NewZNew (Chandigarh) : IDBI Federal Life Insurance, a pioneer in product innovation, has announced the launch of its new product, Incomesurance Guaranteed Money Back Insurance Plan 7 Pay. As the name suggests, this plan requires the customer to pay premiums for only 7 years. The customer starts receiving Guaranteed Annual Payouts (GAP) starting from the end of the 8th policy year up to the end of the 14th policy year, the payouts are tax exempted under Sec 10(10D) and the customer gets them tax free. The guaranteed income and insurance cover will help customers in securing their medium to long term goals. Another important highlight of this plan is its critical illness benefit.
In the unfortunate scenario where the life insured is diagnosed with a critical illness (from a list of pre-defined critical illness covered under this benefit), a lump sum amount is immediately paid out to the customer. Plus, the life cover continues till the end of the policy term.
Vighnesh Shahane, CEO IDBI Federal Life Insurance said, “In unpredictable times like these, customers look for plans that provide secured returns at desired intervals. This allows them to plan their medium to long-term life-goals with confidence and surety. With Incomesurance Guaranteed Money Back Insurance Plan 7 Pay, customers not only receive guaranteed income, but are also able to safeguard their life goals against any critical illness or death.”
Annual payouts ranging from 126.66% to 143.23% of the premium are paid from the 8th policy year onwards. These payouts depend on the annual premium paid (excluding service tax and extra premium) and age of the insured customer at policy commencement.
In the unfortunate event of death of the life insured at any time during the policy term of 14 years, provided the policy is in force and all premiums have been paid in full as and when due, the beneficiary would be paid the Death Sum Assured.
Key benefits of the plan include:
- Enjoy Guaranteed Annual Payouts irrespective of market conditions
- Pay premiums only for the first 7 years of the policy
- Life cover to protect the family
- Protection offered by critical illness benefit
- Tax benefits under 80C and 10(10D)