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POS Guaranteed Income Plan
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IDBI Federal Life Insurance POS Guaranteed Income Plan(UIN: 135N050V01)

Planning well means taking care of the future in the present. And when it comes to secure your financial future, the time to plan is NOW.

Whenever we think of saving our hard earned money, we look for securing our savings through “guarantees”. Guarantee to meet all our unpredictable future requirements. When we come across a savings solution which has both, life protection plus guaranteed returns, it becomes a golden opportunity that cannot be missed

This plan provides the exact same combination- life insurance and guaranteed returns. This plan not only gives you life insurance protection, but also ensures peace of mind with guaranteed returns. Moreover it also gives you choice of income and endowment option basis your financial needs and future goals.

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

  • Pay premiums for 5 years and get life cover for 10 years
  • With POS Guaranteed Income Plan you pay your premium for first 5 years only and get life insurance protection for entire policy term of 10 years.

  • Enjoy guaranteed benefit irrespective of market conditions.
  • After paying your premiums, you will receive guaranteed benefits basis the plan option you have selected. The benefits are guaranteed irrespective of market conditions. They are expressed as a percentage of your premiums (excluding applicable taxes) and depend on age at entry of the life insured and premium amount. This is explained in further detail under ‘How the Plan Works’ sections.

  • Choose to receive your benefits as a lump sum or as regular income basis your need.
  • If you have chosen the Endowment option at the inception, you will receive a lump sum payout at the end of 10th year or;
    If you have chosen the Income option you will receive regular income every year from the end of 6th year till end of the 10th year.

  • Get tax benefits of Sec 80C and Sec 10(10D)#
  • 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 2017 – 18 deductions 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 benefits are subject to change as per tax laws. Consult your tax advisor for determining the Tax benefits applicable to you.

IDBI Federal Life Insurance POS Guaranteed Income Plan is a non-linked non-participating life insurance plan. Here the policy term is fixed for 10 years and premium payment term is fixed for 5 years.

It will offer two plan options to the customers to choose at onset:

Option 1: Income Option

Option 2: Endowment Option

Now let’s understand these options in detail.

Option 1: Income Option

This option pays 5 guaranteed annual payouts (GAP) on survival of the life insured till end of each year, starting from end of 6th policy year till end of Policy term i.e. 10th policy year.

Survival Benefit:
You will receive Guaranteed Annual Payouts (GAP) on survival of life insured till the end of each policy year, from end of 6th year till end of policy term i.e. 10th year, provided the policy is in force and all due Premiums have been paid to date.

GAPs are defined as percentage of the annualized premium and depend on the age at entry of the life insured and the premium amount.

There is no guaranteed sum assured payable on maturity. The last GAP will be paid on survival to maturity.

GAP = GAP factor X Annualized Premium

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 Sum Assured subject to waiting period. Once a death claim is paid, the policy will be terminated.

Death Sum Assured is 10 times of premiums payable per annum excluding service tax, if any

Waiting Period
Waiting period is first 90 days from the date of commencement of policy. In case of Death (other than accidental death) during Waiting Period, only 100% of Premium paid excluding service taxes and applicable cess, if any, will be paid. Waiting period is not applicable for accidental death.

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

Option 2: Endowment Option
This option pays Maturity Sum Assured at (MSA), at Maturity i.e. the end of the 10th policy year. MSA is expressed as a percentage of the total annualized premiums payable.

Maturity Benefit:
You will receive Maturity sum assured (MSA) on survival of the life insured till maturity. This is defined as a percentage of the total annualized premiums payable and depends on age at entry of the life insured and the premium amount. On this payment, the policy shall terminate.

Maturity Sum Assured = Maturity Factor X Annualized premium X PPT

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 Sum Assured. Once a death claim is paid, the policy will be terminated.

Death Sum Assured is 10 times of premiums payable per annum excluding service tax, if any

Waiting Period
Waiting period is first 90 days from the date of commencement of policy. In case of Death (other than accidental death) during Waiting Period, only 100% of Premium paid excluding service taxes and applicable cess, if any, will be paid. Waiting period is not applicable for accidental death.

Death benefit is available throughout the Policy Term, during and after PPT.



Eligibility

Age at entry oflife insured(last birthday)

Min$ 8 years for Endowment Option;
13 years for Income Option s

Max

50 years

Age at maturity of the life insured(last birthday)

Max 60 years

Premium(In multiples of 5,000)

Min Rs. 25,000

Max

Rs. 1,00,000

Premium payment period

Fixed 5 years

Policy Term

Fixed 10 years

Premium Frequency (Mode)

Fixed Yearly

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

IDBI Federal Life Insurance POS Guaranteed Income Plan is a non-linked, non-participating insurance plan and no benefits other than those indicated in the brochure are payable. This product does not participate in the profits of the Company. 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. Product UIN No. 135N050V01. Tax benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax from time to time. IDBI Federal Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this advertisement. Please consult your own tax consultant to know the tax benefits available to you. Ltd. does not assume responsibility on tax implication mentioned anywhere in this advertisement. Please consult your own tax consultant to know the tax benefits available to you.

  • 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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