Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Monday, October 17, 2011 04:00 PM IST (10:30 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 Unveils 3-in-1 Lifesurance Savings Plan
Packs in Bonuses, Guaranteed Additions & Life Cover into one smart savings product,Upon death, provision for a trust exclusively for wife and children - no access for creditors
Mumbai, Maharashtra, India, Monday, October 17, 2011 -- (Business Wire India) -- Offering long-term savings, with the triple benefits of bonuses, guaranteed additions, and life cover; private insurer IDBI Federal Life Insurance today announced the launch of its latest product Lifesurance Savings Insurance Plan.
"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," said Mr. G V Nageswara Rao, MD and CEO of IDBI Federal Life Insurance.
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.
"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." said Mr. Aneesh Khanna, Senior Vice President & Head - Marketing and Product Management of IDBI Federal Life Insurance.
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).
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.
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.
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 908 branches and 1492 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 757 branches and 832 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 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.
CONTACT DETAILS
Anilkumar Yadav, Concept PR, +91 (22) 40558917/98696 32008 / 9769808828, anil@conceptpr.com
Aarti Raina, Concept PR, +91 8879123914, aarti.r@conceptpr.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, RETAIL, TECHNOLOGY
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