IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan
Product Info
UIN
135N031V01
Status
Active
Launch Date
22/11/2013
Withdrawn Date
Product Overview
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan is a non-linked non-participating money back plan which gives you guaranteed* returns on your investment, so that you stop worrying about the future. With Incomesurance, you can guarantee a secure future for your family even when you are not around.
Product Description
- Pay premiums only for first 5 years of the policy.
- Flexibility to choose premium amount as per your needs.
- Get guaranteed annual payouts from 6th to 10th year of the policy.
- Protect family with life cover for 10 years of policy term.
COMPARE & BUY SIMILAR PLANS
Unique Features
- "IDBI Federal Incomesurance Guaranteed Money back Insurance Plan" is a traditional money back and non-participating plan with limited premium payment term of 5 year with fixed 10 year policy term.
- Get Guaranteed annual payout from 6th to 10 th year of the policy, guaranteed annual payout depend on the age of the policy holder.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum | Maximum | |||
| Age at entry of the Insured Person (last birthday) | 18 Years | 55 Years | |||
| Age at maturity of the life insured (last birthday) | - | 65 Years | |||
| Premium | Rs. 20,000 | Not Applicable | |||
| Death sum assured | Fixed | Highest of :- | |||
| • 10 times annual premium or | |||||
| • 105% of all premiums paid or | |||||
| • Maturity sum assured | |||||
| Premium | Fixed | 5 years | |||
| Policy Term | Fixed | 10 years | |||
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 :
Guaranteed annual payouts are paid every year from the 6 to 10 policy year and are expressed as a percent of annual premium (exclusive of service tax, education cess and mortality loading ) depending on the age at entry. - 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.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Special Surrender Value (SSV) | Your policy will be terminated on surrender and no further benefits will be payable. | |||||
| Surrender values are available only after 2 full year’s premiums have been paid | ||||||
| Guaranteed Surrender Value | Total premiums paid till date of surrender x Guaranteed surrender factor less Survival payouts till date of surrender |
|||||
| The Guaranteed Surrender Factors | ||||||
| Policy Year | Guaranteed surrender factor | |||||
| 1 | - | |||||
| 2 | 30% | |||||
| 3 | 30% | |||||
| 4 | 50% | |||||
| 5 | 50% | |||||
| 6 | 50% | |||||
| 7 | 50% | |||||
| 8 | 62% | |||||
| 9 | 73% | |||||
| 10 | 85% | |||||
| Paid-up value (Non forfeiture) |
Once the policy becomes paid-up, the death sum assured and the guaranteed annual payouts will be reduced | |||||
| In the event of death during the policy term, reduced death sum assured will be paid out | ||||||
| Paid-up values will be available after you pay 2 full years’ premiums | ||||||
| Once paid up | Reduced death sum assured = Death sum assured x ( Number of full year’s premiums paid / Total number of full year’s premiums payable during the entire policy term ) | |||||
| Reduced guaranteed annual payouts = Guaranteed annual payouts x ( Number of full year’s premiums paid / Total number of full year’s premiums payable during the entire policy term ) |
||||||
| Reinstatement | An application for reinstatement must be made within two years from the due date of the first unpaid premium. | |||||
| You must furnish satisfactory evidence of health and satisfy other requirements according to the board approved underwriting guidelines at that time | ||||||
| The interest rate will be 3% more than the 10 year yield of Government securities, however for administrative ease, these rates will remain fixed between the periods of half yearly review. | ||||||
| application for reinstatement must be made before the due date of the first guaranteed annual payout. |
||||||
| Loans | The loan amount you get will be limited to 85% of the guaranteed surrender value at the time of application | |||||
| Lapse | No benefits are payable under a lapsed policy | |||||
| After premiums for two full years have been received, if any premium due is not received before the end of the grace period from the premium due date | ||||||
| Guaranteed annual payouts (percentage depends on your age) | ||||||
| Age | Payout | Age | Payout | Age | Payout | |
| 18 | 138% | 31 | 137% | 44 | 133% | |
| 19 | 138% | 32 | 137% | 45 | 133% | |
| 20 | 138% | 33 | 137% | 46 | 132% | |
| 21 | 138% | 34 | 137% | 47 | 131% | |
| 22 | 138% | 35 | 137% | 48 | 131% | |
| 23 | 138% | 36 | 137% | 49 | 130% | |
| 24 | 138% | 37 | 136% | 50 | 130% | |
| 25 | 138% | 38 | 136% | 51 | 130% | |
| 26 | 138% | 39 | 136% | 52 | 128% | |
| 27 | 138% | 40 | 135% | 53 | 128% | |
| 28 | 138% | 41 | 135% | 54 | 127% | |
| 29 | 138% | 42 | 134% | 55 | 126% | |
| 30 | 138% | 43 | 134% | |||
| Notes -: guaranteed annual payouts which are a defined percentage of your annual premium | ||||||
Add-ons
No Riders Available in the product
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of IDBI Federal Incomesurance Guaranteed Money Back Insurance 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.
