IDBI Federal Life Insurance has declared the launch of IDBI Federal Life Insurance Young Star Plus Plan. It is a comprehensive life insurance plan that helps the policyholders to arrange their savings to ensure the financial security of their children’s future. Depending upon the selected policy term (PT), the policyholder has the option to choose the premium payment term (PPT).
The newly introduced policy plan is designed in such a way that the policyholder will be able to keep a regular saving. It also leads to an increment in the corpus with guaranteed additions and bonus contributions. Through the policy term, up to 40%, guaranteed additions of the Maturity Sum Assured are payable.
As per the selected time frames, the insurance plan will provide guaranteed payouts to policyholders. It helps them to secure funds that can be used at the time of crucial milestones of his/her child’s life, whether it can be education, career, or marriage. For this, 125% of Maturity Sum Assured is paid out in the form of Guaranteed Annual Payouts.
The plan also ensures that the ultimate life goal of the child is kept financially secured, even in the unfortunate demise of their breadwinner. Through this plan, it is possible to create exclusive funds that are legally protected from creditors and claimants to the estate such as legal heirs, and parties to disputes.
The IDBI Federal Life Insurance Young Star Plus Plan provides a good platform for policyholders to maintain regular and systematic savings. There are no future premiums to pay, and the policy will continue along with the planned benefits. Tax Benefits under Sec 80 C and Sec 10 (10D) will be available on the paid premiums and received benefits.
IDBI Federal Life Insurance is a joint venture of IDBI Bank (a premier industrial development bank in India), Federal Bank (a leading commercial bank in India), and Ageas (a multinational insurance giant based out of Europe). The company provides a wide range of offers on protection retirement and capital management solutions to individuals and corporate customers. These services are made available to the customers through a nationwide network across the branches of IDBI Bank and Federal Bank along with the sizeable network of advisors and partners.