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IDBI Federal Wealth Gain Insurance Plan - A unit linked insurance plan (UIN: 135L047V01)

We all foster dreams. Some important, like owning a bigger house, higher education and a lavish wedding for children; and others, like a luxury vacation, getting a premium club membership or that priced limited edition sedan. Now you can turn these dreams into reality by planning efficiently and saving regularly.

Presenting IDBI Federal Wealth Gain Insurance Plan, a comprehensive financial solution that gives your life cover and helps build wealth over the long term to ensure that you and your family fulfil all your aspirations. Plus it comes with a waiver of premium on disability cover that ensures financial security for your dreams. With Wealth Gain Plan, you can decide how much you want to pay and for how long you want to stay covered. With 8 fund offerings, it gives you the freedom to choose one or more funds, basis your risk-return appetite and financial goals in life.

*IDBI Federal Wealth Gain Insurance Plan will be hereafter referred to as ‘Wealth Gain’ throughout the document for ease of reference

IDBI Federal Wealth Gain Insurance Plan is a comprehensive financial solution that gives you life cover and helps build wealth over the long term to ensure that you and your family fulfil all your aspirations. Plus it comes with a waiver of premium on disability cover that ensures financial security for your dreams. With Wealth Gain Plan, you can decide how much you want to pay and for how long you want to stay covered. With 8 fund offerings, it gives you the freedom to choose one or more funds, basis your risk-return appetite and financial goals in life.

Particular

Minimum Maximum

Age at entry(as on last birthday)

5 years* 60 years

Age at maturity(as on last birthday)

18 years 74 years

Premium

Monthly – Rs. 2,500 Yearly – Rs. 30,000
Yearly
Premium Payment Term Max Premium
5, 10 10,00,000 p.a.
15, 20 6,00,000 p.a.
Monthly
Premium Payment Term Max Premium
5, 10 83,000 p.m
15, 20 50,000 p.m

Premium payment term

For ages below 50 years : 5 / 10 / 15/ 20 years
For age 50 years and above : 10 / 15/ 20 years

Policy Term

10 / 15 / 20 years

Premium Payment Frequency

Monthly and Annually

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

  • Waiver of Premium on Disability:
  • In case of total and permanent disability of the Life Assured during the premium paying term provided the policy is in force

    i) Future premiums will be paid by the company on their respective due dates
    ii) The life cover continues till end of policy term
    iii) Guaranteed Loyalty Additions will continue to be added as scheduled. All applicable charges excluding disability charge will continue to be deducted.
    iv) Applicable fund value including guaranteed loyalty additions will be paid on maturity

    The benefit shall be payable if the disability occurs within 180 days of the occurrence of accident or sickness.

    In case of the Life Assured is a child, this benefit will cover child post Life Assured attaining age 18. The disability charges will be deducted thereafter only.

    In case of death of insured person while the waiver of premium on disability is activated, the Death Benefit will be paid to the beneficiary and the policy will terminate.

  • Flexibility to manage investments:
  • You stay in complete control of your investments with the flexibility to align them as per your needs and priorities; and also re-align them if and when you wish to do so. You have choice of 8 investment fund offerings that allow you to invest your money as per your risk-return appetite. Plus you can also switch between funds any number of times free of charge or redirect premiums to maximize returns as per your changing financial needs.

  • Guaranteed loyalty additions:
  • Get rewarded for staying invested in the long term with guaranteed loyalty additions at the end of the 10th policy year and every 5 years thereafter. This is 1% of the average fund value in your investment account, in the last 36 months preceding the guaranteed loyalty addition date. In case you have invested in multiple funds the guaranteed loyalty additions will be added to each fund in the same proportion as the fund value in each fund bears to the total fund value.

  • Maturity benefit:
  • Maturity benefit is equal to the fund value including total guaranteed loyalty additions in your investment account on the date of maturity provided the policy is in force. Once the maturity benefit is paid out, the plan terminates.

  • Death Benefit :
  • In case of death of insured person during the policy term provided the policy is in force, the Death Benefit will be paid to the beneficiary. Death Benefit payable shall be higher of:

    • Death Sum Assured,

    • Fund Value or

    • 105% of the Total Premiums Paid

    Death Sum Assured is higher of :

    • 10 times the Annualized Premium or

    • 0.5 x Policy Term x Annualized Premium, where, Annualized Premium is premium payable in one year selected by the Policyholder at the inception of the policy.

    Total Premiums Paid for this purpose shall be (Annualized Premium * Number of years for which premiums have been paid)

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

  • Tax benefits :
  • You also enjoy 2 tax benefits when you invest in this plan:

    - Under Section 80C of the Income Tax Act, 1961, the premiums that you pay are eligible for deduction. 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.

    - Under Section 10(10D) of the Income Tax Act, 1961, the benefits you will receive under your policy will qualify for tax exemption.

    Please note that tax laws change from time to time. Hence you are advised to consult your tax advisor for determination of tax benefits applicable to you.

You can personalize your Wealth Gain Plan as per your requirements by following the simple steps given below:

1. Select the premium amount and mode: You can select the amount that you would like to pay keeping in mind your financial goals and decide if you would like to pay monthly or annually.

2. Choose the policy term: This should be decided keeping both, insurance and investment needs in mind. The policy term options available under this plan are of 10, 15 and 20 years. The choice of policy term will be restricted by a minimum maturity age of 18 year and maximum maturity age of 74 years of the life assured. Example, if a person aged 60 years buys the plan then the maximum policy term available to him will be only 10 years.

3. Select your premium payment term i.e. the duration for which you will pay premiums: You can opt to pay premiums for 5, 10, 15 or 20 years depending on your age. You have the option of paying premiums for a limited term or for the entire duration of your policy.

4. Choose from the 8 fund options available, basis your risk appetite

IDBI Federal Wealth Gain Insurance Plan (UIN135L047V01) is a Unit Linked Insurance Plan. Unit Linked Life Insurance products are different from traditional insurance products and are subject to the risk factors. The various funds offered under this plan are the names of the funds and do not in any way indicate the quality of these plans, their future prospectus and returns. The premiums paid in these policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. IDBI Federal Life Insurance Company Limited and IDBI Federal Wealth Gain Insurance Plan are only the names of the insurance company and linked insurance plan respectively, and do not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance Agent or the Intermediary. Life Insurance coverage is available in this plan. Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws 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. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. The product is underwritten by IDBI Federal Life Insurance Company Limited (IRDAI Regn. No 135; Corporate Identity Number (CIN) - U66010MH2007PLC167164) having its registered office at: IDBI Federal Life Insurance Company Limited, 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013. Website: www.idbifederal.com. Toll Free: 1800 209 0502.

  • 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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