Press release from Business Wire India
Source: IDBI Federal Life Insurance Co Ltd
Thursday, December 29, 2011 04:30 PM IST (11:00 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Retailers; Technology
--------------------------------------------------
IDBI Federal Heralds New Year with Childsurance
Innovative child plan with five unique features for parents to safeguard their child's future
Mumbai, Maharashtra, India, Thursday, December 29, 2011 -- (Business Wire India) -- Heralding the New Year, private insurer IDBI Federal Life Insurance today announced the launch of its premier Child Plan, IDBI Federal Childsurance® Dreambuilder Insurance Plan, ideal for parents of children aged one month to 17 years.
Childsurance® is a Unit Linked Insurance Plan with innovative features that ensure a perfect combination of optimum returns and safety. The plan includes features such as Joint Life Cover, Guaranteed Loyalty Additions, Education Support Benefit, Lumpsum Payment of Future Premiums (on death) and Systematic Allocator Fund that help create a child plan that does not fail.
Announcing the launch of 'Childsurance Dreambuilder Plan', Mr. G V Nageswara Rao, Managing Director and CEO of IDBI Federal Life Insurance, said: "Children are the foundation of our future and therefore planning for them, needs to be done carefully and successfully. We at IDBI Federal Life Insurance have created yet another innovative product with Childsurance Dreambuilder plan which manages the twin expectations of growth to counter rising education costs and protection to ensure the plan doesn't get derailed. The plan has five unique features for parents to ensure their child's future and education would remain unaffected under any circumstances or exigencies."
Five Unique Features:
1. Systematic Allocator: Systematically transfers fund from Equity Growth Fund to the Income Fund over the policy term to protect the corpus from equity market volatility closer to maturity
2. Joint Life Cover: Since both parents are contributors to the household income, on death of any one parent, future premiums are waived. Sum insured being paid when both parents die
3. Lumpsum Payment of Future Premiums: In case of death of the parent, all future premiums are waived and invested in the plan as a lumpsum in the plan
4. Guaranteed Loyalty Additions: At the end of the 10th policy year and every five years thereafter to boost the child plan corpus
5. Education Support benefit: In case of death of the policy holder, this feature will ensure systematic withdrawals in the last 5 years of the plan to support child's education
The plan provides a wide range of fund options for investment with an option of a unique 'Systematic Allocator' that systematically allocates funds from an Equity Growth Fund to the Income Fund over the policy term to protect the corpus as it nears maturity. While Childsurance builds the corpus over a period of time, it also allows liquidity with partial withdrawals and surrender options in case of need for funds.
Emphasizing on the objective of a Child plan, Mr. Aneesh Khanna - Senior Vice President Head - Marketing and Product Management of IDBI Federal Life Insurance said, "Planning for the children's future is a challenging yet an essential task for every parent. Whatever their child decides, they will certainly need good quality education to succeed in their chosen line of work. Our Systematic Allocator and Lumpsum Payment of Future Premiums are features that combine the benefits of growth and protection in the interest of the customer."
The policy term can be conveniently chosen to coincide with the age when the child will require the corpus for his education, marriage or any other career goals, any policy term between 10 and 25 years is available. The plan starts with a minimum annual premium of Rs 25,000 and maximum Rs 100,000. Additional top ups of minimum Rs 5,000 can be made at any time to help accumulate the child's education corpus faster.
The plan comes with dual tax benefits - premiums paid are eligible for deduction from taxable income under section 80C and the maturity amount is exempt from tax under section 10(10D). Thus the benefits are fully available to meet the financial needs of the child or to take care of expenses as in the case of crisis.
About IDBI Federal Life Insurance
IDBI Federal 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 Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, 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. As on November 30th, 2011, the company has issued over 3.35 lakh policies with over Rs 18783 Cr in Sum Assured. Do visit www.idbifederal.com to know more.
About the sponsors of IDBI Federal 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 908 branches and 1514 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 -National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd). Please visit www.idbibank.com to know more.
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 832 branches and 880 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. Please visit www.federalbank.co.in to know more.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of almost EUR 18 billion. Please visit www.ageas.com to know more.
Additional information:
Download Product Brochure:
http://www.idbifederal.com/Download/Brochures/Pages/default.aspx
Product Section on the Website:
http://www.idbifederal.com/Products/Childsurance/Pages/default.aspx
Download Logos:
http://www.idbifederal.com/Press/Pages/Download-Logos.aspx
CONTACT DETAILS
Anilkumar Yadav, Concept PR, +91 9869632008 /9769808828, anil@conceptpr.com
Aarti Raina, Concept PR, +91 8879123914, aarti.r@conceptpr.com
Nida Paloba, IDBI Federal Life Insurance Co Ltd, +91 (22) 2490 8170/ 9821017561, nida.paloba@idbifederal.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, RETAIL, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
No comments:
Post a Comment