Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Thursday, June 23, 2011 04:30 PM IST (11:00 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Retailers; Technology
IDBI Federal Pioneers Medical Test-free Term Plan for Seniors
Mumbai, Maharashtra, India, Thursday, June 23, 2011 — (Business Wire India) — – A first-of-its-kind ‘no questions asked’ whole life plan
– Specially designed for people in the age group of 50-85 years
– A unique never-say-no offer to secure spouse and family from uncertainties
– It’s never too late to get life cover
Addressing the senior citizens with a first-of-its-kind hassle-free, no-medical-test plan, private life insurer IDBI Federal launched a Term Plan aimed at providing guaranteed cover to those above the age of 50 years.
IDBI Federal Termsurance® Seniors Insurance Plan is an innovative term insurance policy that one can buy after the age of 50, with premiums as low as Rs. 100 per month. The plan can be bought by those up to the age of 85 years and comes with a no-questions-asked, no-medical-tests guaranteed acceptance and offers a life insurance cover for whole of life.
Announcing the launch of the Termsurance® Seniors Plan, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said: “Life Insurance should ideally be taken early, but there are a sizeable number of people who would have missed taking an insurance cover when young. At IDBI Federal, we believe in challenging conventions, so we looked at a simple term plan and re-engineered it. With this unique Termsurance Seniors, a first-of-its-kind product in India, it will be never too late to get covered.”
“With a large number of nuclear families emerging, and the rising life expectancy and lifestyle diseases, there is a possibility of a large number of people nearing retirement with inadequate life insurance to support their spouse after their demise. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. Parents should aim to become self-reliant when their children start a family on their own”, Mr. Rao said.
In case of death of the insured person after 2 years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of the premiums have been made. In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.
The premium paid is entitled for deduction of tax under section 80C of the Income Tax Act.
Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 2,92,000 policies issued and a Sum Assured of Rs 16,384 Crores. Prior to Termsurance Seniors Insurance Plan, it has launched several innovative plans like Wealthsurance®, Homesurance®, BondsuranceT, Microsurance®, Termsurance®, IncomesuranceT, Retiresurance® and Healthsurance®.
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 April 30th 2011, the company has issued over 2.94 lakh policies with over Rs 16, 499 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
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. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. 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 841 branches and 1387 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)
Please visit www.idbibank.com to know more.
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 744 branches and 810 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.
Please visit www.federalbank.co.in to know more.
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, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, 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 second largest player in private car insurance and the over 50’s market. It employs more than 13,000 people and has annual inflows of almost EUR 18 billion.
Please visit www.ageas.com to know more.
For more information:
Product Section on the Website:
Anilkumar Yadav, Concept PR, +91 9869632008, firstname.lastname@example.org
Ashwini Churi, Concept PR, 91 9892218557, email@example.com
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