MUMBAI, MAY 05, 2020 (GPN): IDBI Federal Life Insurance, one of India’s leading private life insurance companies, today announced the launch of its IDBI Federal Life Insurance Guaranteed Wealth Plan, a non-linked, non-participating life insurance plan, that offers guaranteed payouts for seven consecutive years or a lumpsum amount at maturity.
In these uncertain volatile market conditions, IDBI Federal Life Insurance is happy to offer its customers a plan that provides guaranteed income payout over the long term. One of the unique features of the plan is that the payouts remain guaranteed till the 14th year, irrespective of the volatility in the markets and interest rates.

Commenting on the introduction of the plan, Mr. Karthik Raman, Head of Products, IDBI Federal Life Insurance said, “We are happy to strengthen our suite of guaranteed products with the introduction of the IDBI Federal Life Insurance Guaranteed Wealth Plan which offers guaranteed returns over the long-term. Looking at the current uncertain market scenario along with the financial worry and stress that most customers are experiencing, we believe that it is necessary to safeguard your portfolio with guaranteed plans. We have structured the plan is such a way so as to bring stability and certainty to an individual’s financial situation.”

IDBI Federal Guaranteed Wealth Plan offers life cover for 14 years, and the policy holder would either get guaranteed income for the next seven consecutive years or a lumpsum pay out at maturity, after paying insurance premiums during the first seven years. The guaranteed annual payouts are a percentage of the annualized premium and depend on the age at entry of the insured and the premium amount.
The insurance premiums under this plan would attract income tax benefits under Section 80C of the Income Tax Act, 1961. ENDS