A non-linked non-participating Term Insurance Plan Flexibility of regular premium payout with y-o-y % increase in payout
Mumbai / Chennai, August 06, 2018: India’s leading Private life insurance company, IDBI Federal Life Insurance today announced the launch of its ‘Income Protect Plan’ aimed at helping customers achieve their financial needs at every stage of life. It is a term insurance plan, which offers replacement of monthly income with a y-o-y % increase.
Commenting on the new product plan, Mr. Karthik Raman, CMO and Head – Products and Strategy, IDBI Federal Life Insurance said, “We have designed the Income Protect Plan in a way which suits the financial needs of the customers. Today, life is filled with a series of unpredictable events, and financial security to cope with such events is extremely important. Understanding that, we wanted to keep our customers fully equipped for the future ahead in order to protect their loved ones and encourage them to follow responsible financial planning. IDBI Federal Life Insurance Income Protect Plan is a smart way to ensure that monthly income continues, when one’s family needs it the most.”
How does the plan work?
The insured person chooses the Monthly Income, Policy Term, Premium Payment Term and Frequency of the premium payment. Depending upon these parameters, as well as the gender and age of the insured person, the premium amount is decided. At the unfortunate demise of the insured person during the term of the policy, the death benefit is paid to the beneficiary.
The plan can be customised in three easy steps:
Step #1: Decide the Monthly Income for your family
Step #2: Select the Policy Term (PT)
Step #3: Select Premium Payment Term (PPT)
Key Benefits of the Income Protect Plan:
1. Gives financial protection to the family with life cover:
With Income Protect Plan, one can be assured about one’s family’s financial security with a life insurance cover. Under this plan, the following will be received:
o Lump sum benefit to take care of the immediate expenses
o Increasing Monthly Income Benefit to manage the financial needs in the regular course of life
2. Flexibility to choose Premium payment term:
One can choose the most suitable option of premium payment i.e. 10, 15 or 20 years, as per one’s convenience.
3. Select Policy term to suit one’s financial needs:
With age, the responsibilities and liabilities of a person keep changing. That is why IDBI Federal has built flexibility into the policy term of the plan, where one can opt for any term between 10
years and 30 years.
4. Tax benefits # on premiums paid and benefits received:
The plan provides tax benefits (u/s 80C) for the premiums paid, and (u/s 10 10D) for the benefits received under the policy as per prevailing tax laws.
#Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws from time to time. IDBI Federal Life Insurance Company Ltd. does not assume responsibility on tax implication. Please consult yourx own tax consultant to know the tax benefits available to you.
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.