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IDBI Federal Incomesurance Endowment & Money Back Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

IDBI Federal Incomesurance Endowment & Money Back Plan

IDBI Federal Incomesurance Endowment & Money Back Plan is an Endowment cum Money Back Plan as the name suggests. It is a Traditional Plan without Bonus facility. It is a plan with Guaranteed Income linked to GOI Bonds
 
How it works – In this plan, premium needs to be paid needs to be paid for r 5, 10 or 15 years.
 
After the Premium Paying Term is over, the Payout Period starts. Thus, during the Payout period of 5 or 10 years as chosen, Guaranteed Annual Payout is paid at the end of each year.
 
Guaranteed Annual Payout= Minimum Annual Payout + Additional Annual Payout
 
The Minimum Annual Payout is pre-decided at the time of policy inception while Additional Annual Payout is declared every time premium is paid, which is linked to the Government Securities prevailing at the time of premium payment. Higher the Interest Rates, higher will be the Additional Annual Payout. Once declared, the Payout becomes guaranteed.
 
However, there is an option of withdrawing the money every year as Money Back Option or taking the entire amount in a lumpsum as an Endowment Plan when the policy matures as Maturity Benefit. Interest is also paid for the entire period for which investment is not withdrawn.
 
This plan provides for Life Coverage of the Lump Sum Cover option where a lump sum amount would be paid to the nominee if the Life Insured dies within the Policy Tenure. There is an option of choosing Premium Waiver Benefit as well where all future premiums will be waived and Guaranteed Annual
Payout will continue as per schedule.
 
 

Key Features of IDBI Federal Incomesurance Endowment & Money Back Policy

  • This is an Endowment Plan with a Money Back option
  • In this plan, premium needs to be paid needs to be paid for r 5, 10 or 15 years while the policy continues after that as well for the Payout Period of 5 to 10 years as selected
  • Guaranteed Annual Payout is paid at the end of each year for the Payout Period
  • There is Additional Annual Payout in this plan which is linked to the Interest rates of the Government Securities
  • Guaranteed Annual Payout= Minimum Annual Payout + Additional Annual Payout
  • There is an option of withdrawing the money every year as Money Back Option or taking the entire amount in a lumpsum when the policy matures as Maturity Benefit
  • Premium Waiver Benefit can be chosen as an Additional Benefit in this plan
  • This plan has a Flexible Payout Option where the policyholder gets the option to take Money Back Payout or Lumpsum Payout at the end
  • This plan offers a premium discount for higher sum assured

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 

Benefits you get from IDBI Federal Incomesurance Endowment & Money Back Policy

Death Benefit – In case of death of the Life Insured within the Premium Paying Term, the nominee would get the Sum Assured + accrued Additional Payout X Payout Period. However, in case of death of the Life Insured after the Premium Paying Term but during the Payout Tenure, then the Death Benefit would be Sum Assured + accrued Additional Payout X Payout Period – Guaranteed Additional Payout already given before + balance in the interest bearing account if Flexible Payout Option has been chosen.
 
However if Waiver of Premium Option has been selected, then all future premiums are waived and the nominee gets the Death Benefit as a Money Back Plan as per schedule or in a Lumpsum at the end as desired at the policy inception.
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the Maturity Benefit as Money Back Plan during the Payout Period as per schedule after the Premium Paying Term or in a Lumpsum at the end as desired at the policy inception.
 
Guaranteed Annual Payout= Minimum Annual Payout + Additional Annual Payout
Minimum Annual Payout =
  • 20% of Sum Insured  for a Premium Paying Term of 10 or 15 years with Payout Period of both 5 and 10 years
  • 16% of Sum Insured for a Premium Paying Term of 5 years and Payout Period of 5 years
  • 8% of Sum Insured for a Premium Paying Term of 5 years and Payout Period of 10 years
Additional Annual Payoutis linked to the Interest Rates of the Government Securities at the time of Premium Payment.
 
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 Incomesurance Endowment & Money Back Insurance Policy

 
Minimum
Maximum
Sum Assured (in Rs.)
Subject to Minimum Premium Requirement
No Limit
Policy Term (in years)
Premium Paying Term + Payout Period
Premium Payment Term (in years)
5, 10
15
Payout Period (in years)
5
10
Entry Age of Life Insured (in years)
3 for PPT=15
8 for PPT=10
13 for PPT=5
65
Age at Maturity (in years)
-
75
Entry Age of Policyholder (in years)
18
60 if WOP is chosen
No Limit if not chosen
Premium (in Rs.)
10,000
No Limit
Payment modes
Monthly, quarterly, half-yearly or annually
 
 
 

Sample illustration of premium of IDBI Federal Incomesurance Endowment & Money Back Plan

The below illustration is for a 35 year old healthy man opting for Rs 1,00,000 Sum Assured for Premium Paying Tenure (PPT) of 5, 10 and 15 years and Payout Period of 10 years

IDBI Federal Incomesurance Endowment & Money Back Plan Sample Premiums

 

Additional Features and Benefits of IDBI Federal Incomesurance Endowment & Money Back Plan

Riders – There is an Additional Rider of Waiver of Premium option in this plan
 
 

What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. Paid up values are available after one, two or three full years premiums have been paid for policies with Premium Payment Period of 5, 10 and 15 years respectively. If the policy acquires a Paid Up Value, then it continues with reduced benefit. However, it can be revived within 2 years from the due date of the policy inception.
 
You want to surrender the policy – There are Surrender Benefits in this plan after the policy acquired Paid Up Value. Paid up values are available after one, two or three full years premiums have been paid for policies with Premium Payment Period of 5, 10 and 15 years respectively.
 
You want a loan against your policy – Loan facility is not available in this plan.




 
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