. Additionally, in order to safeguard their financial security, other wealth increasing plans can be availed. One such option that is available to policyholders is the Incomesurance Guaranteed Money Back Insurance Plan 7 Pay policy by IDBI Federal Life. Through this plan, individuals can avail benefits after paying premium for a period of 7 years in addition to other benefits and features.

    Benefits and Features of Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

    • Through this plan, policyholders will have to pay premiums for only the first 7 years of policy and can avail annual payouts from the 8th year of policy until the 14th year of policy.
    • The annual payouts that policyholders receive will range from 126.66% to 143.23% of their yearly premium regardless of the ongoing market conditions.
    • An additional benefit that policyholders can avail is the Critical Illness Benefit that provides financial benefit in case of diagnosis of any of the pre-defined illnesses that are covered.
    • Although policyholders will only have to pay premiums for the first 7 years, they can avail life cover for the entire tenure of 14 years, as long as the policy is in force.
    • In case of the policyholder’s untimely demise, nominee will receive a death benefit.
    • Policyholders have the unique benefit of being able to choose the premium amount that they would wish to pay based on their needs and necessities.
    • Tax benefits can be availed under the Incomesurance Guaranteed Money Back Insurance Plan 7 Pay policy.
    Age at Entry (in years)
    • Minimum - 10
    • Maximum - 50
    Customers should note that only legal guardians or parents can procure policies on minors.
    Age at Maturity (in years)
    • Minimum - 24
    • Maximum - 64
    Premium
    • Minimum - Rs.35,000
    • Maximum - Rs.20,00,000
    Policy Term Fixed - 14 years
    Premium Payment Period Fixed - 7 years
    Mode of Premium Payment Yearly

    Why do you need the IDBI Federal Life Money Back Plans?

    Life insurance policies are mainly procured to ensure the wellbeing of an individual’s family in case of his/her untimely demise. However, wealth creation or money back plans also provide the additional security of guaranteed income.

    These money back plans provide a number of additional advantages such as Critical Illness Benefit, tax exemptions, guaranteed annual income and so on, making these plans highly popular.

    One of the most well-known and fast growing insurance companies in the country, IDBI Federal Life is a joint venture between the highly reputed commercial and development bank, IDBI Bank, Federal Bank which is one of the fastest growing private sector banks in the country and insurance giant Ageas. This life insurance company combines the best of both these companies’ offerings and provides a number of unique and beneficial insurance policies for every customer’s discerning need. This company achieved a breakeven within just 5 years, which stands as a testament to this company’s success.

    IDBI Federal Life works with a vision to be one of the leading providers of protection, wealth management and retirement solutions. This combined with the state-of-art technology employed by the company along with a great customer care service ensures that IDBI Federal Life is a highly sought after insurance provider.

    Additionally, individuals can make use of their online services and pay their premiums online or even procure a plan online. Numerous calculators and tools are available in case individuals wish to check the premium amount that they would want to pay. 

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.