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IDBI Federal Wealthsurance Growth Insurance Plan
Synopsis:
The IDBI Federal Wealthsurance Growth Insurance Plan is a regular premium unit-linked insurance plan. A plan that gives you freedom to decide how much you want to invest and for how long you want to stay invested. With a bouquet of 9 fund offerings, it gives you the freedom to invest in one or more funds, basis your risk appetite and financial goals in life. Plus it comes with a life cover benefit that ensures financial security for your loved ones. In a nutshell, a smart investment plan that helps you design your investments, your way!
Highlights:
- Wealthsurance Growth comes with a range of benefits that help you maximize returns on your investments:
- Choose how much you want to invest and for how long
- Wealthsurance Growth lets you choose how much you want to invest, the duration for which you want to pay and for how long you want to stay invested. A plan designed by you, for you!
- Manage your investments as per your risk appetite
- IDBI Federal Investment Basket gives you the choice of 9 funds to invest in based on your risk profile and return expectations. You can either manage it yourself or leave it to us without any additional charges. In case you choose to manage your funds on your own, you can switch your investment between funds. The switches are free of cost.
- Get guaranteed loyalty additions to boost your investment
- At the end of the 10th policy year and every 5 years thereafter, you get guaranteed loyalty additions as a reward for staying invested in the plan. For more details on guaranteed loyalty additions, please refer the product brochure.
- Life Cover benefit to financially secure your loved ones
- In case of an unfortunate event of your demise, your nominee will get the death benefit which is the higher of the sum assured or the fund value at that time. The death benefit will always be at least 105% of the total premium amount paid.
- Get tax benefits on the premiums paid as well as the benefits received
- Tax benefits under section 80 C and 10(10D) are applicable as per provisions of the Income Tax Act, 1961. You are advised to consult your tax advisor for details. Please note that tax laws may change from time to time.
Eligibility:
| Age at entry | Minimum | Maximum | |
| 1 month completed | 64 years | ||
| Age at maturity | Minimum | Maximum | |
| 10 years (in multiples of 5 thereafter) | 30 years | ||
| Premium Payment Term (PPT) | Minimum | Maximum | |
| 5 years | Up to the policy term | ||
| Premium amount | Minimum | Maximum | |
| Rs. 25,000/- annually | Rs. 95,000/- annually subject to underwriting approval | ||
| Sum Assured | Minimum | Maximum | |
| For ages at entry below 45 years: Higher of: 10 X annualised premium (0.5 X PT X annualised premium) For ages at entry 45 years and above: Higher of: 7 X annualised premium (0.25 X PT X annualised premium) The minimum sum assured under the policy is Rs 1, 75,000 | For ages at entry less than 54 years: PPT X 2 X annualised premium subject to a maximum of 15 X annualised premium For ages at entry 54 years and above: If PPT is greater than 7: 10 X annualised premium If PPT is less or equal to 7: 7 X annualised premium |