India-based IDBI Federal Life Insurance has rolled out its latest unit linked life insurance policy, designed to help parents in meeting their child’s future education expenses.

Known as Wealthsurance Future Star Insurance, the product will enable parents to build substantial corpus for the future requirements of their children in parents’ life time or even in their absence.

The insurance plan allows customers to either self- manage their investments among the nine fund options or leave it to IDBI Federal fund managers.

When left to the company there is a systematic allocator facility available that moves the investments to safer instruments as the plan approaches maturity. This allows the company to safeguard the customer’s investments from market volatility.

The plan also rewards those who stay invested by offering guaranteed loyalty additions on the 10th policy anniversary and every five years thereafter.

IDBI Federal Life Insurance CEO Vighnesh Shahane said: "With ever escalating education costs and increasing inflation, it is important for parents to start planning for their children’s future needs, right at the outset.

"Our Wealthsurance Future Star Insurance Plan addresses all these concerns effectively and makes it a structured investment plan for the child’s future needs.

"The plan not only helps one build a sizeable corpus with its market-linked returns but also safeguards the same from market volatility and offers life cover with triple benefits."

IDBI Federal Life Insurance is a three way joint-venture of India-based IDBI Bank, Federal Bank, and Ageas, a multinational insurance firm.