IDBI Federal Lifesurance Whole Life Savings Insurance Plan is a non-linked participating whole life savings plan. A plan that lets you enjoy life & live your dreams with 2 lump sum payouts; first at the end of your premium payment term and second when you reach 100 years of your age. Plus, it keeps your family financially secured throughout the period of 100 years, with you or without you being around!
Lifesurance Whole Life plan comes with a range of benefits that help you efficiently plan for all your financial responsibilities towards your family:
1. Life cover up to 100 years of age
With Lifesurance Whole Life, your family stays financially secured up to your age of 100 years. This means that in the unlikely event of your death before you attain 100 years of age, your family will receive a lump sum as the death benefit.
2. Lump sum payout at the end of Premium Payment Term (PPT)
At the end of the PPT, that is the number of years for which you pay premiums, you receive a lump sum amount. This amount includes your chosen guaranteed sum assured, guaranteed additions and bonuses accrued till then. You can use this amount to fund any important financial goal that you have for self or your family.
3. Additional lump sum payout when you reach 100 years of age
With Lifesurance Whole Life, there is a reward for living long. When you reach 100 years of age, you get another lump sum amount which is the highest of:
- Higher of (Guaranteed sum assured, 10 times annual premium or 105% of all premiums paid) plus Vested reversionary bonuses (accrued from the year after the end of PPT till 100 years of age), plus Terminal bonus (if any) and bonuses accrued from the year after the end of PPT. You can use this additional amount to gift it to your future generations as a token of your love.
4. Guaranteed additions and bonuses to boost your savings
In the first 5 years of the policy, you get guaranteed additions at the rate of Rs.50 per Rs. 1,000 of guaranteed sum assured. From the 6th year onwards, you get reversionary bonus that gets accrued in the policy at the end of every year and is paid out at the end of PPT. The policy will also be eligible to receive reversionary bonuses accrued after the PPT plus terminal bonus, which will be paid out at maturity or on death. For more information, please refer to the sales brochure.
5. Option of Accidental Death Benefit during PPT
If you opt for Accidental Death Benefit, your family gets an additional payout equal to the guaranteed sum assured in the unfortunate event of your accidental death during the PPT. For more information on this benefit, please refer to the sales brochure.
|Age at entry||18 years||1. 55 years (Subject to a maximum age at the end of PPT being 75 years for cover without Accidental Death Benefit) |
2. 53 years (Subject to a maximum age at the end of PPT being 65 years for cover with Accidental Death benefit)
|Age at maturity||100 years|
|Premium payment term||12 years||30 years|
|Premium payment frequency||Yearly, Half-Yearly, Quarterly, Monthly|
|Modal frequency||0.51 for half yearly, 0.26 for quarterly factor and 0.09 for monthly mode|
|Premium (exclusive of annum for all underwriting service tax and modes except for approval education cess)||Rs. 10,000 per annum for all modes except for monthly mode Rs 12,000 per annum for monthly mode||No limit subject to underwriting |
|Guaranteed Sum||Depending on age at entry and premium payment term||No limit subject to underwriting approval|
All ages are as per the last birthday.