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Insurance Company
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IDBI Federal Life Insurance Company Ltd
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Plan Name
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IDBI Federal Bondsurance
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Plan Nature
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TRADITIONAL
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Plan Category
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Protection Plan
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UIN No.
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135N003V01
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About Plan
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Bondsurance is a single premium plan where you need to make a one-time investment. You can choose a maturity period of 5 or 10 years. At the end of the chosen period, you will receive a guaranteed maturity amount. In case of death before the maturity date, a Death Benefit which is also guaranteed will be paid. Thus you can get life insurance cover while earning an assured return on your investment. The premium you pay is eligible for deduction of tax under Sec 80C of the Income Tax Act. Also, the Maturity Benefit and the Death Benefit are tax-free under Sec 10(10D) of the Income Tax Act.
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Minimum Entry Age
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8Yrs
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Maximum Entry Age
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50Yrs
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Maximum Maturity Age
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60Yrs
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Minimum Premium
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Rs.20,000
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Minimum Sum Assured
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Rs.100000
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Bondsurance gives you guaranteed returns. You have to choose the Maturity Benefit, and Maturity period. Based on your choice, the investment you have to make by way of single premium is determined.
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Death Benefits
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In the unfortunate even of death of the Insured Person before the maturity date, a Death Benefit equal to five times the single premium amount will be paid. The Death Benefit (which is the Sum Insured) is garanteed. The plan will terminate upon the payment of Death Benefit.
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Loan against policy
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No Loan facility available to this plan. Banks may accept Bondsurance as collateral to give loans. The loan is, however, entirely at the discretion of the bank, and the terms and conditions as determined by the bank. At your request, IDBI can register as assignment to provide collateral to the bank.
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Surrender Benefit
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After one year, you have the option to prematurely redeem your Bondsurance Plan by surrender. You will receive Special Surrender Value, Which will be announced by us from time to time.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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You can choose any amount as the Maturity Benefit. The amount you choose is guaranteed and will be paid to you on the maturity date.
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In the unfortunate event of death of the Insured Person before the maturity date, a Death Benefit equal to five times the single premium amount will be paid. The Death Benefit (which is the Sum Insured) is guaranteed. The Plan will terminate upon the payment of Death Benefit.
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After one year, you have the option to prematurely redeem your Bondsurance Plan by surrender. You will receive Special Surrender Value, which will be announced by us from time to time. It will, however, never be less than 80% of your single premium amount.
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Loan Eligibility. Banks may accept Bondsurance as collateral to give loans. The loan is, however, entirely at the discretion of the bank, and the terms and conditions as determined by the bank. At your request, we can register an assignment to provide collateral to the bank.
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Bondsurance is a single premium plan which allows you to make a one-time investment and get a guaranteed amount on maturity. You can choose a maturity period of 5 or 10 years for your investment. At the end of the chosen period, you will receive a guaranteed maturity amount. Besides the guaranteed maturity amount, Bondsurance also provides a life insurance cover. In case of death before the maturity date, a Death Benefit which is also guaranteed will be paid. Thus you can get life insurance cover, while earning an assured return on your investment.
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Besides giving assured returns, Bondsurance also provides a life insurance cover. In the unfortunate event of death of the Insured Person before the maturity date, a Death Benefit equal to five times the single premium amount will be paid. The Death Benefit (which is the Sum Insured) is guaranteed. The Plan will terminate upon payment of Death Benefit. The life insurance cover ensures that the financial security of loved ones is secured.
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Discount on Single Premium Account increases your effective return If you choose a Maturity Benefit of Rs 1,50,000 or higher for your Bondsurance Plan, you will also get a discount on the single premium amount. As a result of the discount, the single premium payable will reduce and your effective return will increase.
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17-Mar-09
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30-Jan-09
13:50
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24-Jan-09
11:25
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IDBI Fortis sponsoring India-Sri Lanka cricket series
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26-Dec-08
11:25
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IDBI Fortis Life Insurance launches Bondsurance
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18-Dec-08
09:48
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IDBI Fortis LifeÆs new product
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11-Oct-08
11:25
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IDBI Fortis Opens 100 Branches Across Country
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30-Sep-08
03:54
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IDBI Fortis opens six branches in AP
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29-Sep-08
12:20
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IDBI's new Branch in Pune
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22-Aug-08
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IDBI Fortis Life Insurance opens branch in Vijaywada
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20-Aug-08
13:45
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IDBI Fortis Life Insurance opens First branch in Delhi
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