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IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan

What is the Plan all About?

Incomesurance Guaranteed Money Back Insurance Plan is a non-linked, non-participating money back plan which offers guaranteed returns on the money invested by you in the form of premium, so that you stop worrying about the future.With Incomesurance, you can guarantee a secure future for your family, even when you are not around.

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What are the Key Features?

  • Periodic payback during the policy term
  • Limited premium payment term
  • Guaranteed additions to boost your savings
  • Protect your family with life cover
  • Flexibility to choose premium amount
  • Get Tax Benefit under prevailing tax laws

What are the Plan Benefits?

Death Benefit

    In case of the unfortunate event of death of the life insured during the policy term, your nominee will get the death sum assured, which is the highest of:

    • 10 times of annualised premium (excluding service tax, education cess and extra mortality charges)
    • 105% of all premiums paid
    • Maturity sum assured
Survival Benefit

    Guaranteed annual payouts are paid every year from the 6 to 10 policy year and are expressed as a percent of annual premium (exclusive of service tax, education cess and mortality loading ) depending on the age at entry.

    This percentage depends on your age as shown in the table below:

    Incomesurance Guaranteed Money Back Insurance Plan

Maturity Benefit

    Maturity benefit is payable on  the survival of the Life Assured till the end of the policy term. Maturity benefit is equal to the Maturity sum assured is the sum of all the guaranteed annual payouts

Bonus

    The plan is not eligible for any bonus as it is a non participating plan.

Loan Benefit

    The loan amount you get will be limited to 85% of the guaranteed surrender value at the time of application, subject to terms and conditions specified the company from time to time.

Surrender Value

    The surrender value payable will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) provided 2 full years’ premiums have been paid.

Tax Benefit

    The plan helps in getting tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years 10 Years
Premium Paying Term 5 Years -
Premium Paying Mode Annual -
Premium Amount Rs 20,000 Depends On Max Sum Assured
Sum Assured 10 Times Of The Annual Premium -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No Riders are available under this plan.

How the Plan Works?

Let us understand the plan with the example of Rameshwar:

Life Insured: Rameshwar
Age: 40 years
Policy Term: 10 years
Premium: Rs 1 Lakh per annum

The guaranteed annual payout begins from the end of the 6 year to the end of the 10 year will be guaranteed at 135% of the annual premium paid. This means that if you pay a premium of `1,00,000 per annum for 5 years, you would receive a  guaranteed annual payout of `1,35,000 from the end of the 6 th to the end of the 10 year. The guaranteed annual payouts are subject to you paying all due premiums in full. Throughout the term of 10 years, your family will be financially protected against uncertainties through the life cover of `10,00,000 that you get with Incomesurance.
 

Incomesurance Guaranteed Money Back Insurance Plan 1

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