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IDBI Federal Lifesurance Whole Life Savings Insurance Plan

What is the Plan all About?

IDBI Federal Lifesurance® Whole Life Savings Insurance Plan helps you plan long-term finances, so you can fulfill you & your family’s financial needs. This whole life plan also provides life cover that further ensures financial security for the family.

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What are the Key Features?

  • Life cover till 100 years of age
  • Grow savings with vested guaranteed additions and bonuses
  • Lump sum payout at the end of premium payment term
  • High sum assured rebate
  • Premium discount for female lives
  • Loan facility available
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Death Sum Assured is payable which is higher of Guaranteed Sum Assured, 10 times of annualized premium, or 105% of all the premiums paid.

Survival Benefit

    In case of survival of the life insured at the end of premium Payment Term (PPT), a lump sum amount is payable, which includes the sum of Guaranteed Sum Assured, vested reversionary bonuses, and vested guaranteed additions. In case of demise during the PPT, a lump sum amount payable includes death sum assured, Vested (payable) guaranteed additions, Vested reversionary bonuses, Terminal bonus and Interim bonus.

Maturity Benefit

    In case of survival of the life insured, when he/she touched 100 years, a lump sum amount is payable which includes Higher of (Guaranteed sum assured, 105% of all premiums paid, or 10 times annual premium) plus vested reversionary bonuses plus Terminal bonus. In case of demise during the PPT, a lump sum amount payable includes death sum assured, Vested reversionary bonuses, and Terminal bonus.

Guaranteed Additions

    Guaranteed Additions are added during the first 5 years at the rate of Rs 50 per Rs 1000 of the guaranteed sum assured.

Bonus

    After completion of the 5th policy year, Reversionary Bonuses is added under the plan. The bonus rate is applicable from the 6th year onwards till end of the premium payment term and another bonus rate is applicable from the year after completion of the premium payment term.

    Terminal Bonus is payable on death or maturity.

Loan Benefit

    You can avail the maximum loan amount up to 85% of the Surrender Value, subject to minimum loan amount of Rs 5,000.

Surrender Value

    This policy acquires Surrender Value after payment all due premiums for at least three full policy years. Upon surrendering the policy, the higher of Guaranteed Surrender Value or Special Surrender Value is payable.

Tax Benefit

    This policy provides tax benefits for the premium paid under section 80C and the policy proceeds can also avail tax benefits under 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 (maximum Age At The End Of PPT Is 75 Years & Cover Without Accidental Death Benefit), 53 Years (maximum Age At The End Of PPT Is 65 Years & Cover With Accidental Death Benefit)
Age at Maturity - 100 Years
Premium Paying Term (PPT) 12 Years 30 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 12,000 Per Annum (for Monthly Mode), Rs 102,000 Per Annum (for Other Payment Modes) No Limit (subject To Underwriting)
Guaranteed Sum Assured Depending On Age At Entry And Premium Payment Term No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Accidental Death Benefit rider can be opted, on payment of additional rider premium.

How the Plan Works?

Raman at 30 years, wants to buy IDBI Federal Lifesurance® Whole Life Savings Insurance Plan to gain control over savings with whole life protection. He opts the plan with the premium paying term of 25 years, Guaranteed Sum Assured is Rs 5,00,000 with the annual premium of Rs 25,850 (without Accidental Death Benefit) & Rs 26,350 (with Accidental Death Benefit).

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Higher of (Guaranteed sum assured, 105% of all premiums paid, or 10 times annual premium) plus vested reversionary bonuses plus Terminal bonus.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman before completion of the premium paying term, the nominee will receive higher of Guaranteed Sum Assured, 10 times of annualized premium, or 105% of all the premiums paid.

Benefit Illustration:

IDBI Federal Lifesurance® Whole Life Savings Insurance Plan Benefit Illustration