IDBI Life Incomesurance Guaranteed Money Back Insurance Plan
IDBI Life Incomesurance Guaranteed Money Back Insurance Plan has one of the very few investment options that can provide you with both guarantee and regular payouts. You need to pay premiums only for first 5 years of the policy and life cover will be provided throughout the term of the policy. Not only is this IDBI Federal Life Insurance policy simple to acquire, but it is also loaded with similar benefits.
Eligibility of Incomesurance Guaranteed Money Back Insurance Plan:
Age at entry of life insured (last birthday) | Minimum | 18 years |
Maximum | 55 years | |
Age at maturity of life insured (last birthday) | Maximum | 65 years |
Key Features of Incomesurance Guaranteed Money Back Insurance Plan:
Plan type | Non-linked non-participating money back plan | |
Plan basis | Individual | |
Free look period | 15 days | |
Nomination | This policy allows you to nominate a person who will benefit from the policy. The person must be nominated in writing. | |
Surrendering the policy | The policy can be surrendered any time after two full years' premiums are paid. | |
Lapse | During the first two years after the initiation of the policy, the policy will lapse if any premium amount due has not been received after the premium due date. The policy will only lapse if the premium has not been paid in the grace period as well. If this happens, you will not receive any of the benefits. | |
Reinstatement | If your policy has been made paid-up or has lapsed, it can be reinstated under certain conditions. | |
Exclusive funds for your loved ones | Create exclusive funds for the benefit of your loved ones which no one else will be able to access. That means that these funds are legally protected from creditors and claimants on estate. No legal heirs, parties to disputes and creditors can touch this amount. | |
Exclusion | This policy allows 80% of the premiums paid to be given as the death benefit if the policyholder commits suicide from the date of policy issue or within 12 months from the date of commencement of the policy, whichever is later. | |
Policy term | Fixed | 10 years |
Premium | Minimum | Rs. 20,000 |
Maximum | Not applicable | |
Premium payment period | Fixed | 5 years |
Benefits of Incomesurance Guaranteed Money Back Insurance Plan:
Death sum assured: The death sum assured is a fixed amount and will be the highest of the following three:
- 10 times annual premium or
- 105% of all premiums paid or
- Maturity sum assured
Survival benefit: From the 6th to 10th policy year, guaranteed annual payouts are paid every year. They are expressed as a percent of annual premium (exclusive of service tax, mortality loading and education cess) depending on the age at entry.
Flexibility: Flexibility to choose premium amount as per your needs. This will depend on two factors:
- you require to protect your family
- The amount of money you want to receive as pay back from the 6th year onwards based on your financial goals.
Long policy term: Protect your family with life cover for 10 years of policy term.
Tax Benefits: Get 2 tax benefits of 80C and 10(10D).
How does Incomesurance work?
Incomesurance is a straightforward plan that guarantees benefits. Once you have initiated the policy and paid premiums for 5 years, you will automatically start receiving guaranteed annual payouts at the end of every year for the following 5 years. From the beginning, when you first purchase the policy, you will find out how much you will be receiving as guaranteed annual payouts.
Two factors will decide the guaranteed annual payouts that you will receive: Your age and the amount of annual premium that you pay. For example, if you are 40 years old, the guaranteed annual payout from the end of the 6th year to the end of the 10th year will be135% of the annual premium paid.
Further, if you pay a premium of Rs. 1,00,000 per annum for 5 years, you would receive an annual payout of Rs. 1,35,000 from the end of the 6th year to the end of the 10 year. Do remember that the guaranteed annual payout is under the condition that the policyholder has paid all due premiums in full.
Throughout the 10 year term, your family will be financially protected, no matter what, through the life cover of Rs. 10,00,000 that this policy offers.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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