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IDBI Federal Life Wealthsurance Growth Insurance Plan SP

IDBI Federal Wealthsurance Growth Insurance Plan SP comes with an investment account as well as an insurance account. You will be required to pay a premium only once for this plan. This plan will allow you to enhance your funds through IDBI Federal Investment Basket. Apart from this, you will also receive life cover through the insurance account.

Eligibility – Who is the IDBI Federal Wealthsurance Growth Insurance Plan SP for?

With the IDBI Federal Wealthsurance Growth Insurance Plan SP, you can invest any amount with a minimum amount of Rs.25,000. When you invest higher amounts, you can enjoy higher growth and returns. You can choose from 9 fund options provided by IDBI Federal Investment Basket that is a part of this plan. Let us take a look at the eligibility criteria for this plan:

Minimum entry age 1 month completed
Maximum entry age 70 years
Minimum maturity age 18 years
Maximum maturity age 75 years

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

The IDBI Federal Wealthsurance Growth Insurance Plan SP allows you to select your sum assured amount according to the life cover that you want to give your dependents. The expenses for the sum assured will be subtracted from your investment account. The sum assured is calculated as a percentage of your premium payment. The plan allows you to move to other funds within the basket without paying any additional fee. Let us take a look at the details regarding the sum assured and premium range:

Minimum sum assured When entry age is lesser than 45 years: 1.25 times the single premium When entry age is 45 years or higher: 1.10 times the single premium
Maximum sum assured When maturity age is lesser than or equal to 45 years: 10 times the single premium When maturity age is more than 48 years: Entry age below 45 years: 1.25 times the single premium
Minimum premium Rs.25,000
Maximum premium There is no limit. It depends on underwriting.
Premium payment term Single premium
Policy period 5 years or 10 years or 15 years or 20 years or 25 years

Premiums vary based on age, location, plan term and other factors.

Plan Coverage – What the IDBI Federal Wealthsurance Growth Insurance Plan SP covers?

With the IDBI Federal Wealthsurance Growth Insurance Plan SP, you can decide how you want to invest according to how much risk you are ready to take. This plan offers both death benefit and maturity benefit. For the maturity benefit, you have a settlement option. This plan has a do-it-yourself investment facility and a leave-it-to-us investment strategy. You can choose any of these 2 and have a successful investment experience. The fund options offered under this plan include Equity Growth Fund, Midcap Fund, Pure Fund, Bond Fund, Income Fund, Liquid Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund, and Cautious Asset Allocator Fund. Let us discuss what this plan covers:

Type of benefit Features of the benefit
Maturity benefit You will receive an amount when your policy matures. This benefit includes the fund value in your policy account when the policy matures. After your maturity benefit, the policy is cancelled. You have a settlement option for this benefit. You do not have to take out the full amount when the policy matures. You can take it out in installments. You will have to do it in 5 years after the policy matures.
Death benefit When the policyholder dies, the nominee or beneficiary will get a death benefit. The cause of the death can be anything. The death benefit will be the fund value in the policy account or the sum assured or 105% of the full premiums paid till date, whichever is higher.

Exclusions – What the IDBI Federal Wealthsurance Growth Insurance Plan SP doesn’t cover?

If the policyholder commits suicide in 1 year after the policy for the IDBI Federal Wealthsurance Growth Insurance Plan SP begins or after the policy is revived, then the nominee will get a fund value from the company until when the policyholder has committed suicide.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

These are some of the other salient features of the IDBI Federal Wealthsurance Growth Insurance Plan SP:

Nomination Under this plan, you are allowed to nominate anybody according to Section 39 of the Insurance Act, 1938 to get the benefits of this policy on your behalf.
Surrender value You can surrender your plan before the policy matures. You can do it only 5 policy years. A surrender value will be provided to you for this.
Partial withdrawals After you complete 5 policy years, you will not be restricted to withdraw your funds from this plan. You can take out money from this plan in parts.
Switching You will be allowed to transfer amounts between fund options. You will not be required to pay any additional amount.
Change in insurance amount You can modify your insurance benefits according to your changing requirements. You may raise or reduce your amount according to acceptance after underwriting.
Assignment You can assign your insurance plan according to the Section 38 of the Insurance Act, 1938. You and a witness will have to sign this.

Tax Benefits – How you can save with the IDBI Federal Wealthsurance Growth Insurance Plan SP?

You will receive tax benefits according to the regulations of the Income Tax Act, 1961 under Section 80 C and 10(10D). The laws regarding these tax benefits change on a regular basis.

Other Benefits – How you can save with the IDBI Federal Wealthsurance Growth Insurance Plan SP?

These are some of the other advantages of the plan:

  • You can buy this online by visiting the official website of IDBI Life Insurance.
  • You can switch between different funds just by a few clicks.
  • You can pay your premiums conveniently through the website of the company. You do not have to stand in long lines for making your payments.
  • You can monitor your NAV online through the company’s website.
  • You can maintain an e-Insurance account to keep your insurance policies in the digital format.

Why should you buy the Wealthsurance Growth Insurance Plan SP from IDBI Life Federal Insurance?

IDBI Federal Life Insurance is a progressive insurance company that has been operating in India for several years. The company is dedicated to offering perfect protection and retirement fund services to both individuals as well as corporate groups. The company has knowledgeable and caring insurance advisors who will guide you to choose the right policy amount for the right number of years. With the Wealthsurance Growth Insurance Plan SP from IDBI Life Federal Insurance, you can build a firm and sound financial foundation for many years to come.