IDBI targets 1.5 lakh customers with pension plan

IDBI Federal is targetting about 1.5 lakh customers Pan India this year for its newly launched Retiresurance Guaranteed Pension Plan.

Talking to reporters here after the Kerala launch of the product, G V Nageswara Rao, Managing Director and CEO of IDBI Federal Life Insurance said they were looking at 1.5 lakh customers for the product this year nationally and 20 per cent of the customers would be from Kerala.

Kerala was a big market for insurance, he said.

The new product is a unique retirement plan which comes with the twin benefits of guaranteed accumulation with attractive annuities.

Shyam Srinivasan, Managing Director and CEO of Federal Bank said with this innovative product, bank customers would have a wider range of financial solutions. With increasing life expectancy, everyone needs a product that allows systematic saving for retirement, assures a guaranteed amount on the retirement date and givs monthly pension for life thereafter. It was a flexible plan where customers can choose how long he pays the premiums.

Retiresurance is a unique product that not only helps accumulate money for a comfortable retirement but also guarantees the amount available on retirement date. For every premium paid, the plan guarantees a maturity value on the retirement date that helps build a guaranteed corpus and to ensure transparancy, the guarantee amount is linked to the prevailing interest rates on government securities.

IDBI Federal Life Insurance company ltd is a joint venture of IDBI Bank, India's premier development and commercial bank, Kerala based Federal Bank and Ageas a multinational insurance giant based out of Europe.

Source: Financial Express