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IDBI Federal Incomesurance™ Guaranteed Money Back Insurance Plan (Money Back)
Synopsis:
IDBI Federal Incomesurance™ Guaranteed Money Back Insurance Plan (UIN No. 135N031V01) is a non-linked non-participating money back plan which gives you guaranteed* returns on your investment, so that you stop worrying about the future. With Incomesurance, you can guarantee a secure future for your family even when you are not around.
Highlights:
- Guarantee as it should be
- At the time of buying Incomesurance, you know exactly how much you will get as guaranteed annual payouts.
- Limited premium payment term
- You pay premiums only for the first 5 years of the policy.
- Guaranteed annual payouts
- You will receive guaranteed annual payouts at the end of each year from the 6th to the 10th policy year. These payouts are a defined percentage of your annual premium* depending on your age at entry.
- Flexibility to choose premium amount as per your needs
- You can decide the premium amount based on how much money you want as guaranteed annual payouts from the 6th to 10th year of the policy.
- Financial protection against uncertainty
- In case of the unfortunate death, your family will get 10 times the annual premium* as death benefit regardless of any payouts received by you in the past.
- Two tax benefits
- You get tax benefit of Section 80(C) of the Income Tax Act, 1961 on premiums paid towards Incomesurance. The payouts you receive are also tax free under Section 10(10D) of the Income Tax Act, 1961. Please consult your tax advisor for more details.
- Loan facility
- Loan amount granted will be limited to 85% of Guaranteed Surrender Value available under the policy subject to a minimum loan amount of Rs 5000.
- In case of financial emergency
- You have the option to surrender the policy in case of a financial emergency after you pay 2 annual premiums from the date of commencement of your policy.
- Exclusive funds for your loved ones
- You can create an exclusive fund for your loved ones by endorsing your policy under the Married Women Property Act, 1874. These funds are legally protected from creditors and claimants.
Eligibility:
| Age at entry of life insured (last birthday) | Minimum | Maximum | |
| 18 years | 55 years | ||
| Age at maturity of the life insured (last birthday) | Max | 65 years | |
| Death sum assured | Fixed | 10 times of Annual premium | |
| Premium | Min | Max | |
| Rs.20,000 | Not applicable | ||
| Premium payment period | Fixed | 5 years | |
| Policy term | Fixed | 10 years | |
| Survival benefit | Guaranteed annual payouts are paid at the end of every year from the 6th to the 10th policy year |