IDBI Federal Wealth insurance Suvidha Growth Insurance Plan is a Unit Linked plan through which the policyholder can reap the benefits of market growth and life insurance together under a single plan.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
1 month |
65 years |
|
Maturity Age (Last Birthday) |
18 years |
75 years |
|
Policy Term (PT) in years |
10 |
20 |
|
Premium Paying Term (PPT) in years |
10 |
Up to policy term |
|
Premium Paying Frequency |
Yearly |
|
|
Yearly Premium |
15,000 |
25,000 |
|
Sum Assured |
10* annual premium |
|
Illustration for a policy term of 10 years and PPT 10 years
|
Age |
35 years |
45 years |
|
Premium |
20,000 |
20,000 |
|
Sum Assured |
200,000 |
200,000 |
|
Fund Value @ 4% |
218,862 |
214,732 |
|
Fund Value @ 8% |
272,642 |
268,108 |
|
Total Guaranteed Loyalty Additions @ 4% |
5597 |
5485 |
|
Total Guaranteed Loyalty Additions @ 8% |
6721 |
6601 |
Grace Period: The insured can clear all dues within the grace period of 30 days provided by the insurer to the policy owner. If, the insurance holder fails to pay the premium within the given time then the policy discontinues.
Policy Termination or Surrender Benefit: The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges.
Free Look Period: If you are not pleased with the policy’s terms and conditions and coverage, you can opt for cancellation of the policy within 15 days of issuing of the policy documents, provided there has been no claim.
Inclusion
Exclusions
The profit paid in case of suicide within a year of policy issued is the fund value as on that date.
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Documents Required
Policyholder has to fill up an Application form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
Frequently Asked Questions
1. What are the special features of the policy?
The features offered by the policy are-
2. What are the benefits offered by the plan?
The benefits that can be availed under the plan are-
3. What are the policy termination and surrender benefits offered by the policy?
The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges.
4. What is excluded and included under the policy coverage?
Inclusion
Exclusions
The profit paid in case of suicide within a year of policy issued is the fund value as on that date.
