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.
|
|
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 |
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 |
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-
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-
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.
