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The IDBI Federal Life Insurance Childsurance Plan is a savings plan that is tailored to help the policyholder with his/her child’s financial needs in the future. The IDBI Federal Life Insurance Childsurance Plan is designed in a way that it gives the policyholder guaranteed annual payouts in order to aid crucial milestones in the life of his/her child. Financial protection is offered to the child of the policyholder even when he/she is not around to watch over the child.
The policyholder can decide upon the annual payouts that he/she requires. The maturity sum must be chosen by the policyholder depending upon the payout amounts. The Guaranteed Annual payouts that the policyholder gets are only a percentage of the Maturity Sum Assured (MSA).
In order to buy the IDBI Federal Life Insurance Childsurance Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
Parameters | Criteria for Eligibility |
Minimum age at entry for insured individual | 18 years |
Maximum age at entry for insured individual (Limited Payment Option) | 50 years |
Maximum age at entry for insured individual (Regular Payment Option) | 40 years |
Minimum age at entry for nominee | 1 month |
Maximum age at entry for nominee | 18 years |
Minimum age at maturity for insured individual | 28 years |
Maximum age at maturity for insured individual (Limited Pay Option) | 75 years |
Maximum age at maturity for insured individual (Regular Pay Option) | 65 years |
Sum Assured – It is the amount that is paid out by the insurer to the insured individual upon maturity. The same amount paid out to the nominee in case the insurer encounters death in an unfortunate event. Under the IDBI Federal Life Insurance Childsurance Plan, upon policy maturity, the policyholder can avail a minimum sum assured subject to the minimum premium. However, there is no limit on the maximum sum assured upon maturity. It only subject to the underwriting.
Minimum sum assured at maturity | Subject to the minimum premium |
Maximum sum assured at maturity | There is no limit. However, it is subject to underwriting. |
Premiums – Premium is the amount that the policyholder pays at regular intervals or at one go in order to keep the policy active and running. The premium payment frequency that can be availed under the IDBI Federal Life Insurance Childsurance Plan are monthly by ECS and yearly. There is no limit on the maximum premium under the IDBI Federal Life Insurance Childsurance Plan.
Premium payment frequency for Limited Payment Option | Equivalent to policy term |
Premium payment frequency for Regular Payment Option | 5 years lesser than policy term |
Premium payment frequency | Monthly by ECS and annually |
Minimum premium (exclusive of education cess and service tax) | Monthly Rs.1,000 and Yearly Rs.10,000. The Loading Factor of 0.09 is applicable on monthly premium payment frequency. |
Maximum premium (exclusive of education cess and service tax) | There is no limit on the maximum premium. However, it subject to the underwriting. |
Maturity Benefit | The maturity benefit under the IDBI Federal Life Insurance Childsurance Plan is the sum total of maturity sum assured and declared bonuses. The maturity sum assured is utilised for the determination of the maturity benefit and premium. At various milestones for the policyholder’s child, the maturity sum assured is paid out as the guaranteed annual payouts.
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Death Benefit | The death sum assured is paid out when the insured individual encounters death in an unfortunate event. All future premiums are waived off in the event of the policyholder’s death. The guaranteed annual payouts are received by the nominee of the policyholder. The death sum assured that is paid out to the nominee is higher of:
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There are no rider plans available under the IDBI Federal Life Insurance Childsurance Plan.
Suicide Exclusion – IDBI Federal Life Insurance Company will only pay 80% of the total premiums as death benefit to the nominee in case the policyholder commits suicide within a period of 12 months from the commencement date of the IDBI Federal Life Insurance Childsurance Plan, whether insane or sane. In case the policyholder commits suicide within a period of 12 months from revival date or reinstatement date of the policy, 80% of the premiums paid out till death or the surrender value is received by the nominee as death benefit.
Loans | The policyholder can avail a loan amount from the IDBI Federal Life Insurance Company after the surrender value has been acquired by the policy. The loan facility conditions are as follows:
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Grace period | A grace period of 30 days can be availed by the policyholder under the IDBI Federal Life Insurance Childsurance Plan. This time period can be availed by the policyholder for paying the premiums. All the benefits under the plan will remain active e during the grace period. In case of monthly premium payment modes, a grace period of 15 days can be availed by the policyholder under the IDBI Federal Life Insurance Childsurance Plan. |
Reinstatement | In case the IDBI Federal Life Insurance Childsurance Plan has lapsed, it can be revived or reinstated within a period of 2 years from the date of first unpaid premium towards the policy. The policyholder can reinstate or revive the IDBI Federal Life Insurance Childsurance Plan by:
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Free look period | According to IRDAI Regulation 6 (2) of the Protection of Policyholder’s Interest Regulations, 2002, if the policyholder does not like the terms and conditions of the IDBI Federal Life Insurance Childsurance Plan, then he/she can choose to return the policy to the insurer. The policyholder must provide the reasons for not choosing the policy in writing. The policy document (original) along with the cancellation request must be sent to the insurer. In case the policy has been sold via distance marketing, free look period of 30 days can be availed from the receipt date of the IDBI Federal Life Insurance Childsurance Plan. Distance Marketing includes the sale of insurance products via the modes mentioned below:
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Tax Benefits that can be availed under the IDBI Federal Life Insurance Childsurance Plan are mentioned below:
IDBI Federal Life Insurance Childsurance Plan offers additional discount on the premiums for all female insured individuals. The basic premium that is payable for any woman under this policy is sane as the premium for a corresponding three year younger male individual.
IDBI Federal Life Insurance Company is one of the top insurance service providers in this country. The insurance solutions offered by this company comes with a lot of innovation and flexibility. The IDBI Federal Life Insurance Childsurance Plan is tailored as per the needs and requirements of the customers. The IDBI Federal Life Insurance Childsurance Plan is designed in a way that it gives the policyholder guaranteed annual payouts in order to aid crucial milestones in the life of his/her child.
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