I am customer of IDBI Bank and came to know about the IDBI Federal Life Insurance Co Ltd Unit Linked Insurance Plans (ULIPs). Will you provide basic details about IDBI Federal ULIP Plans along with features and benefits of the plan also provide bank contact details?

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IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe

Ulips:

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund.

The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market.

IDBI Federal 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.

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

Minimum Maximum
Entry Age 1 month 65 years
Maturity Age 18 years 75 years
Policy Term 10, 15 or 20 years
Premium amount Rs.15, 000 Rs.25, 000
Sum Assured 10 times the annual premium
Premium Payment Term 10 years and thereafter in blocks of 5 years
Premium Paying Frequency Yearly

Contact:

DBI Federal Life Insurance Co Ltd

22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg
Lower Parel (East), Mumbai 400013, India

Email
support@idbifederal.com

Call:

Toll Free Number ( Customer Service ): 1800 209 0502
Toll Free Number ( For Online Products ): 1800 102 6166