IDBI Federal Life Insurance launches ‘Guaranteed Income Plan’

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IDBI Federal Life Insurance launches a non-linked, non-participating life insurance plan named IDBI Federal Life Insurance Guaranteed Income Plan. This plan gives a blend of life insurance coverage and ensured returns and offers a decision of Income and Endowment options, based on a person’s finance-related necessities and life objectives. 

The predominant uncertain situation and unpredictable market situations have made a requirement for making sure about one’s hard-earned savings funds through an ensured pay-out arrangement, bound with a protection cover. IDBI Federal Life’s Guaranteed Income Plan offers a guaranteed assurance to meet uncertain future prerequisites. The new plan is a comprehensive solution offering both life security and ensured returns, as a lump sum or as yearly pay, depending on the option chosen. In case of the unfortunate death of the insured individual during the term of the policy, the plan gives a demise advantage to one’s nominees. IDBI Federal Life Insurance Guaranteed Income Plan offers the adaptability to pick the premium payment term and policy strategy term based on one’s needs and objectives. Remembering that people may be confronting budgetary challenges during this ongoing crisis, the plan offers the choice of contributing at a low entry premium of Rs. 15,000 per annum. Additionally, understanding the requirement for guaranteeing budgetary planning and security from a young age, the arrangement offers a gifting alternative whereby guardians or grandparents can invest in the plan for their minor children, and the policy vests in the kid’s name once he/she turns into a grown-up.

IDBI Federal Life Insurance Guaranteed Income Plan offers clients an end-to-end digital measure for simplicity of procurement, as well as quick issuance of the policy. Moreover, in case the client affirms himself to be a healthy individual, no medicals are needed under this plan.

Key features include the following: 

  • Adaptability to pick premium payment term and policy term of one’s decision 
  • Appreciate ensured benefits independent of market situations 
  • Option to get benefits as a single amount or as regular income, based on individual needs
  • Tax advantages of Sec 80C and Sec 10(10D) 
  • Offers loan advance on the policy, subject to conditions

Remarking on the presentation of the IDBI Federal Life Insurance Guaranteed Income Plan, Karthik Raman, CMO and Head – Products, IDBI Federal Life Insurance stated that in the predominant uncertain situation, with a huge segment of people encountering budgetary concerns and stress, it is important to safeguard one’s investment portfolio with a finance solution that offers ensured payouts. Additionally, to accomplish one’s ideal life objectives, for example, a child’s higher education or wealth creation for future budgetary needs, people would prefer a savings solution that offers both, an ensured pay-out and life insurance cover. The recently launched IDBI Federal Life Insurance Guaranteed Income Plan suitably satisfies this differing monetary prerequisite, permitting the person to be genuine to #FutureFearless.

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