Pay only for the first 8 years and remain insured throughout the policy term Receive Guaranteed Annual Payouts in the last 3 years of the policy
Mumbai / Chennai, June 13, 2018: India’s leading private life insurance company, IDBI Federal Life
Insurance today announced the launch of its ‘Dream Builder Plan’, a non-linked, non-participating
life insurance plan. The policy will ensure Guaranteed Annual Payouts which are a deﬁned
percentage of the Maturity Sum Assured and which will be paid out in the last 3 years of the policy.
Commenting on the launch, Mr. Karthik Raman, CMO and Head – Products and Strategy, IDBI
Federal Life Insurance said, “Our products are designed in a way that will offer maximum benefit
to our customer’s evolving lifestyle needs. Bearing in mind our customer’s responsibilities to fulﬁl
their family's various needs and at the same time not compromise on their dreams, we have
designed a comprehensive ﬁnancial solution – the ‘Dream Builder Plan’. The guaranteed cash ﬂow
can meet ﬁxed expenses like child’s education, marriage, or for that matter, a family vacation.”
How the Plan Works?
The insured person can choose the amount that he wants to receive as Maturity Sum Assured (MSA)
and the policy term. He pays annual premium for the first 8 years of the policy. Post that, the insured
person stays invested in the plan and will start receiving Guaranteed Annual Payouts, which is a
percentage of MSA, in the last 3 years of the policy.
Key Benefits of the Plan –
The insured person has to pay premiums, only for the first 8 years of the policy and remains insured throughout the policy term.
There is a choice of policy term to help the insured person meet important financial milestones like child’s higher education, marriage, help in buying the first home, help in setting up the first business, etc.
The insured person will enjoy Guaranteed Annual Payouts in the last 3 years of the policy term, irrespective of the market conditions.
Under this plan, in case of the unfortunate death of the insured person, his nominees will immediately receive the death sum assured to help take care of the running expenses. No future premiums will be payable under the policy and the plan will continue with all due benefits viz. Guaranteed Annual Payouts, which is a percentage of Maturity Sum Assured, in the last 3 years of the policy. In case of total and permanent disability due to accident or sickness of the insured person, no future premiums will be payable and the policy will continue till the end of the policy term with all due benefits, as mentioned above.
Tax benefits under Section 80 C and 10 (10D) of Income Tax Act, 1961.
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 3,100+ 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, 2018, the company has issued over 11 lakh policies with a sum assured of over Rs. 75,000 crore. IDBI Federal Life Insurance has total assets under management of Rs. 7,503 crore and a robust capital base of over 800 crores, as on March 31, 2018.