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IDBI Federal Wealthsurance Growth Insurance Plan SP is a unit linked insurance plan whereby investing premium only once, you can accumulate your wealth. This ULIP plan also provides life insurance coverage that ensures financial protection for your loved ones, in case of any eventuality.BUY NOW
This policy offers following 9 investment funds and you have the option to invest in any one or combination of fund options.
The minimum amount of premium allocated to any investment fund should be at least 15% of the annual premium.
You have the option to choose from following two investment strategies that help manage your funds.
Do It Yourself: This investment strategy provides you the flexibility to invest among 9 available investment funds, as per your risk-return appetite. You can also opt for premium re-direction to redirect funds in revised proportion to the funds available.
Leave It To Us: Under this investment strategy, the company helps manage your investments by simply indicting your risk appetite. Three risk levels are, Cautious, Moderate and Aggressive available with this investment strategy.
In the event of death of the life assured while the policy is in-force, the higher of Sum Assured (less Partial Withdrawals#), Fund Value in your investment account, or 105% of the total premiums paid till the date of death is payable to the beneficiary (nominee/legal heir).
#Before age 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon attaining 60 years of age, Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.
On survival of the life insured till the end of the policy term, the Fund Value in your investment account is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’. Upon payment of maturity benefit, the plan is terminated.
On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. No life cover is applicable during this settlement period. Partial Withdrawals and switching are not allowed during the Settlement Period. In case of death of the life assured during this period, the available fund value is payable.
Guaranteed Loyalty Additions
Guaranteed Loyalty Additions as 2.5% are credited to the policy at the end of the 5th policy year and at the end of every 5 policy years, thereafter. It is a percentage of the average fund value over the last 36 months prior to the loyalty allocation date.
Unlimited switching is available among 9 fund options to suit your changing investment needs.
Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums. The policyholder may instruct the company in writing to avail redirection of future premiums.
Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 10,000. The total partial withdrawals in a policy year cannot exceed 20% of the fund value available at the beginning of that policy year. The fund value required after the partial withdrawal should not be less than Rs 10,000.
Alter the Insurance Benefit
You have the option to increase or decrease the amount of insurance benefit. Any increase in insurance benefit is subject to the maximum sum assured requirements. Any decrease in insurance benefit is subject to minimum levels as required by the plan.
This plan is not eligible for the bonuses.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.
|Age (as on last birthday)||1 Month||70 Years|
|Age at Maturity||18 Years||75 Years|
|Policy Tenure||5/10/15/20/25 Years (Subject To Minimum And Maximum Maturity Age)||-|
|Premium Paying Term (PPT)||Single Pay||-|
|Premium Paying Mode||Single Pay||-|
|Premium Amount||Rs 25,000||No Limit (subject To Underwriting)|
|Basic Sum Assured||>45 Years- 1.25 Times The Single Premium =&<45 Years- 1.10 Times The Single Premium||>&=48 Years At Maturity- 10 Times The Single Premium <48 Years At Maturity– >45 Years- 1.25 Times The Single Premium =&<45 Years- 1.10 Times The Single Premium|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
No rider can be opted under this plan.
Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. The premium allocation charge is 0.50% for 1st policy year.
Policy Administration Charge: The Policy administration charge is 0.10%/0.05% per month during 1st to 5th policy year/6th policy year onwards, subject to a maximum of Rs 500 per month. This charge is deducted at the start of every month by cancelling appropriate units from the fund value.
Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover. Sum at Risk is higher of (Total Sum Assured or 105% of premiums paid) less Fund Value under the policy.
Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. The Fund management charge is 1.35% p.a. for all the investment funds, 0.50% p.a for Discontinued Policy Fund.
Switching Charge: No switching charge is applicable.
Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.
Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.
Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.
Mr. Raj aged at 35 years is looking to build a corpus amount, so his family can lead a happy life, even when he is not around. He thus opts for IDBI Federal Wealthsurance Growth Insurance Plan SP with the policy term of 20 years, single premium amount of Rs 1,00,000 and sum assured of Rs 5,00,000. Estimated fund value is Rs 4,50,000.
Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value in your investment account is payable at maturity. Guaranteed Loyalty Additions also add the fund value payable at maturity. So, the maturity benefit will be Rs 4,50,000.
Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Sum Assured (less Partial Withdrawals), Fund Value in your investment account, or 105% of the total premiums paid till the date of death is payable to the beneficiary (nominee/legal heir). So, the death benefit payable is Rs 5,00,000.