IDBI Federal Wealth insurance growth insurance plan is a ULIP Product which aims to build a sizeable fund with market participation and also with guaranteed additions for a secured future.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
1 month |
64 years |
|
Maturity Age (Last Birthday) |
18 years |
74 years |
|
Policy Term (PT) in years |
10 |
30 |
|
Premium Paying Term (PPT) in years |
5 |
Up to policy term |
|
Premium Paying Frequency |
Yearly |
|
|
Yearly Premium |
25,000 |
95,000 |
|
Sum Assured |
Higher of 10*annual premium or 0.5*term*annual premium for ages <45 yrs. Higher of 7*annual premium or 0.25*term*annual premium for ages>=45 yrs. Or 175,000 |
PPT*2*annual premium up to a maximum of 15*annual premium for ages<54 yrs. 10/7*annual premium for ages >54 yrs. |
Illustration for a policy term of 15 years and PPT of 15 years
|
Age |
30 years |
40 years |
|
Premium |
50,000 |
50,000 |
|
Sum Assured |
500,000 |
500,000 |
|
Fund Value @ 4% |
904,150 |
899,972 |
|
Fund Value @ 8% |
12,56,804 |
12,51,301 |
|
Total Guaranteed Loyalty Additions @ 4% |
38,110 |
37,893 |
|
Total Guaranteed Loyalty Additions @ 8% |
49,022 |
48,771 |
Grace Period: Grace period of 30 days is allowed for outstanding premium payments.
Policy Termination or Surrender Benefit: After the completion of first 5 policy years, the life insured can surrender the policy. In case the policy is surrendered prior to the completion of 5 years, the fund value net of discontinuation charge will be credited to the policy fund where a 4% per annum growth is earned. After the 5 years of policy is completed, the fund value as on that date in the discontinued policy fund is paid to the insured. After the completion of 5 policy years, on the very date when the policy was surrendered, the entire fund value is paid without any charges.
Free Look Period: If the insured has not made any claim then he/she can cancel the policy within the free look period of 15 days.The free look period is provided by the insurer during which the life insured can cancel the policy if he/she is dissatisfied with the policy’s terms and conditions.
Inclusions
Exclusions
The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
An application form is needed to be filled accurately along with a correct medical history, address proof and KYC documents in order to avail the policy. A medical examination may be required in some cases, based on the sum assured and the age of the applicant.
You may also compare: IDBI Federal Life ULIP Plans
1. How can I check the status of my application?
To know the status of the application, the insurance buyer needs to visit the website of IDBI Federal. The insured can check the status of the application online with his/her unique application number.
2. What if I am unable to do premium payment on time?
If the insured is unable to pay the premium on time, then the policy will lapse and he/she will have to renew the policy within 2 years from the day of lapsation. You can refer to your product documents to know more about this.
3. Can I surrender my policy?
Yes, you can. After the completion of 5 policy years, you can surrender the policy anytime you want. In case of policy is surrendered prior to the completion of 5 years, the fund value net of discontinuation charge will be credited to the policy fund where a 4% per annum growth is earned. After the 5 years of policy is completed, the fund value as on that date in the discontinued policy fund will be paid to you. After the completion of 5 policy years, on the date of surrender, the entire fund value is paid without any charges.
4. How many days of free look period are provided by the policy?
If the insured has not made any claim, then he/she can cancel the policy under free look period of 15 days.The free look period is provided by the insurer during which the life insured can cancel the policy if he/she is dissatisfied with the policy’s terms and conditions.
5. What are the fund options available under the policy?
The following 9 funds are available under this policy:
