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The cost of raising a child has become an extremely expensive affair in the 21st century. Right from birth to education, every aspect related to child requires a lot of money. Keeping such needs in mind, IDBI Federal Life has come up with the Wealthsurance Future Plan - a ULIP plan which help parents to save money for their children’s future. This policy comes with nine different fund options and also provides life cover to the parent. Besides, the Future Star Plan offers a lump sum payment if the parent dies and will also waive any future premiums.
The IDBI Federal Wealthsurance Future Star Plan has a pre-set eligibility criteria, which every prospective policyholder should meet. You will find them below:
|Minimum Age at Entry||18 years|
|Maximum Age at Entry||54 years|
|Minimum Age at Maturity||28 years|
|Maximum Age at Maturity||64 years|
|Plan Type||Unit-linked child plan|
Sum Assured: This is the amount promised by the company depending on a variety of scenarios eg. Death, maturity, or surrender. Sum Assured for this policy is as follows:
|Person < 45 years of age||Person > 45 years of age|
|Higher of 7 times the annual premium or (0.5*annual premium*policy term)||
Note: PPT here stands for Policy Payment Term
|Premium Payment Term||5 years||Policy term|
|Policy Term||10 years||25 years|
|Premium Amount||Rs.25,000 (yearly)||Rs.95,000 (yearly)|
There are a number of features and benefits offered by the Wealthsurance Future Star Plan by IDBI Federal Life. Here are all of them specified in a tabular column:
|Death Benefit||In case the person insured dies, all future premiums payable towards the policy and a lump sum amount will be paid to the beneficiary. Then all the future premiums payable added and are credit to a new fund option on a lump sum module. This fund will keep on accruing interest and the entire amount will be paid once the policy reaches maturity. Also, if the sum assured and future premiums payable is less than 105% of the total premiums paid, the differential amount will be paid as a benefit.|
|Wealth Care Switch Benefit||This is a form of a Death Benefit wherein, the benefit changes from an existing strategy to a systematic allocator facility. Doing so helps manage the accumulated funds in a much better way. Also, this would help cut the risk levels associated with the funds.|
|Education Support Benefit||If the policyholder dies before the policy reaches maturity, the benefits payable will be settled over the last five policy years through installments instead of a lump sum basis.
Here’s how the settlement will be done:
|Maturity Benefit||Once the policy reaches the end of its term, maturity benefit will be paid to the person insured. The amount payable would be the total fund value in the investment account. After this benefit is paid, the policy will be cease to exist.
Policyholders can opt to receive the maturity benefit over a period of 5 years after the maturity date. Here’s how the payout would look like if they choose this option:
|Guaranteed Loyalty Additions||Every policy will accrue a loyalty addition after the completion of 10 years. This benefit will be paid at every 5-year interval after that. The amount will be up to 3% of the average fund value over the preceding three-year period.|
The IDBI Federal Life Wealthsurance Future Star Plan comes with a set of exclusions which are as follows:
Apart from the ones mentioned above, the IDBI Federal Life Wealthsurance Future Star Plan comes with a few key features. They are listed below in a tabular format:
|Free Look Period||Based on the IRDA regulation 6 (2) of the Policyholders’ Interest Regulations Act, 2002, a policyholder can choose to return the policy if they are not satisfied with the terms and conditions they are offered. The policyholder should return the original policyholder along with a letter stating the reason for doing so. Upon receiving such a request, the company will deduct appreciate risk premium for the period during which the policy was active.|
|Nomination||Nomination facility will be allowed based on Section 39 of the Insurance Act.|
|Assignment||Assignment facility will be allowed based on Section 38 of the Insurance Act.|
|Policy Revival||Policyholders can revive the policy within 2 years of the last unpaid premium. In such a case, they will need to pay the pending premiums along with a penalty.|
|Partial Withdrawal Facility||Policyholders have the option to partially within money from the fund value after completion of five policy years. If they choose to do so, here are a few condition that will become active:
|Surrender Value||A policyholder can choose to surrender a policy whenever they feel the need to.
The IDBI Federal Life Wealthsurance Future Star Plan comes with a few tax benefits. These are as follows:
There are several other benefits that the IDBI Federal Life Wealthsurance Future Star Plan offers. They are listed below:
There are plenty of reasons why you should buy the Future Star Plan from IDBI Federal Life. They are as follows:
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