IDBI Federal Wealthsurance Growth Insurance Plan
Product Info
UIN
135L036V01
Status
Active
Launch Date
17/10/2014
Withdrawn Date
Product Overview
The IDBI Federal Wealthsurance Growth Insurance Plan is a regular premium unit-linked insurance plan. A plan that gives you freedom to decide how much you want to invest and for how long you want to stay invested. With a bouquet of 9 fund offerings, it gives you the freedom to invest in one or more funds, basis your risk appetite and financial goals in life. Plus it comes with a life cover benefit that ensures financial security for your loved ones.
Product Description
- Flexibility to choose how much you want to invest and for how long.
- Guaranteed loyalty additions for growth on your savings.
- Life cover benefit for financial security of your loved ones.
- Option to manage your investments as per your risk appetite.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Guaranteed Loyalty Additions-3% of average fund value of last 36 months preceding the date of addition. The additions starts from the end of 10th policy year and at the end of every 5 years thereafter.
- The plan provides 9 fund options to choose from.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Entry Age | 1 month completed | 64 years | |||
| Attained Age at maturity | 18 years | 74 years | |||
| Premium payment term | 5 years | Up to the policy term | |||
| Policy Term* | 10 years (in multiples of 5 thereafter) | 30 years | |||
| Premium amount | Rs. 25,000/- annually | Rs.95,000/- annually subject to underwriting approval | |||
| Sum Assured | |||||
| For ages at entry below 45 years | Higher of • 10 X annualised premium • (0.5 X PT X annualised premium) |
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| For ages at entry above 45 years |
Higher of |
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| For ages at entry less than 54 years: | • PPT X 2 X annualised premium subject to a maximum of 15 X annualised premium | ||||
| For ages at entry 54 years and above: | • If PPT is greater than 7: 10 X annualised premium • If PPT is less or equal to 7: 7 X annualised premium |
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| Notes :- All ages are as per last birthday | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
Maturity benefit is equal to the fund value in your investment account on the date of maturity. Upon payment of the maturity benefit, your Wealthsurance Growth plan is terminated - Death of Life Insured :
- Sum assured
- Fund value in your investment account
- 105% of the total premiums paid till the date of death
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Fund Options | ||||||
| Fund Name | Asset Category | Allocation | Returns and Risk | |||
| Equity Growth Fund SFIN: ULIF04111/01/08EQOPP135 | Cash and Money Market | 0 – 50% | High | |||
| Equities and Equity-linked instruments | 50 – 100% | |||||
| Midcap Fund SFIN: ULIF06824/11/09MIDCAP135 | Cash and Money Market | 0 – 50% | High | |||
| Mid-cap Stocks | 50 – 100% | |||||
| Large-cap Stocks | 0 – 50% | |||||
| Bond Fund SFIN: ULIF04011/01/08BOND135 | Fixed Income Investments | 20– 100% | Moderate | |||
| Cash and Money Market | 0– 80% | |||||
| Income Fund SFIN: ULIF04211/01/08INCOME135 | Fixed Income Investments | 25– 100% | Low | |||
| Cash and Money Market | 0– 75% | |||||
| Liquid Fund SFIN: ULIF04311/01/08LIQUID135 | Money Market, Cash and Short-term debt | 100% | Low | |||
| Pure Fund SFIN: ULIF07205/08/10PURE135 | Cash and Money Market | 0 – 20% | High | |||
| Equities and Equity-linked instruments |
80 – 100% | |||||
| Aggressive Asset Allocator Fund SFIN: ULIF04811/01/08AGGRESSIVE135 | Fixed Income | 0 – 50% | High | |||
| Money Market | 0 – 50% | |||||
| Equity | 50 – 100% | |||||
| Moderate Asset Allocator Fund SFIN: ULIF04911/01/08MODERATE135 | Fixed Income | 50 – 100% | High | |||
| Money Market | 0– 50% | |||||
| Equity | 0 – 50% | |||||
| Cautious Asset Allocator Fund SFIN:ULIF05011/01/08CAUTIOUS135 | Fixed Income | 75 – 100% | Moderate | |||
| Money Market | 0 – 25% | |||||
| Equity | 0 – 25% | |||||
| Notes :- Fund Management Charge. 1.35% p.a. for all Funds | ||||||
| Settlement Period (in Years) | ||||||
| Choice of settlement period (in years) |
Installment paid (expressed as a percentage of Fund Value available at the end of each year during settlement period) | |||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
| 2 | 50.00% | 100.00% | - | - | - | |
| 3 | 33.00% | 50.00% | 100.00% | - | - | |
| 4 | 25.00% | 33.00% | 50.00% | 100.00% | - | |
| 5 | 20.00% | 25.00% | 33.00% | 50.00% | 100.00% | |
| Notes:- You may choose from any of the settlement options listed above at least 3 months before the maturity date. | ||||||
| Minimum allocation to a fund | The minimum amount of premium allocated to any investment fund should be at least 15% of the annual premium |
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| Unit price (Net Asset Value) formula: | (Market value of investments held by the fund + Value of current assets - Value of current liabilities & provisions if any) / Number of units existing on valuation date (before creation/redemption of units). | |||||
| Premium Redirection | The minimum amount of premium redirection in any investment fund should be at least 15% of the annual premium | |||||
| In case of surrender/ discontinuance of the policy | ||||||
| Discontinuing premiums after five years from the commencement date | ||||||
| Revive the policy within a period of two years; or | Convert the policy into paid-up policy | |||||
| Complete withdrawal/surrender from the policy without any risk cover | ||||||
| Discontinuing premiums within five years of the commencement date | ||||||
| the grace period of thirty days from the due date, we will send a notice within a period of fifteen days from the date of expiry of the grace period | ||||||
| The policy will remain in force with full risk cover and the fund value will continue to be part of the segregated funds chosen | ||||||
| In case the policy owner exercises the option of complete withdrawal, the policy cannot be revived. | ||||||
| Partial withdrawals | The total partial withdrawals in a policy year cannot exceed 20% of the fund value at the beginning of that policy year | |||||
| The minimum amount of partial withdrawal is Rs. 10,000/- but the fund value after the partial withdrawal should not be less than one year’s regular annual premium | ||||||
| Partial withdrawal will not reduce the minimum death benefit of 105% of your premiums paid till the date of death | ||||||
| The life insured is a minor, partial withdrawals will be allowed only after the insured person attains 18 years of age. | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge ( For Regular Premium ) |
Year 1 | Year 2 onwards | |||
| 3.15% | Nil | ||||
| Policy Administration Charge(For Single Premium) |
Year 6 onwards till the end of policy term | First 5 years | |||
| 6.30% p.a. | 3.15% p.a. | ||||
| Notes :- Policy administration charge is subject to a maximum of Rs. 6000/- per annum | |||||
| Mortality Charge | The mortality charge is 1/12th of the mortality rates for the age last birthday of the life insured at the time of deduction of the mortality charge multiplied by the sum at risk divided by 1,000. | ||||
| The sum at risk if any, is higher of | |||||
| a) Total sum assured; | b) 105% of total premiums paid | ||||
| less the total fund value | |||||
| If the total fund value is higher than greater of the total sum assured and 105% of the total premiums paid, then the sum at risk is nil and no mortality charges are applied | |||||
| Per annum per Rs. 1,000/- sum at risk (Rs.) | |||||
| Age (Years) | Male | Female | |||
| Mortality Charge | |||||
| 25 | 0.98 | 0.94 | |||
| 30 | 1.06 | 1 | |||
| 35 | 1.28 | 1.12 | |||
| 40 | 1.8 | 1.45 | |||
| 45 | 2.87 | 2.14 | |||
| 50 | 4.95 | 3.57 | |||
| Notes:- *Advantage Women: If you are a woman who is being covered, you get an additional discount on mortality charges. *Smokers and Substandard lives will be charge extra premium. |
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| Fund Management Charges | Fund management charges are 1.35% per year for all the investment funds available | ||||
| charges are deducted on a daily basis of 1/365th of the annual charge while determining the unit price. | |||||
| Switching | All fund switches are currently free of charge | ||||
| a switching charge may be introduced later with the prior approval of IRDA | |||||
| Discontinuance charge | |||||
| Policy year in which the policy is discontinued |
Premium discontinuance charge for premium of Rs. 25,000/- |
Premium discontinuance charge for premium above Rs. 25,000/- | |||
| 1 | Lower of: 20%* (AP or FV/ policy account value) subject to maximum of Rs.3,000/- |
Lower of: 6.0%%* (AP or FV/ policy account value) subject to maximum of Rs.6,000/- | |||
| 2 | Lower of: 15%* (AP or FV/ policy account value) subject to maximum of Rs. 2,000/- |
Lower of: 4.0%%* (AP or FV/ policy account value) subject to maximum of Rs.5,000/- | |||
| 3 | Lower of: 10%* (AP or FV/ policy account value) subject to maximum of Rs. 1,500/- |
Lower of: 3.0%* (AP or FV/ policy account value) subject to maximum of Rs. 4,000/- | |||
| 4 | Lower of: 5.0%* (AP or FV/ policy account value) subject to maximum of Rs. 1,000/- |
Lower of: 2.0%* (AP or FV/ policy account value) subject to maximum of Rs. 2,000/- | |||
| 5 Onwards | Nil | ||||
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 Wealthsurance Growth 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.
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