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| Mr. G V Nageswara Rao, MD |
Mr. G V Nageswara Rao, MD and CEO of IDBI Federal Life Insurance, said “Today’s changing consumer lifestyles presents ever increasing demands for financial security in the future. Along with hard work, one needs to accumulate considerable savings to achieve goals in life and protect loved ones against life’s uncertainties. Long-term financial planning starts with a disciplined approach to regular savings. We at IDBI Federal seek to address this issue with our latest product Lifesurance® Savings Insurance Plan.”
Endowment policy..!
IDBI Federal Lifesurance® Savings Insurance Plan - a fixed term participating endowment policy - allows the policy holder to accumulate considerable savings to meet his long-term responsibilities and goals in life, apart from providing life cover.
Mr. Aneesh Khanna, Senior Vice President & Head – Marketing and Product Management of IDBI Federal Life Insurance said, “This plan offers customers the best of both worlds by allowing them to benefit from bonuses based on investments in a carefully managed balance of debt and equity securities, while providing valuable guaranteed benefits through guaranteed additions in the first 5 years of the policy and sum insured. The plan also comes with attractive tax benefits on premiums under section 80C and on returns under section 10(10D). Long-term regular savings in this plan will allow the policy holder to accumulate considerable savings to meet life’s responsibilities.”
On death of the insured person during the policy term, the company will pay the beneficiary a lump sum including the sum insured, vested guaranteed additions, vested reversionary bonuses, interim bonus (if any) and terminal bonus (if any).
Guaranteed additions..!
The Plan comes with guaranteed additions at the rate of Rs. 50 per Rs. 1,000 sum insured for each full annual premium that is due and paid during the first 5 years of the policy. In the case of premiums paid more frequently than annually, the guaranteed additions will be added on a pro-rata basis.
From the 6th year of the policy, the Lifesurance® policy will participate in the surplus that the participating policyholders’ life fund may generate, by way of reversionary bonuses and possibly a terminal bonus. Thus, the policy holder will be entitled for a bonus from time to time, depending on the performance of the participating policyholders’ life fund, in particular, on the investment returns achieved and the management of expenses. These bonuses will be declared by the Board of IDBI Federal Life Insurance Company, and once added, they will form a part of the guaranteed benefits of the policy.
The policy holder can choose from policy terms of 10, 15, 20 or 25 years and premium payment terms from 5 years for policy terms of 15, 20 and 25 years (6 years for policy term of 10 years) to a maximum of the Policy Term.
The minimum premium amount is Rs 20,000 for annual installments while as low as Rs 2,500 for monthly installments. The Plan is entitled for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
Premium discount for women..!
Lifesurance® also offers an additional premium discount for the women insured. The basic premium payable for her will be equivalent to the premium for a corresponding three-year younger male policyholder.
About IDBI Federal Life Insurance
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. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on August 31st, 2011, the company has issued over 3.16 lakh policies with over Rs 17,943 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
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