The Wealthsurance Growth Insurance plan from IDBI Federal Life Insurance Co. Ltd. is one of the most flexible Unit Linked Insurance Plans (ULIPs) currently available in the market. An investment avenue which provides you with excellent returns and also life insurance cover so that your dependents can be financially secure in the event of your death. It’s a single premium plan with the option to choose between up to 9 funds in which to invest.
Key Features of IDBI Wealthsurance Growth Insurance Plan
- Unit Linked Insurance Plan (ULIP) that provides life insurance coverage and returns on investment.
- Flexibility to choose investment funds from between 9 funds with varying risk profiles, investments, and expected returns on investment.
- Free fund switching from when the plan commences.
- Investors get Guaranteed Loyalty Additions every 5 policy years starting from the end of the 5th policy year.
- The plan gives you a high level of liquidity through partial withdrawals, which can be made after the 5th policy year.
- Minimum partial withdrawal is Rs.10,000.
- Maximum partial withdrawal can be up to 20% of the Fund Value as at the beginning of the policy year.
- Investments made in the account are managed through two accounts:
- My Insurance Account: The plan offers the flexibility to choose the Sum Assured based on how much financial cover your family requires in the event of your demise.
- My Investment Account: Premiums paid are allocated to funds that you can choose, in a proportion that you choose. There are 9 funds that you can choose from which vary in terms of risk and reward.
- Tax benefits as per prevailing tax laws.
Benefits of IDBI Wealthsurance Growth Insurance Plan
- Death Benefit:
In the unfortunate event of your death, the company will pay your dependents a death benefit. The value of the benefit will be the higher of:
- Fund Value.
- Sum Assured.
The benefit will always be a minimum of at least 105% of the premium paid.
- Maturity Benefit:
If you are alive and well by the time the maturity date comes around, you will be paid a maturity benefit which will be equal to the fund value in your investment account. The entire amount need not be withdrawn on maturity, you can have the pay out done in the form of instalments within 5 years from the date of maturity.
Eligibility Criteria of IDBI Wealthsurance Growth Insurance Plan
- Entry Age:
- Minimum: 1 month.
- Maximum: 70 years.
- Maturity Age:
- Minimum: 10 years.
- Maximum: 75 years.
*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks, NBFCs, insurance providers, financial service providers, companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the information given above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank, company, NBFC, financial service provider before making any financial commitments.
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