A three-fold conglomeration of IDBI Bank, Federal Bank and Ageas (European MNC), IDBI Federal Life Insurance Co. Ltd. is an IRDAI approved insurance provider that has been in force since the year of 2008. With its rich and robust backing it makes sure all the products and services extended by this company are of utmost quality, be it IDBI Federal Wealthsurance Future Star Insurance Plan, wealth Gain Insurance Plan or any other plan.
What is IDBI Federal Wealthsurance Future Star Insurance Plan?
Basically, this is a child plan which is designed to keep your child’s future safe and sound. Unlike a traditional child insurance plan, this one is a Unit-Linked child plan thus making it one step ahead in the line. By unit-linked, we mean that the policyholder not only enjoys financial protection but also reaps benefits of investment.
Features and Benefits
To understand any product or service inside-out, it is quite essential to know the features and benefits that form backbone of any product. Same is the case with IDBI Federal Wealthsurance Future Star Insurance Plan.
Features
- Corpus builder
Being an investment plan along with insurance, IDBI Federal Wealthsurance Future Star Insurance Plan helps the insured accumulate enough funds to be used in future. Mere insurance would only provide you cover but a ULIP would enable you build a strong corpus so as to maintain the dignified life your child leads by your side.
- Flexibility
With this IDBI child plan, you get the benefit of choosing the premium amount (minimum of Rs.25,000 per annum) along with the term of premium payment. By this term, we mean that you can opt to choose the premiums throughout the policy term or you can pay the premiums for a limited period only.
- Guaranteed Loyalty Additions
After completing 10 years with IDBI, you get rewarded for your loyalty in the form of loyalty additions credited to your policy. This occurs at the end of 10th year and then after every 5 years. This addition helps boost investments.
- Dual options to manage investment
Thanks to IDBI Investment Basket, the policyholder gets the option to manage funds in the way that suits them the best. It offers two options, namely, Do-It-Yourself & Leave-It-To-Us. In the former option, you have the liberty to invest your money in the funds of your choice, as per your preferred ratio and also change it whenever you like. In the second option, your money will be invested in the best of funds guided by the expert team of IDBI, of course in accordance to your risk appetite.
- 9 fund options for different level of risks
There are as many as nine fund options given under the IDBI Federal Wealthsurance Future Star Insurance Plan in which you can choose to invest your money. These are: Equity Growth Fund (high risk), Midcap Fund (high risk), Pure fund (high risk), Bond Fund (moderate risk), Income Fund (low risk), Liquid Fund (low risk), Aggressive Asset Allocator Fund (high risk), Moderate Asset Allocator Fund (high risk) & Cautious Asset Allocator Fund (moderate risk).
- Waiver of premiums
If the policyholder dies during the policy is still in effect (I.e.during term of the policy), the premiums that might be due will be waived off for the obvious reason. Although it doesn’t mean that the policy would also be waived. It will continue to render the benefits for the nominee (the child).
Benefits
IDBI Federal Wealthsurance Future Star Insurance Plan comes loaded with multiple benefits to make sure this plan gives you and your child the best of future planning and aid in times of educational needs, marital expenses and so on. Some of these are listed below:
- Life Cover Benefit for the parent
In the unfortunate event of demise of the parent, the insurer would pay the death benefit to the child so as to assure him financial support. Also, due premiums, if any, shall be waived off too. After this payment, the protection account gets done with but the investment option continues to work in the same manner, I.e. the money invested will continue to grow and will be paid at the maturity of policy term.
- Maturity Benefit
This is the amount you sign up for. When the policyholder survives the policy term, this benefit comes into effect. This amount is the total of Sum Assured plus the fund value in the investment account on the date of maturity.
Tax Benefit
What good is a financial supporter if it doesn’t help in saving more, right? That’s why, with this IDBI child plan, the amount you pay as premium will be entitled for tax deductions.
- Wealth care switcher benefit
This option gets activated if the policyholder does not survive the policy term I.e. dies before maturity. With this option, the investment strategy is altered so as to save the money invested in funds from being exposed to market risks.
- Education Support Benefit
If you opt for this benefit, the death benefit will be paid in installments for the last five years instead of lump sum payment. This will ensure a regularized flow of money in your absence so that the education of your child is strategically managed and not haphazardly spent at once.
Also Read: IDBI Federal Childsurance Savings Protection Insurance Plan
Additional Benefits
- Partial Withdrawal
At time of need a person might require immediate fund access and that is when this benefit comes handy for the policyholder of IDBI Federal Wealthsurance Future Star Insurance Plan. After the lock-in period of 5 years, the insured can partially withdraw the amount for a minimum of Rs.10,000 to maximum 20% of the find value in the start.
- Surrender Option
Although this particular IDBI child plan is built to insure your child’s future for a long period of time but emergencies might force you to opt out of the policy and that option is provided in this plan. The only requisite here is that the period of 5 years must be completed. But if you surrender before the lock-in period of 5 years, you will have to pay ‘Discontinuation Charges’.
Eligibility
To make sure that you are fit to enroll in this IDBI Federal Wealthsurance Future Star Insurance Plan, refer to the following table. Also you can check other details regarding the pan like term of the policy, premium amount, etc. that will help ascertaining your decision.
| Particulars | Details |
| Entry Age
(of parent/guardian) |
18 – 54 years |
| Maturity Age | 28 – 64 years |
| Policy Term | 10 – 25 years |
| Premium Payment Term | 5 – As per the policy term |
| Premium Payment Mode | Only Annual |
| Premium Amount | Rs.25,000 – Rs.95,000 |
Working of IDBI Federal Wealthsurance Future Star Insurance Plan
You will be made available with 2 different accounts for different aims, viz. Investment Account and Insurance Account.
Investment Account – A portion of the premium you pay will be used for investment purpose and the details of the same are recorded in this account.
Insurance account – The benefit you are entitled to under Wealthsurance Future Star Insurance Plan will be reflected in this account. Charges of maintaining this benefit are deducted from the Investment Account.
Can I customize this IDBI child plan as per my needs?
When you secure your child’s future with IDBI Federal Wealthsurance Future Star Insurance Plan, you are given the freedom to customize the plan as per your needs and preferences. This is because, dreams are rarely the same and thus a standard plan wouldn’t work for all.
Doing this is a simple task. Just follow the steps mentioned below and you’ll sail though just fine :
Step 1: Finalize the corpus you wish to create
Step 2: Choose from the details mentioned in the ‘Eligibility’ section as to how much premium you wish to pay annually for the plan. Also make sure to identify the time for how much time you want to keep paying the premium (Premium Payment Term).
Step 3: Choose the policy term.
Step 4: Check with the two options given for investment in the IDBI Federal Wealthsurance Future star Insurance Plan to make sure your money is optimized as per your goals and not wasted.
Step 5: Finally, decide the Sum Assured you wish to enroll fr. This will be the amount you will be getting at the end of the policy term or as death benefit.
Once all these steps are done, you will be having with you a detailed plan that you can gift your child with as and when the time comes.
Where and How to Contact IDBI Life Insurance Co. Ltd. ?
In case of any complaint, questions or grievances, you can always contact the customer care staff of IDBI using following options:
Over the Call
1800 209 0502 (Toll Free Number)
Via Email
If you prefer connecting via the modern lines of internet, you can email your query, etc. at support@idbifederal.com and you will receive a revert within the time period of 24 – 48 hours.
Via Post
If none of the above options suit you, you can always choose the traditional method and write to IDBI Federal Life Insurance Co. Ltd. @
22nd Floor
A Wing, Marathon Futurex
N.M. Joshi Marg
Lower Parel (East), Mumbai 400013
India
FAQs
Q1. What is buying the policy via Distance Marketing mode?
For those customers who are approached via following modes are said to be engaged in digital marketing:
Voice call, SMS, email, interactive television, physical mode (post, newspaper, magazines)
Q2. If the policyholder commits suicide, is the death benefit still valid?
No. At such an incident, no death benefit is paid to the nominee. Any intentional act leading to self injury or death is excluded from the coverage periphery.