IDBI Federal Life Insurance launches Young Star Plus Plan – Check features

IDBI Federal Life Insurance has announced the launch of IDBI Federal Life Insurance Young Star Plus Plan, a non-linked, participating, savings plan. IDBI Federal Life Insurance Young Star Plus Plan is a comprehensive life insurance plan that helps policyholders align their savings towards financially securing and supporting their children’s future. The policyholder has the flexibility to choose the premium payment term (PPT), depending on the policy term (PT) selected.

The plan is designed so as to keep the policyholder committed to regular savings, while boosting the corpus with guaranteed additions and bonus contributions. The guaranteed additions are payable upto 40% of the Maturity Sum Assured, through the policy term.

Furthermore, the plan provides guaranteed payouts, according to chosen timeframes, to help the policyholder fund the crucial milestones of his/her child’s life, be it education, career or marriage.

The plan also ensures that the child’s aspirations stay financially safe, in the event of the breadwinner’s unfortunate demise, by creating exclusive funds which are legally protected from creditors and claimants to the estate such as legal heirs, parties to disputes and creditors. Under Section 6 of the Married Women’s Property Act, 1874, the policy can be exclusively endorsed for the benefit of the named beneficiaries.

Key Benefits of the plan:

• Provides an avenue for regular and systematic savings
• 125% of Maturity sum assured paid out in the form of Guaranteed Annual Payouts to help fund critical milestones
• Guaranteed additions up to 40% of the Maturity Sum Assured, through the policy term
  Bonuses when declared, to help boost savings
• Choice of policy term and premium paying terms to suit individual needs
• Financial security for one’s loved ones in case of an unfortunate event. No future premiums payable and the policy continues with planned benefits
• Tax Benefits under Sec 80C and Sec 10(10D) may be available on the premiums paid and the benefits received