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IDBI Federal launches 7 new plans

The Company has also announced the launch of 3 new group solutions.

May 07, 2014 2:17 IST | India Infoline News Service
IDBI Federal Life Insurance, a pioneer in product innovation has announced the launch of a bouquet of 4 new individual products catering to various life stage needs of the customers. The Company has also announced the launch of 3 new group solutions.
 
Announcing the launch, Vighnesh Shahane, CEO, IDBI Federal Life Insurance, said, “The latest offerings from the company focus on the consumer needs of financial security, savings and growth of investments. At IDBI Federal, the new product guidelines were viewed as an opportunity to revamp the entire product portfolio and align it to the changing needs of the consumers. The new range of products offers customers a mix of savings, growth of investments and financial protection. We have also built guarantees into all our traditional products to go in line with the customer need for assured returns.”
 
Aneesh Khanna, Head – eBusiness, Marketing & Product Management, IDBI Federal Life Insurance, adds, “The new product portfolio offers customers a variety of options to choose from and create a plan best suited to them. We have policy terms ranging from 10 to 25 years and premium payment terms from 5 to 25 years. Customers also have the flexibility to choose the sum assured and/or premiums and the premium payment mode. In short, customers can actually tailor-make a plan for themselves."
 
The 4 new individual plans include:
 
‘Incomesurance Guaranteed Money Back Insurance Plan,’ a guaranteed traditional non-participating money-back plan with a 10 year term;
 ‘Lifesurance Savings Insurance Plan’, a traditional participating endowment plan with guaranteed additions, bonuses and accidental death benefit;
‘Childsurance Savings Protection Insurance Plan’, a traditional participating endowment plan, with guaranteed annual payouts and inbuilt waiver of premium;
‘Wealthsurance Suvidha Growth Insurance Plan,’ a unit linked endowment plan aimed at the first time ULIP customer.
 
The 3 new group plans include:

 
Termsurance Group Insurance Plan, a pure term cover plan for group members;
Group Microsurance Insurance Plan, a microinsurance plan;
Loansurance Group Insurance Plan, a group insurance plan aimed to cover the customer’s outstanding debt.

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