IDBI Federal policy to cover 100 yrs of life

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headerMenu_IDBILogoNewZNew (Chandigarh) : IDBI Federal, a pioneer in product innovation, has announced the launch of a whole life product – IDBI Federal Lifesurance Whole Life Savings Insurance Plan, providing for life cover up to 100 years of age. This non-linked participating plan not only covers the policy holder for a life-time, but also builds a substantial corpus over the years.

“The average life expectancy rate in India has increased from 63.9 years in 2004 to 69.6 years in 2014. On the one hand this is a positive development, while on the other the challenge the country faces is to secure protection and income for individuals during their sunset years. Lifesurance Whole Life Savings Insurance plan is designed for individuals who seek financial protection for life, want to plan a milestone event using guaranteed return, lump sum payout and wish to leave a legacy for their loved ones.” said Mr. Vighnesh Shahane, CEO, IDBI Federal Life Insurance.

Highlighting the benefits of the plan, Mr. Aneesh Khanna, Head – eBusiness, Marketing & Product Management, IDBI Federal Life Insurance, said: “The plan offers protection for life and helps the policy holder build substantial corpus. The customer receives guaranteed additions in the first five years of the policy term and reversionary bonuses from the sixth policy year onward till the end of premium payment term when the customer receives the Guaranteed Sum Assured, Guaranteed additions and vested reversionary bonuses.”

“The reversionary bonuses are accrued to the policy from the end of premium payment term up to 100 years of age of the policy holder. The plan also insures customers against accidental death during the policy premium payment term,” Mr. Khanna added.

At the end of the policy term the customer receives the vested reversersionary bonuses, highest of guaranteed sum assured, 10 times annual premium and 105% of all premiums paid. In case of the unfortunate event of death of the policy holder during the premium payment term, the customer’s family receives the death sum assured, guaranteed additions, and vested reversionary bonus from the 6th year onwards till date of death. In event of death after premium payment term the customer’s family receives death sum assured, reversionary bonus vested from the end of premium payment term until the date of death, plus the terminal bonus, if any. In any case, the minimum death benefit paid, will be at least 105% of all the premiums paid till the date of death. The nominee is also entitled to ‘Additional Death Benefit,’ provided it was opted for at inception. This is an additional amount equal to the sum assured, subject to a maximum limit of Rs 50 lac. Key features of the plan include:

  • Life cover until 100 years of age
  • Lump sum payout at the end of the premium payment term to plan a milestone event; second lump sum payout at 100 years of age
  • Guaranteed additions and bonuses to boost the savings
  • Option to enhance financial protection with Accidental Death benefit
  • Loan facility up to 85% on the policy once it acquires surrender value.
  • Tax benefits u/s 80C and 10(10D)

 

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IDBI Federal Lifesurance Whole Life Savings Insurance Plan’…….. AN OVERVIEW

Product Details:

IDBI Federal Lifesurance Whole Life Savings Insurance Plan is a non-linked participating whole life savings insurance plan that not only covers the policy holder for a life-time, but also builds a substantial corpus over the years.

Key features of the plan include:

  • Life cover until 100 years of age
  • Lump sum payout at the end of the premium payment term to plan a milestone event; second lump sum payout at 100 years of age
  • Guaranteed additions and bonuses to boost the savings
  • Option to enhance financial protection with Accidental Death benefit
  • Loan facility up to 85% on the policy once it acquires surrender value.
  • Tax benefits u/s 80C and 10(10D)

Illustration

Age of the life insured -30 years; Chosen GSA – Rs.5, 00,000; premium payment term -25 years; Annual premium- Rs.25,850; Annual premium (if ADB is opted)- Rs.26,350

Benefits Returns

@ 4% p.a.

Returns

@ 8% p.a.

Guaranteed sum assured (a) 5,00,000 5,00,000
Vested guaranteed additions (b) 1,25,000 1,25,000
Vested reversionary bonuses (c)

Not Guaranteed during PPT

11,000 6,74,000
Endowment benefit at the end of PPT (a+b+c) 6,36,000 12,99,000
Bonuses (d)

Not Guaranteed after PPT

22,500 2,25,000
Death sum assured (e) 6,78,562 6,78,562
At age 100 years (d+e) 7,01,053 9,03,563

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. Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies by garnering Rs.100 Cr in premiums. Through a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. The company offers its services through a vast nationwide network 2365 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31st March 2014, the company has issued nearly 6.5 lakh policies with a sum assured of over Rs. 34578.54 crores.

To know more, visit www.idbifederal.com.

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. It came into being as on July 01, 1964 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 1389 branches and 2301 ATMs. The Bank offers its customers an extensive range of diversified services including project finance, 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).

To know more, visit www.idbibank.com.

  • 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 1,142 branches and 1,312 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.

To know more, visit www.federalbank.co.in.

  • Ageas is an international insurance group with a heritage spanning 190 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, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and the UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas is the second largest Motor insurer and has a strong presence in the growing over 50’s market. Ageas employs more than 13,000 people in the consolidated entities and over 30,000 in the non-consolidated partnerships, and has annual inflows of more than EUR 23 billion.
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