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Retiresurance Milestone Pension Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Retiresurance Milestone Pension Plan from IDBI Federal Life Insurance

Retiresurance Milestone Pension Plan is a Unit Linked Pension Plan from IDBI Federal Life Insurance with a minimum guaranteed maturity Value per unit on vesting, where the policyholder would pay premiums in the accumulation phase till the vesting date, i.e. the date from which he would like to receive pension or annuity. If he dies in the accumulation phase before the vesting date, i.e. before he starts to receive pension, then the nominee would receive the Fund Value as Death Benefit. Or the nominee can choose to purchase pension from IDBI Federal among the options available or any other annuity provider from the entire amount or can choose to withdraw 1/3 of the Fund Value and choose to receive pension from the remaining 2/3 of the Fund Value.  

 

On maturity of the policy he would receive the Fund Value according to the fund that he had opted for. Then the policyholder has the following choice:

·         He can withdraw 1/3 of the amount Tax Free and start receiving pension from the remaining 2/3 of the fund from IDBI Federal or any other insurer.

·         He may also choose to receive pension from the entire Fund Value from IDBI Federal or any other insurer in the industry.

 

Key Features of IDBI Federal Life Retiresurance Milestone Pension Plan

  • It is a Unit Linked Pension Plan with single premium option only
  • In this policy, the nominee would get the Fund Value as death benefit
  • On maturity, the policyholder may choose to receive pension from the present insurer or any other insurer
  • Medical tests or even declaration of good health is not required 

 

COMPARE THIS PLAN WITH OTHER PENSION PLANS

 

Benefits you get from IDBI Federal Life Retiresurance Milestone Pension Plan

Death Benefit – In case of death of the policy holder, the nominee gets the Fund Value.

He may choose to do any of the following from the Fund Value that is payable to him

1.     Take the entire Fund Value and terminate the policy

2.     Avail pension from IDBI Federal or any other insurer, or

3.     Take out 1/3 of the Fund Value as Tax Free income and avail pension from the remaining amount from IDBI Federal or any other insurer.

 

Maturity Benefit – On maturity, the policyholder receives the Maturity Amount which is higher of:

·         The guaranteed benefit at vesting

·         The guaranteed maturity value per unit X total number of units

·         Fund Value

He has the option to

1.     Withdraw 1/3 of the amount Tax Free and receive pension from the remaining 2/3 of the Fund.

2.     Avail pension from the entire Fund from IDBI Federal or any other insurer in the industry.

 

Income Tax Benefit - Life Insurance premiums paid towards pension plans up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80CCC. 1/3 of the Maturity Amount can be withdrawn tax-free under section 10(10)A.

 

Eligibility conditions in IDBI Federal Life Retiresurance Milestone Pension Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

NA

Policy Term (in years)

10

15

Premium Payment Term (in years)

Single

Entry Age of Policyholder

25

75

Age at Maturity

40

85

Single premium (in Rs.)

Rs 1,00,000

No Limit

Payment modes

Only Single Premium

 

Additional Features and Benefits of Retiresurance Milestone Pension Plan

Riders – No riders are available in this policy

Investment Fund Options

There are 2 funds options available

·         Guaranteed Growth Fund

·         Guaranteed Return Fund

Top-up - Not Applicable

Switching - Not Applicable

Partial Withdrawal - Not Applicable

 

What happens if?

You stop paying the premium – Not possible since this is a single premium plan.

You want to surrender the policy – Surrender benefits are payable only after completion of 5 years. No guarantees on Fund Value are applicable on surrender. 

On Surrender of the plan, the policyholder has the following options:

·         Avail pension from IDBI Federal or any other insurer from the entire Fund Value

·         Withdraw 1/3 of the amount as Tax Free Benefit and then avail pension from the remaining amount from IDBI Federal or any other insurer.

You want a loan against your policy – Loan facility is not available under this policy



 

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