IDBI Federal Bondsurance Plan
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.
Key Features
Benefits
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.
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.
There are no additional riders in this plan.
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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No Limit
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Policy Term (in years)
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5
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10
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Premium Payment Term (in years)
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Single
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Entry Age of Life Insured (in years)
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8 for 10 years policy
13 for 5 years policy
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50 for 10 years policy
55 for 5 years policy
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Age at Maturity (in years)
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-
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60
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Single Premium (in Rs.)
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20,000
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No Limit
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Payment modes
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Only Single
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FAQs
What happen if you stop paying the premium ?Being a single premium plan, there is no requirement of further payment of premium.
What happen if you want to surrender the policy ?What happen if you want a loan against your policy ?Loan facility is not available under this plan from the insurer, however it could be used as collateral for a loan from a bank.
