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IDBI Federal Launches Wealthsurance Future Star InsuranceIDBI Federal launches a unit linked plan aimed at planning child’s future education expenses | ||
India
IDBI Federal, a pioneer in product innovation, has announced the launch of its new plan IDBI Federal Wealthsurance Future Star Insurance Plan. This plan is for parents who not only wish to build substantial corpus for the future needs of their children but also wish to secure their future even in their (parents’) absence.
Vighnesh Shahane, CEO, IDBI Federal Life Insurance, said, “With ever escalating education costs and increasing inflation, it is important for parents to start planning for their children’s future needs, right at the outset. Thus, they look for plans that provide optimal returns from their investments. They also want to ensure that their investment plans for their children are not derailed in their absence. Our Wealthsurance Future Star Insurance Plan addresses all these concerns effectively and makes it a structured investment plan for the child’s future needs. The plan not only helps one build a sizeable corpus with its market-linked returns but also safeguards the same from market volatility and offers life cover with triple benefits.”
Announcing the launch of the plan, Aneesh Khanna, Chief Strategy and Marketing Officer, IDBI Federal Life Insurance, added, “On death of the policyholder, the sum assured is immediately paid to the family of the deceased. Further, all future premiums are waived off and invested in a single instalment. The plan continues and the Fund Value is paid out at maturity. The customer can opt for 2 additional options for the payment of fund value - Wealth Care Switcher and Education Support Benefit. Education support benefit ensures the fund value is paid in a staggered and systematic manner to address the annual education expenses of the child. Wealth Care Switcher option gradually shifts investments from equity to debt as the plan approaches maturity, thus safeguarding the fund value from any sudden downward fluctuation in the market.”
The unit linked insurance plan from IDBI Federal gives customers 2 fund management options. They can either self- manage their investments among the 9 fund options or leave it to IDBI Federal fund managers. When left to the company there is a systematic allocator facility available that moves the investments to safer instruments as the plan approaches maturity. This allows the company to safeguard the customer’s investments from market volatility. The plan also rewards those who stay invested by offering guaranteed loyalty additions on the 10th policy anniversary and every 5 years thereafter.
Wealthsurance Future Star Insurance Plan comes with tax benefits under section 80C of Income tax act, 1961. The maturity or death payout is tax free under Section 10(10D) of the Income Tax Act, 1961.
Key features of the plan include:
About IDBI Federal Life Insurance
To know more, visit www.idbifederal.com.
About the sponsors of IDBI Federal Life Insurance Co Ltd
To know more, visit www.idbibank.com.
To know more, visit www.federalbank.co.in.
To know more, visit www.ageas.com. |
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