- Limited investment term of 10 years:
Secured Income plan requires you to invest for a limited and fixed premium payment term of 10 years, and then reap its benefits.
- Regular annual income for the next 10 years:
You start receiving Income benefit i.e. regular annual payouts starting from the end of the 11th policy year up to maturity i.e. the end of 20th policy year. This Income Benefit is your guaranteed sum assured plus vested bonuses till end of the premium payment term, divided into 10 equal annual instalments.
- Guaranteed bonus additions to boost savings:
Bonuses are declared as a percentage of your guaranteed sum assured. These get added to your policy every year starting from the 1st policy anniversary till the 10th policy anniversary. They are then paid out as part of your income benefit, death benefit or surrender benefit, as the case may be.
- Life cover for 20 years:
With Secured Income Plan you can be rest assured about your family’s financial security with a life cover that remains in force for the entire policy term of 20 years.
- Enhanced protection with Total and Permanent Disablement feature:
In an age of growing uncertainties and health concerns, this benefit offers a financial cushion in the unfortunate scenario of the life insured being struck by total and permanent disablement due to an accident or illness during the premium payment term. In such case all future premiums are waived off; plus monthly income of 1% of the guaranteed sum assured is paid till maturity; while all other benefits of the plan remain in force.
- Added guaranteed sum assured for high premium policies:
High premium policies i.e. policies with annual premium greater than Rs. 50,000, get the benefit of additional guaranteed sum assured which is a percentage of their base guaranteed sum assured.
- 2 tax benefits:
Secured Income Plan gives you the benefit of tax deductions under section 80C on the premium that you pay. Also, the benefits that you receive are tax-free under section 10(10D) of the Income Tax Act, 1961.
- Loan facility:
You can avail a loan on your policy after complete payment of premiums in the first 3 policy years. The loan you can avail will be from a minimum of Rs. 5,000 up to 85% of the guaranteed surrender value at the time of application, subject to terms and conditions specified by IDBI Federal Life Insurance Company from time to time.
- Exclusive funds for loved ones:
By endorsing your Secured Income policy under the Married Women’s Property Act, 1874, you can create an exclusive fund for your loved ones which is legally protected from creditors and claimants.
- Strong parentage:
IDBI Federal has 3 strong financial institutions backing it - IDBI Bank, Federal Bank and Ageas. While the former 2 are India’s premier banks, the latter is a multinational insurance giant based out of Europe.
For more information on plan benefits, please refer to the product brochure.