IDBI Federal Life launches child insurance plan

MUMBAI: Private insurer IDBI Federal Life Insurance today launched a unit-linked child plan IDBI Federal Childsurance Dreambuilder Insurance Plan that provides a perfect combination of optimum returns and safety.

"Childsurance Dreambuilder Insurance Plan manages the twin expectations of growth to counter rising education costs and financial protection to ensure the plan doesn't get derailed.

"The plan has five unique features for parents to ensure their child's future and education would remain unaffected under any circumstances or exigencies," IDBI Federal Life Insurance Managing Director and CEO G V Nageswara Rao said in a release issued here.

The plan includes features like joint life cover, lump sum payment of future premiums (on death), guaranteed loyalty additions, education support benefit and a systematic allocator option.

The plan, which comes with comes with dual tax benefits, starts with a minimum annual premium of Rs 25,000 and maximum Rs 100,000. Additional top ups of minimum Rs 5,000 can be made at any time to help accumulate the child's education corpus faster, the release said.

IDBI Federal Life Insurance is a joint-venture of IDBI Bank, Federal Bank and a multinational insurance giant based out of Europe, Ageas.