IDBI Federal launches Wealthsurance Milestone Plan
New ULIP to help cross different milestones of life with full confidence.
Insured Wealth Plan with 13 Investment options and 7 Insurance options.
- (1888PressRelease) September 10, 2010 - MUMBAI - IDBI Federal Life Insurance announced the launch of its new ULIP called IDBI Federal Wealthsurance™ Milestone Plan today. The Wealthsurance™ Milestone Plan is a unique Insured Wealth Plan designed to help cross different milestones in one's life. It enables customers to save and build wealth under the protection of Insurance to meet their financial goals.
The Wealthsurance™ Milestone Plan offers a wide range of Investment options, Insurance options and unmatched flexibility that allows customers to customize a plan suited to their needs. Customers can plan for their milestones like completion of school education by a child, a marriage, acquisition of a new house and so on. This Plan comes with a wide range of 13 investment options and 7 insurance benefits - all packaged with a low charge structure and unmatched flexibility.
Announcing the launch, Mr G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said: "Everyone wants to create wealth, but wealth creation does not happen by chance or accident. It needs a Plan. Wealthsurance™ Milestone Plan offers such a plan, which is very flexible and can be customised to an individual's needs. The beauty of the Plan is that it can be insured not only against risk of death but against 17 major diseases, hospitalisation, disability, accidental injuries etc so that you can feel confident that your financial goals can be reached despite the surprises life may throw up."
Wealthsurance™ Milestone 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. Conservative customers can choose guaranteed return options which offer fixed, assured returns. Those who can take more risk 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. Wealthsurance™ Milestone 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 customers who do not have the time or expertise to monitor equity market and shift into debt or equity based on market conditions.
IDBI Federal Wealthsurance™ Milestone Plan not only allows its policyholder to invest according to their changing risk appetite; it also provides a host of insurance benefits to protect them against uncertainties, so that they don't have to break their investment to meet sudden financial demands and their money can keep compounding. The insurance benefits offered by the Plan include Major Diseases Benefit in which lump-sum cash amount upto Rs. 20 lakhs is 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. Another benefit is Hospital Cash Benefit in which daily cash benefit upto 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 hospitalisation. Other benefits offered include accidental death and disablement benefit and waiver of all future premiums upon death or disablement.
"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
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 2010, the company has issued over 2 lakh policies with over Rs 9,160 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 725 branches and 1228 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 708 branches and 755 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. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the third largest player in private car insurance. The company also has subsidiaries in France, Germany, Ukraine and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 11,000 people and has annual inflows of almost EUR 16 billion.
Please visit www.ageas.com to know more.
For More Details:
Rohan Hegde
Concept PR
M: 09820670345
E-mail: rohan ( @ ) conceptpr dot com
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