India-based IDBI Federal Life Insurance has introduced new Wealthsurance Future Star Insurance Plan, which allows parents to build significant corpus for the future needs of their children.
The unit linked insurance plan (ULIP) provides customers with two fund management options, allowing them either self manage their investments among the nine fund options or leave it to fund managers of IDBI Federal, reported The Financial Express.
The new plan is said to provide life cover with triple benefits, including lump sum pay-out, waiver of future premiums and their investment in a single installment, as well as fund value at the end of the policy term.
It also offers ability to build long-term wealth with market linked returns and guaranteed loyalty additions at the end of the 10th policy year and every five years thereafter.
IDBI Federal Life Insurance CEO Vighnesh Shahane was quoted by the publication as saying: "With ever escalating education costs and increasing inflation, it is important for parents to start planning for their children’s 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."
IDBI Federal Life Insurance is a joint venture of IDBI Bank, Federal Bank and multinational insurance giant Ageas.
IDBI Bank holds 48% equity interest in the insurer, while Federal Bank and Ageas each own 26% equity stake in the firm.
Image: IDBI Federal has launched new Wealthsurance Future Star Insurance Plan. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.