IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan

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IDBI Federal Incomesurance guaranteed money back insurance plan is a traditional money back plan with a fixed policy term which provides liquidity through cash backs immediately after the premium payment term is completed to enable the policyholder to meet his cash requirements.

IDBI Federal Incomesurance Guaranteed Money Back Insurance - Key Features

  • As traditional money back plan it provides a limited premium payment term of 5 years.
  • The policy term is fixed at 10 years.
  • Guaranteed Annual Payouts depend on the age of the policyholder. 

IDBI Federal Incomesurance Guaranteed Money Back Insurance - Benefits

  • Guaranteed annual payouts start immediately after the PPT and are expressed as a percent of the annual premium.
  • If the policy holder dies, higher of the maturity sum assured 10 * annual premium or 105% of premiums paid till death is paid to the nominee.
  • Maturity sum assured is the aggregate of the guaranteed annual payouts.
  • The plan also provides an opportunity to avail tax benefit under sections 10(10D) and 80C of income tax act on premium paid and claim received. 

IDBI Federal Incomesurance Guaranteed Money Back Insurance - Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

10

Premium Paying Term (PPT) in years

5

Premium Paying Frequency

Annual

Premium

20,000

Not applicable

 

Details About Premium

Annual premium in Rupees for a male aged 30 years

Age

35 years

45 years

Premium

50,000

50,000

Sum Assured payable on death

500,000

500,000

Sum Assured payable on Maturity

342,500

332,500

Survival Benefits paid from 6th year onwards

68,500

66,500

 

IDBI Federal Incomesurance Guaranteed Money Back Insurance - Policy Details

Grace Period: A grace period of 30 days’ is allowed for premium payment. The policy discontinues if the insured fails to make payment within 30 days.

Policy Termination or Surrender Benefit: The insured person can surrender the policy after 2 full years’ premium has been paid.Either the special surrender value or the guaranteed Surrender Value will be paid as the surrender value.

GSV = GSV Factor * Basic premiums paid excluding survival benefits already paid. 

Free Look Period:  Within a free look period of 15 days from the date of policy issued the insurance holder can cancel the policy if they are not satisfied with the terms and conditions of the policy. However, it can only come into action if there has been no claim made during this period.

Inclusions

    Up to 85% of the surrender value the plan offers loan facility.  

Exclusions

  If the insured commits suicide within a year of policy inception or within a year of policy renewal, in both the cases 80% of premium paid or higher of acquired surrender value id paid to the beneficiary of the policy.  

Documents Required

Policyholder needs to fill up an ‘Application form/ proposal form’ with all pertinent medical information and history with acceptable government ID for KYC and address verification. In handful of cases, an additional medical examination may be necessary on the basis of applicant’s age and sum assured. 

You may also like to read: IDBI Federal Life Investment Plans

Frequently Asked Question

1.     What inclusive features are offered by the policy?

The inclusive features offered by the policy are-

  • As traditional money back plan it provides a limited premium payment term of 5 years.
  • The policy term is fixed at 10 years.
  • Guaranteed Annual Payouts depend on the age of the policyholder. 

2.     Is there any loan facility offered by the plan?

Up to 85% of the surrender value the plan offers loan facility. 

3.     What are the benefits offered by the policy?

The benefits offered by the policy are-

  • Guaranteed annual payouts start immediately after the PPT and are expressed as a percent of the annual premium.
  • If the policy holder dies, higher of the maturity sum assured 10 * annual premium or 105% of premiums paid till death is paid to the nominee.
  • Maturity sum assured is the aggregate of the guaranteed annual payouts.
  • The plan also provides an opportunity to avail tax benefit under sections 10(10D) and 80C of income tax act on premium paid and claim received. 

4.     What surrender benefits are offered by the policy?

The insured person can surrender the policy after 2 full years’ premium has been paid.Either the special surrender value or the guaranteed Surrender Value will be paid as the surrender value.

GSV = GSV Factor * Basic premiums paid excluding survival benefits already paid. 

5.     How many days of free look period is provided by the policy?

Within a free look period of 15 days from the date of policy issued the insurance holder can cancel the policy if they are not satisfied with the terms and conditions of the policy. However, it can only come into action if there has been no claim made during this period. 

6.     What are the documents required while filling the application form?

Policyholder needs to fill up an ‘Application form/ proposal form’ with all pertinent medical information and history with acceptable government ID for KYC and address verification. In handful of cases, an additional medical examination may be necessary on the basis of applicant’s age and sum assured. 

7.     What are the inclusion and exclusion that comes under the policy coverage?

The inclusion and exclusion that comes under the policy coverage are

Inclusions

    Up to 85% of the surrender value the plan offers loan facility. 

Exclusions

  If the insured commits suicide within a year of policy inception or within a year of policy renewal, in both the cases 80% of premium paid or higher of acquired surrender value id paid to the beneficiary of the policy. 

8.     How many days of grace period is offered by the policy?

A grace period of 30 days’ is allowed for premium payment. The policy discontinues if the insured fails to make payment within 30 days.