IDBI Federal Life Insurance
IDBI Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to individual and corporate customers. IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
Childsurance Savings Protection Insurance Plan
An insurance plan that secures your child’s financial future.
Life cover for your family’s financial security
Guaranteed annual payouts to fund important milestones
Waiver of premium benefit to secure your child’s future
This is what the plan offers
Get guaranteed annual payouts for important milestones :
The plan gives you guaranteed annual payouts either in the last 3 or last 5 years of the policy, depending on the policy term you choose.
Receive bonuses to add to your savings :
The reversionary bonus* accrues into the policy throughout the policy term, right from the first policy year. Along with reversionary bonus, interim and terminal bonuses (if any) would also be paid out at maturity.
Immediate payout of lump sum in case of the unfortunate event of your death :
In case of an unfortunate event, the death sum assured will provide for your child’s immediate needs. Further, all future premiums of the policy will be waived off.
Plan continues and benefits are paid as planned :
Even in the unfortunate event of death, the guaranteed annual payouts and bonuses will be paid on their respective due dates.
Flexibility to plan for your needs :
With this plan, you have the option of choosing the maturity sum assured, policy term, premium payment term, and payment mode as per your child’s future needs.
The maturity benefit of your policy payable is the aggregate of the maturity sum assured and the accrued bonuses. It is the sum assured that is used to determine your premium and maturity benefit. It is paid out as guaranteed annual payouts either in the last 3 or last 5 years of the policy, depending on the policy term you choose.
In case of death of the life assured during the term of the policy, the death sum assured is paid immediately. Additionally, the future premiums are waived and your nominee would be paid the guaranteed annual payouts on their respective due dates. At the end of the policy term, the vested bonuses, if any, will be paid.
The policy offers tax benefits as applicable under section 80 C and 10(10D) as per provisions of the Income Tax Act, 1961. Tax benefits are subject to change in tax laws. You are advised to consult your tax advisor for details.
Eligibility for this plan
Age at entry of life insured (parent) : 18 Years (Min)| Regular payment option: 40 years(Min) Limited payment option: 50 years(Max)
Age at entry of Nominee (child) : 1 month (Min)|18 years(Max)
Age at maturity of the life insured (last birthday) : 28 years (Min)- Regular payment option: 65 Years(Min). Limited payment option : 75 years (Max)
Premium Frequency (Mode) : Fixed/Yearly, and monthly by ECS, standing instructions or direct debit only
Policy term : 10 years(Min) / 25 years(Max)