DLF Pramerica Life Insurance Co Ltd (DPLI) has launched a child plan ‘DLF Pramerica Future Idol’. The unit-linked plan is the fourth product from the company to be distributed through the agency channel. “With the launch of the child plan, we have completed our basic portfolio of products,” Mr Kapil Mehta, Managing Director & CEO, told Business Line.

DPLI, which is a joint venture between realty major DLF and the US-based Prudential Financial, had commenced operations in September 2008. Mr Mehta said the child plan was more “protection oriented” than a typical plan. Outlining some of the benefits, Mr Mehta said that if a parent were to die during the term of the plan, the death benefit would be credited to the child’s account every month for higher of 5 years or remaining term of the policy. “Usually, the death benefit is given as a lump-sum. We have decided to give the benefit on a monthly basis,” Mr Mehta said.

Under the child plan, DPLI would also give persistency units equivalent to 175 per cent of the annual premium to encourage policyholders to stay with the product.