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IDBI Federal Wealthsurance Suvidha Growth Insurance Plan

What is the Plan all About?

IDBI Federal Wealthsurance Suvidha Growth Insurance Plan is a unit linked insurance plan that helps you create your wealth with ease. Apart from wealth creation, this plan also protects your loved ones, in the event of an unfortunate incident. You have the flexibility to pick a plan combination, so you can meet your future milestones.

What are the Key Features?

  • 2 investment fund options
  • Systematic Allocator to meet long term goals
  • Guaranteed Loyalty Additions to enhance fund value
  • Exclusive funds for loved ones
  • Life insurance coverage
  • Avail unlimited switching
  • Take benefit of premium redirection
  • Partial Withdrawals to access funds
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 2 investment funds and you have the option to invest in any one or combination of fund options.

  • Equity Growth Fund
  • Income Fund

The minimum amount of premium allocated to any investment fund should be at least 15% of the annual premium. It is not applicable, when opted for Systematic Allocator.

Systematic Allocator: Under this investment strategy, the fund mix becomes more conservative, when the policy is close to its maturity date. Your fund is allocated towards Income Fund as your policy approaches the maturity date. You may choose the ‘Systematic Allocator’ at the inception or at any policy anniversary.

Self-Managed: This investment strategy provides you the flexibility to invest in available investment funds and you can also switch from fund to another.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the higher of Sum Assured (less Partial Withdrawals#) or Fund Value is payable to the beneficiary (nominee/legal heir). The Death Benefit at any point of time is never less than 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 or above, Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value as on the date of maturity is payable. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in installments within a maximum period of 5 years, after the date of maturity. You have the flexibility to withdraw the entire fund value any time during the settlement period. No life cover is applicable during this settlement period. Partial Withdrawals and switching are not allowed during the Settlement Period. If you have opted for ‘Systematic Allocator’, the funds remain invested as at maturity and there will be no rebalancing.

Guaranteed Loyalty Additions

    Guaranteed Loyalty Additions as 3% are credited to the policy at the end of the 10th 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.

Switching

    Unlimited switching is available between 2 available fund options to suit your changing investment needs. You may instruct the company in writing to exercise the switching option.

Premium Re-direction

    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. This benefit is not applicable, when opted for ‘Systematic Allocator’.

Partial Withdrawal

    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 one annualized regular premium.

Bonus

    This plan is not eligible for the bonuses.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 1 Month 65 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10/15 Years 20 Years
Premium Paying Term (PPT) 10 Years (in Multiples Of 5 Thereafter) -
Premium Paying Mode Annually Only -
Premium Amount Rs 15,000 P.a Rs 25,000 P.a
Basic Sum Assured 10 Times 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 rider can be opted under this plan.

What are the Plan Charges?

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 3% for 1st policy year. No such charge is levied from 2nd policy year onwards.

Policy Administration Charge: The Policy administration charge is 0.50%/0.25% per month during 1st to 5th policy year/6th policy year onwards. 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 (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: At present, no switching charge is applicable. This charge may be revised up to a maximum of Rs 500 per request, upon prior approval from IRDAI.

Partial Withdrawal: At present, no partial withdrawal charge is applicable. This charge may be revised up to a maximum of Rs 500 per request, upon prior approval from IRDAI.

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.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Rakesh aged 35 years, is looking to build a corpus amount plus financial cover for the family. He chooses to buy IDBI Federal Wealthsurance Suvidha Growth Insurance Plan with the policy term of 20 years, Premium Paying Term of 10 years, annual premium amount of Rs 25,000, and sum assured of Rs 2,50,000. Estimated fund value is Rs 3,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value as on the date of maturity is payable. Guaranteed Loyalty Additions also enhance the fund value payable at maturity. The maturity benefit payable is Rs 3,00,000.

Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Sum Assured (less Partial Withdrawals) or Fund Value is payable to the beneficiary (nominee/legal heir). The death benefit payable is equal to fund value of Rs 3,00,000.