IDBI Federal launches unique plan to secure child’s future
Plan continues even after the death of the life insured
Savings-cum-protection traditional participating endowment plan
Guaranteed annual payouts to meet child’s important milestones
Offers guaranteed annual payouts and bonuses along with a life cover
MUMBAI: Targeting the future generation, IDBI Federal Life Insurance has launched itsChildsurance Savings Protection Insurance Plan. IDBI Federal Childsurance Savings Protection Insurance Plan helps build savings to fund child’s important milestones even in case of any unforeseen event.
The highlight of Childsurance Savings is the guaranteed annual payouts in the last 3 or last 5 years of the policy, depending on the policy term. These payouts fund the important milestones in the child’s life. The parent has the option to choose how much money he would want as guaranteed annual payouts and thus ensure that there is always enough to fuel his child’s dreams. This plan is a participating plan and offers bonuses to the customer to be paid out at maturity.
The core benefit of this plan is the death benefit. Upon the death of the life insured, say the parent, the plan triggers 3 benefits — (i) death sum assured is paid at the time of death, (ii) future premiums are waived off, (iii) the plan continues as usual. This means that whether the parent is around or not, this plan will ensure that the child gets the guaranteed annual payouts and the bonuses as planned, to fulfil his dreams.
Announcing the launch of Childsurance Savings Protection plan, Vighnesh Shahane, CEO, IDBIFederal Life Insurance, said, “According to our research, securing child’s future is the second most important need for which Indians buy life insurance. Providing for the increasing cost of education and also financial protection for the child in case of the death of the parent are the reasons for people to invest in life insurance. There is also a need for guaranteed payouts to ensure that the child gets a pre-determined amount at important milestones. Childsurance Savings Protection Plan fulfils all these needs and also offers flexibility to invest according to the need.”
Aneesh Khanna, Head — eBusiness, Marketing & Product Management, IDBI Federal Life Insurance, says, “IDBI Federal Childsurance Savings Protection Plan is the perfect combination of guaranteed returns and protection. It combines guaranteed payouts, bonuses and financial protection to offer customers a winning proposition. The key highlight of this plan is that it continues even after the death of the life insured, exactly the same way that he/she had planned for; and all this without any premium being paid after the death of the life insured.”
Childsurance Savings Protection plan gives guaranteed annual payouts either in the last 3 or the last 5 years of the policy, depending on the policy term that one chooses. The plan participates in the profits of the company’s participating policyholders’ life fund by way of bonuses. These bonuses are paid out as a lump sum along with the last guaranteed annual payout.
Key features of the plan include:
Secured financial future for the child through guaranteed annual payouts and bonuses
Protection against any unforeseen event with Death Benefit and waiver of premium
Guaranteed annual payout at key milestones
Flexibility to choose policy term, premium payment term and the quantum of payouts
Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.
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