IDBI Federal Incomesurance Endowment and Money Back Plan
Product Info
UIN
135N010V01
Status
Withdrawn
Launch Date
03/11/2009
Withdrawn Date
01/10/2013
Product Overview
IDBI Federal Incomesurance Endowment and Money Back Plan is a plan that gives you an option to choose between endowment and money back plan. It provides insurance cover as well as guaranteed cash backs at periodic intervals. As far as the periodic cash backs are concerned, investors can probably earn better returns by periodically investing in bank fixed deposits for a five-year time period.
Product Description
- Pay premiums for limited period (i.e. 5,10 or 15 Years)
- Premium Waiver Benefit can be chosen as an Additional Benefit in this plan
- Get Guaranteed Annual Payout
- Additional Annual Payout declared each time you pay premium
COMPARE & BUY SIMILAR PLANS
Unique Features
- This plan provide guaranteed annual payouts which is an addition of minimum annual payout and accumulated additional annual payouts.
- The plan provides flexibility to take annual payouts every year in the payout period or take an accumulated lump sum at maturity or at any time till maturity.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum | ||||
| Age at entry of the Insured Person (last birthday) | 3 years for premium payment period of 15 years | ||||
| 8 years for premium payment period of 10 years | |||||
| 13 years for premium payment period of 5 years | |||||
| Maximum | 65 Years | ||||
| Age at entry of the Policy Owner (last birthday) | Minimum | 18 Years | |||
| Maximum | 60 years if the Waiver of Premium option is chosen No limit, without Waiver of Premium option | ||||
| Age at maturity of the Insured Person (last birthday) | Maximum | 75 Years | |||
| Sum Assured | Minimum | Subject to a minimum, based on minimum premium amount | |||
| Maximum | No limit, subject to underwriting | ||||
| Premium | Minimum | Rs. 10,000 | Maximum | No Limit | |
| Premium Payment Period | Limited to 5, 10 and 15 years (in case of an insured person who is minor, the minimum age at the end of | ||||
| the premium payment period is 18 years, as on the last birthday) | |||||
| Payout Period | Limited to 5 and 10 years | ||||
| Policy Term | Limited to 10, 15, 20 and 25 years | ||||
| Premium payment frequency | Monthly, Quarterly, Half-Yearly or Annually | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
The final Guaranteed Annual Payout + The undrawn accumulated amount outstanding in your account including interest will be paid
- Survival Benefit:
Payable at the end of each year during the payout period until the end of the policy term.
- Death of Life Insured:
Sum insured + Additional Annual Payout accrued to date multiplied by (policy term - premium payment period) - Guaranteed Annual Payouts already paid out to date / retained in the policy under the Flexible Payout Option + the balance, if any, of the interest bearing account if the Flexible Payout Option has been selected.
Notes :- In Short SA + Accumalated Payout - Payout paid + any % of flexible payout
- Death of Life Insured:
Life Insured is a minor aged up to age 7, Death benefit-: Premiums paid + Additional Annual Payout accrued to date multiplied by (policy term - premium payment period) - On death of the policy owner:
All future premiums are waived
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Annual Payout | Minimum Annual Payout + Additional Annual Payouts | |||||
| Minimum Annual Payout | Minimum Annual Payout is the minimum amount you will receive at the end of each year during the Payout Period. The amount depends upon the Sum Insured, Premium Payment Period and the Payout Period chosen | |||||
| Payout Period | Amount of Minimum Annual Payout | |||||
| 5 years | 20% of Sum Insured (if you pay premiums for 10 or 15 years) 16% of Sum Insured (if you pay premiums for 5 years) |
|||||
| 10 years | 10% of Sum Insured (if you pay premiums for 10 or 15 years) 8% of Sum Insured (if you pay premiums for 5 years) |
|||||
| Additional Annual Payout | Additional Annual Payout is declared every time premium is paid, which is linked to the Government Securities prevailing at the time of premium payment | |||||
| If Paid-Up | Reduced benefits according to a pre-determined formula | |||||
| On Surrender | Guaranteed Surrender Value or Special Surrender Value whichever is higher | |||||
| Determination of Additional Annual Payout | ||||||
| Notes :- Refer to PDF, Its depend on Premium Payment period & policy Term i.e Min 0% to Max 16.3% | ||||||
| Lapse Policy | We will not pay any future benefits | |||||
| Reinstatement of lapsed policies | Reinstatement is made within two years from the date of the last premium unpaid | |||||
| The insured person has furnished satisfactory evidence of health and other requirements as per our underwriting guidelines | ||||||
| In case of a paid up policy, application for reinstatement must be made before the due date of payment of the first Guaranteed Annual Payout. | ||||||
| Discontinuation | A special surrender value is available once a policy acquires a paid up value | |||||
| The special surrender values are not guaranteed and may be changed at any time, subject to the approval of the IRDA | ||||||
| The Guaranteed surrender value is available under this policy provided that the policy has acquired a paid up value | ||||||
| Modal Factor | ||||||
| Mode of Premium | Modal Loading Factor | |||||
| Monthly | 0.51 | |||||
| Half Yearly | 0.26 | |||||
| Quarterly | 0.09 | |||||
| Premium Discount For Higher Sum Insured | ||||||
| Sum Insured (Rs) | Discount on Premium per Rs 1000 Sum Insured Premium Payment Period |
|||||
| 5 years | 10 years | 15 years | ||||
| Less than 4,00,000 | Nil | Nil | Nil | |||
| 4,00,000 - 9,99,999 | Rs 5.00 | Rs 2.50 | Rs 2.00 | |||
| 10,00,000 and over | Rs 6.00 | Rs 3.50 | Rs 2.50 | |||
Add-ons
- Waiver of Premium Option(In Built) :
This is provided as an in built feature in one insurance option.In case of death and this insurance option is opted for, all future premiums are waived and
Guaranteed Annual Payout along with additional annual payouts will be made during the Payout Period.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Premium you pay is eligible for tax deduction under Sec 80C. Guaranteed Annual Payout and other benefits upon death are tax-free under Sec 10(10D).
Claim Process
Know Claim Process of IDBI Federal Incomesurance Endowment and Money Back Plan
Company Overview
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
