Insurance Protection with Guaranteed Annual Payout

IDBI Federal Incomesurance™ Endowment and Money Back Plan not only gives you Guaranteed Annual Payout but also covers you with insurance protection. Usually, there are two major risks why you may not achieve a goal that you had planned. One, if your investment does not give you guaranteed returns then you may not have the amount of money you planned for. Second, if for some unfortunate reason something happens to you then obviously you will not be able to reach the goal you had planned. Incomesurance™ covers both these risks. It gives you guaranteed payout and ensures that your plans are insured.

Lump Sum Cover Option

Lump Sum Cover Option is suitable when you want your nominee to get a lump sum payment in case of your unfortunate death. The lump sum payment can ensure that whatever goal you had planned can be achieved. It can ensure the financial security of your family.

Lump Sum Cover Option is also suitable when you want to save for retirement and wish to get regular income payments during retirement. While you are assured of regular income payments, at the same time if anything happens to you, your family will have insurance protection and receive a lump sum.

Under Lump Sum Cover Option, a Death Benefit is paid in case of death of the Insured Person before the end of the Policy Term. You can designate yourself or any other person in whom you have insurable interest as the Insured Person. Lump Sum Cover Option is automatically available to all policyholders under Incomesurance™.

Death Benefit

In case of death of the Insured Person a lump sum amount will be paid as Death Benefit and the plan will terminate.

Death during Premium Payment Period

If death occurs during the time you are still paying premiums, the full Sum Insured will be paid along with Additional Annual Payouts declared in respect of the premiums already paid by you.

Death during Payout Period

If death occurs during the Payout Period, by then you would have already paid all the premiums and the Additional Annual Payouts on all your premiums would have been declared. From the total of Sum Insured and accrued Additional Annual Payouts, any Guaranteed Annual Payouts that have become due will be deducted. If you had chosen Flexible Premium option, any accumulated undrawn amount in your account including interest accrued will also be added. The amount so determined will be paid as lump sum. In effect, you will receive Sum Insured plus all accrued Additional Payouts plus interested earned under the Flexible Payout option minus any payouts or cash withdrawals already made.

Waiver of Premium

Waiver of Premium option is ideal when you want your beneficiary to get regular payouts even if anything happens to you leading to your untimely absence. The regular Guaranteed Annual Payout can ensure that whatever goal you had planned can be achieved. Thus, once you sign up for the plan, the plan will work even if anything happens to you.

Waiver of Premium Option is ideal when you want to plan for major events in your child's life such as education or marriage. You can ensure that the child gets a regular income irrespective of whether you are around or not. The child can also make withdrawals whenever needed or receive a lump sum at maturity. The same applies when you want to ensure a regular income to any loved one, such as a spouse or parent.

If you choose Waiver of Premium option, in case of your death, all the future premiums payable by you will be waived and treated as paid, and the policy remains in full force. If the insured person is a minor at the time of your death, the policy may be held by the appointee until the insured person reaches the age of 18. At age 18 the policy will vest in the life insured. The Guaranteed Annual Payout will be made during the Payout Period as if you had actually paid the premiums on the respective due dates. The Additional Annual Payouts will also accrue as if the premiums were paid on the due dates.

Waiver of Premium Option is possible when you wish to designate another person as the Insured Person.

Double Benefit

If you choose Waiver of Premium Option, there could be two benefits, one upon death of the premium payer and one upon the death of the insured person.

Death of the Premium Payer

In case of your death as the policy owner and premium payer during the premium payment period, the plan will continue but your premiums are treated as paid. It is as if you are still alive and you are paying the premiums. Thus the Insured Person will receive the Guaranteed Annual Payout as you had envisaged. Please note that we will waive premiums up to a maximum of Rs 1,00,000 per policy year.

Death of the Insured Person

In case of death of the Insured Person, we will pay a lump sum amount just as in the case of Lump Sum Cover Option described as above.

The benefit payable on the death of the Insured Person is the same whether the Insured Person dies before or after the policy owner.

If the Insured Person dies before the death of the policy owner, the waiver of premium benefit has not been triggered and the same death benefit described above becomes payable immediately.

If the Insured Person dies after the death of the policy owner, the waiver of premium benefit is triggered and premiums falling due will be waived by us. On the subsequent death of the insured person the same Death Benefit described above becomes payable.

Maturity Benefit

You will receive the final Guaranteed Annual Payout as maturity benefit in lump sum under this policy (including balance, if any, of the interest bearing account if the Flexible Payment Option has been selected).