is a unit linked insurance plan ( ULIP Plan ) that helps you build personal wealth and also help you manage it well. The plan has a systematic allocator that helps you build your wealth with ease. You get to choose how long you want to stay invested. This plan offers guaranteed loyalty additions thus boosting your wealth. Financial protection against uncertainty is offered to you. , you can make partial withdrawals from the IDBI Wealthsurance Suvidha Growth Insurance Plan.
Features of IDBI Wealthsurance Suvidha Growth Insurance Plan
The features of this plan are as follows:
- The fixed policy terms that are available to you are 10 years, 15 years and 20 years.
- The fixed options for premium payment term is 10 years and in multiples of 5 years thereafter.
- Premium payment mode is annual.
- Sum assured is 10 times the annual premium.
- You can either manage the funds by yourself or you can opt for the Systematic Allocator. With the Systematic Allocator, you can enjoy the balance between safety and growth.
- You can choose the policy term of this plan and for how long you want to pay premiums.
- Partial withdrawals are allowed.
- You can switch funds and the investment option. Investment options can be changed through switching and premium redirection.
- The investment funds options available are Equity Growth Fund and Income Fund.
- The policy has a 5 year lock-in period.
- You get 15 days free look period, within which you can return the policy and request for a cancellation. The money will be refunded to you. Free look period for the policies solicited through distance marketing mode is 30 days.
Benefits of IDBI Wealthsurance Suvidha Growth Insurance Plan
The benefits of IDBI Wealthsurance Suvidha Growth Insurance Plan are as follows:
- Married man can take this policy for his life claiming it is to benefit his wife or children under Section 6 of the Married Women’s Property Act, 1874.
- At the end of the 10th policy year and after the end of every 5 years thereafter, you will get guaranteed loyalty additions that help boost your wealth.
- If you are in need of immediate cash to meet any emergency, then you can make partial withdrawals at any time during the policy term. The partial withdrawal can’t be more than 20% of the fund value. The minimum amount that can be partially withdrawn is Rs.10,000.
- The policy can be surrendered within the lock-in period but a discontinuance fee will be charged.
- Maturity benefits are offered as on the date of maturity of the policy.
- If the insured dies during the policy term, company will be liable to pay a higher of sum assured or fund value. The death benefits cannot be less than 105% of the total premiums paid till the date of death.
- You get tax benefits under Section 80C. The maturity benefits and partial withdrawals are tax free. You get tax exemptions under Section 10(10D) towards the death benefit and for the benefits you receive under this policy.
Eligibility Criteria of IDBI Wealthsurance Suvidha Growth Insurance Plan
The eligibility criteria of this IDBI Federal Life Plan are as follows:
- Minimum age at entry is 1 month and the maximum age at entry is 65 years.
- The minimum age at maturity is 18 years and the maximum age at maturity is 75 years.
- There minimum premium amount allowed is Rs.15,000 per annum and the maximum premium amount is Rs.25,000 per annum.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017