Product Information
Wealth Plans
Wealthsurance® Suvidha Growth Insurance Plan
Synopsis:
IDBI Federal Wealthsurance® Suvidha Growth Insurance Plan (UIN: 135L033V01) is a simple unit linked plan that helps you take your first step towards wealth creation and that too, with ease. What’s more, the life cover with this plan provides financial protection to your loved ones.
Highlights:
- Systematic Allocator to help you build wealth with ease
- You have two options of managing funds in Wealthsurance Suvidha. You can either manage the funds yourself or opt for Systematic Allocator. If you opt for Systematic Allocator, you will enjoy a balance between growth and safety. In the early policy years, your investment will have a higher exposure to equity. This will help your investments have the potential to earn you higher returns. As the policy approaches maturity, your investment will be automatically rebalanced to reduce the exposure to equity. This ensures that your investment is protected from the ups and downs of the equity markets. For more details on Systematic Allocator, please refer to the product brochure.
- Option to choose how long you want to stay invested
- With Wealthsurance® Suvidha, you can choose the policy term (PT) which is the duration for which you want to stay invested. In addition, you can also choose how long you want to pay your premiums by choosing the premium payment term (PPT) most suited to your needs. Please refer to the product brochure for combinations of PT and PPT available.
- Guaranteed loyalty additions to boost your wealth
- At the end of the 10th policy year and every 5 years thereafter, you get guaranteed loyalty additions to boost your wealth.
- Financial protection against uncertainty
- In case of an unfortunate death during the policy term, your nominee gets the death benefit which is the sum assured or the fund value at that time, whichever is higher. At any time during the policy term, the death benefit will be more than 105% of all premiums paid.
- Partial withdrawals for emergency fund requirements
- In case of a financial emergency, you can make partial withdrawals from your funds any time after the 5th policy year. For more information on partial withdrawals, please refer to the product brochure.
- Two tax benefits
- The premiums you pay under Wealthsurance® Suvidha are eligible for tax benefit under Sec 80C of the Income Tax Act, 1961. The maturity benefit and death benefit are also tax free under Sec 10(10D).
- Flexibility to switch funds and investment options
- You can switch your investment option between Systematic Allocator and managing your funds by yourself. Also, if you are managing your funds yourself, you can also switch from one fund to the other.
- Option to surrender
- Wealthsurance® Suvidha also provides the feature of surrendering the policy free of charge after the 5th policy year. A surrender amount equal to the fund value as on date will be paid out. Discontinuance charge will be applicable for policies surrendered within the first 5 years of the term.
- Exclusive funds for loved ones
- By endorsing your Wealthsurance® Suvidha policy under the Married Women’s Property Act, 1874, you can create an exclusive fund for your loved ones which is legally protected from creditors and claimants.
Eligibility:
| Criteria | Minimum/ Maximum | |
| Age at entry | Minimum | Maximum |
| 1 month (subject to minimum maturity age) | 65 years (subject to maximum maturity age) | |
| Maturity age | Minimum | Maximum |
| 18 years | 75 years | |
| Policy term | Fixed options | 10 years, 15 years and 20 years |
| Premium payment term | Fixed options | 10 years and in multiples of 5 thereafter |
| Premium | Minimum | Maximum |
| Rs. 15,000 p.a. | Rs. 25,000 p.a. | |
| Premium payment mode | Fixed | Annual |
| Sum assured | Fixed | 10 times the annual premium |