IDBI Federal Life Insurance launches Guaranteed Income Plan with lumpsum or annual income options

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October 21, 2020 12:54 PM

The new plan is a comprehensive solution offering both life protection and guaranteed returns – as a lumpsum or as annual income, depending on the option chosen.

Guaranteed Income Plan, lumpsum, annual income, life insurance, Endowment, premium,The plan provides a combination of life insurance and guaranteed returns and offers a choice of Income and Endowment options.

IDBI Federal Life Insurance has launched a non-linked, non-participating life insurance plan titled IDBI Federal Life Insurance Guaranteed Income Plan. The plan provides a combination of life insurance and guaranteed returns and offers a choice of Income and Endowment options, basis an individual’s financial needs and life goals.

The prevailing uncertain scenario and unpredictable market conditions has created a need for securing one’s hard-earned savings through a guaranteed pay-out solution, laced with a protection cover. IDBI Federal Life’s Guaranteed Income Plan offers an assured guarantee to meet unpredictable future requirements. The new plan is a comprehensive solution offering both life protection and guaranteed returns – as a lumpsum or as annual income, depending on the option chosen. In the event of the unfortunate death of the insured person during the term of the policy, the plan provides a death benefit to one’s nominees.

IDBI Federal Life Insurance Guaranteed Income Plan offers the flexibility to choose the premium payment term and policy term basis one’s needs and goals. Keeping in mind that individuals might be facing financial difficulties during this ongoing crisis, the plan offers the option of investing at a low entry premium of Rs. 15,000 per annum. Moreover, understanding the need for ensuring financial planning and security from a young age, the plan offers a gifting option whereby parents or grandparents can invest in the policy for their minor children and the policy vests in the child’s name once he/she becomes an adult.

IDBI Federal Life Insurance Guaranteed Income Plan offers customers an end-to-end digital process for ease of purchase, as well as quick issuance of the policy. Furthermore, in case the customer confirms himself to be a healthy individual, no medicals are required under this plan.

Key Benefits of the plan

  • Flexibility to choose premium payment term and policy term of one’s choice
  • Enjoy guaranteed benefits irrespective of market conditions
  • Option to receive benefits as a lump sum or as regular income, basis individual need
  • Tax Benefits of Sec 80C and Sec 10(10D)
  • Offers loan on your policy, subject to conditions

Commenting on the introduction of the IDBI Federal Life Insurance Guaranteed Income Plan, Karthik Raman, CMO & Head – Products, IDBI Federal Life Insurance said, “In the prevailing uncertain scenario, with a large section of individuals experiencing financial worries and stress, it is necessary to safeguard one’s investment portfolio with a financial solution that offers guaranteed pay outs. Also, to achieve one’s desired life goals such as children’s higher education or wealth creation for future financial needs, individuals would prefer a savings solution that offers both, a guaranteed pay-out and life insurance cover. Our recently-launched IDBI Federal Life Insurance Guaranteed Income Plan aptly fulfils this diverse financial requirement, allowing the individual to be truly #FutureFearless”

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