IDBI Federal Bondsurance Plan

IDBI Federal Bondsurance Plan is a Single Premium non-participating Endowment Plan. It is a Traditional Plan without Bonus facility.

How it works – In this plan, premium needs to be paid in a lumpsum under Single Premium Option. The Policy Tenure can be chosen as 5 or 10 years.

The Maturity Sum Assured needs to be chosen and the premium is calculated according to the age and the Maturity Period or the Policy Tenure chosen. This policy also provides an insurance coverage of 5 times the single premium paid for the entire period. This policy offers Premium Discount for Maturity Benefit > Rs 1,50,000.

Let us understand this with an example.

Thus, on survival till Policy Maturity, the Maturity Benefit chosen at the time of policy inception would be paid to the policyholder and the policy would be terminated. However, if the Life Insured dies within the policy tenure, then the Death Benefit, equal to 5 times the single premium paid, would be paid to the nominee and the policy would be terminated.

Maturity Benefit

Death Benefit

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Single premium plan

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Key Features

It is an Endowment Plan without Bonus facility

This is a single premium plan

Policy tenure that can be chosen is 5 or 10 years

On survival till Policy Maturity, the Maturity Benefit chosen at the time of policy inception would be paid to the policyholder

The Death Benefit in this plan is equal to 5 times the Single Premium paid at policy inception

There is discount in single premium amount for Maturity Benefit of Rs 1,50,000

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee gets the Death Benefit and the policy terminates.

Death Benefit = 5 X Single Premium paid

Maturity Benefit

On survival till the end of the policy tenure, the policyholder gets the Maturity Benefit as chosen at the policy inception and the policy terminates.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

Riders

There are no additional riders in this plan.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	1,00,000	No Limit
Policy Term (in years)	5	10
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	8 for 10 years policy 13 for 5 years policy	50 for 10 years policy 55 for 5 years policy
Age at Maturity (in years)	-	60
Single Premium (in Rs.)	20,000	No Limit
Payment modes	Only Single