IDBI Federal Life Insurance launches new plan to secure your child's future. Details here2 min read . Updated: 17 Nov 2020, 04:17 PM IST
- The plan is designed so as to keep the policyholder committed to regular savings, while boosting the corpus with guaranteed additions, the insurer said
IDBI Federal Life Insurance has recently unveiled IDBI Federal Life Insurance Young Star Plus Plan, a non-linked, participating, savings plan. It is a comprehensive life insurance plan that helps policyholders align their savings towards financially securing and supporting their children’s future, the insurer said.
The plan is designed so as to keep the policyholder committed to regular savings, while boosting the corpus with guaranteed additions and bonus contributions. The guaranteed additions are payable upto 40% of the Maturity Sum Assured, through the policy term, the firm said.
"Furthermore, the plan provides guaranteed payouts, according to chosen timeframes, to help the policyholder fund the crucial milestones of his/her child’s life, be it education, career or marriage," the insurance company said.
"The plan also ensures that the child’s aspirations stay financially safe, in the event of the breadwinner’s unfortunate demise, by creating exclusive funds which are legally protected from creditors and claimants to the estate such as legal heirs, parties to disputes and creditors. Under Section 6 of the Married Women’s Property Act, 1874, the policy can be exclusively endorsed for the benefit of the named beneficiaries," the insurer said.
Commenting on the launch of the IDBI Federal Life Insurance Young Star Plus Plan, Karthik Raman, CMO & Head - Products, IDBI Federal Life Insurance said, “Given the unprecedented economic uncertainty, we have observed that parents are keen to opt for an investment avenue which offers flexibility as well as assured funds to help fulfil their children’s life stage goals. Our newly launched IDBI Federal Life Insurance Young Star Plus Plan is an apt solution designed to address this need."
Key benefits of the plan:
1) Provides an avenue for regular and systematic savings
2) 125% of maturity sum assured paid out in the form of Guaranteed Annual Payouts to help fund critical milestones
3) Guaranteed additions up to 40% of the Maturity Sum Assured, through the policy term
4) Bonuses when declared, to help boost savings
5) Choice of policy term and premium paying terms to suit individual needs
6) Financial security for one’s loved ones in case of an unfortunate event. No future premiums payable and the policy continues with planned benefits
7) Tax benefits under Sec 80C and Sec 10(10D) may be available on the premiums paid and the benefits received
"The plan ensures that the child’s dreams are financially secure and legally protected, thus allowing both, the parent and child, to be truly #FutureFearless,"