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Childsurance® Savings Protection Insurance Plan
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Childsurance® Savings Protection Insurance Plan (UIN: 135N032V01)

Being a good parent means making sure your child gets good education so that her future stays secure. The cost of education has shot up significantly and is expected to rise further. Add to that the cost of your child’s marriage or giving her a head start in career. It is therefore important for you to stay prepared. Plan early to help your child’s dreams come true tomorrow and support her at every important milestone of life. Go ahead; secure your child’s future. At every step!

IDBI Federal Childsurance ® Savings Protection Plan (UIN: 135N032V01) is a non-linked participating endowment plan that ensures your child’s future financial needs are fulfilled. Childsurance® Savings, is designed to give you guaranteed annual payouts and aid the important milestones in your child’s life. What’s more, in the unfortunate event of you not being around, the policy will continue exactly as you had planned it, without any further premiums being paid. .In other words, this plan ensures that your child gets to live his/her dream exactly as you have planned, whether or not you are around.

Age at entry - Insured Person (Parent) Minimum 18 years
Maximum Regular payment option: 40 years
Limited payment option: 50 years
Age at entry - Nominee (Child) Greater than one month and less than 18 years of age
Maturity age (Insured Person) Minimum 28 years
Maximum Regular payment option: 65 Years
Limited payment option: 75 years
Policy term Minimum 10 years
Maximum 25 years
Premium payment term   Regular payment option: Equal to policy term
Limited payment option: 5 years less than the policy term
Premium payment frequency   Yearly, and monthly by ECS, standing instructions or direct debit only
Premium
(exclusive of service tax and education cess)
Minimum Yearly: Rs.10,000, Monthly: Rs.1,000 Loading factor of 0.09 is applicable for monthly premium payment frequency
Maximum No limit (subject to underwriting)
Maturity Sum Assured Minimum Subject to above minimum premium
Maximum No limit, subject to underwriting

  • Guaranteed annual payouts for important milestones
  • Childsurance® gives you guaranteed annual payouts either in the last 3 or last 5 years of the policy, depending on the policy term you choose.

  • Bonuses to add to your savings
  • Right from the 1st year, you get reversionary bonus. Along with reversionary bonus, interim and terminal bonuses (if any) would also be paid out at maturity.

  • Immediate payout of lump sum in case of your unfortunate death
  • In case of an unfortunate event, the death sum assured will provide for your child’s immediate needs.

  • Waiver of future premiums
  • In case of an unfortunate event of you not being around, all future premiums of the policy will be waived off.

  • Plan continues and benefits are paid as planned
  • Even in the unfortunate event of death, the guaranteed annual payouts and bonuses will be paid on their respective due dates.

  • Two tax benefits
  • Childsurance® allows you to enjoy deductions under Section 80C of the Income Tax Act, 1961 on the premiums you pay. It also gives you maturity amount that is tax-free under section 10(10D). Childsurance offers you tax benefits for all the payouts.

  • Flexibility to plan for your needs
  • With Childsurance®, you have the option of choosing the maturity sum assured, policy term, premium payment term, and payment mode as per your child’s future needs.

  • Exclusive fund for your loved ones
  • By endorsing your Childsurance® policy under the Married Women’s Property Act, 1874, you can create an exclusive fund for your loved ones which is legally protected from creditors and claimants.

  • Loan facility
  • In case of an emergency, you can avail of the loan facility on your policy. Loan is available once the policy attains surrender value. For more on loans please refer to the product brochure.

    For more information on plan benefits, please refer to the product brochure.

We recommend you follow the steps given below while buying Childsurance Savings:

  1. Decide the amount of guaranteed annual payouts you would need. This will depend on your plans for your child’s future.
  2. Basis the amount of payouts, you should choose the Maturity Sum Assured (MSA). Guaranteed annual payouts are percentages of MSA such that sum of all guaranteed annual payouts equal to the MSA.
  3. Next, choose when and for how long you would need the payouts – the difference between your child’s current age and the age at which the guaranteed annual payouts should end, will be the policy term. Accordingly, you will know whether you will get 3 or 5 guaranteed annual payouts. This can help you plan your child’s future better.

If you choose a Policy Term of 10 to 14 years, you will receive 3 Guaranteed annual payouts as 20%, 20% and 60% of MSA in the corresponding last 3 years of your policy. If you choose a Policy Term of 15 to 25 years, you will receive 5 Guaranteed annual payouts s in the last 5 years of your policy with 20% of Maturity Sum Assured each year.

The illustration below explains how the product works for a limited premium policy with a policy term of 14 years.

This second illustration below explains how the product works for a limited premium policy with a policy term of 20 years

Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws from time to time. Bonuses are linked to the profits of the participating life fund and depend on the future experience and performance of the fund. IDBI Federal Childsurance Savings Protection Insurance Plan is a non-linked participating endowment plan. Product UIN: 135N032V01. The product is underwritten by IDBI Federal Life Insurance Company Limited (IRDAI Regn. No 135; Corporate Identity Number (CIN) – U66010MH2007PLC167164)) having its registered office at: IDBI Federal Life Insurance Company Limited, 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East),Mumbai 400013, India.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS.

IRDAI clarifies to public that:

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

  • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

Pay Online
You can pay your premiums swiftly and safely, just follow these 3 simple steps. It’s really simple and convenient.