Mumbai: Targeting the Rs35,000 crore pension plan market, IDBI Fortis Life Insurance on Monday announced the launch of its Retiresurance pension plan to help customers ensure comfortable paychecks for themselves post-retirement.

With the Retiresurance pension plan, the company aims to fulfil the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire, a press release issued stated.

“With rising costs of living and fluctuating fortunes, Retiresurance pension plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an unrestricted happy life without having to face a cash crunch,” IDBI Fortis Life Insurance managing director and CEO G.V. Nageswara Rao said.

The plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes.

It offers a wide choice of investment options to build a retirement corpus, such as equity-linked funds for those with a high risk appetite and debt funds for those desiring relative stability.

The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions.

The customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 to 75 years.

All these features are with no additional cost to the customer.

The plan also boosts the investment returns for its customers through guaranteed loyalty additions at the end of specific terms as an incentive for making long-term investments.

IDBI Fortis Life Insurance is a joint venture between IDBI Bank, Federal Bank and Fortis Insurance International.