IDBI Federal Life Insurance launches new endowment policy. Know key features1 min read . Updated: 20 Oct 2020, 10:07 PM IST
- Customers will have an option to choose the premium payment term and policy term based on their needs and goals, the insurer said
- The parents or grandparents can invest in the policy for their minor children
IDBI Federal Life Insurance on Tuesday introduced a non-linked, non-participating life insurance plan — IDBI Federal Life Insurance Guaranteed Income Plan. The plan offers a combination of life insurance and guaranteed returns as a lumpsum or as annual income, depending on the option chosen.
Customers will have an option to choose the premium payment term and policy term based on their needs and goals. The premium starts from ₹15,000 per annum.
"In the prevailing uncertain scenario, with a large section of individuals experiencing financial worries and stress, it is necessary to safeguard one's investment portfolio with a financial solution that offers guaranteed pay outs," Karthik Raman, CMO & Head - Products, IDBI Federal Life Insurance said.
Key benefits of the plan:
1) Flexibility to choose premium payment term and policy term of one's choice
2) Guaranteed benefits
3) Tax Benefits of Section 80C and Sec 10(10D)
) Offers loan on your policy, subject to conditions
The parents or grandparents can invest in the policy for their minor children and the policy vests in the child's name once they become an adult, the company said. One can buy the new policy from IDBI Federal Life Insurance's website. In case the customer confirms himself to be a healthy individual, no medicals are required under this plan, the company added.
"IDBI Federal Life Insurance Guaranteed Income Plan aptly fulfils this diverse financial requirement, allowing the individual to be truly #FutureFearless," Raman added.
IDBI Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to individual and corporate customers.