IDBI Wealthsurance Growth Insurance Plan SP

Benefits of IDBI Wealthsurance Growth Insurance Plan SP

The benefits of this IDBI Federal Life plan are as follows:

1. You get the convenience of making a one-time payment.
2. You have the flexibility to manage your investments.
3. Guaranteed loyalty additions are offered to boost your investment. At the end of the 5^th policy year and after every 5 years you will get reward in the form of loyalty additions.
4. You can easily access your investments as partial withdrawals are allowed. The withdrawals are available only after the 5^th policy anniversary. A minimum of Rs.10,000 can be withdrawn. The maximum amount allowed for withdrawals is capped at 20% of the fund value that is at the beginning of the corresponding policy year.
5. You will get and protect your loved ones. If you die during the term of the policy, the death benefit will be paid to your nominee. The benefit will be higher than the sum assured or the fund value at that time. Death benefit at all times will be at least 105% of the single premium paid.
6. You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 for the premium paid and also for the benefits received.
7. Maturity benefit is equal to the fund value as on the date of maturity.
8. You can change the amount of insurance benefit to suit your changing needs.

Eligibility Criteria of IDBI Wealthsurance Growth Insurance Plan SP

The eligibility criteria to take IDBI Wealthsurance Growth Insurance Plan SP is as follows:

1. Any resident Indian can apply for this policy.
2. The minimum age at entry is a child who is 1 month old.
3. The maximum age at entry is 70 years.
4. The minimum age at maturity is 18 years.
5. The maximum age at maturity is 75 years.
6. Minimum premium that can be paid is Rs.25,000 and there is no maximum limit set

GST of 18% is applicable on life insurance effective from the 1st of July, 2017