Child Insurance Plan
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Child Insurance Plan

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IDBI Federal Child Plans

IDBI Federal Insurance Company

IDBI Federal Insurance Co. Ltd. Is a joint venture of one of India's leading development and commercial bank, IDBI Bank, leading private bank, Federal Bank and one of the leading multinational insurance companies based out of Europe, Ageas! One of the fastest growing companies in the insurance industry, IDBI Federal Life showed exemplary growth since its launch in 2008 and achieved break even in only 5 years of its operations. As of today, their pan India presence and synergy between different operations are striving hard to provide the customers complete insurance and wealth management services. A diversified portfolio of products is being serviced by a dedicated team of employees to bring best solutions to customer's financial needs.

IDBI Federal Life Child Plans

The company offers two child plans, one is a traditional child insurance plan while the other is a unit linked plan to enhance maximum return on investments. Both the plans have features to provide extensive coverage and maximum financial support to help the child achieve his dreams, even in your absence.

List of Child Plans Offered By IDBI Federal Life Insurance Company, With Features, Benefits And Eligibility

IDBI Federal Childsurance Savings Protection Insurance Plans

Features:

  • Traditional money-back child insurance plan
  • The plan offers guaranteed yearly pay-outs for important milestones
  • Applicable bonuses are offered
  • Waiver of future premiums on death of the policyholder

Benefits:

  • Guaranteed pay-outs are paid either during the last three years of the policy at 20%, 20% and 60% of the sum assured or during the last five policy years at 20% of the sum assured each year
  • At the time of maturity, the last instalment of the guaranteed pay-out along with accrued reversionary bonuses and terminal bonus (if any) is paid to the policyholder. Reversionary bonuses are paid from the 1st year onwards
  • If the policyholder dies during the term of the plan, the nominee is paid a lumpsum amount as death benefit and the future premiums are waived off. However, the policy continues and all due benefits shall be paid as per pre-decided schedules
  • Women are charged lower premiums
  • Once the policy attains the surrender value, the policyholder can avail of loans on the policy
  • Income tax benefits can be availed under section 80C and section 10 (10) D

Eligibility:

  Minimum Maximum
Entry Age of Parent 18 years Limited Pay: 50 years
Regular Pay: 40 years
Entry Age of Child 1 month 18 years
Maturity Age 28 years Limited Pay: 65 years
Regular Pay: 75 years
Policy Term 10 years 25 years
Premium Amount Rs. 10,000 No limit
Sum Assured Depends on min. amount of premium, term and age No limit

Premium Payment Term : Equal to policy term or term less 5 years
Premium Paying Frequency : Yearly or monthly

IDBI Federal Life Wealthsurance Future Star Insurance Plan

Features:

  • Unit- linked child insurance plan
  • Life cover with three distinct benefits
  • Loyalty additions added to policy
  • As many as 9 funds to choose from to make investments
  • Partial withdrawals allowed

Benefits:

  • The three death benefits applicable are as follows:list-unstyled
    1. Life Cover: If the policyholder dies during the policy term, the death benefits shall be paid to the nominee as a lump sum amount and future premium will be paid off and shall be paid by the company itself. The policy will continue and maturity benefits shall be paid at the time of maturity of the policy
    2. Wealth Care Switcher Benefit: This option can be selected at time of initiation of the policy under which the investments would be transferred from equity funds (high risk) to debt funds (low risk) in a pre-decided manner to keep investments safe
    3. Education Support Benefit: To support child’s education and important milestones, after the death of the policyholder, the fund value will not be paid as a lumpsum amount at the time of maturity. Instead, it will be paid out in instalments during the last 5 policy years and this benefit can be initiated at the time of buying the policy
  • There are 9 funds to select from to make investments for maximum returns:
    1. Equity Growth Fund
    2. Midcap Fund
    3. Pure Fund
    4. Bond Fund
    5. Income Fund
    6. Liquid Fund
    7. Aggressive Asset Allocator Fund
    8. Moderate Asset Allocator Fund
    9. Cautious Asset Allocator Fund
    The policyholder has the option to invest himself in either of these funds to get the investments through Systematic Allocator Option, under which the funds are invested gradually starting from low-risk fund and slowly going up to high-risk fund. Unlimited free switches between the funds are allowed with option available to redirect future premiums into a different fund as well
  • Guaranteed loyalty additions are added to fund @ 3% of the average fund value in the preceding three years. These additions are made 10th policy year onwards and then after 5 years thereafter
  • Fund value shall be paid as lumpsum at the time of maturity or it can be paid in 5 year instalments under Settlement Option
  • Partial withdrawals are allowed after 5th policy year and minimum amount allowed is Rs. 10,000 with maximum limit set at 20% of the fund value
  • Income tax benefits can be enjoyed under section 80C and section 10 (10) D

Eligibility

Entry Age Min: 18 years | Max: 54 years
Maturity Age Min: 28 years | Max: 64 years
Policy Term Min: 10 years | 25 years
Premium Amount Min: Rs. 25,000 | Rs. 95,000
Premium Payment Term Min: 5 years | Max: Equal to policy term
Premium Payment Frequency Yearly