- 1 Feature & Benefits Wealthsurance Future Star Insurance Plan
- 2 Product Specification
- 3 Details About Premium
- 4 Policy Details
- 5 Inclusion & Exclusion
- 6 Documents Required
- 7 Can I Customize this IDBI Child Plan as Per my needs?
- 8 If the Policyholder Commits Suicide, is the Death Benefit Still Valid?
A three-fold collection of IDBI Bank, Federal Bank and Ageas, Federal Life Insurance Co. Ltd. is a Central Certified Insurance Company that is working well since the year of 2008. With its rich knowledge and team, it makes sure that all the plans offered by the company are of A1 quality. This plan is basically a child plan which is worked out in such a manner that it keeps your child’s future safe and protected. It is a Unit-Linked child plan which makes it one step ahead in customer’s mind.
Feature & Benefits Wealthsurance Future Star Insurance Plan
In road of understanding any plan or policy inside-out, it is very essential to learn all its features and benefits.
- Entity Designer – The IDBI Federal Wealthsurance Future Star Insurance Plan make sure that the insured collect enough amount of funds that can be used in future. With this insurance in your hand, one can build a strong entity just to attain a stable living in today and even in the future.
- Flexibility – With this child insurance plan, one becomes eligible to choose the premium amount and the term of premium payment according to needs and stability.
- Guaranteed Fidelity Add-Ons -Once you have completed 10 big years with the company, you will receive a reward for your loyalty which is offered in the form of loyalty add-ons.
- Dual Options to Manage Investment – Thanks to , Federal Wealthsurance Future Star Insurance Providers, the policy owner gets an option to manage funds according to their needs and requirements which suits them the best. It offers two options, which are, Do-It-Yourself & Leave-It-To-Us. In the first option, one have the power to invest their money in the funds of their own choice, as per the chosen ratio and also change it whenever the owner feel like. In the second option, your money is invested in the best of funds under the company’s expert team’s vision.
- Premium Amount Wavier – If the policy owner dies in between the policy, the policy will till remain in effect and all the upcoming premiums that might be due will be waived off for the obvious reason. This doesn’t mean that the policy will also come to an end,. instead, this means that the policy is still in the running for the nominee without any premiums.
IDBI Federal Wealthsurance Future Star Insurance Plan is made all loaded with several benefits to make sure that the plan gives you and your child the best and a bright shining future and help the policy holder in times of all sort of educational needs, marital expenses and many more. Few of the benefits are mentioned below:
- Life Cover Benefit for the Parent – In case of any unfortunate event of death of the parent, the insurance company will pay the death benefit amount to the child just to provide him the financial support. Also, all the remaining premiums, will be waived off as well. After the payment of the death benefit, the protection account gets completed with but the investment option the plan continues to work in the same manner, that is, the money that is invested will continue to grow and will be given off at the completion of policy term.
- Maturity Benefit – This is the amount that you have waited for all this long. When the policy owner lives in the policy duration, this benefit comes in the picture. This amount is the total of Amount which is Assured along with the fund value in the investment account on the date of maturity of the policy
- Tax Benefit – If the financial supporter is unable to extend it’s support in saving more amount of money, then, for what purpose you have opted it, right? That is why, with this Federal Wealthsurance Future Star Insurance Plan, the amount you deposit as your premium will be saved and noted as the tax deductions.
- Education Support Benefit – If you have chosen this benefit, the amount of the death benefit will be paid in parts for the coming five years instead of paying the lump sum amount at once. This will ensure a regularized flow of money in the parent’s absence so that the education of your child is strategically managed and money is also used wisely.
- This products do not offer any flexibility during the first five years of the policy term. The policy owner is not provided with the rights to surrender or withdraw the total amount of money invested in Unit-linked Insurance Products neither completely nor partially until the end of the fifth year.
- Life Cover benefit with immediate lump sum payout upon death of the insured parent, plus policy continuance with waiver of the due future premiums.
- Investment choice of 9 Fund offering designed to appease different risk-return appetites. Life Cover for the parent
- Choice of 2 investment management options to grow and manage the corpus Guaranteed Loyalty Additions for long-term investments.
Details About Premium
- Premium Allocation Charge: This charge gets deducted from the premium paid and the balance premium amount is then transferred to your investment account. The premium allocation charge for the first policy year is 3.15% of the annual premium, however, from second year onwards the premium allocation charge is zero.
- Mortality Charges: To meet the cost of Life Insurance Benefit, Mortality charge is deducted at the beginning of each month by cancellation of the units in your Investment Account. The calculation of this particular amount depends on the total sum at risk.
- Policy Administration Charge: To meet the costs of the plan and support the benefits, a policy administration charge is levied. This charge is deducted from your account at the beginning of each month by cancellation of sums from your Investment Account.
- Grace Period: grace period of 30 days is provided for payment of premium
- Policy Termination or Surrender Benefit: Policyholder is given the right to surrender the policy only after 5 completed years of the plan. If the policy is surrendered before the span 5 years, there is certain amount of value of discontinuation charge will be deducted or charged extra for the Discontinued Policy. Once you complete the duration of 5 years, the fund value in the Discontinued Policy fund is on paid to the policyholder without any detection. If the policy is surrendered after 5 year of policy completion, then the whole of the Fund value on the date of surrender is given to the policy holder without any further charges.
- Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, the policy owner have the option of canceling the policy within 15 days of the policy being in effect, only if there has been no claim done by then.
Inclusion & Exclusion
- Partial Withdrawals are allowed after 5 policy years with a minimum amount of Rs. 10, 000 and a maximum of 20% of the Fund Value.
- Unlimited free Switches are allowed to change between funds chosen.
- Premium redirection facility to redirect future premiums.
- Any disease or injury that has directly/indirectly occurred from or is attributable to invasion, war, warlike operations or any act of the foreign enemy.
- Any disease diagnosed by the insured individual within the initial 30 days from the date of commencement of the policy.
- Treatment occurring due to pregnancy, miscarriage, childbirth, abortion or complication of any of these.
- Dental treatment or surgery is excluded unless required in the event of an accident.
- Any injury caused due to self-harm
In order to buy a Star Health Insurance Policy Plan all you are required to do is to fill the policy form along with the following original documents that is needed to submit:-
1. Identity Proof
2. Age Proof
3. Income Proof
4. Address Proof
5. Medical Proof
Can I Customize this IDBI Child Plan as Per my needs?
Yes, one can customize a few of the things in the plan as per needs in the Federal Wealthsurance Future Star Insurance Plan.
If the Policyholder Commits Suicide, is the Death Benefit Still Valid?
No, at such an incident of a suicide, zero death benefit is given to the nominee, as any intentional act leading to self injury or death is excluded from the coverage of the plan.