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IDBI Federal Life Childsurance Savings Protection Insurance Plan

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).

Eligibility – Who is the IDBI Federal Life Insurance Childsurance Plan for?

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 and Premium Range – What you get and what it costs?

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.

Plan Coverage – What the IDBI Federal Life Insurance Childsurance Plan?

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.
  • Guaranteed Annual Payouts – IDBI Federal Life Insurance Childsurance Plan offers annual payouts either in last 3 or 5 years of the policy. It depends on the term of the policy chosen by the policyholder. The number of years chosen by the policyholder to avail the insurance cover is known as the policy term.
  • Bonuses – The IDBI Federal Life Insurance Childsurance Plan will participate in profits of the life fund of participating policyholders by way of terminal bonus and revisionary bonus. All the bonuses are linked to the participating life fund’s profits. It depends on the future performance and experience of the funds. Every year, the IDBI Federal Life Insurance Company’s Board declares the bonuses. After they are added, they form the part of guaranteed benefits under the IDBI Federal Life Insurance Childsurance Plan.
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:
  • Maturity sum assured, or
  • 10 times of the annualised premium (in case the policyholder is below the age of 45 years) and 7 times the annualised premium (in case the policyholder is 45 years old or above)
The death benefits that are paid out upon the death of the insured person in an unfortunate event are as follows:
  • Death sum assured that is paid out immediately upon death, plus
  • The guaranteed annual payouts that are paid out on the due dates, plus
  • Bonuses that are paid out at the end of the term.

Riders/Add-on Plans – Additional coverage under the IDBI Federal Life Insurance Childsurance Plan:

There are no rider plans available under the IDBI Federal Life Insurance Childsurance Plan.

Exclusions – What the IDBI Federal Life Insurance Childsurance Plan does not cover?

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.

Other Key Features of IDBI Federal Life Childsurance Savings Protection Insurance Plan:

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:
  • 85% of the total surrender value is granted as loan amount under the IDBI Federal Life Insurance Childsurance Plan.
  • The minimum loan amount that can be availed by the policyholder under the IDBI Federal Life Insurance Childsurance Plan is Rs.5,000.
  • The rate of interest applicable on outstanding loan will be 3% more than the 10 years term Government security. It is reviewed at an interval of six months for ease of administration.
  • If the loan amount along with the interest accumulated is more than or equal to surrender value, the IDBI Federal Life Insurance Childsurance Plan will be foreclosed by the insurer. The policyholder will be notified by the insurer about the foreclosure. IDBI Federal Life Insurance Company will be entitled to apply surrender value that is allowable in respect of the IDBI Federal Life Insurance Childsurance Plan towards the loan payment and interest payment.
  • The insurer will not do any foreclosure in case of the premium paying policies and the fully paid policies.
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:
  • Providing reinstatement application.
  • Paying premium arrears along with the interest at a rate that is decided upon by the insurer. The rate of interest applicable on outstanding loan will be 3% more than the 10 years term Government security. It is reviewed at an interval of six months for ease of administration.
  • Providing health evidence that is satisfactory and some other requirements of life insured according to the underwriting guidelines that are approved by the organisation’s board.
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:
  • SMS or Short Messaging Service.
  • Electronic modes like internet, email and DTH.
  • Voice mode that includes tele-calling.
  • Physical modes that include magazine, newspaper and postal mail alert.
  • Sale of the IDBI Federal Life Insurance Childsurance Plan through any mode of communication except in person mode.

Tax Benefits – How you can save under the IDBI Federal Life Insurance Childsurance Plan?

Tax Benefits that can be availed under the IDBI Federal Life Insurance Childsurance Plan are mentioned below:

  • The policyholder can avail tax deductions up to Rs.1,00,000 under Section 80C of the IT Act, 1961.
  • The death benefit and the maturity benefit are eligible for tax deductions under Section 10 (10D) of the IT Act, 1961.

Other Benefits – How you can save under the IDBI Federal Life Insurance Childsurance Plan?

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.

Why you should buy the IDBI Federal Life Insurance Childsurance Plan from IDBI Federal?

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.