IDBI Federal Wealthsurance Growth Insurance Plan

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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.

IDBI Federal wealth insurance growth insurance - Key Features 

  • It is a unit linked plan with regular and limited premium paying option.
  • Guaranteed Loyalty Additions boost the Fund Value.
  • The Sum Assured can be increased or decreased as per requirement.
  • The following 9 funds are available for investment: 
    • Equity Growth Fund
    • Midcap Fund
    • Pure Fund
    • Bond Fund
    • Income Fund
    • Liquid Fund
    • Aggressive Asset Allocator Fund
    • Moderate Asset Allocator Fund
    • Cautious Asset Allocator Fund 
  • The policyholder may choose to invest in any of the fund himself or ask the company to do the investments on his behalf where the last 3 funds are chosen by the company. 

IDBI Federal wealth insurance growth insurance - Benefits 

  • The insured will get the total Fund Value on Maturity.
  • The policyholder may exercise the settlement option and can avail the maturity fund value in instalments over a period of 5 years post maturity.
  • Guaranteed Loyalty Additions at 3% of the average Fund Value over the last 3 years is paid from the end of the 10th policy year and every 5 years thereafter.
  • On life insured’s demise, higher of the basic sum assured or the fund value or 105% of the total premiums paid is payable to the nominee.
  • Tax benefits can be availed on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. 

IDBI Federal wealth insurance growth insurance - Product Specification:

 

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.

 

Details About Premium

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

 

 

IDBI Federal wealth insurance growth insurance - Policy Details 

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 

  • Partial Withdrawals are allowed after 5 policy years with a minimum amount of Rs.10, 000.
  • Unlimited Switches are allowed to change between funds chosen.
  • Premium Redirection is allowed to redirect future premiums in another fund. 

Exclusions 

 The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date. 

Documents Required 

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 

Frequently Asked Questions

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: 

  • Equity Growth Fund
  • Midcap Fund
  • Pure Fund
  • Bond Fund
  • Income Fund
  • Liquid Fund
  • Aggressive Asset Allocator Fund
  • Moderate Asset Allocator Fund
  • Cautious Asset Allocator Fund