Private sector life insurer IDBI Federal Life Insurance, recently, launched a participating endowment plan ‘Suvidha Savings Insurance’.
This plan is very simple and affordable which requires no medical tests. This plan can be bought in 3-easy steps-Select, Sign and Submit. The salient features of the plan are-simple to understand, easy to buy, less documentation and affordable price. The simplicity and less documentation reduce time taken to acquire a life insurance cover. This plan ensures protection of the life insured along with savings.
Under this plan there is a tax benefit for the premiums paid up to a limit of Rs 1,00,000 per annum.In a release, Mr. G.V. Nageshwara Rao, MD & CEO, IDBI Federal Life Insurance said, “Lifesurance Suvidha Savings is a simple and affordable life insurance product that offers a hassle-free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life.”
IDBI Federal Life Insurance is a joint-venture between three financial institutions- IDBI Bank, Federal Bank and Ageas (formerly Fortis). IDBI is an industrial development bank whereas Federal Bank is a leading private sector bank of India and Ageas is a European insurance giant. In the joint venture, IDBI Bank holds 48% equity while Federal Bank and Ageas hold 26% equity.
“This hassle-free plan is designed to provide a life cover of up to Rs 3 lacs till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term,“ said Mr. Aneesh Khanna, Head-Marketing & Product Management, IDBI Federal Life Insurance.
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