IDBI Federal Childsurance Savings Protection Insurance Plan
Product Info
UIN
135N032V01
Status
Active
Launch Date
22/11/2013
Withdrawn Date
Product Overview
IDBI Federal Childsurance ® Savings Protection Plan is a non-linked participating endowment plan that ensures your child’s future financial needs are fulfilled. Childsurance® Savings, is designed to give you guaranteed annual payouts and aid the important milestones in your child’s life. What’s more, in the unfortunate event of you not being around, the policy will continue exactly as you had planned it, without any further premiums being paid.
Product Description
- Guaranteed annual payouts to fund important milestones
- Life cover for your family’s financial security
- Bonuses to boost your savings
- Plan continues till maturity even in the unlikely case of you not being around
COMPARE & BUY SIMILAR PLANS
Unique Features
- Guaranteed Annual Payouts either in the last 3 or the last 5 years of your policy, depending on the policy term that you choose.
- Immediate payout of lump sum incase an unfortunate death of the life insured,all future premiums of the policy will be waived off and the guaranteed annual payouts and bonuses will be paid on their respective due dates.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum | Maximum | |||
| Age at entry of the Insured Person (last birthday) | 18 Years | Regular payment option: 40 years | |||
| Limited payment option: 50 years | |||||
| Age at entry - Nominee (Child ) |
- | Greater than one month and less than 18 years of age | |||
| Age at maturity of the insured Person (last birthday) | 28 years | Regular payment option: 65 Years | |||
| Limited payment option: 75 years | |||||
| Maturity sum assured | Subject to above minimum premium | No limit, subject to underwriting | |||
| Premium (exclusive of service tax and education cess | Yearly: Rs. 10,000 | No limit (subject to underwriting) | |||
| Monthly: Rs. 1,000 | |||||
| Premium payment term | - | Regular payment option : Equal to policy term | |||
| Limited payment option : 5 years less than the policy term | |||||
| Premium payment frequency | - | Yearly, and monthly by ECS, standing instructions or direct debit only | |||
| Policy Term | 10 Years | 25 years | |||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
The final Guaranteed Annual Payout + Bonuses
- Survival Benefit:
20% maturity Sum Assured paid out each year at the end of 12th and 13th years + 60% Maturity Sum Assured paid out at the end of the 14th year + Vested Reversionary Bonus + Terminal Bonus if any + Interim Bonus , if any.
- Death of Life Insured:
- Death sum assured, paid immediately on death + Future guaranteed annual payouts, to be paid on their due dates + Bonuses to be paid at end of term
- Minimum death benefit paid will be equal to 105% of all premiums paid till date of death (excluding extra mortality premiums, services tax and cess, if any).
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed annual payouts | ||||||
| Guaranteed Annual Payouts (% of Maturity Sum Assured) | ||||||
| Balance Policy Term → | 4 Years (Term : 4 Years) | 3 Years (Term : 3 Years) | 2 Years (Term : 2 Years) | 1 Years (Term : 1 Years) | At Maturity | |
| Policy Term 10 to 14 years ↓ |
NIL | NIL | 20% | 20% | 60% | |
| 15 to 25 Years | 20% | 20% | 20% | 20% | 20% | |
| Notes :- The benefits mentioned above are paid out to you only if you have paid all the due premiums in full | ||||||
| Bonuses | Reversionary Bonuses | Reversionary bonuses are declared from the 1st year of the policy. | ||||
| Terminal Bonus | The Company may also declare a terminal bonus to be paid on maturity or death provided all the due premiums have been paid. |
|||||
| Notes :- The company may declare an interim bonus in the event of a claim made before the subsequent bonus declaration | ||||||
| Advantage women | Childsurance Savings offers an additional premium discount for female insured persons. | |||||
| The basic premium payable for a woman will be equivalent to the premium for a corresponding 3 year younger man. | ||||||
| Surrender Value | The surrender value may be low in comparison to the premiums paid | |||||
| To get the maximum benefit from a life insurance policy, we would urge you not to discontinue your policy before maturity. | ||||||
| Guaranteed surrender value | The policies with premium paying term of less than 10 years will acquire a guaranteed surrender value, if all premiums have been paid for at least 2 consecutive years | |||||
| The policies with premium paying term of 10 years or more, will acquire a guaranteed surrender value, if all premiums have been paid for at least 3 consecutive years | ||||||
| 1 ) Guaranteed surrender value factors as a percentage of total premiums paid Refer To PDF*** | ||||||
| 2 ) Guaranteed surrender value factor (GSF) as a percentage of vested bonuses as given below | ||||||
| Outstanding Policy Term |
GSF | Outstanding Policy Term |
GSF | Outstanding Policy Term |
GSF | |
| 1 | 43.00% | 9 | 14.00% | 17 | 5.00% | |
| 2 | 38.00% | 10 | 12.00% | 18 | 4.00% | |
| 3 | 33.00% | 11 | 11.00% | 19 | 4.00% | |
| 4 | 29.00% | 12 | 9.00% | 20 | 3.00% | |
| 5 | 25.00% | 13 | 8.00% | 21 | 3.00% | |
| 6 | 22.00% | 14 | 7.00% | 22 | 2.00% | |
| 7 | 19.00% | 15 | 6.00% | 23 | 2.00% | |
| 8 | 16.00% | 16 | 5.00% | |||
| Notes :- Outstanding policy term = Policy Term less number of complete policy years the policy has been in force | ||||||
| Special surrender value | Depending on the prevailing market conditions, the company may pay a surrender value higher than the guaranteed surrender value in the form of a special surrender value. | |||||
| The surrender value paid out will be higher of the guaranteed surrender value and special surrender value less guaranteed annual payouts already paid. | ||||||
| The policy terminates on surrender and no further benefits are payable under the policy | ||||||
| Loans | Loan amount granted will be 85% of surrender value available under the policy | |||||
| Minimum loan amount is Rs. 5,000. | ||||||
| Discontinue of Premium | For policies with a premium payment term of less than 10 years, if, during the first 2 years the premium due is not paid before the end of the grace period, the policy will lapse | |||||
| For policies with a premium payment term of 10 years or more, if, during the first 3 years the premium due is not paid before the end of the grace period, the policy will lapse. | ||||||
| No death benefit will be payable where the policy has lapsed. | ||||||
| Reduced Paid - Up | less than 10 years will acquire a paid up value if all premiums have been paid for at least two consecutive years | |||||
| 10 years or more will acquire a paid up value if all premiums have been paid for at least three consecutive years | ||||||
| Reduced death sum assured = Death sum assured x Number of full year’s premiums paid / Total number of full year’s premiums payable during the entire policy term | ||||||
| Reduced maturity sum assured = Maturity sum assured x Number of full year’s premiums paid / Total number of full year’s premiums payable during the entire policy term | ||||||
| Reinstatement | Reinstate the policy within two years after the due date of the first unpaid premium. | |||||
Add-ons
- Waiver of Premium Option(In Built) :
This is provided as an in built feature in one insurance option.In case of death and this insurance option is opted for, all future premiums are waived
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of IDBI Federal Childsurance Savings Protection Insurance Plan
Company Overview
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
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