- A non-linked participating Whole Life Savings Insurance Plan
- Lump sum payouts to help plan a milestone event
- Second lump sum payout at 100 years of age
- Tax benefits
INDIA, November 25, 2014: 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.