Private insurer IDBI Federal Life Insurance announced the launch of a long-term savings plan - 'Lifesurance Savings Insurance' - that offers triple benefit of bonus, guaranteed additions and life-cover.
"Changing consumer lifestyles present ever-increasing demand for financial security in the future. Long-term financial planning starts with a disciplined approach to regular savings. We address this with 'Lifesurance Savings Insurance' plan," IDBI Federal Life Managing Director and Chief Executive G.V. Nageswara Rao said.
The plan is a fixed-term participating endowment policy that allows the policyholder to accumulate considerable savings, apart from providing life cover. The plan allows customers to benefit from bonuses based on investments in a carefully managed balance of debt and equity securities, while providing valuable guaranteed benefits through guaranteed additions in the first 5 years of the policy and the sum insured.
The product comes with tax benefits on premiums. The minimum premium amount is Rs. 20,000/- for annual installment and Rs. 2,500/- for monthly installment. The plan also offers an additional premium discount for women.