IDBI Federal Life unveils triple benefit savings plan

Private insurer, IDBI Federal Life Insurance, on Monday launched a plan which offers long-term savings with the triple benefit of bonus, guaranteed additions and life-cover, under `lifesurance savings insurance’

“Changing consumer lifestyles present ever-increasing demand for financial security in the future. Long—term financial planning starts with a disciplined approach to regular savings. We address this with `lifesurance savings insurance’ plan,” said Mr G V Nageswara Rao, Managing Director and Chief Executive, IDBI Federal Life.

The plan is a fixed-term participating endowment policy that allows the policyholder to accumulate considerable savings, apart from providing life cover.

“The plan allows customers 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 five years of the policy and the sum insured,” said Mr Aneesh Khanna, Senior Vice President and Head, Marketing and Product Management, IDBI Federal Life.

The minimum premium amount is Rs 20,000 for annual instalment and Rs 2,500 for monthly instalment. The plan also offers an additional premium discount for women.