Review: Idbi Fortis Bondsurance plan

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Idbi Fortis Bondsurance plan is ideal for those who wants a guaranteed maturity amount and a life insurance cover.


This product is in many ways similar to LIC of India’s Jeevan Nischay, but here life insurance cover is same throught the term.


You needs to select term for the policy and then maturity amount, based on that you have to pay a single premium.


For a higher maturity amount (1,50,000 > ), one will get a discount in single premium and thus reduces your single premium out go and increase the return.


Term : 5 years or 10 years.

Min Single Premium: Rs. 20,000.

Below is premium table

PREMIUM TABLE

Age of Insured Person

Premium per Rs 1000 of Maturity Benefit

Term 5 years

Term 10 Years

8-32

Rs 778.98 (from age 13yrs)

Rs 555.28 (from age 8yrs)

33-37

Rs 785.91

Rs Rs 567.16

38-42

Rs 797.78

Rs 583.98

43-47

Rs 819.56

Rs 625.56

48-52

Rs 861.13

Rs 700.78

53-55

Rs 936.36

Not Available

For eg: is person of age 25 years selects a term of 10 years and a maturity amount o Rs, 100,000 has to pay a single premium of Rs. 55,528.(This excludes service tax and education cess).


In case of death, amount equal to five times the single premium is paid.


Comparison with Jeevan Nischay:

If we compare this with Jeevan Nischay, for a single premium of Rs. 55,000,

For the term of 10 years, Maturity Sum Assured would be Rs. 94,325 + 6131.125(Increase in maturity SA) = 1,00,456.125. + LA.

In term of return Jeevan Nischay is clearly the best as It also offers Loyalty addition and its premium includes service tax amount.

The only negative side I can see in Jeevan Nischay is low risk cover, as risk cover decreases from second year onwards.

For a single premium of Rs, 55,000 below is the risk cover amount.

Policy Year

Jeevan Nischay

Bondsurance

1st

Rs. 2,75,000

Rs. 2,75,000

2nd – 10th

94,325 (+ LA in case of 10th Year)

Rs. 2,75,000


Surrender: After first year a special surrender value which will not be less then 80% of premium amount is paid, in case of Jeevan Nischay it is 90% of premium.

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