Life insurance policies are essential for this very reason. Policies come with varied requirements and can also be customised. IDBI Federal life offers a policy that is tailor made to ensure the well-being of a child.
Children are the future of any country. Ensuring their well-being is essential. In times of economic uncertainty such as these, it is up to their parents to make sure that their lifestyle is not in jeopardy due to lack of finances.
When procuring a life insurance policy from any company, it is important for customers to opt for a reputed one. is one such company that is currently one of the leaders in the life insurance market. It is also one of the fastest growing companies. It is a joint venture between IDBI Bank and Federal Bank. As of 2015, they have issued over 7 lakh policies to customers in India.
This plan is tailor made for those looking to secure their child's future in the most convenient way possible.
Benefits
Mr. Neeraj Rao procured the above policy to ensure the future of his daughter. He was 32 years when he procured and the sum insured for maturity was Rs. 5 lakhs. He pted for a premium payment term of 15 years and a policy term of 20 years. His annual premium amount that he paid was Rs. 32,405 excluding cess and tax. The policy commenced on 2012 and from 2028 to 2032, he received a lakh every year as assured yearly payouts. At 4 percent per year, his bonuses would total up to a lakh. He would receive Rs. 6 lakhs as the total benefit amount which could be used for his daughter's education or any other requirements.
Ensuring a child's secure future is of paramount importance as they are the custodians of the future. Procuring the is therefore essential. Customers should research and review all their options before deciding on a particular policy. Certain factors such as financial requirements, reputation of the company and the claim settlement ratio must be kept in mind before opting for one particular policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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