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IDBI Federal Bondsurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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.

IDBI Federal Bondsurance Plan 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 of IDBI Federal Bondsurance Insurance Policy

  • 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
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

Benefits you get from IDBI Federal Bondsurance Insurance Plan

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.
 
 

Eligibility conditions & other restrictions in IDBI Federal Bondsurance Insurance Plan

 
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
 
 

Sample illustration of premium of IDBI Federal Bondsurance Plan 

The below illustration is for a Maturity Benefit of Rs 1,00,000 for 5 years and 10 years of Maturity Period for healthy male of ages 30, 35 and 40 years respectively.

IDBI Federal Bondsurance Plan Sample Premiums

 

Additional Features and Benefits of IDBI Federal Bondsurance Plan

Riders – There are no additional riders in this plan.
 
 

What happens if?

You stop paying the premium – Being a single premium plan, there is no requirement of further payment of premium.
 
You want to surrender the policy – There are surrender benefits in this plan after the 1st policy year
Surrender Benefit = 80% of Single Premium paid
 
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.


 
Other Endowment Plans from IDBI Federal
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