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  • IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

    IDBI Federal Life Insurance

    Incomesurance Guaranteed Money Back Insurance Plan 7 Pay (Incomesurance 7 pay) is a money back insurance plan which provides guaranteed annual income and many more benefits so that you get the most out of your hard-earned money.

    Eligibility of Incomesurance Guaranteed Money Back Insurance Plan:

    Age at entry of life insured (last birthday) Minimum 10 years
    Maximum 50 years
    Age at maturity of the life insured (last birthday) Minimum 24 years
    Maximum 64 years

    Key Features of Incomesurance Guaranteed Money Back Insurance Plan:

    Plan type Money back insurance plan
    Plan Basis Individual
    Free look period 15 days
    Nomination As per provisions of section 39 of Insurance Act, 1938, nomination is allowed with this policy.
    Surrendering the policy The policy can be surrendered any time after two full years’ premiums are paid. The surrender value of the policy is higher of Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV)
    Lapse In case any premium amount due has not been received after the premium due date, before the end of the grace period, during the first two years of your policy, the policy would lapse. If this happens, you will not receive any of the benefits.
    Grace period 30 days from the date of the first unpaid premium.
    Paid-up value Only after 2 full years’ annual premiums have been paid will your policy be eligible to acquire a paid-up value. After which, if you do not pay any due premium within the grace period, your policy will assume paid-up value with reduced benefits
    Reinstatement If your policy has been made paid-up or has lapsed, it can be reinstated under certain conditions.
    Loans Only after the policy acquires a surrender value can you avail a loan on your Incomesurance 7 pay policy
    Premium Payment Frequency Annual
    Policy term Fixed 14 years
    Premium Minimum Rs. 35,000
    Maximum Rs. 20,00,000
    Premium payment period Fixed 7 years

    Benefits of Incomesurance Guaranteed Money Back Insurance Plan:

    Maturity benefit: On maturity there is no Guaranteed Sum Assured payable. The last GAP will be made on survival to maturity.

    Death sum assured:

    In the unfortunate demise of the life insured during the policy term of 14 years, the beneficiary would be paid the death sum assured which would be the highest of the following (this is under the condition that all the due premiums have been paid in full):

    • Guaranteed Sum Assured on maturity
    • 10 times of annualised premium 105% of all premiums paid (including extra premiums and modal loading)
    • Basic Sum Assured (An absolute amount of 10 times premium, including extra premiums and modal loading)
    • Sum of all Guaranteed Annual Payouts (GAP)

    Critical Illness Benefit or Survival Benefit which has already been paid, if any, will not be deducted from the Death Sum Assured.

    Critical illness benefit:

    If the IDBI Federal Life policy holder is diagnosed with a critical illness (from a list of pre-defined critical illness covered under this benefit), the individual will be given a lump sum which equals to total of the guaranteed annual payouts. This amount will be proportional to the premiums received and will be paid out immediately so that it can be used to help with the treatment and other expenses.

    Some of the Critical Illnesses covered under this product are :

    • Open Chest CABG (Coronary Artery Bypass Graft)
    • Cancer Of Specified Severity
    • First Heart Attack - Of Specified Severity

    Tax Benefits: Get 2 tax benefits of 80C and 10(10D).

    Annual payouts: Guaranteed annual payouts irrespective of market conditions. Annual payouts range from 126.66% to 143.23% of your premium and will be paid from the 8th policy year onwards.

    How Incomesurance 7 pay works:

    Follow these simple steps to be well on your way to be the owner of an Incomesurance Guaranteed Money Back Insurance Plan 7 Pay Plan:

    1. Choose the amount that you would want to invest as premium each year.
    2. Pay premiums for the first 7 years of your policy only.
    3. Enjoy the benefits of the policy
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