IDBI Childsurance Savings Protection Insurance Plan

• Guaranteed annual payouts for child’s key milestones
• Family’s financial security
• Plan continues till maturity
• Bonuses to enhance savings
• Waiver of future premiums
• Exclusive funds for loved ones
• Limited or regular premium payment option
• Flexible plan options
• Loan benefit is available
• Premium discount for female insured
• Get tax benefits

Death Benefit

In the event of death of the life insured during the term of the policy, the death sum assured is payable immediately. All the future premiums are also waived and the nominee will receive the guaranteed annual payouts. The policy will also participate in the company’s participating life fund.

Death sum assured is higher of 10/7 times the annualized premium when age at entry is less than 45 years/45 years & above or maturity sum assured.

The minimum death benefit is at least 105% of the total premiums paid.

Maturity Benefit

Maturity benefit under this plan is the aggregate of maturity sum assured and declared bonuses. Maturity sum assured is paid as guaranteed annual payouts to meet key milestones of your child. Guaranteed annual payouts are payable for the last 3 years (20% each of the last 2 years from maturity and 60% at policy maturity) and it is applicable when the policy term is 10 to 14 years. The guaranteed annual payouts are also payable in the last 5 years (20% in each of the last 5 years) and it is applicable when the policy term is 15 to 25 years.

The guaranteed annual payout is payable, in case all the due premiums have been paid.

Bonus

The company may declare bonuses through reversionary bonus and terminal bonus. The bonuses are linked to the profits of participating life fund. The bonuses, once declared is payable as guaranteed benefits under the policy.

Bonus is applied on maturity sum assured.

Loan Benefit

The maximum loan amount that can be availed is up to 85% of the surrender value and the minimum loan amount is Rs 5,000.

Surrender Value

The Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value less guaranteed annual payouts already paid. The policy terminates on surrender and no further benefits are then payable. The Surrender Value can be acquired on payment of at least 2/3 years’ premiums, when premium paying term is less than 10 years/10 years or more, respectively.

Tax Benefit

You can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.

No riders can be opted, under this plan.

Mr. Ajay Mishra at 32 years of age, opts to buy IDBI Federal Childsurance Savings Protection Insurance Plan to secure funds for his daughter’s future educational needs. He buys this plan with the policy term of 20 years, premium payment term of 15 years, annual premium of Rs 32,405 and the maturity sum assured is Rs 5,00,000.

Scenario A: Ajay Survives the Policy Term

The guaranteed annual payouts are payable in the last 5 years, as 20% in each of the last 5 years, thus the guaranteed annual payouts payable are Rs 1,00,00 for each of the last 5 years. Declared bonuses are also payable.



Scenario B: Ajay dies during the Term of the Policy

In the event of death of Mr. Ajay during the term of the policy, the death sum assured is payable immediately. All the future premiums are also waived and the nominee will receive the guaranteed annual payouts. The company also pays the bonuses, as applicable.