Mumbai: IDBI Federal Life Insurance has launched a guaranteed pension plan called Retiresurance. It is a retirement plan with the benefit of guaranteed accumulation.
“We at IDBI Federal have designed Retiresurance to suit definitive needs of people, post retirement. The product offers a guaranteed corpus for every premium paid. Moreover, if the customers continue the policy till maturity, the plan offers guaranteed loyalty additions,” Said G V Nageswara Rao, Managing Director & CEO of IDBI Federal Life Insurance.
Plan snapshot: Under the plan, policyholder receives a guaranteed maturity value. The plan has two phases. The first is the accumulation phase which helps the policyholder to build up his retirement corpus over a chosen term of 10, 15, 20 or 25 years.
The second is the payout phase wherein the policyholder has an option to receive a portion of the maturity benefit in lump sum and the balance can be used to purchase an annuity plan or the entire amount of the maturity benefit can be used to purchase an annuity plan from the company itself or from any other annuity provider.
The plan also has a death benefit attached wherein the nominee gets the money which would be higher of either the premiums paid together with a 5 per cent compounded interest or the special surrender value.
The policyholders can either go for single premium option which is a one-time payment starting with a minimum amount of Rs 25,000 with no maximum limit. The other option is a regular premium where policyholder can either pay minimum amount of Rs 20,000 every year or Rs 2,000 every month. The minimum term for premium payment is three years.
Tax Benefit: Premium paid is eligible for deduction under Sec 80CCC.
About IDBI: IDBI Federal Life Insurance Co Ltd is a joint-venture between IDBI Bank, Federal Bank and Ageas, a Belgian life insurer with operations in Europe and Asia. The company’s new business premium during April-December 2010 rose 37 per cent to Rs 301 crore Rs 219 crore a year earlier. As on December 31st 2010, the company had issued over 2.60 lakh policies with over Rs 13,647 crore of sum assured.