There is no certainty when it comes to life, and that’s why it is important to have IDBI Federal Life Insurance that can protect the future of yourself, and most importantly your loved ones. Not only this, but individuals can also fulfill their different goals with IDBI Federal Life Insurance. One of the most prominent features of this Life Insurance is that you can get a higher coverage amount by paying an affordable premium for its different insurance plans.
Want to know the different Life Insurance Plans from IDBI Federal Life Insurance? Well, this page will tell you the same, along with their features and benefits. So, keep reading!
Types of IDBI Federal Life Insurance Plans
Somebody would want to protect their family’s financial future, somebody would want to build health over time, or somebody would look for a one-time investment. One of the best things about IDBI Federal Life Insurance is that it provides different plans to meet the diverse needs of customers. These plans are Online Plans, Term Insurance Plans, Child Plans, ULIP Plans, Retirement Solutions plans and Group Plans.
We are showing some of the most popular plans from IDBI Federal Life Insurance and their features so that you can understand them better. Check them out!
IDBI Federal Life Insurance My Life Protection Plan
MyLife Protection Plan from IDBI Federal Life Insurance is one of the most popular online plans that individuals can choose without going through a time-consuming documentation process. This is a non-linked, non-participating, individual life, pure risk premium product from IDBI Federal Life Insurance. Here are some of its features.
- Minimum Basic Sum Assured of INR 50 lakh with no maximum limit at an affordable premium
- Flexibility to choose Policy Term and Premium Payment Term
- Minimum Entry age of 21 years
- Option to pay a premium in one installment or equal installments throughout the policy term (Monthly and Yearly)
- Regular Coverage throughout your policy term ( Sum Assured on Death equal to the Basic Sum Assured)
- Increase in the Sum Assured Payable on Death by 10% every three years up to a maximum of 150%
- Tax Benefits on Premiums paid and maturity benefits
- Three Life Cover options according to your convenience
- Females, marathon runners, and non-tobacco users can get discounted premium rates
IDBI Federal Life Advantage Plus Plan
The plan comes with multiple payments at maturity – maturity sum assured, vested maturity boosters, vested simple reversionary bonus, if any, terminal bonus, if any, interim bonus, if any. Upon the payment of maturity benefits, the policy shall terminate ending all your rights, interests and benefits under the same. In case you die during the policy term, your nominee will receive the sum higher of
- Death Sum Assured + Vested Maturity Boosters till the date of death + Vested Reversionary Bonus, if any, till the date of death, Terminal Bonus, if any, Interim Bonus, if any
- 105% of the total premiums paid as on the date of death
Sum Assured on Death remains the highest of the following –
- Minimum Guaranteed Sum Assured on Maturity
- 10 Times the Annualized Premium
- Basic Sum Assured
IDBI Federal Life Insurance Wealth Gain Insurance Plan
If you want to choose a unit-linked insurance plan that can give you both life cover as well as wealth over the long term, Wealth Gain Insurance Plan from IDBI Federal Life Insurance can be suitable for you. We are showing some of the features of this plan below.
- Option to choose between 4 Equity, 2 Debt, and 2 Balanced Funds to invest your money according to your risk appetite
- Facility to switch between funds for unlimited times during the policy term without any cost
- Guaranteed Loyalty additions at the end of your 10th Policy Year and every following 5 years
- Individuals with an age of 5 years can choose this policy
- Option to choose premium payment frequency mode from yearly and monthly
- Tax Benefits under Section 80C of the Income Tax Act, 1961
- Death Benefits in the form of Life Cover or Fund Value at that time as a lump sum amount (whichever is higher)
IDBI Federal Life Insurance Income Protect Plan
For individuals who want to secure their family’s financial future in case they are not around, IDBI Federal Life Insurance Income Protect Plan could be the right match! This is a term life insurance plan that provides monthly income to your loved ones in case you die.
- Financial Protection to your loved ones with lump sum benefit (12 times the monthly income) and increasing monthly income benefit when you are not around
- Option to choose premium payment mode of 10, 15 or 20 years with frequency options of Yearly and Monthly
- Flexibility to choose the policy term according to your requirements from 10 to 30 years
- Tax Benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
- The minimum and maximum age of entry stand at 25 years and 60 years, respectively
- An individual should have a monthly income of INR 15,000 at the time of policy inception
IDBI Federal Life Insurance Smart Growth Plan
People have different goals in their lives. Smart Growth Plan from IDBI Life Insurance can be one of the efficient tools to achieve their goals. This is a Unit Linked Protection Plan that helps your money grow over the policy period. To know more about its features, take a look below!
- Option to Choose between Regular and Limited Premium payment terms
- Choose from 6 types of Fund Options according to your risk appetite
- Life Protection via market-linked returns
- Maturity Benefits via fund value and loyalty additions
- Choose from two plan options from ‘Prime’ and ‘Plus’ with different death benefits
- Loyal Individuals with a longer policy term will increase their fund value via the ‘Loyalty Additions’ feature
IDBI Federal Life Insurance Guaranteed Lifetime Income Plan
It’s important to plan for your retirement, and one of the best ways to do it is by investing in the IDBI Federal Life Insurance Guaranteed Lifetime Income Plan. Are you thinking about what this plan offers? Well, we are showing the same below. Do check!
- Minimum purchase price of INR 1,50,000 with no maximum limit
- Immediate Life Annuity for the individual. However, on death, these annuity payouts will stop.
- On the death of the proposer, a lump sum death benefit will be paid to the nominee
- After the Deferment period, the fixed annuity will be paid. This period stands at 5 years.
- Option to choose Annuity Payout frequency from Monthly, Quarterly, half-yearly and Yearly
- Single-Premium paying term Option
- Annuity payout per installment options of INR 1,000, INR 3,000, INR 6,000, and INR 12,000 per payout