Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Monday, March 26, 2012 02:45 PM IST (09:15 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Banking & financial services, Business services, Financial Analyst, Major diversified industrial groups, Stock exchanges
--------------------------------------------------
IDBI Federal BondsuranceT Plan offers Attractive Guaranteed Tax-Free Returns, Life Cover
Mumbai, Maharashtra, India, Monday, March 26, 2012 -- (Business Wire India) -- -- Attractive Guaranteed Returns on investment
-- Tax benefits under section 80C and 10(10 D)
-- Hassle-free sign-up process
-- Convenient term options of 5 and 10 years
IDBI Federal, a pioneer in product innovations in the life insurance sector in India, offers attractive guaranteed returns and life cover with IDBI Federal BondsuranceT Plan.
IDBI Federal BondsuranceT Plan addresses the needs of those willing to invest for a short to medium term, to earn an attractive guaranteed return along with tax benefits.
For instance, customers in the age bracket of 8 to 32 years would get a Guaranteed Maturity Amount of Rs. 1,38, 293 for a single premium of Rs. 1,00,000 in BondsuranceT for a 5 year term, thus an effective tax-free return of 14.89%. For the same investment for a 10 year term, the plan would give a Guaranteed Maturity Amount of Rs. 2,09, 480, thus an effective tax-free return of 11.73%. This is in addition to getting a life cover of Rs.5 Lakhs (5 times of the premium paid) to ensure financial security of the family in the unfortunate event of death. The premiums and the Guaranteed Maturity Amount would vary with the age of the customer and the term chosen.
"In today's volatile market situation, there is a growing customer preference for safe and guaranteed return products to balance their portfolio. With premium of as low as Rs. 20,000, BondsuranceT is specially crafted for those seeking a one-time lump sum investment that delivers attractive tax-free guaranteed returns along with the promise of life insurance protection", said Mr. G. V. Nageswara Rao, MD & CEO, IDBI Federal Life Insurance Co Ltd.
Investment in the plan is eligible for deduction under Sec 80C and the Guaranteed Maturity Amount is tax-free under Sec 10(10D) of the Income-tax Act.
In the unfortunate event of death of the insured person before the maturity date, a death benefit equal to five times the single premium amount is payable to the nominee. The death benefit (which is the Sum Insured) is guaranteed and the plan will terminate up on the payment of the death benefit.
Other benefits of the IDBI Federal BondsuranceT Plan include:
-- Simple and convenient process to buy
-- Discount on single premium in case the Guaranteed Maturity Benefit is equal to or greater than Rs. 1,50,000
-- Liquidity before maturity through special surrender value after the first year
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 31st January, 2012, the company has issued over 3.48 lakh policies with over Rs 19816 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 951 branches and 1529 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 840 branches and 927 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, Turkey, 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 third largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion. Please visit www.ageas.com to know more.
CONTACT DETAILS
Sharjil Shaikh, Concept PR, +91 9920231055, sharjil@conceptpr.com
Shruti Bhattacharya, Concept PR, +91 9920354782, shruti@conceptpr.com
Nida Paloba, IDBI Federal Life Insurance, +91 (22) 2490 8170/9821017561, nida.paloba@idbifederal.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, GROUPS, STOCK EXCHANGES
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
No comments:
Post a Comment