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IDBI Federal Childsurance ® Savings Protection Plan
Synopsis:
IDBI Federal Childsurance ® Savings Protection Plan (UIN: 135N032V01) 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. .In other words, this plan ensures that your child gets to live his/her dream exactly as you have planned, whether or not you are around.
Highlights:
- Guaranteed annual payouts for important milestones
- Childsurance® gives you guaranteed annual payouts either in the last 3 or last 5 years of the policy, depending on the policy term you choose.
- Bonuses to add to your savings
- Right from the 1st year, you get reversionary bonus. Along with reversionary bonus, interim and terminal bonuses (if any) would also be paid out at maturity.
- Immediate payout of lump sum in case of your unfortunate death
- In case of an unfortunate event, the death sum assured will provide for your child’s immediate needs.
- Waiver of future premiums
- In case of an unfortunate event of you not being around, all future premiums of the policy will be waived off.
- Plan continues and benefits are paid as planned
- Even in the unfortunate event of death, the guaranteed annual payouts and bonuses will be paid on their respective due dates.
- Two tax benefits
- Childsurance® allows you to enjoy deductions under Section 80C of the Income Tax Act, 1961 on the premiums you pay. It also gives you maturity amount that is tax-free under section 10(10D).Childsurance offers you tax benefits for all the payouts.
- Flexibility to plan for your needs
- With Childsurance®, you have the option of choosing the maturity sum assured, policy term, premium payment term, and payment mode as per your child’s future needs.
- Exclusive fund for your loved ones
- By endorsing your Childsurance® policy under the Married Women’s Property Act, 1874, you can create an exclusive fund for your loved ones which is legally protected from creditors and claimants.
- Loan facility
- In case of an emergency, you can avail of the loan facility on your policy. Loan is available once the policy attains surrender value. For more on loans please refer to the product brochure.
Eligibility:
| Age at entry - Insured Person (Parent) | Minimum | Maximum |
| 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 | |
| Maturity age (Insured Person) | Minimum | Maximum |
| 28 years | Regular payment option: 65 Years | |
| Limited payment option | 75 years | |
| Policy term | Minimum | Maximum |
| 10 years | 25 years | |
| 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 Premium(exclusive of service tax and education cess) | |
| Minimum | Yearly: Rs.10,000, Monthly: Rs.1,000 Loading factor of 0.09 is applicable for monthly premium payment frequency | |
| Maximum | No limit (subject to underwriting) | |
| Maturity Sum Assured | Minimum | Maximum |
| Subject to above minimum premium | No limit, subject to underwriting |