IDBI Federal Life Insurance, a pioneer in product innovations in the life insurance sector, announced the launch of IDBI Federal Lifesurance® Suvidha Savings Insurance Plan
. The name Suvidha
, aptly connotes the convenience of affordable premiums, with no medical tests and simple documentation.
Lifesurance® Suvidha Savings Insurance Plan is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of ‘Select, Sign & Submit’. The simplicity of the plan reduces time taken to acquire a life insurance cover, and ensures double protection along with savings.
Announcing the launch of the plan, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said, “According to studies, over 23% people reject life insurance as they find the products complex or its process difficult, and another 56% people feel life insurance is too expensive. Lifesurance® Suvidha Savings is a simple and affordable life insurance product that offers a hassle-free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life.”
Key Features of IDBI Federal Lifesurance® Suvidha Savings Insurance Plan
Hassle-free enrolment, with no medical tests or lengthy documentation
Life Cover of up to Rs. 3 lakhs and additional accidental death cover, equal to the Sum Insured
Guaranteed additions of Rs. 50 per 1000 sum insured for first 3 policy years
Reversionary bonuses from 4th policy anniversary onwards and a terminal bonus added at the time of maturity, or on earlier death
Highlighting the benefits of the plan, Mr. Aneesh Khanna, Head Marketing and Product Management, IDBI Federal Life Insurance said, “This hassle-free plan is designed to provide a life cover of up to Rs. 3 lakhs till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term.”
Lifesurance® Suvidha Savings Insurance Plan is structured to participate in the surplus of the company's participating policyholders’ life fund. Thus, policyholders who maintain their policies till maturity will enjoy the benefits of long term debt and equity investments while being protected from the short term volatility of the securities markets.
The plan provides tax benefits u/s 80C for the premiums paid up to a limit of Rs. 1,00,000 per year, and u/s 10(10D) for the amount received as death/surrender/maturity benefits under the policy.
About IDBI Federal Life Insurance
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. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31st May, 2012, the company has issued over 3.83 lakh policies with over Rs. 21386.20 Cr in Sum Assured.
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. It came into being as on July 01, 1964 (under the Companies Act, 1956) to support India’s industrial backbone. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 977 branches and 1579 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 952 branches and 1030 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car insurance and the over 50’s market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion.