Every parent always worry if they have done enough for their children, to secure their future and for them to get the best of the education available. IDBI Wealthsurance Future Star Insurance Plan is designed to help you build wealth efficiently and have enough fund for your child’s dreams and aspirations. You get life cover with triple benefits and life cover for the parent. This is a unit linked plan ( ULIP Plan ) that helps you build a corpus.
Features of IDBI Wealthsurance Future Star Insurance Plan
The features of IDBI Wealthsurance Future Star Insurance Plan are as follows:
- The policy term is minimum 10 years and the maximum term that the policy can be held for is 25 years.
- The minimum premium payment term is 5 years and the maximum is up to the policy term.
- The premium payment can be made annually.
- Sum assured for an insured person of ages below 45 years is higher of 10 times the annual premium or 0.25 multiplied by the policy term and the annual premium.
- Sum assured for an insured person of ages of 45 years and above with a premium payment term less than 8 years is higher of 7 times the annual premium or 0.25 multiplied by the policy term and the annual premium and with a premium payment term more than or equal to 8 years higher of 10 times the annual premium or 0.25 multiplied by the policy term and the annual premium.
- You get the choice of 9 investment funds to appease the different risk appetites. The funds available are:
- Equity Growth Fund
- Midcap Fund
- Pure Fund
- Bond Fund
- Income Fund
- Liquid Fund
- Aggressive Asset
- Moderate Asset
- Cautious Asset Allocator Fund
- There are 2 investment management options available, you can either do it yourself or let the company do it for you.
- The policy has a 5 year lock-in period.
- You get 15 days free look period, within which you can return the policy and request for a cancellation. The money will be refunded to you. Free look period for the policies solicited through distance marketing mode is 30 days.
Benefits of IDBI Wealthsurance Future Star Insurance Plan
The benefits of IDBI Wealthsurance Future Star Insurance Plan are as follows:
- Triple benefits are offered to secure your child’s future in the event of your death. Lump sum assured is paid, future premiums will be waived and policy will continue till maturity.
- You can avail the wealth care switcher benefit while taking this policy. When approaching maturity, the fund will transfer from equity to debt in a pre-defined manner. This ensures that the corpus is not falling prey to the sudden market fluctuation.
- Education support benefit can be opted while taking the policy, this ensures that even if you die during the policy term, the fund value is paid out in instalments in the last 5 policy years and that can be used to support your child’s education and related annual expenses.
- Guaranteed loyalty additions are offered at the end of the 10th year and after every 5 years thereafter.
- Life cover is offered for the parent.
- Maturity benefit is paid on the end of the maturity that is equal to the fund value in your investment account as on the date of the policy’s maturity.
- Partial withdrawals facility is offered after the lock-in period.
- Policy can be converted to paid-up policy and the sum assured will be revised accordingly.
- The policy can also be surrendered after completing 5 years if there is an emergency.
- You get tax benefits under Section 80C. The maturity benefits and partial withdrawals are tax free. You get tax exemptions under Section 10(10D) towards the death benefit and for the benefits you receive under this policy.
Eligibility Criteria of IDBI Wealthsurance Future Star Insurance Plan
The eligibility criteria of this IDBI Federal Life plan are as follows:
- Minimum age at entry is 18 years and the maximum age at entry is 54 years.
- The minimum age at maturity is 28 years and the maximum age at maturity is 64 years.
- There minimum premium amount allowed is Rs.25,000 per annum and the maximum premium amount is Rs.95,000 per annum.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017