IDBI Federal Wealthsurance Growth Insurance Plan SP

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Introduction/Overview

IDBI Federal Wealthsurance Growth Insurance Plan Single Premium is a Unit Linked plan which aims to build a strong fund with market participation and also guaranteed additions for a secured future

Key Features

  • It is a unit linked plan with Single Pay 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:
  1. Equity Growth Fund
  2. Midcap Fund
  3. Pure Fund
  4. Bond Fund
  5. Income Fund
  6. Liquid Fund
  7. Aggressive Asset Allocator Fund
  8. Moderate Asset Allocator Fund
  9. 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

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 @ 2.5% of the average Fund Value over the last 3 years is paid form the end of the 5th  policy year and every 5 years thereafter
  • On death, higher of the basic SA or the Fund Value or 105% of the total premiums paid is payable to the nominee
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

1 month

 70 years

Maturity Age (Last Birthday)

18 years

75 years

Policy Term (PT) in years

5

25

Premium Paying Term (PPT) in years

Single Pay

Premium Paying Frequency

Yearly

Yearly Premium

25,000

No limit

Sum Assured

Single Pay – 1.25 * Single Premium for ages <45 yrs. & 1.1* Single premium for ages >45 yrs.

For Maturity Age up to 48 yrs. – 10* single premium

For Maturity age >48 yrs. – 1.25*premium for entry age<45 yrs. and 1.1*single premium for ages>=45 yrs.

 

Details About Premium

Illustration for a policy term of 25 years with a premium of Rs.50,000 and SA Rs.62,500

 

Age

30 years

40 years

Premium

50,000

50,000

Sum Assured

500,000

62,500

Fund Value @ 4%

52,632

60,192

Fund Value @ 8%

79,885

88,874

Total Guaranteed Loyalty Additions @ 4%

2521

2720

Total Guaranteed Loyalty Additions @ 8%

3245

3472

Policy Details

Grace Period: grace period is not applicable under Single Pay plan

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Partial Withdrawals are allowed after 5 policy years with a minimum amount of Rs.10, 000
  • Switches are allowed to change between funds chosen

Exclusions

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

Documents Required

Policyholder has to fill up an ‘Application form/ proposal 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.