Mumbai, October 21st, 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 Income Plan, a non-linked, non-participating life insurance plan. The plan provides a combination of life insurance and guaranteed returns and offers a choice of Income and Endowment options, basis an individual’s financial needs and life goals.
The prevailing uncertain scenario and unpredictable market conditions has created a need for securing one’s hard-earned savings through a guaranteed pay-out solution, laced with protection cover. IDBI Federal Life’s Guaranteed Income Plan offers an assured guarantee to meet unpredictable future requirements. The new plan is a comprehensive solution offering both life protection and guaranteed returns – as a lumpsum or as annual income, depending on the option chosen. In the event of the unfortunate death of the insured person during the term of the policy, the plan provides death benefit to one’s nominees.

IDBI Federal Life Insurance Guaranteed Income Plan offers the flexibility to choose the premium payment term and policy term basis one’s needs and goals. Keeping in mind that individuals might be facing financial difficulties during this ongoing crisis, the plan offers the option of investing at a low entry premium of Rs. 15,000/- p.a. Moreover, understanding the need for ensuring financial planning and security from a young age, the plan offers a gifting option whereby parents or grandparents can invest in the policy for their minor children and the policy vests in the child’s name once he/she becomes an adult.

IDBI Federal Life Insurance Guaranteed Income Plan offers customers an end-to-end digital process for ease of purchase, as well as quick issuance of the policy. Furthermore, in case the customer confirms himself to be a healthy individual, no medicals are required under this plan.

Key Benefits of the plan:
• Flexibility to choose premium payment term and policy term of one’s choice
• Enjoy guaranteed benefits irrespective of market conditions
• Option to receive benefits as a lump sum or as regular income, basis individual need
• Tax Benefits of Sec 80C and Sec 10(10D)
• Offers loan on your policy, subject to conditions
Commenting on the introduction of the IDBI Federal Life Insurance Guaranteed Income Plan, Mr. Karthik Raman, CMO & Head – Products, IDBI Federal Life Insurance said, “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. Also, to achieve one’s desired life goals such as children’s higher education or wealth creation for future financial needs, individuals would prefer a savings solution that offers both, a guaranteed pay-out and life insurance cover. Our recently-launched IDBI Federal Life Insurance Guaranteed Income Plan aptly fulfils this diverse financial requirement, allowing the individual to be truly #FutureFearless”

About IDBI Federal Life Insurance:

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. IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.

Having commenced operations in 2008, IDBI Federal was able to achieve breakeven within just 5 years; the Company’s passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. As on March 31, 2020, the company has issued over 13 lakh policies with a sum assured of over Rs. 98,700 crore. IDBI Federal Life Insurance has total assets under management of over Rs. 10,000 crore and a robust capital base of over 800 crores, as on March 31, 2020. ENDS