Ageas Federal Wealthsurance Future Star Insurance Plan
IDBI Federal Wealthsurance Future Star Insurance Plan
IDBI Federal Wealthsurance Future Star Insurance Plan is a Unit Linked Insurance Plan (ULIP) which financially supports important milestones of the child’s future – e.g. higher studies, professional courses, marriage etc., and the plan also offers insurance cover to the parents which ensures that if insured parent not being alive, the child will get financial support with an immediate death benefit.
Key Features
To choose the premium amount and policy term
Choice of 9 investment options as per individual risk appetite
Life cover for the parent with immediate lump sum payout upon death of the insured parent
Loyalty additions for staying invested
Tax Benefit under section 80 C and 10 (10D)
Benefits
If the Life Insured dies within the policy tenure, below is the benefit applicable:-
- Lump sum amount is paid to the nominee
- All the future premiums are waived off.
Where, sum assured on death is categorized as below:-
For insured person of age below 45 years, higher of:-
- 10 times the annual premium
- 0.5 * policy term * annual premium
For insured person of age 45 years and above,
Premium Payment Term less than 8: Higher of
- 7 times Annual Premium
- (0.25 * Policy Term* Annual Premium)
Premium Payment Term equal or greater than 8: Higher of
- 10 times Annual Premium
- (0.25 * Policy Term* Annual Premium)
If the Life Insured survives till the end of the Policy Tenure, the Fund Value and bonuses (if declared) is given in a lumpsum and the Policy terminates.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and the Survival and Maturity Benefits are exempted from tax under Section 10 (10D).
- Wealth Care Switcher Benefit: upon death of the policyholder the funds automatically gets moved to Systematic Allocator facility, this ensures that accumulated corpus is well managed for growth and is not exposed to the market risk as it approaches maturity.
- Education Support Benefit: On the death of the policy owner, the fund value is paid out in instalments during the last five policy years instead of a lump sum amount at maturity. These instalments can be used to support the child’s educational needs.
Self Management of Investment: There are 9 Investment Funds available
- Equity Growth Fund,
- Midcap Fund,
- Pure Fund
- Bond Fund,
- Income Fund, and
- Liquid Fund
- Aggressive Asset Allocator Fund
- Moderate Asset Allocator Fund
- Cautious Asset Allocator Fund
A facility which balances the asset allocation between equity and debt based funds to provide growth along with age based safety which is aligned to the maturity of the plan.
- Switching - Unlimited switches are allowed in this plan for free.
- Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. The minimum amount of partial withdrawal is Rs.10, 000
- Freelook: - If the policyholder is not convinced with the Terms and Conditions of the policy, s/he can cancel the policy within 15 days from the date of receipt of the policy document.
How it works
The policyholder can customize the plan as below:-
- Identify the amount that s/he want to build to fulfil child's dreams
- Decide the premium amount and premium term
- Select the preferred investment management option to effectively utilise and manage the money towards the financial goals
- Finalise the amount (Sum Assured) for financial protection of the child from the life cover aspect of the plan
- If the policyholder survives the tenure, then s/he gets the fund value on the maturity which can be used to fulfil child’s dreams. In case policyholder dies within then tenure, the nominee (child) gets the lump sum amount and all the future premiums are waived off.
Policy Charges in IDBI Federal Wealthsurance Future Star Insurance Plan
- Premium Allocation Charge: This charge gets deducted from the premium paid and the balance premium amount is then transferred to your investment account. The premium allocation charge for the first policy year is 3.15% of the annual premium, however, from second year onwards the premium allocation charge is zero.
- Mortality Charges: To meet the cost of Life Insurance Benefit, Mortality charge is deducted at the beginning of each month by cancellation of the units in your Investment Account. It is calculated on the basis of the sum at risk.
- Policy Administration Charge: To meet the costs of the plan and support the benefits, a policy administration charge is levied. The charge is deducted at the beginning of each month by cancellation of units from your Investment Account.
Eligibility
| Criteria | Minimum | Maximum |
| Age at entry for insured person(s) (in years) | 18 | 54 |
| Maturity age for insured person(s) (in years) | 28 | 64 |
| Policy Term (in years) | 10 | 25 |
| Premium Payment Term (in years) | 5 | Up to policy term |
| Premium amount (annually) | Rs. 25,000 | Rs. 95,00 |
FAQs
You stop paying the premium before 5 yearsIf the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. It can also be revived.
You stop paying the premium after 5 yearsIf the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policyIf the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policyThere is no loan available under this plan
