Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Monday, August 08, 2011 05:00 PM IST (11:30 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
IDBI Federal Launches Insured Wealth Plan
Wealthsurance Dreambuider offers flexible, customized investment options Covers 17 major diseases, hospitalization and accidental injuries
Mumbai, Maharashtra, India, Monday, August 08, 2011 — (Business Wire India) — Private life insurer IDBI Federal Life Insurance today announced the launch of its new ULIP called Wealthsurance® Dreambuilder Insurance Plan which will enable customers to save and build wealth under the protective cover of insurance.
Wealthsurance® combines wealth creation and insurance protection into one powerful financial solution. With a minimum premium amount of Rs 25,000 per year and maximum Rs. 1,00,000, Wealthsurance® Dreambuilder Insurance Plan offers a wide range of insured wealth plans.
Announcing the launch of the new plan, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said “It is everyone’s dream to create wealth and enjoy quality life, but wealth creation does not happen by chance or accident. It needs a Plan. Wealthsurance® Dreambuilder Insurance Plan can help customers realize their dreams and enjoy the benefits during their lifetime. It is very flexible and can be customized to an individual’s needs with 13 different fund options to choose from. A key attribute of the Plan is that it can be insured not only against risk of death but against 17 major diseases, hospitalization, disability, accidental injuries etc so that you can feel confident that your financial goals can be reached despite the surprises life may throw up. To encourage long term investments, the plan boosts your funds through Guaranteed Loyalty Additions at the end of 10th policy year and every 5 years thereafter to reward customers for staying committed for the long term.”
Wealthsurance® Dreambuilder Insurance Plan offers a comprehensive suite of investment options which are designed to meet the needs of every customer depending upon his or her risk appetite. For instance, conservative customers can choose guaranteed return options which offer fixed, assured returns. Those who can take risks can opt for capital protected options where the entry NAV is guaranteed and returns depend upon the market. Customers who would like to get potential high returns of equity markets in the long-term and understand the risk can opt for market linked equity options.
IDBI Federal Wealthsurance® Dreambuilder Insurance Plan also provides a host of insurance benefits to protect the customers against uncertainties, so that they don’t have to break their investment to meet sudden financial demands and their money can keep compounding. In addition this Plan also offers partial withdrawals facility if funds are required before maturity.
The insurance benefits offered by the Plan include lump-sum cash amounts up to Rs. 20 lakhs to be paid upon diagnosis of any of 17 specified major diseases. These include heart attack, coronary bypass surgery, cancer, stroke, paralysis, coma, brain tumor, renal failure, major organ transplant etc.
“The plan offers a unique investment options called Asset Allocator Funds, where the company’s fund managers invest in equity or debt depending upon market conditions. This is a very useful option for those who do not have the time or expertise to monitor equity market and shift into debt or equity investments depending on market conditions. Moreover policyholder can boost their investments with Guaranteed Loyalty Additions which will be given at the end of specific terms as a reward for long-term investment. The Plan comes with attractive tax benefits. Premium contributions are eligible for tax deduction under Sec 80C. All benefits under the Plan are tax-free under Sec 10(10D),” Mr. Rao added
Another feature is Hospital Cash Benefit in which daily cash up to a maximum of Rs. 5000 per day will be paid for each day of hospitalisation, irrespective of the amount actually spent. The claim process is simple since no bills have to be submitted but only proof of hospitalization is enough. Other benefits include accidental death and disablement benefit and waiver of all future premiums upon death or disablement.
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 June 30th, 2011, the company has issued over 3.03 lakh policies with over Rs 17,019 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 883 branches and 1455 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 747 branches and 817 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.
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