IDBI Federal launches 3 new plans with guaranteed returns
- Focus on financial security, savings and growth of investments
- Mix of ULIP, endowment, money back features
- Flexibility to customise plans
MUMBAI, August 4, 2014: IDBI Federal Life Insurance, a pioneer in product innovation has announced the launch of a bouquet of 3 new individual products with guaranteed returns and catering to various life stage needs of the customers such as financial security, savings and growth of investments.
Announcing the launch, Mr. Vighnesh Shahane, CEO, IDBI Federal Life Insurance, said, “The latest offerings from the company focus on the consumer needs of financial security, savings and growth of investments. At IDBI Federal, the new product guidelines were viewed as an opportunity to revamp the entire product portfolio and align it to the changing needs of the consumers. We have also built guarantees into all our traditional products.”
Mr. Aneesh Khanna, Head — eBusiness, Marketing & Product Management, IDBI Federal Life Insurance said: “The new product portfolio offers customers a variety of options to choose from and create a plan best suited to their needs. Customers also have the flexibility to choose the sum assured, premiums and the payment mode. In short, customers can actually tailor-make a plan for themselves."
IDBI Federal’s â€˜Incomesurance Guaranteed Money Back Insurance Plan,’ a traditional non-participating money-back plan with a 10-year term, guarantees annual payouts from the end of 6th year onward. The key feature is that one has to pay the premium for five years only to get annual returns. The customer has the flexibility to choose premium as per one’s needs and goals. The plan offers life cover for the entire policy term of 10 years along with tax benefits under section 80C and 10(10D).
The second product, â€˜Lifesurance Savings Insurance Plan’, is a traditional participating endowment plan with guaranteed additions, bonuses and accidental death benefit. It assures guaranteed addition of 25% of the Maturity Sum Insured, bonuses from the 6th policy year onward, Financial security for loved ones through death benefit, option for enhanced protection through Accidental Death Benefit (in the unfortunate event of accidental death during the premium payment term) and option to invest for a limited period. It also offers Premium rebate for high Maturity Sum Insured and Premium discount for women life insured, Facility to avail of loan under the policy and tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.
The third in the series is the â€˜Wealthsurance Suvidha Growth Insurance Plan,’ a unit linked endowment plan aimed at the first time ULIP customer. Key features of the plan include: Balance between growth and safety through a systematic allocator, opportunity to customize the plan by selecting from one of the six combinations of policy term and premium payment term, Guaranteed loyalty additions to boost investment and lump sum payout of the fund value at maturity. It also comes with life-cover to safeguard against the unfortunate event of death of the policy holder and Tax benefits under section 80(C) and 10 (D).
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