IDBI Federal launches unique child insurance plan in Odisha

Odisha Sun Times Business Bureau
Bhubaneswar, June 10:

Targeting the future generation, IDBI Federal Life Insurance launched its Childsurance Savings Protection Insurance Plan in the country including Odisha today .

The new plan helps build savings to fund child’s important milestones even in case of any unforeseen event.

The highlight of Childsurance Savings is the guaranteed annual payouts in the last 3 or last 5 years of the policy, depending on the policy term. These payouts fund the important milestones in the child’s life.

Parents have the option to decide the amount of money they want as guaranteed annual payouts. This new plan is a participating plan and offers bonuses to the customer to be paid out at maturity.

The core benefit of this plan is the death benefit. Upon the death of the life insured, say the parents, the plan triggers three benefits– death sum assured is paid at the time of death, future premiums are waived off and continuation of the plan as usual. This means that whether the parent is around or not, the plan will ensure that the child gets the guaranteed annual payouts and the bonuses as planned, to fulfill his/her dreams.

“According to our research, securing child’s future is the second most important need for which Indians buy life insurance. Providing for the increasing cost of education and also financial protection for the child in case of the death of the parent are the reasons for people to invest in life insurance. There is also a need for guaranteed payouts to ensure that the child gets a pre-determined amount at important milestones. Childsurance Savings Protection Plan fulfils all these needs and also offers flexibility to invest according to the need,” said Vighnesh Shahane, CEO, IDBI Federal Life Insurance while announcing the launch of the new plan.

“IDBI Federal Childsurance Savings Protection Plan is the perfect combination of guaranteed returns and protection as it combines guaranteed payouts, bonuses and financial protection to offer customers a winning proposition. The key highlight of this plan is that it continues even after the death of the life insured, exactly the same way that he/she had planned for; and all this without any premium being paid after the death of the life insured,” said Aneesh Khanna, Head (eBusiness, Marketing & Product Management), IDBI Federal Life Insurance in his address.