Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Wednesday, May 18, 2011 09:30 AM IST (04:00 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Retailers; Technology
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IDBI Federal Launches Unit Linked Pension Plan
Mumbai, Maharashtra, India, Wednesday, May 18, 2011 -- (Business Wire India) --
- Retiresurance Milestone Pension Plan Guarantees security after retirement
- 2nd Pension Plan from Company after traditional pension plan launched recently
- Offers bouquet of investment options with Guaranteed NAVs
Targeting the huge potential of post-retirement needs of the consumption-heavy generation, private insurer IDBI Federal Life Insurance has launched a unit linked pension plan called IDBI Federal Retiresurance® Milestone Pension Plan.
Coming as it does, close on the heels of a traditional pension plan called Retiresurance Guaranteed Pension Plan launched recently, the unit linked pension plan facilitates wealth building by offering a choice of guaranteed investment options for a secured life after retirement.
For every premium paid, this single premium plan guarantees a return that helps build a corpus. It offers a choice of two investment options: Guaranteed Return Funds - Pension, which invests in fixed income instruments and aims to deliver a minimum Guaranteed Maturity Value per unit; and Guaranteed Growth Funds - Pension, which seeks to not only deliver the minimum Guaranteed Maturity Value per unit through investments in debt instruments but further enhance returns by investing a small portion in equity.
Announcing the launch of Retiresurance Milestone Pension Plan, Mr G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said: "India's population is predominantly young. With the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement. While the talented younger generation works hard to meet the increasing cost of living, we at IDBI Federal visualise this generation's dire need for building wealth to support their standard of living post-retirement as well. This also assumes significance in view of the fact that many of the Gen-Next jobs are contractual by nature and the youth does not enjoy the benefits of traditional options like a Provident Fund."
"Retiresurance Milestone Pension Plan not only guarantees a corpus on retirement, but also offers options that could enhance returns through limited exposure to equity. The policy holder can receive part of the maturity benefit as a lump sum and invest the remaining in an annuity which will ensure a regular income for life. Alternatively, the customer could purchase an annuity with the entire maturity benefit and get a higher and regular income for life," Mr Rao said.
Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 2,92,000 policies issued and a Sum Assured of Rs 16,384 Crores. Prior to Retiresurance, it has launched several innovative plans like Wealthsurance®, Homesurance®, BondsuranceT, Microsurance®, Termsurance®, Incomesurance, Retiresurance® and Healthsurance®.
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 March 31st 2011, the company has issued over 2.92 lakh policies with over Rs 16, 384 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India's premier industrial development bank. Created in 1956 to support India's industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. 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 816 branches and 1372 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India's financial sector -National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd)
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 over 743 branches and 805 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
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. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the second largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of almost EUR 18 billion.
Please visit www.ageas.com to know more.
For more information:
Download Product brochure:
http://www.idbifederal.com/Download/Brochures/Documents/Retiresurance_Milestone_Plan.pdf
Download logos:
http://www.idbifederal.com/Press/Pages/Download-Logos.aspx
CONTACT DETAILS
Anilkumar Yadav, Concept PR, +91 9869632008, anil@conceptpr.com
Ashwini Churi, Concept PR, +91 09892218557, ashwini@conceptpr.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, RETAIL, TECHNOLOGY
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