Ageas Federal Child Plans

Through a nationwide network of 2, 964 branches of Ageas Bank and Federal Bank, and a sizeable network of advisors and partners, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. They wish to be the leading provider of wealth management and other services. The main mission is to continually strive to enhance customer experience through innovative products, efficient relationship management and excellent service delivery in a cost effective manner.

Ageas Federal Child Plans

Ageas Federal Life Insurance Company has two child plans to its customers. While one plan is a traditional child insurance plan, the other one is a unit linked plan providing good return through market participation. The plans are discussed below -

Ageas federal Childsurance Savings Protection Insurance Plan

Traditional money back child insurance plan which has the following characteristics:

• It is issued as a participating plan which earns bonuses

• Premiums are payable either for the complete plan tenure as per the Regular Pay option or for a limited plan tenure as per the Limited Pay option.

• Money backs are paid in the form of Guaranteed Annual payouts either in the last three plan years at 20%, 20% and 60% of basic Sum Assured or in the last five years of the plan at 20% of the basic Sum Assured every year.

• On maturity, the last instalment of the Guaranteed Payout and accrued reversionary bonuses including any Terminal Bonus

• As the death benefit the death Sum Assured is paid which is higher of the maturity Sum Assured or 10 or 7 times the premium payable yearly depending on the age of the policyholder. Future premiums are waived off and paid for by the company. The Guaranteed Annual Payouts will accrue when they fall due and on maturity, the vested bonuses including any Terminal Bonus is paid to the nominee

• Female lives are charged lower rates of premiums

Eligibility Details

Ageas Federal Wealthsurance Future Star Insurance Plan

A unit linked child insurance plan which provides market related returns while at the same time taking care of the child’s future. The features and benefits of the plan are as follows:

• Premiums under the plan can either be paid for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment.

• The premium net of charges can be invested by the policyholder himself in a choice of different available funds or under the Systematic Allocator Option feature provided by the company.

• Under the Systematic Allocator Option, the company invests the funds initially in a low risk fund and gradually, the funds are transferred to high aggressive fund as the plan progresses.

• There is a choice of 9 funds to choose from if the policyholder wants to manage his own investments which are Equity Growth Fund, Midcap Fund, Pure Fund, Bond Fund, Income Fund, Liquid Fund, Aggressive Asset Allocator Fund, Moderate Asset Allocator Fund and Cautious Asset Allocator Fund

• Guaranteed Loyalty Additions are added to the fund @3% of the average fund value in the preceding three years. These additions are made from the 10^th policy year and every 5 years thereafter.

• The fund value is paid on plan maturity which can be availed either in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option.

• In case of death of the insured during the tenure of the plan, the Sum Assured is paid immediately. Thereafter, all future premiums are waived off and the aggregate future premiums payable are credited to the fund value by the company. This fund grows till the remaining time to maturity upon which the applicable fund value is paid to the nominee.

• The plan has a Wealth Care Switcher Benefit under which the Systematic Allocator Option is automatically activated on death of the insured.

• The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money-backs in the last 5 policy years after the insured’s death

• Partial Withdrawals can be made to meet financial requirement post 5 years of the plan issuance. The minimum  amount of withdrawal is Rs.10, 000 and the maximum amount is limited to 20% of the Fund Value

• Unlimited free switches are available to switch between funds

• Premium redirection facility is also available to redirect future premiums into another fund than the one originally selected.

Eligibility Details

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

Applying for a Child Plan from the company:

1. Online

   The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

2. Intermediaries

   Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

• On the PolicyBazaar homepage, click on Child Plans under the Personal tab.

• Click New Quotes to compare.

• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

• Fill in your name, email address, city, country code, and mobile number. Click Continue.

• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

• This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Planning for the child’s future with a child plan

We need different products for different needs. While pension plans provide the much needed corpus for our retirement, unit linked plans provide us with the facility of capital appreciation for creating wealth. Term insurance plans take care of the income protection needs and a child insurance plan takes care of our planning for our children. Every form of insurance serves a different purpose and a child plan serves the most important purpose of all – planning for our child’s future. A child plan will take care of the financial requirement which your child will face when he or she decides to pursue a higher education or gets admitted in a college.

Some important aspects of the child plan

A child plan has several unique features which differentiate it from other types of insurance plans. Let us see the different aspects of the plan:

• This plan can be bought only by the person who has a minor child. As such, the child’s documents are also required when buying the plan as the proof of the child’s identity.

• Most child plans provide coverage on the life of the parent while the child is the beneficiary. However, there are certain child plans in the market which actually cover the life of the child. As such, the child is called the person insured or the life insured while the parent who pays the premium is called the policyholder

• If the child is covered, the life cover does not start along with the plan when the policy is issued. There is a deferment period or a waiting period whereby the company does not cover the death risk inherent in the child’s life. During the deferment period death of the insured child would include the return of premiums since the Sum Assured is not active during that time.

• When the child is the life insured, he cannot be the policyholder of his own policy because he is a minor. When the child reaches maturity on achieving 18 years, he becomes a major and can become the policyholder of the policy. In that situation, on the policy anniversary which follows the child’s 18th birthday the policy’s ownership status changes hands and reverts in the name of the child. The child then becomes the policyholder and can make a fresh nomination in the policy where no nominee was required when the parent was the policyholder.

• The waiver of premium rider is in built within the plan and is not required to be taken as an addition. The benefit of the rider is that the premiums and subsequently the insurance plan will continue even after the death of the policyholder (parent). The premium paying responsibility is transferred to the insurance company which pays the premiums and keeps the policy running. When the policyholder dies, the death benefit is paid which the child can utilize for his immediate requirements. When the plan matures on the stipulated date, another benefit called the maturity benefit is paid which can be used by the child at that time for admission to a college or a post-graduate degree.

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

What documents are required to buy the plan?

For buying the child plan, the following documents need to be submitted to the insurance company:

• Your identity proof which can be a copy of your passport, driving license, PAN card, Voter’s ID card, etc.

• Your address proof which can be any one among the passport, driving license, electricity or phone bill, etc.

• Your date of birth proof like the passport, driving license, PAN card, etc.

• The date of birth proof of the child like his birth certificate

• Passport sized photographs of both you and your child

Ageas Federal Life Child Plans - FAQs