IDBI Fortis redefines endowment & money back with IncomesuranceTM
Product innovation for transparency; Guaranteed income increases with every premium paid; Choice of Endowment or Money Back in one product; Tax deduction u/s Sec 80C and tax free income u/s 10(10D)
Tweet-- In a major product innovation aimed at enhancing transparency, IDBI Fortis Life Insurance today announced the launch of its 'IncomesuranceTM Endowment and Money Back Plan' that declares in advance an additional guaranteed income on every premium paid.
A customer of IncomesuranceTM Endowment and Money Back Plan can get his income as a lump sum endowment or as an annual money back. The Premium is eligible for tax deduction under Sec 80C. Also, the Guaranteed Annual Payout and other benefits upon death are tax-free under Sec 10(10D).
"Incomesurance is designed to give a guaranteed income to our customers who can realize their dreams, like their child's education, planning for daughter's marriage, providing financial security to their loved ones, or for that matter ensuring a comfortable retirement income," said Mr G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
Elaborating on the transparency of IncomesuranceTM, Mr Rao said: "The most unique feature of this plan is that the customer gets to know the increase in guaranteed income at the time of each premium payment. One does not have to wait till the maturity of the plan or declaration of bonus."
IncomesuranceTMalso provides a death benefit. Moreover, if one chooses Lump Sum Cover option, the company will pay a lump sum upon death. If one chooses Waiver of Premium option, all future premiums will be waived in the case of an unfortunate eventuality on the customer and the guaranteed income will continue, just as one had envisaged. This insurance benefit ensures that the customer's goals will be achieved even if something unfortunate were to happen.
Launched last year, IDBI Fortis is one of India's fastest growing life insurance companies with a suite of innovative products like WealthsuranceTM, that can help you create an insured wealth plan, HomesuranceTM to create a protective cover for your home loan, BondsuranceTM, for guaranteed returns with life insurance cover, RetiresuranceTM for a comfortable life after retirement with lifelong pension and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. It also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.
Notes to Editor
About IDBI Fortis
IDBI Fortis 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 Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. At IDBI Fortis, 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. In only its first year of operations, as on March 31st 2009, the company collected more than 328 Cr in premiums - highest first year collection in the history of Indian life insurance industry, through over 87000 policies and over Rs 2825 Cr in Sum Assured.
About the sponsors of IDBI Fortis 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 over 620 branches and more than 1050 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 - such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.
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 over 640 branches and 670 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.
Fortis is an international insurance group composed of AG Insurance, the overall market leader in life and non-life insurance in Belgium, distributing its insurance products through the network of BNP Paribas Fortis Bank and independent insurance brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
