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IDBI Federal Life Investment Plans

Established in 2008, IDBI Federal Life Insurance Company Limited is a joint venture between IDBI Bank, Federal Bank and Belgian based insurance giant Ageas (now known as Fortis Holdings). In March 2015, IDBI Federal crossed over ₹1,000 crore in total business. IDBI Federal has retained over 50% of their customers over the last 5 years. In addition to this, IDBI Federal was declared among the top 10 most trusted life insurance brands in the country, as per Economic Times’ Brand Equity survey. IDBI Federal has a massive portfolio of insurance products. In this article, we will learn more about the savings plans offered by IDBI Federal Life Investment Plans. Note: All information regarding product benefits and eligibility details has been directly sourced from the official website of IDBI Federal Life Insurance Company Limited.

Type of Savings Plans offered by IDBI Federal

IDBI Federal Life Insurance Life Advantage Plan

This is a non-linked participating life insurance plan which comes with the dual advantage of life cover and long-term savings.

Product Benefits

  • This plan offers Guaranteed Additions during the fire 3 policy years @3% p.a. of the Sum Assured.
  • You are entitled to bonuses declared from 1st policy year onwards, if any.
  • You have a settlement option where you can receive your maturity benefits in 10 recurring annual payouts or receive them in lump sum.
  • Flexibility to select policy term and premium payment term.
  • Entitled to tax benefits under Sec 80C and Sec 10(10D) of the Income Tax Act, 1961.
  • Maturity benefit payable will be Maturity Sum Assured plus Vested Guaranteed Additions plus Vested Simple Reversionary Bonus (if any) plus Interim Bonus (if any) plus Terminal Bonus (if any).
  • Death benefit payable will be Death Sum Assured plus vested Guaranteed Additions, date of death and vested simple reversionary Bonuses till date of death, if any, plus Interim bonus, if any, plus Terminal bonus, if any.

Eligibility Details

Age at Entry18 Years (Min) | 40 Years (If Policy Term – 10 years) 55 Years (Other Policy Terms)
Age at Maturity75 years
PremiumYearly - 15,000 (MIN) Max No limit (subject to underwriting)
Policy Term 10 / 15 / 20 / 25 years
Premium Payment Term5 yrs. (Min) (available only for policy term 10 years )
Premium Payment FrequencyYearly

Dream Builder Plan

This is an insurance plan which comes with life cover along with guaranteed payouts.

Product Benefits

  • You can pay premiums for only 8 years and receive life insurance throughout the policy term.
  • Offers multiple policy terms.
  • Guaranteed Annual Payouts which are a defined percentage of the Maturity Sum Assured and paid out as 20%, 20% and 60% in the last 3 years of the policy.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • In case of total and permanent disability due to accident or sickness of the insured person, no future premiums will be payable and the policy will continue till end of policy term with all due benefits.
  • In case of death of the insured person during the policy term while the future premiums have already been ceased on account of Disability, the Death Sum Assured will be paid to the beneficiary and policy will continue till end of policy term with all due benefits.
  • Note: The disability needs to occur within 180 days of the occurrence of accident or sickness.

Eligibility Details

Age at Entry21 Years (Min)|50 Years (Max)
Age at Maturity31 Years (Min)|72 years (Max)
Premium₹2,15,000 (Min)| No limit (Max)
Policy Term10 years (Min)| 22 years (Max)
Premium Payment Term8 years
Premium Payment FrequencyAnnual

Lifesurance Savings Insurance Plan

This is a fixed term non-linked participating plan which comes with the dual benefit of long-term savings and life cover.

Product Benefits

  • Entitled to Guaranteed Additions at the rate of INR 50 per INR 1,000 of maturity sum insured, when each full annual premium is paid, in the first 5 policy years.
  • Post 5th policy year, you will receive reversionary bonus, if any.
  • In case of accidental death of the policyholder during the premium payment term, an additional payout will be given to the nominee.
  • Entitled to Rebate on premium for a Maturity Sum Insured of ₹10 lakhs and above.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Maturity benefit payable will be maturity sum insured plus vested guaranteed additions plus vested reversionary bonuses, if any, plus terminal bonus, if any.
  • Death benefit payable will be Death sum insured, plus vested guaranteed benefits accrued till date of death plus vested reversionary bonuses accrued till date of death plus interim bonus, if any plus terminal bonus, if any.
  • The death sum insured is highest of 10 times of annualised premium, or 105% of all premiums paid as on date of death, or maturity sum insured.

Eligibility Details

Age at Entry18 Years (Min) | 55 Years (Max)
Age at Maturity75 years
Premium
  • 10,000(Yearly)
  • 5,000(Half Yearly)
  • 2,500(Quarterly)
  • 1,000(Monthly) (MIN)
  • Max No limit (subject to underwriting)
Policy Term10/15/20/25 years
Premium Payment Term
  • 5 yrs. (Min) Equal to policy term (Max) (If Policy Term - 15 / 20 / 25 years)
  • Fixed 5 yrs. (If Policy Term - 10 years)
Premium Payment FrequencyMonthly/Quarterly/Half yearly/Annually

Guaranteed Wealth Plan

This is a long term life insurance plan which offers savings along with guaranteed returns on your investment.

Product Benefits

  • You need to pay premium for only the first 7 years and get a life cover of 14 years.
  • Flexibility to receive Lump sum Benefit or Regular Income Benefit.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be highest of Guaranteed Sum Assured on Maturity (Maturity Sum Assured) OR 10 times of Annualized Premium OR 105% of all Premiums paid as on the date of death OR Any absolute amount assured to be paid on death which is Basic Sum assured.

Eligibility Details

Age at Entry10 Years (Min) | 55 Years (Max)
Age at Maturity69 years (Max)
Age at Maturity₹35,000 (Min) | 69 years (Max)
Policy TermFixed - 14 years
Premium Payment TermFixed - 7 years
Premium Payment FrequencyFixed - Yearly

POS Guaranteed Income Plan

This is a life insurance plan where you pay premiums for only the first five years and enjoy a life cover for 10 years.

Product Benefits

  • You will receive Guaranteed Benefits which are a percentage of your premiums (excluding applicable taxes).
  • Flexibility to select two payout options - lump sum or regular payout.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility Details

Age at Entry(Min) 8 years for Endowment Option; 13 years for Income Option | (Max) 50 years
Age at Maturity60 years
Policy TermFixed/10 years
Premium payment period5 years
Premium Payment FrequencyFixed/Annual

POS Guaranteed Plan

This is a single premium payment plan which comes with guaranteed returns on your investment.

Product Benefits

  • Pay premium only once and get life insurance cover for 7 years.
  • Guaranteed maturity payout amount at the end of 7 years. This payout is a percentage of your single premium (excluding applicable taxes).
  • Lump sum amount on maturity.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be 10 times of Single Premium excluding taxes, if any.

Eligibility Details

Age at Entry11 years (Min) | 43 years (Max)
Age at Maturity50 years
Policy TermFixed/7 years
Premium Payment FrequencySingle premium

Incomesurance Guaranteed Money Back Insurance Plan

This is a non-linked non-participating insurance plan which provides life cover along with a guaranteed annual income.

Product Benefits

  • Guaranteed Annual Payouts at the end of each year from the 6th to the 10th policy year.
  • Pay premiums for only the first 5 policy years.
  • Flexibility to select premium amount.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be the highest of Guaranteed Sum Assured on maturity (Maturity Sum Assured) OR 10 times of annualized premium (excluding service tax, education cess and extra underwriting premiums) OR 105% of all premiums paid.

Eligibility Details

Single premium18 Years (Min) | 55 Years (Max)
Age at Maturity65 years
Premium₹20,000 (Min)
Policy TermFixed - 10 years
Premium Payment TermFixed - 5 years
Premium Payment FrequencyFixed - Yearly

Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

This is a money back plan which offers Guaranteed Annual Payouts irrespective of market conditions.

Product Benefits

  • Guaranteed Annual Payouts (GAP) from the end of the 8th policy year up to the end of 13th policy year.
  • Pay premiums for only 6 policy years and get a life insurance cover of 13 years.
  • In case of pre-defined critical illness, you will receive a lump sum benefit amount for the expenses and medical treatment.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be highest of Guaranteed Sum Assured on maturity (Maturity Sum Assured) OR 10 times of annualized premium (excluding extra underwriting premium) OR 105% of all premiums paid (excluding extra underwriting premiums) OR basic sum assured (An absolute amount of 10 times premium, including extra underwriting premiums).

Eligibility Details

Age at Entry10 Years (Min) | 50 Years (Max)
Age at Maturity23 years (Min) | 63 Years (Max)
Premium₹35,000 (Min) | ₹20,00,000 (Max)
Policy TermFixed - 13 years
Premium Payment TermFixed - 6 years
Premium Payment FrequencyFixed - yearly

Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

This is a money back plan which offers Guaranteed Annual Payouts.

Product Benefits

  • Guaranteed Annual Payouts ranging from 126.66 % to 143.23 % of your annual premium
  • Pay premium only for the first 7 policy years and get life cover for 14 years.
  • Guaranteed Annual Payouts from the 8th to the 14th policy year.
  • Critical Illness Benefit.
  • Flexibility in selecting the premium amount.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be highest of Guaranteed Sum Assured on maturity OR 10 times of Annualized Premium OR 105 % of all premiums paid (including extra premiums and modal loading) OR Basic Sum Assured (An absolute amount of 10 times premium, including extra premiums and modal loading) OR Sum of all Guaranteed Annual Payouts.

Eligibility Details

Fixed - yearly10 Years (Min) | 50 Years (Max)
Age at Maturity24 years (Min) | 64 Years (Max)
Premium₹35,000 (Min) | ₹20,00,000 (Max)
Policy TermFixed - 14 years
Premium Payment TermFixed - 7 years
Premium Payment FrequencyFixed - yearly

Secured Income Plan

This is a life insurance plan which offers a combination of life cover and Guaranteed Annual Income.

Product Benefits

  • Pay premium for 10 years and enjoy Guaranteed Annual Income for the next 10 years.
  • Comes with a life cover of 20 years.
  • Entitled to bonus, if any from 1st policy year itself.
  • Guaranteed Sum Assured with higher premium policies.
  • Entitled to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Death benefit payable will be Sum Assured plus vested simple reversionary bonus as on date of death, along with Interim bonus ,if any upon death during premium payment term
  • Death Sum Assured plus Vested Simple Reversionary Bonus as on the date of death after deducting Reversionary Bonus already paid as a part of Income Benefit, along with interim bonus and terminal bonus, if any upon death post premium payment term.

Eligibility Details

Age at Entry8 Years (Min) | 50 Years (Max)
Age at Maturity70 years
PremiumMin – Rs. 30,000 | Max – No limit
Policy TermFixed - 20 years
Premium Payment TermFixed - 10 years
Payout TermFixed - 10 years

How to apply for IDBI Federal Life Investment Plans

Online

This is the most convenient method of application. Simply visit the official website of IDBI Federal and register with a user ID login and password. Next, select the Buy Online option on the top right of the website and you will have the list policies which can be purchased online. Post selection, you will be required to submit basic KYC and login details. Once submitted, the IDBI Federal will send a call back with a quotation number.

Offline

You can purchase multiple policies offered by IDBI Federal via agents, brokers, branch banking and intermediaries.

FAQs on IDBI Federal Life Investment Plans

Why choose IDBI Federal Life Investment Plans?

You should select IDBI Federal Life Investment Plans because IDBI Federal provides excellent insurance policies with combinations of investment, tax benefit and savings along with superior quality services.

Which is the best Investment Plan of IDBI Federal Life Investment Plans for 2018-19?

There are 10 IDBI Federal Life Investment plans to choose from. Each plan is unique to its own catering audience. You can select any of them as per your financial need.

How to pay premium? What are the modes of payment available?

You can pay premium for IDBI Federal Life Investment Plans via online, advisor, IDBI/Federal Bank Branch, ECS and cheque.

How can I check policy status for IDBI Federal Life Investment Plans?

As a registered user, simply log into your account on the official website of IDBI Federal and check your policy status.

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