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IDBI Federal Wealthsurance® Future Star Insurance Plan
Synopsis:
IDBI Federal Wealthsurance® Future Star Insurance Plan is a unit-linked insurance plan that enables you to fulfil your child’s dreams. This plan with its exclusive ‘waiver of premium’ benefit ensures that the plan continues even in the case of an eventuality and provides the maturity benefit as you had initially planned.
Highlights:
- Wealthsurance Future Star comes with the following unique benefits unmatched by other forms of investment:
- Life cover with triple benefits:
- Wealthsurance Future Star is designed with triple benefits to help you secure your child’s future in the unfortunate event of death. First, the sum assured is paid out as a lump sum amount on death; second, all future premiums are waived off and an equivalent amount is invested by us into the policy; and third, the policy continues and the maturity benefit is paid out at end of the policy term.
- Wealth Care Switcher benefit:
- You will have to opt for this benefit at the time of purchasing the policy. This benefit would trigger in case of death of the life insured. Under this benefit, as the policy approaches maturity, we would transfer the funds from equity (high risk) to debt (low risk) in a pre-defined manner. This will ensure that the accumulated corpus does not fall prey to sudden market fluctuation.
- Education Support benefit:
- This is also an optional benefit that you can select when purchasing the policy. Under this benefit, on the death of the life insured, the fund value is paid out in instalments during the last 5policy years instead of a lump sum amount at maturity. This payout in instalments can be used to support the child’s education related annual expenses.
- Guaranteed loyalty additions to boost savings:
- To boost your investments, we attach loyalty additions to your policy at the end of the 10th policy year and at the end of every 5 years thereafter. So stay invested and gain.
- Tax Benefits:
- With Wealthsurance Future Star, you can enjoy tax benefits under 80(C ) and 10(10D) of the Income Tax Act, 1961
Eligibility:
| Criteria | Minimum | Maximum |
| Age at entry | 18 years | 54 years |
| Attained age at Maturity of Insured Person(s) | 28 years | 64 years |
| Policy term | 10 years | 25 years |
| Premium payment Term | 5 years Up to the policy term | |
| Premium Payment Mode | Annual | |
| Premium Amount | Rs 25,000 annually Rs 95,000 annually |
Sum Assured Sum Assured is fixed as per the below criteria
For insured person of age below 45 years: Higher of
10 times Annual Premium
(0.25 * Policy Term* Annual Premium) For insured person of age 45 years and above: Premium Payment Term less than 8: Higher of 7 times Annual Premium (0.25 * Policy Term* Annual Premium) Premium Payment Term equal or greater than 8: Higher of 10 times Annual Premium (0.25 * Policy Term* Annual Premium) |