IDBI Federal ULIP Plans-idbi-federal-life-ulip-plans

IDBI Federal Life Insurance Company Limited offers various types of Unit Linked Insurance plans to its customers with varied features and benefit structure. Let us take a look at the different types of plans offered by the company and the features and benefits of each plans in details. IDBI Federal WealthsuranceSuvidha Growth Insurance Plan– A unit linked plan to help in maximizing returns and at the same time provide life insurance coverage. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums paid net of charges can be either invested in a choice of 2 funds or invested under the Systematic Allocator Strategy Under the Systematic Allocator strategy, the net premium is invested in a specified ratio in the Equity and Income Fundwith a higher proportion in the Equity Growth Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Income Fund to protect the fund from market volatility. The policyholder may himself manage his investments if he does not opt for the above strategy. He has a choice of Equity Growth Fund and Income Fund to invest the net premium Loyalty Additions are added at the end of the 10th policy year and every 5 years thereafter @3% of the average Fund Value over the last 3 years. On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Partial withdrawals can be made with a minimum amount of Rs.10, 000 and a maximum of 20% of the available Fund Value Switching is allowed to change between funds and premium redirection is also allowed for redirecting future premiums into another fund Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details IDBI Federal Wealthsurance Growth Insurance Plan – A unit linked plan with the dual benefit of capital appreciation and insurance protection. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums net of charges can be invested under two objectives – Do-it-yourself where the policyholder has a choice of 9 investment funds in which he can invest the premium in desired proportion or leave-it-to-us where the company manages the funds as per the customers risk profile of cautious, moderate and aggressive. The 9 funds available for investment to the policyholder are – Equity Growth Fund, Midcap Fund, Bond Fund, income Fund, Liquid Fund, Pure Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund Loyalty Additions are added at the end of the 10th policy year and every 5 years thereafter @3% of the average Fund Value over the last 3 years. On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Partial withdrawals are allowed after 5 completed policy years Switching is allowed to change between funds and premium redirection is also allowed for redirecting future premiums into another fund The Sum Assured can be increased or decreased subject to certain terms and conditions Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details IDBI Federal Wealthsurance Growth Insurance Plan SP – A unit linked insurance plan with a single premium payment option. The features and benefits of the plan are as follows: Premium under the plan is payable once at the commencement of the plan The premiums net of charges can be invested under two objectives – Do-it-yourself where the policyholder has a choice of 9 investment funds in which he can invest the premium in desired proportion or leave-it-to-us where the company manages the funds as per the customers risk profile of cautious, moderate and aggressive. The 9 funds available for investment to the policyholder are – Equity Growth Fund, Midcap Fund, Bond Fund, income Fund, Liquid Fund, Pure Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund Guaranteed Loyalty Additions are added at the end of the 5th policy year and every 5 years thereafter @2.5% of the average Fund Value over the last 3 years. On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit payable is higher of the basic Sum Assured or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Partial withdrawals are allowed after 5 completed policy years Switching is allowed to change between funds The Sum Assured can be increased or decreased subject to certain terms and conditions Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. El igibility Details IDBI Federal Wealthsurance Future Star Insurance Plan – A unit linked child insurance plan which provides market related returns while at the same time taking care of the childs future.Guaranteed Loyalty Additions are added to the fund @3% of the average fund value in the preceding three years.The fund value is paid on maturity of the plan and in case of death of the insured during the tenure of the plan; the Sum Assured is paid immediately. Thereafter, all future premiums are waived off and the aggregate future premiums payable are credited to the fund value by the company. This fund grows till the remaining time to maturity upon which the applicable fund value is paid to the nominee. The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money-backs in the last 5 years of the policy after the death of the insured.