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IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias premier development and commercial bank, Federal Bank, one of Indias leading private sector banks and Ageas, a multinational insurance giant based out of Europe. It is one of the fastest growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to all its customers. It began its operations from 2008 and they were able to achieve breakeven in just 5 years.
Through a nationwide network of 2, 964 branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. They wish to be the leading provider of wealth management and other services. The main mission is to continually strive to enhance customer experience through innovative products, efficient relationship management and excellent service delivery in a cost effective manner.
IDBI Federal Wealthsurance Future Star Insurance Plan
A unit linked child insurance plan which provides market related returns while at the same time taking care of the childs future. The features and benefits of the plan are as follows:
Premiums under the plan can either be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment.
The premium net of charges can be invested by the policyholder himself in a choice of different available funds or under the Systematic Allocator Option feature provided by the company.
Under the Systematic Allocator Option, the company invests the funds initially in a low risk fund and gradually, the funds are transferred to high aggressive fund as the plan progresses.
There is a choice of 9 funds to choose from if the policyholder wants to manage his own investments which are Equity Growth Fund, Midcap Fund, Pure Fund, Bond Fund, Income Fund, Liquid Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund
Guaranteed Loyalty Additions are added to the fund @3% of the average fund value in the preceding three years. These additions are made from the 10th policy year and every 5 years thereafter.
The fund value is paid on plan maturity which can be availed either in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option.
In case of death of the insured during the tenure of the plan, the Sum Assured is paid immediately. Thereafter, all future premiums are waived off and the aggregate future premiums payable are credited to the fund value by the company. This fund grows till the remaining time to maturity upon which the applicable fund value is paid to the nominee.
The plan has a Wealth Care Switcher Benefit under which the Systematic Allocator Option is automatically activated on death of the insured.
The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money-backs in the last 5 policy years after the insureds death
Partial Withdrawals can be made to meet financial requirement post 5 years of the plan issuance. The minimum amount of withdrawal is Rs.10, 000 and the maximum amount is limited to 20% of the Fund Value
Unlimited free switches are available to switch between funds
Premium redirection facility is also available to redirect future premiums into another fund than the one originally selected.
Applying for a Child Plan from the company:
The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Child Plans through PolicyBazaar
On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
Click New Quotes to compare and choose from top insurance providers.
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurers website. Fill in the necessary details to buy the plan.
What documents are required to buy the plan?
For buying the child plan, the following documents need to be submitted to the insurance company:
Your identity proof which can be a copy of your passport, driving license, PAN card, Voters ID card, etc.
Your address proof which can be any one among the passport, driving license, electricity or phone bill, etc.
Your date of birth proof like the passport, driving license, PAN card, etc.
The date of birth proof of the child like his birth certificate
Passport sized photographs of both you and your child