IDBI Federal Childsurance Savings Protection Insurance Plan

Parenting is all about ensuring that your child is self-sufficient and well-equipped for their future. It is every parent’s dream to see their child happy and financially secure. The foundation for a is built on the basis of a sound education. However, in recent times, the costs of education have been rising with every passing year and are expected to continue to climb in the future as well. In addition to education, one can add the expenses which parents may incur to provide their child a head start in their career or fund their marriage. All in all, there is a considerable amount of money which goes into building your child’s future, till they are capable of comfortably surviving on their own. To achieve this goal, it is important that one accumulates adequate savings to provide for their child’s needs in the future.

IDBI Federal life introduces a special plan to help you plan your savings towards this very goal with the Childsurance Savings Protection Insurance Plan. This is a unique plan which aims at helping you provide for all of your child’s future needs. With the , you receive guaranteed payouts on an annual basis, so you can provide for your child’s needs even if you are no longer around.

Eligibility for Childsurance Savings Protection Insurance Plan

Age at entry - Insured (Parent) Must be at least 18 years old. Maximum age of insured must not be more than 40 years (regular payment option) or 50 years (Limited payment option).
Age of Entry – Nominee (Child) Child must be older than one month and not more than 18 years of age.
Age at Maturity (Insured person) Insured must not be below 28 years of age at the time of policy maturity. Maximum age of insured at the time of maturity must not be over 65 years (for regular payment option) or 75 years (for limited payment option).

Key Features of Childsurance Savings Protection Insurance Plan

Plan Type Non-linked participating endowment plan.
Plan Basis Individual
Policy Term The minimum policy term is 10 years. Beyond that, policy can be taken for a maximum term of 25 years.
Premium Payment Term (PPT) Under the Regular Payment Option, the PPT will be equal to the term of the policy. Under the Limited Payment Option, , the Premium Payment term allowed is 75 years.
Premium Payment Frequency Payments of premium can be done on a yearly basis or on a monthly basis by ECS, by standing instructions or via direct debit.
Maturity Benefits On maturity of the policy, an aggregate of the maturity sum assured and the declared bonus will be given.
Minimum Premium (excl. service tax & education cess) Minimum premium to be paid differs with the premium payment frequency. Yearly – Rs 10,000; Monthly – Rs 1,000 (loading factor of 0.09 is applicable for premium payment done on a monthly basis).  
Maximum Premium No maximum limit to premium amount (subject to underwriting)
Free look Period According to IRDA regulations, policyholders will be permitted a free look period of 15 days from the date of the receipt of the policy document. Cancellation of the policy must be done within this Free Look period. For cancellation, policyholders must send the original policy document, along with a letter requesting for cancellation of the policy with the reason for cancellation.
Grace Period

30 days – For policies taken with a yearly premium payment mode.  

15 days - For policies taken with a monthly premium payment mode.

The Grace period will come into effect from the date of the first unpaid premium.

The policy coverage and all associated benefits will remain  in force during the grace period.

Policy Revival If the Childsurance policy has lapsed or acquired paid-up value, policyholders can revive the policy within two years, starting from the due date of the first unpaid premium.
Nomination Under the provisions of Section 39 of the Insurance Act, 1938, policy holder can nominate another person to receive the benefits of the policy, following death of the policyholder.
Policy Loan Once the policy has acquired Surrender Value, the policyholder may avail a loan from . The amount of loan granted will be fixed at 85% of the surrender value of the policy. The minimum amount of the loan provided will be Rs 5,000. Rate of interest is subject to change from time to time and will always be 3% above the 10 year Government security. It will be reviewed after every 6 months.
Min. Sum Assured Minimum sum assured to be given will be  decided on the basis of the minimum premium amount.
Max Sum Assured There is no cap on the maximum limit of the sum assured amount (subject to underwriting).


  • Freedom to Choose Your Policy Term –As a policyholder, you have the freedom to choose between 2 policy terms, in order to obtain the maximum benefit of timely payout, especially for your child’s academic pursuits. You can choose from a 10 year term or a 25 year term for the Childsurance policy.  
  • Choice of Premium Payment Terms – For premium payment, the Childsurance policy gives you the flexibility to choose from two plans according to your needs. Under the Limited payment option, policyholders only need to pay the premium for a period which is 5 years less than the term of the policy.  For instance, if the term of your policy is 15 years, then the premium only needs to be paid for a period of 10 years. Under the Regular payment option, the term of premium payment will remain the same as the term of the policy. So, if the policy is taken for 15 years, then the premium payment term will also be for 15 years.
  • Freedom to Choose Premium Amount – The minimum amount of premium to be paid for yearly installments is Rs 10,000 and Rs 1000 for monthly installments. This premium amount does not include service tax or education cess. For monthly installments, a loading factor of 0.09 is applicable.
  • Tax Benefits – Premiums which you pay towards your Childsurance policy are eligible for deduction under the provisions of Section 80C of the Income Tax Act, 1961 (premiums up to the amount of Rs 1 lakh, including other eligible investments). Also, the amount of maturity benefit and death benefit received is exempt from tax under Section 10 (10D) of the Income Tax Act, 1961.

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