Wealthsurance Dreambuilder
IDBI Federal Wealthsurance Dreambuilder Plan
IDBI Wealthsurance is a Ulip which caters to people who have no risk capacity with fixed and assured returns and to people who would love to invest in the equity market. Thus it has various investment opportunities for people with varied risk appetite. There are investment options for risk lovers to risk averse people who need assured and guaranteed returns. You get to choose from a variety of investment propositions. On death of life insured, the nominee gets higher of Sum Assured or Fund Value and on maturity the Fund Value is paid according to the investment option chosen. This plan can be enhanced by adding Health Benefit, Accident and Disability Benefit and Premium Waiver Benefit rider also.
Key Features
Benefits
In case of death of the Life Insured, the nominee would get higher of Sum Assured and Fund Value
On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Life insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. Premium towards Major Diseases Benefit or Hospital Cash Benefit is tax free under section 80D. Under Sec 10(10D), all the Maturity Benefits you receive under Wealthsurance Plan are tax-free without any limit.
There are 6 riders available in this policy
- Major Diseases Benefit rider - covers 17 major diseases
- Hospital Cash Benefit rider
- Accidental Death Benefit rider
- Accidental Death and Disablement Benefit rider
- Waiver of Premium Benefit on Death rider
- Waiver of Premium Benefit on Total and Permanent Disablement Benefit rider
- Monthly Guaranteed Interest Fund: gives you a minimum guaranteed rate of interest on the balance in the fund
- Guaranteed Return Funds: give you an assured, fixed return for a specified period for risk averse people
- Dynamic Guaranteed Funds: provide minimum guarantee of the highest Net Asset Value (NAV) per unit achieved during the subscription period, on the specified maturity date. This is a Capital protection option for people who like to get the best of the market performance but ensure that there capital is not eroded
- Market Fund Options: For investing in stocks, bonds or money market by managing the funds yourself
- Equity Growth Fund
- Nifty Index Fund
- Midcap Fund
- Pure Fund
- Bond Fund
- Income Fund
- Liquid Fund
5. Asset Allocator Funds: are suited to those who wish to leave the management of their investment strategy entirely to the Fund Managers only by choosing their level of risk taking capacity by opting for Cautious, Moderate and Aggressive risk levels
The minimum top-up premium amount is Rs 5,000 at a time and you can pay whenever you want and any number of times. Top-up premiums are not allowed in the last 5 years prior to the maturity of your plan. The sum assured increases automatically for all top up premiums paid.
Switching is allowed under the same investment options among the funds available.
Partial withdrawals are allowed only after completion of 5 policy years. Minimum amount of partial withdrawal is Rs 10,000 such that the balance should be at least two years Annual Premium.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Less than 45 yrs,
SA = Higher of (10 x AP) or (0.5 x PT x AP) More than 45 yrs, SA = Higher of (7 x AP) or (0.25 x PT x AP) |
No Limit |
| Policy Term (in years) | 10 | 57 |
| Premium Payment Term (in years) | 5 | Equal to PT |
| Entry Age of Policyholder (in years) | 18 | 65 |
| Age at Maturity (in years) | - | 75 |
| Annual premium (in Rs.) | 25,000 | 1,00,000 |
| Payment modes | Only Annual | |
FAQs
What happen if you stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happen if you stop paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happen if you want to surrender the policy ?You cannot surrender your plan in the first five years. After completion of five policy years there is no surrender charge, we will pay you the entire fund value as on date of surrender.
What happen if you want a loan against your policy ?Loan facility is not available under this policy.
