IDBI Federal Launches Wealthsurance Future Star Insurance

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September 3, 2015 10:21 PM

IDBI Federal, a pioneer in product innovation, has announced the launch of its new plan IDBI Federal Wealthsurance Future Star Insurance Plan.

  • A unit-linked plan to match the escalating costs of children future goals
  • Life cover with triple benefits
  • Options to manage investments to suit your need/ risk appetite

IDBI Federal, a pioneer in product innovation, has announced the launch of its new plan IDBI Federal Wealthsurance Future Star Insurance Plan. This plan is for parents who not only wish to build substantial corpus for the future needs of their children but also wish to secure their future even in their (parents;) absence.

Vighnesh Shahane, CEO, IDBI Federal Life Insurance, said, With ever escalating education costs and increasing inflation, it is important for parents to start planning for their children future needs, right at the outset. Thus, they look for plans that provide optimal returns from their investments. They also want to ensure that their investment plans for their children are not derailed in their absence. Our Wealthsurance Future Star Insurance Plan addresses all these concerns effectively and makes it a structured investment plan for the child future needs. The plan not only helps one build a sizeable corpus with its market-linked returns but also safeguards the same from market volatility and offers life cover with triple benefits.

Announcing the launch of the plan, Aneesh Khanna, Chief Strategy and Marketing Officer, IDBI Federal Life Insurance, added, On death of the policyholder, the sum assured is immediately paid to the family of the deceased. Further, all future premiums are waived off and invested in a single instalment. The plan continues and the Fund Value is paid out at maturity. The customer can opt for 2 additional options for the payment of fund value – Wealth Care Switcher and Education Support Benefit. Education support benefit ensures the fund value is paid in a staggered and systematic manner to address the annual education expenses of the child. Wealth Care Switcher option gradually shifts investments from equity to debt as the plan approaches maturity, thus safeguarding the fund value from any sudden downward fluctuation in the market.

The unit linked insurance plan from IDBI Federal gives customers 2 fund management options. They can either self- manage their investments among the 9 fund options or leave it to IDBI Federal fund managers. When left to the company there is a systematic allocator facility available that moves the investments to safer instruments as the plan approaches maturity. This allows the company to safeguard the customer investments from market volatility. The plan also rewards those who stay invested by offering guaranteed loyalty additions on the 10th policy anniversary and every 5 years thereafter.

Wealthsurance Future Star Insurance Plan comes with tax benefits under section 80C of Income tax act, 1961. The maturity or death payout is tax free under Section 10(10D) of the Income Tax Act, 1961.

Key features of the plan include:

  • Life cover with triple benefits ndash; Lump sum pay-out + Waiver of future premiums and their investment in a single instalment + fund value at the end of the policy term
  • Ability to build long-term wealth with market linked returns
  • Guaranteed loyalty additions at the end of the 10th policy year and every 5 years thereafter
  • Choice of 9 investment fund offerings to invest money as per customers; priorities and risk appetite.
  • Option to self manage investments or leave it completely to the company.
  • *Tax benefits under Section 80 C and 10 (10D)


About IDBI Federal Life Insurance

  • IDBI Federal Life Insurance Co Ltdis a joint-venture of IDBI Bank, India premier development and commercial bank, Federal Bank, one of India leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies by garnering Rs.100 Cr in premiums. Through a continuous process of innovation inproductand service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. The company offers its services through a vast nationwide network 2365 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31stMarch 2014, the company has issued nearly 6.5 lakh policies with a sum assured of over Rs. 34578.54 crores.

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About the sponsors of IDBI Federal Life Insurance Co Ltd

  • IDBI Bank Ltd.continues to be, since its inception, India premier industrial development bank. It came into being as on July 01, 1964 to support India industrial backbone. Today, it is amongst India foremost commercial banks, with a wide range of innovativeproductsand services, serving retail and corporate customers in all corners of the country from 1389 branches and 2301 ATMs. The Bank offers its customers an extensive range of diversified services including project finance, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India financial sector ndash; National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

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  • Federal Bankis one of India leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 1,142 branches and 1,312 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financialproducts. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.

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  • Ageasis an international insurance group with a heritage spanning 190 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and the UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas is the second largest Motor insurer and has a strong presence in the growing over 50s market. Ageas employs more than 13,000 people in the consolidated entities and over 30,000 in the non-consolidated partnerships, and has annual inflows of more than EUR 23 billion.

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