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IDBI Federal Bondsurance Advantage Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
IDBI Federal Bondsurance Advantage Plan
IDBI Federal Bondsurance Advantage 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, 7, 10, 15 or 20 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 offers Premium Discount for Maturity Benefit > Rs 1,50,000. In this policy there are 3 options for choosing Death Benefit.
Option A: Under this option, there is a choice of Single Life Insurance as well as Joint Life Insurance and the Death Benefit is equal to 5 times the Single Premium for the entire Policy Tenure
Option B: Under this option, the Death Benefit is equal to 5 times the Single Premium in the 1st Policy Year and from the 2nd Policy Year onwards, Death Benefit is equal to the Maturity Benefit chosen at policy inception
Option C: Under this option, the Death Benefit is equal to 1.1 X Single Premium for the entire Policy Tenure
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 corresponding to the Option selected would be paid to the nominee and the policy would be terminated.
Key Features of IDBI Federal Bondsurance Advantage Policy
It is an Endowment Plan without Bonus facility
This is a single premium plan
Policy tenure that can be chosen is 5, 7, 10, 15 or 20 years
There is an option in this plan of Joint Life Coverage as well
On survival till Policy Maturity, the Maturity Benefit chosen at the time of policy inception would be paid to the policyholder
There are 3 options for choosing Death Benefit in this plan
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 Advantage Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Death Benefit and the policy terminates. There are 3 options for choosing the Death Benefit in this plan:
Option A: Death Benefit = 5 X Single Premium in Single and Joint Life
Option B:
In 1st Policy Year, Death Benefit = 5 X Single Premium
From the 2nd Policy Year onwards, Death Benefit = Maturity Benefit chosen at policy inception
Option C: Death Benefit = 1.1 X Single Premium
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 and other restrictions in IDBI Federal Bondsurance Advantage Insurance Policy
Minimum
Maximum
Sum Assured (in Rs.)
No Limit
Policy Term (in years)
5
20
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
18 – Policy Term subject to a minimum of 30 days
60 – Age at Entry
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 Advantage Plan
The below illustration is for a Maturity Benefit of Rs 1,00,000 for 20 years of Maturity Period for healthy male of ages 30 and 40 years respectively for Option A and Option B. The premium for Option C is the same for all ages.
Additional Features and Benefits of IDBI Federal Bondsurance Advantage Plan
Riders – There are no additional riders in this plan.
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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 6 months of the policy year. The Surrender Benefit depends on the age and the duration of completion and the Option.
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.
