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.
Eligibility Criteria | |||||
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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 |
Notes :- In Short SA + Accumalated Payout - Payout paid + any % of flexible payout
Feature | Description | |||||
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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) |
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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) |
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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 |
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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 |
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.
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).
Know Claim Process of IDBI Federal Incomesurance Endowment and Money Back Plan
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.
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.