Mumbai, November 17^th, 2020 (GPN): IDBI Federal Life Insurance, one of India’s most trusted private life insurance companies, on the occasion of Children’s Day, announced the launch of IDBI Federal Life Insurance Young Star Plus Plan, a non-linked, participating, savings plan.

IDBI Federal Life Insurance Young Star Plus Plan is a comprehensive life insurance plan that helps policyholders align their savings towards financially securing and supporting their children’s future. The policyholder has the flexibility to choose the premium payment term (PPT) depending on the policy term (PT) selected.

The plan is designed so as to keep the policyholder committed to regular savings, while boosting the corpus with guaranteed additions and bonus contributions. The guaranteed additions are payable upto 40% of the Maturity Sum Assured, through the policy term.

Furthermore, the plan provides guaranteed payouts, according to chosen timeframes, to help the policyholder fund the crucial milestones of his/her child’s life, be it education, career or marriage.

The plan also ensures that the child’s aspirations stay financially safe, in the event of the breadwinner’s unfortunate demise, by creating exclusive funds which are legally protected from creditors and claimants to the estate such as legal heirs, parties to disputes and creditors. Under Section 6 of the Married Women’s Property Act, 1874, the policy can be exclusively endorsed for the benefit of the named beneficiaries.

Key Benefits of the plan:

• Provides an avenue for regular and systematic savings
• 125% of Maturity sum assured paid out in the form of Guaranteed Annual Payouts to help fund critical milestones
• Guaranteed additions up to 40% of the Maturity Sum Assured, through the policy term
• Bonuses when declared, to help boost savings
• Choice of policy term and premium paying terms to suit individual needs

• Financial security for one’s loved ones in case of an unfortunate event. No future premiums payable and the policy continues with planned benefits
• Tax Benefits under Sec 80C and Sec 10(10D) may be available on the premiums paid and the benefits received

Commenting on the launch of the IDBI Federal Life Insurance Young Star Plus Plan, Mr. Karthik Raman, CMO & Head – Products, IDBI Federal Life Insurance said, “Given the unprecedented economic uncertainty, we have observed that parents are keen to opt for an investment avenue which offers flexibility as well as assured funds to help fulfil their children’s life stage goals. Our newly launched IDBI Federal Life Insurance Young Star Plus Plan is an apt solution designed to address this need. The plan ensures that the child’s dreams are financially secure and legally protected, thus allowing both, the parent and child, to be truly #FutureFearless.”   ENDS

IDBI Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. IDBI Federal Life Insurance Co Ltd is a joint venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.

Having commenced operations in 2008, IDBI Federal was able to achieve breakeven within just 5 years; the Company’s passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. As on March 31, 2020, the company has issued over 13 lakh policies with a sum assured of over Rs. 98,700 crores. IDBI Federal Life Insurance has total assets under management of over Rs. 10,000 crore and a robust capital base of over 800 crores, as on March 31, 2020.