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IDBI Federal Life Insurance Guaranteed Wealth Plan (UIN 135N048V01)

As the bread winner of your family you have their dreams to realize and aspirations to fulfil. Hence, it is very important to stay insured, save regularly and invest intelligently towards your life’s goals.

IDBI Federal Life Insurance Guaranteed Wealth Plan is a long-term life insurance plan which comes with a component of savings element that assures you of guaranteed returns on your investment. This plan can be used to actualise life’s milestones like children's education and/or marriage, going for a holiday, renovation of house, buying your dream car etc.

Above all the plan is simple to understand, easy to acquire and maintain.

*Going further we will refer to this plan as ‘Guaranteed Wealth Plan’ for ease of reading.

Plan Overview :
Guaranteed Wealth Plan is devised as a simple savings tool that encourages you to stay insured and save regularly towards your life’s goals; and gives you the security of guaranteed returns. It also provides the flexibility to choose to receive your benefits either as a lump sum or as regular income, basis your need.

  • Pay only for the first 7 years of the policy:
  • You pay premiums for the short and defined duration of the first 7 years of the policy.

  • Financially secure your family with a life cover for 14 years:
  • The plan has a life insurance cover of 14 years. So you can be rest assured that your family’s future will be financially secure under all circumstances.

  • Enjoy guaranteed benefits irrespective of market conditions:
  • The benefits of this plan are guaranteed and will be paid out to you irrespective of market volatility

  • Choose to receive your benefits as a lump sum or as annual payouts basis your need:
  • This plan offers you two options i.e. Lumpsum Benefit and Regular Income Benefit.

  • You may avail 2 tax benefits of 80C and 10(10D):
  • Guaranteed Wealth Plan also helps you in getting tax benefit as under:

    a.Deduction under section 80C: The premiums that you pay are eligible for deduction under section 80C of the Income Tax Act, 1961. For the Financial year FY 2016 – 17 deduction can be claimed under Section 80CCE up to Rs. 1,50,000 for the total payments, contributions made under Sections 80C, 80CCC and 80CCD.

    b.Tax-free benefits under section 10(10D): The benefits received under the plan are tax-free under section 10(10D) of the Income Tax Act, 1961.

    Please note that tax laws may change from time to time. Consult your tax advisor for determining the Tax benefits applicable to you.

You can customize your policy to suit your requirement in the following manner:

1.Choose the amount that you would want to invest as premium each year

2.Choose the option you would like to invest in i.e.

a. Lumpsum Benefit

b. Regular Income Benefit

3.Pay premiums for the first 7 years of your policy for a policy term of 14 years

The plan comes with 2 options which are as under:

• Lumpsum Benefit : Under this, the policyholder is required to pay premium only for the first 7 years. The plan then pays out guaranteed sum assured at maturity, i.e. the end of the 14th policy year.



• Regular Income Benefit : Under this, the policyholder is required to pay premium only for the first 7 years. The plan then pays out guaranteed annual payouts (GAP) starting from the end of 8th year till the end of policy term.



Maturity Benefit :

• Lumpsum Benefit : Maturity benefit is equal to Maturity Sum Assured

• Regular Income Benefit : There is no maturity benefit under this option. The last GAP is paid on survival till maturity.

Death Benefit :

On death of the insured person, provided the policy is in force and all premiums have been paid in full, the beneficiary would be paid the Death Benefit. Once a death claim is paid, the policy will be terminated.

Death Sum Assured is highest of:

• Guaranteed Sum Assured on Maturity (Maturity Sum Assured)1

• 10 times of Annualized Premium2

• 105% of all Premiums paid3 as on the date of death

• Any absolute amount assured to be paid on death which is Basic Sum assured4


Where,
1Guaranteed sum assured on maturity is nil in case of Regular Income Benefit.

2Annualized Premium is the Premium payable in a year chosen by the Policyholder, excluding the underwriting Extra Premiums and loadings for Modal Premiums, if any. Service tax, if any, will not be included in the contractual Premium and will be collected from the Policyholder separately and over and above such Premium. The product offers only Annual mode of Premium payment.

3Premiums paid for this purpose is Annualized Premium X Number of years for which premiums have been paid.

4Basic Sum assured is defined as the 10 times the Premiums payable per annum including underwriting loadings, if any, but excluding Service tax (if any).

Death benefit is equal to Death Sum Assured.

Death benefit is available throughout the Policy Term, during and after PPT.
In Regular Income Benefit the death benefit is paid out irrespective of the amount of GAPs paid till date of death, if any

On payment of Death Benefit, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

Age at entry of life insured(last birthday)

Min 10 yearss

Max

55 years

Age at maturity of the life insured (last birthday)

Max 69 years

Premium(in Rs.)

Min 35,000

Max

No limit

Premium Frequency (Mode)

Fixed Yearly

Premium payment period

Fixed 7 years

Policy Term

Fixed 14 years

Payout Period (Applicable only for Regular Income Benefit)

Fixed 7 years

$Policies on lives of minors can be taken only by parents / grand-parents / legal guardian.

IDBI Federal Life Insurance Guaranteed Wealth Plan (UIN: 135N048V01) is a non-linked, non-participating insurance plan and no benefits other than those indicated in this brochure are payable. This product does not participate in the profits of the Company. Substandard lives will be charged extra premium. This product is underwritten by IDBI Federal Life Insurance Company Limited (Regn. No 135; Corporate Identity Number (CIN) – U66010MH2007PLC167164) having its registered office at 22ndFloor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013.Website: www.idbifederal.com. Toll Free: 1800 209 0502
Tax benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax from time to time. Trade Logo displayed above belongs to IDBI Bank Limited, The Federal Bank Limited and Ageas International Insurance N. V. and used by IDBI Federal Life Insurance Company Limited under license from respective partners.

  • Visit any branch of IDBI Bank, Federal Bank or IDBI Federal Life Insurance Co Ltd. Visit your nearest branch
  • Call us on our nationwide toll free number 1800 209 0502 from Monday to Saturday at any time between 8 am to 8 pm.
  • Email us at: support@idbifederal.com
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