IDBI Income Insurance Guaranteed Money Back Insurance Plan- The IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan 6 Pay is a no-linked, non-participating money back insurance plan that provides policyholders with life insurance and guaranteed payouts throughout the policy term. Critical illness coverage is also included in the policy, enhancing the basic coverage offered by other life insurance policies.
The plan has a policy term of 13 years, so the person gets life insurance throughout the term. The guaranteed annual payouts start in the 8th policy year and go up from there. In the event that the policyholder is diagnosed with any of the critical illnesses that are covered by the policy, the critical illness cover is built in.
IDBI Income Insurance Guaranteed Money Back Insurance Plan 2024
Do you want to be sure that you and your family are protected in case of an emergency? If the answer is yes, then IDBI’s guaranteed money back insurance plan may be the right option for you. This plan provides insurance coverage for a specified period of time, and it guarantees that you will be paid back in full if something happens during that time. Plus, the premiums are relatively low – so it’s an affordable way to ensure that you and your loved ones are always safe. Curious to know more? Read on to learn all about this incredible plan!
A money-back insurance plan with guaranteed annual income is the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan. The IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan requires the policyholder to pay the premiums for the first seven years, after which they will be covered for 14 years. The market conditions have no effect on the guaranteed annual payouts. The IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan Pay pays out between 126.66 and 143.23 percent of the premium each year. The Critical Illness Benefit also provides substantial protection to policyholders. The policyholder of the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan is also eligible for tax benefits.
IDBI Income Insurance Guaranteed Money Back Insurance Plan 2024 Details
| Name Of Article | IDBI Income Insurance Guaranteed Money Back Insurance Plan 2024 |
| IDBI Income Insurance Guaranteed Money Back Insurance Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Eligibility – Who is the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan for?
The plan is ideal for people who want to protect their financial future with life insurance while also getting a steady income to help with future financial needs.
The following are some eligibility requirements that must be met in order to be eligible for the policy:
| Parameter | Eligibility |
| Minimum entry age | 10 years |
| Maximum entry age | 50 years |
| Minimum maturity age | 23 years |
| Maximum maturity age | 63 years |
| Policy term | 13 years |
| Premium paying term | 6 years |
| Premium paying mode | Annual |
Sum Assured and Premium Range – What you get and what it costs?
Sum Assured:
The guaranteed amount that would be paid to the policyholder, minus any benefits or additions, is the sum assured. The amount of the policy’s premium, the policyholder’s age, and any other relevant factors influence the sum assured that will be paid out.
Premium:
The payment made by the policyholder toward the life insurance that is provided is referred to as the premium. The policy allows for a maximum premium payment of Rs. 20 lakhs and a minimum premium payment of Rs. 35,000.At the beginning of the policy, a single premium must be paid.
Plan Coverage – What the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan covers?
The following are the benefits of the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan 6:
- The individual picks the superior sum he/she wishes to pay in light of the reach gave under the arrangement.
- For the first six years of the policy, the premium would have to be paid.
- As long as the plan is still in effect and all premiums have been paid, the guaranteed annual payments will begin to be made after the seventh policy year.
| Death benefit | The nominees stand to receive the highest of the following benefits in the event of the policyholder’s death during the policy term:
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| Survival benefit | From the eighth to the thirteenth policy year, the policyholder stands to receive an annual payment, which would be contingent on the following:
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| Critical illness benefit | If the policyholder gets one of the covered critical illnesses, they will be eligible for this benefit. As follows, a lump sum would be distributed:
The following is a list of critical illnesses that are covered by the plan:
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Exclusions – What the IDBI Federal Income surance Guaranteed Money Back doesn’t cover?
There are a number of advantages for policyholders of the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan 6 Pay. The company will not pay any benefits under certain conditions. The following are the excluded items:
- Only the death benefit and no additional benefit from the critical illness benefit will be paid out to the policyholder if they pass away within 30 days of the covered diagnosis.
- any diseases or conditions that are caused by the human immunodeficiency virus (HIV) or acquired immunodeficiency syndrome (AIDS).
- regardless of whether the policyholder is medically sane or insane at the time, any medical procedures or conditions resulting from self-inflicted injuries, self-harm, or attempted suicide. any medical condition or procedure that is caused by alcohol or drug abuse, either directly or indirectly.
injuries sustained while engaging in illegal or criminal activities. - Any ailment emerging out of atomic tainting or materials of a risky sort, or a mishap caused because of any such related action.
- injuries sustained in hazardous sports or activities like mountaineering, racing, martial arts, hunting, and parachuting, among others.
- any illness brought on by war, invasion, foreign aggression, civil war, armed conflict, mutiny, rebellion, riots, or strikes.
Participation in naval, military, or air force operations during peacetime can result in any medical condition or procedure.
Any condition or procedure that results from the life insurance policyholder flying other than as a legitimate passenger on a commercial passenger aircraft owned and operated by a licensed airline.
Other Key Features – Freelook Period, Surrender Value, Grace Period etc.
In the following scenarios, the policy would be terminated:
- after the guaranteed annual payouts have been made.
| Free look period | During the free look period, the policyholder may return the policy without incurring any penalties if they are dissatisfied with any of the terms or provisions. |
| Grace period | Policyholders who fail to pay their premiums have 30 days to make up the difference without incurring any additional fees. |
| Loan | Loans can be taken out against a policy as long as the policy has surrender value. The maximum loan amount at the time of application is 85% of the guaranteed surrender value, with a minimum loan amount of Rs. 5,000. |
| Assignment | The approach considers task of the arrangement to one more individual gave according to existing arrangements. |
| Nomination | In accordance with the terms of the policy, the policyholder may nominate one or more individuals to receive benefits. |
| Lapse of policy | The policy will end and no benefits will be paid out if the premium is not paid in the first two years of the grace period. |
| Policy revival |
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| Surrender of policy |
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| Paid-up value | Inability to pay charges inside the beauty period would bring about the approach getting settled up esteem given 2 entire years’ expenses have been paid. |
| Termination of policy |
Tax Benefits – How you can save with the IDBI Federal Income Insurance Guaranteed Money Back Insurance?
By investing in the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan 6 Pay, policyholders can save money on taxes and receive life insurance while also receiving tax benefits. The following are the policyholders’ tax benefits:
- Under Section 80C of the Income Tax Act of 1961, insurance premiums paid can be subject to tax benefits for the policyholder.
- Under Section 10(10D) of the Income Tax Act of 1961, a life insurance policy’s maturity benefit, death benefit, survival benefit, and other benefits are all taxable. are eligible for deductions from taxes.
Who can Buy the Plan?
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 55 Years |
| Age at Maturity | – | 65 Years |
| Policy Tenure | 10 Years | 10 Years |
| Premium Paying Term | 5 Years | – |
| Premium Paying Mode | Annual | – |
| Premium Amount | Rs 20,000 | Depends On Max Sum Assured |
| Sum Assured | 10 Times Of The Annual Premium | – |
| Freelook Period | 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | – |
| Grace Period | 30 Days | – |
| Plan Type | Offline |
Other Benefits – How you can save with the IDBI Federal Income Insurance Guaranteed Money Back Insurance ?
As previously mentioned, the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan 6 Pay offers policyholders a number of benefits and features. In addition, IDBI Federal offers its policyholders a variety of services and benefits, including the ones listed below:
- On their website, IDBI Federal makes it easy for policyholders to access pertinent plan and payment information. Through the website, policyholders can access a digital copy of the policy document, track premium payments, and track claims.
Policyholders have the option of paying their premiums in person or online. - People who want to pay online can use a variety of options, depending on how convenient they are, such as net banking, NEFT, issuing a standing instruction, or debit or credit cards.
- The quick and simple online process that enables real-time claim tracking and round-the-clock assistance also makes making a claim easier.
Why you should buy the IDBI Federal Income Insurance Guaranteed Money Back Insurance Plan from IDBI Federal Life Insurance?
A comprehensive option for those looking to make an investment in a life insurance policy, the company combines extensive banking experience from the two financial institutions with insurance expertise from Ageas. The company offers a variety of services in each vertical to individuals, groups, and corporate clients looking for life insurance solutions. Through its excellent product offerings and customer service, IDBI Federal strives to provide the best service possible to its clients.
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