IDBI Federal ULIP Plans
IDBI Federal ULIP Plans
  • Choose From Different Funds
  • Loyalty & Maturity Additions
  • Tax Benefits Under 80C
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IDBI Federal ULIP Plans

IDBI Federal Life Insurance Co. Ltd is a joint venture between 3 corporations- IDBI Bank, considered one of India’s top commercial banks and Federal Bank, one of the strongest banks in India in the personal sector along with Ageas, an international insurance company primarily based out of Europe. IDBI Federal has launched itself as one of India's growing life insurance companies as it has managed to obtain a top image within 5 years of its operations.

IDBI Federal Unit-linked Insurance Plans offer to enjoy the benefits of life insurance coverage in addition to investment advantages so as to provide complete protection to you and your loved ones.

Types of IDBI Federal ULIP Plans

IDBI Federal ULIP PlansAnnualized Premium (Rs.)Entry Age Policy Term (in years)Maximum Maturity Age (in years)
Smart Growth Plani) PPT 5 years - Rs. 50,000
ii) PPT 10 /15 /20 years – Rs. 35,000
No Limit (Max)
1 month55 years10/15/20/25 years70
Wealth Gain Insurance PlanRs. 50,000 onwards5 years60 years10/15/20 years74
Wealth Plus Critical Protection PlanRs. 1,00,00018 years52 years10/15/20/25 years70
Wealthsurance Future Star Insurance PlanRs. 25,000 onwards18 years54 years10 to 2570
Wealthsurance Growth Insurance Plan SPRs. 25,000 onwards (single)1 month completed70 years5/10/15/20/25 years;Subject to maturity age75

IDBI Federal ULIP Plan Details

1. Smart Growth Plan

Unit-linked Life Insurance solution designed with a variety of choices to provide you comprehensive flexibility the way you want along with a life cover benefit that ensures financial security for your family.

Features & Benefits:

  • Offers market-linked returns with life cover.
  • Option to choose premium paying terms as regular or limited.
  • Choice of 6 fund options on the basis of risk.
  • Loyalty Additions to raise fund value.
  • Availability of tax benefits under section 80(C) and 10(10 D).

2. Wealth Gain Insurance Plan

Wealth Gain Insurance Plan is a unit-linked insurance plan which offers to create wealth over a period of time along with life insurance cover. The policyholder is responsible for bearing the investment risks.

  • Option to choose from 4 Equity, 2 Debt and 2 Balanced investment fund offerings which allows an individual to invest, switch between funds for a number of times at zero costs according to risk-return appetite.
  • Guaranteed loyalty additions.
  • Avail tax benefits on premiums paid under Section 80C and Section 10(10D).
  • One can manage his/her investments easily.
  • In case of death of the policyholder, the beneficiary will get life coverage or existing fund value as a lump sum amount, the one which is higher.

3. Wealth Plus Critical Protection Plan

A unit-linked plan that lets you choose how to build wealth and manages your investments as per your risk appetite and offers guaranteed loyalty additions to boost savings.

Features & Benefits:

  • It provides the dual advantage of long-term investment returns along with life insurance.
  • Advanced protection with Critical Illness Benefit.
  • Choice of premium payment term conveniently.
  • As per risk appetite, you can select funds from various ranges of funds.
  • Tax benefits under Section 80C and Section 10(10D).

4. Wealthsurance Future Star Insurance Plan

A unit-linked insurance plan that helps you to attain your child’s dreams. Also, it offers life cover with triple benefits & guaranteed loyalty additions to boost savings including tax benefits.

Features & Benefits:

  • Life insurance cover plus triple benefits.
  • Choice of ‘Wealth Care Switcher’ advantage.
  • Offers education support benefits.
  • Guaranteed loyalty additions so as to increase savings funds.
  • The plan comes with tax deduction benefits under 80(C) and 10(10D) of the Income Tax Act, 1961.

5. Wealthsurance Growth Insurance Plan SP

A unit-linked plan that provides maximum returns on your investment against payment of a single premium. Guaranteed loyalty additions to increase investment along with life coverage for the financial security of loved ones.

Features & Benefits:

  • Pay only once for the selected policy term.
  • Flexible options to select from 8 funds and switch between funds.
  • Guaranteed loyalty additions to boost investments.
  • Access investment via partial withdrawal easily.
  • The policyholder can enjoy life coverage in addition to financial protection for the family.

Claim Process of IDBI Federal Life Insurance

A death claim is to be registered by filing the following documents:

  • Death claim form.
  • Authentic coverage report.
  • Unique/Attested copy of death certificate issued by Municipal enterprise.
  • Attested replica of nominee’s photograph identity and home proof (list of files).
  • Clinical information on the time of loss of life and documents associated with any past illnesses of the insured individual.
  • Cancelled check of the nominee’s bank account (containing the IFSC code).

A death claim is registered on the date of the receipt of the written intimation and submission of the above files.

Claim Processing: If the employer deems that all the documents submitted through you are whole, your claims may be settled within 8 working days.

Claim Payout: The claim amount will be transferred to the nominee’s bank account through the digital fund switch. In case of a digital Fund switch failure, a cheque can be sent to the nominee’s mailing deal with.

IDBI Federal ULIP Plans: FAQs

To check the status of your policy, go to the IDBI Federal site. You have to fill the policy number in the track application segment to check your status.

In case you stop paying the premium charges, your plan will lapse and you'll have to revive it within 2 years from the day of expiration. Refer to your product documentation to know about this.

If the authentic policy file is misplaced, you'll be requested to submit the required documents and the claim will be processed.

One can pay with any of the following methods:

  • Online Payment
  • ECS
  • Cheque
  • Through advisor
  • Any branch of IDBI & Federal Bank
  • Duly filled with signature - Surrender Request Form
  • Policy Documents
  • Duly attested by bank and life insured - Cancelled cheque or bank statement or passbook copy.
  • For NRI Account - Confirmation from the bank stating that all premiums are paid from NRI account
  • Pan Card
  • No Objection Certificate (NOC) from the bank
  • If the customer is NRI:
    • Copies of his/her passport along with entry and exit dates.
    • Declaration of change in residential status (NRI – Indian)

Partial withdrawal is a choice provided to the life insured to withdraw a certain amount from the plan after completing the lock-in period or after completing premium payment term PPT (Subject to plan guidelines).

Last updated on 06-11-2020