IDBI Federal Life Pension Plans: Check & Compare Online

Updated: 22-01-2024 10:04:52 AM

Pension plans are tailored insurance plans for people who wish to financially plan their retirement years efficiently. And to help people fulfill such needs, IDBI Federal offers IDBI Federal Life pension plans. The policyholder is provided with the accumulated corpus that one can use in the form of monthly income or invest the same in some other options to increase the value.

What are IDBI Federal Life Pension Plans?

Retirement plans offered by IDBI Federal Life Pension Plans are designed in a way to solidiy the financial backbone of an individual after retirement from the job. These plans are made to provide the best financial insurance without having to compromise on the standard of life one wishes to practice in their second innings.

Types of IDBI Federal Life Pension Plans

There are two plans forwarded under this category, viz.:

• Wealth Gain Insurance Plan:
  • As many as 8 fund options to invest in
  • Guaranteed loyalty bonus paid
  • Easy on tax part with rebate in premiums paid
  • Life cover for nominee on death of the policyholder
  • Flexibility in management of investment with unlimited switching among funds
• Wealthsurance Growth Insurance Plan SP:
  • Unit-Linked plan so as to help maximize returns
  • One time premium leading to worry-free policy tenure
  • Easy switching among as many as 8 investment funds as per the market conditions
  • Additions in investment in the form of loyalty bonuses
  • Availability of partial withdrawal (any time after 5 years of policy completion), that too free of charges

Eligibility Criteria

Name of the plan	Entry Age	Maturity Age	Policy Term	Premium Payment Term	Minimum Premium
Wealth Gain Insurance Plan	5 – 60 years	18 – 74 Years	10/15/20 Years	For ages below 50 years: 5 / 10 / 15/ 20 Years For age 50 years and above: 10 / 15/ 20 Years	Monthly; Rs.2,500 Yearly: Rs.30,000
Wealthsurance Growth Insurance Plan SP	1 Month – 70 Years	18 – 75 Years	5 / 10 / 15 / 20 /25 Years	One Time	Rs.25,000

Documents Required to Apply

• PAN Card
• Address Proof (Adhaar Card, Passport, Ration Card, Utility Bills, etc.)
• Income Proof (Salary Slip, etc.)
• Bank Account Details of the Beneficiary

Claim Process

Follow the steps given below and your claim should be processed with no hassles:

• Register the claim
• Submit the documents along with the claim form
• If the documents are complete, the insurance company shall verify the same
• In case of incomplete or invalid documents, notification shall be sent to the claimant
• Post-receipt of proper set of documents and verification by the company, claim processing will start and the amount will be paid

Documents Required for Claim

• Death Claim Form
• Policy Document (Original)
• Original or attested copy of Death Certificate issued by Municipal Corporation
• Attested copy of nominee’s photo ID and Residential proof (List of documents)
• Medical records at the time of death and documents related to any past illnesses of the insured person
• Cancelled cheque of the nominee’s bank account (containing IFSC code)

Time taken to Process the Claim

IDBI Federal Life has a reputation of quick claim settlement and thus, you can expect your claim to be settled within a span of 8 days.

Tax Benefits

When investing your money in any of the two IDBI Federal Life pension plans, you can be rest assured of the tax axe. The premiums paid are exempt of tax as per the Section 80C whereas the benefits received (only for Wealthsurance Growth Insurance Plan) are also not taxable as per the Section 10 (10D) of the Income Tax Act, 1961. Although, since the tax laws may change, it is advised to check with the insurance provider at the time of taking the policy.

Advantages of IDBI Federal Life Pension Plans

• You can live independently with regular income after retirement in the form of annuities if you have invested in a pension plan
• You have complete freedom to manage your investments based on your choices and preferences without any hassle
• On the death of the policyholder, the designated nominee receives a life cover or the accrued sum value whichever holds the higher value
• In the incident of the death of the insured during the policy term, a high value of the assured sum of 105% of the total premiums paid is payable (Wealth Gain Insurance Plan)
• Within 5 years from the policy maturity date, you can opt to receive the maturity amount in installments (Wealthsurance Growth Insurance Plan)

Cases Where You Can’t Make Claims for IDBI Federal Life Pension Plans

Suicide: This clause is applicable only if the policyholder commits suicide within 12 months of the commencement of the policy. The nominee shall receive the Fund Value as accumulated at the time of death.

Important Aspects

• Take help of premium calculators available on various aggregators to get an idea
• If you are a risk-averse person, we suggest you opt for Wealth Gain Insurance Plan
• For people who are actively involved and have a fair knowledge of financial market along with a good risk-return appetite, go for Wealthsurance Growth Insurance Plan
• Understand the working and performance of your plan in the first 15 days of policy commencement as this is the time where you can cancel the policy if you don’t feel satisfied with it

Also Read: IDBI Federal Wealthsurance Future Star Insurance Plan

FAQs  

Q1. What are the payment modes available?

There are multiple methods you can choose from in order to pay the premium, viz.:

• Via Cheque
• Online Payment
• ECS (Electronic Clearance Services)

Q2. How do I cancel the policy?

Submit the surrender form along with all the required documents at your nearest branch of IDBI Federal Insurance. Cancellation process shall take not more than 30 days to complete.

Q3. I’m 35 years old and have a good chunk of money with me right now that I wish to invest. Which pension plan should I go for?

Since you have a good amount with you right now, we suggest you go with Wealthsurance Growth Insurance Plan SP where you only need to pay premium once.