IDBI Federal Life Insurance, a pioneer in product innovations in the Indian life insurance sector, announced the launch of IDBI Federal Lifesurance® Suvidha Savings Insurance Plan. The name Suvidha, aptly connotes the convenience of affordable premiums, with no medical tests and simple documentation.
Endowment Plan..!
Lifesurance® Suvidha Savings Insurance Plan is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of ‘Select, Sign & Submit’. The simplicity of the plan reduces time taken to acquire a life insurance cover, and ensures double protection along with savings.
Mr. G V Nageswara Rao, MD & CEO, IDBI Federal Life Insurance said, “According to studies, Abov 23% people reject life insurance as they find the products complex or its process difficult, and another 56% people feel life insurance is too expensive. Lifesurance® Suvidha Savings is a simple and affordable life insurance product that offers a hassle free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life.”
Mr. Aneesh Khanna, Head Marketing & Product Management, IDBI Federal Life Insurance said, “This hassle-free plan is designed to provide a life cover of up to Rs. 3 lakhs till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term.”
The Plan is structured to participate in the surplus of the company's participating policyholders’ life fund. Thus, policyholders who maintain their policies till maturity will enjoy the benefits of long term debt and equity investments while being protected from the short term volatility of the securities markets.
Income Tax benefits..!
The plan provides income tax benefits u/s 80C for the premiums paid up to a limit of Rs. 1 lakh per year, and u/s 10(10D) for the amount received as death/surrender/maturity benefits under the policy.
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. The company offers its services through a vast nationwide network across the branches of IDBI Bank & Federal Bank in addition to a sizeable network of advisors & partners. As on 31st May, 2012, the company has issued over 3.83 lakh policies with over Rs. 21,386 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. It came into being as on July 01, 1964 (under the Companies Act, 1956) to support India’s industrial backbone. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 977 branches and 1579 ATMs.
Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of above 950 branches and 1,030 ATMs spread pan India. The bank provides over 40 lakh retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated & interconnected branch network.
Please visit www.federalbank.co.in to know more.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. It employs above 13,000 people & has annual inflows of above EUR 1,700 cr.
Please visit www.ageas.com to know more.
For any further information, please contact:
Christopher Charles
Concept PR
M: 98424 75706
charles@conceptpr.com
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Nida Paloba
IDBI Federal Life Insurance
Contact: 022 – 67358109
nida.paloba@idbifederal.com
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