IDBI Federal Life Insurance launches seven new plans

MUMBAI: Private insurer IDBI Federal Life Insurance today launched a bouquet of four new individual products catering to various life stage needs of customers along with three new group solutions.

"The latest offerings focus on the consumer needs of financial security, savings and growth of investments. 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," IDBI Federal Life Insurance CEO Vighnesh Shahane said in a release issued here.

The four new individual plans include Incomesurance Guaranteed Money Back Insurance Plan, a guaranteed traditional non-participating money-back plan with a 10-year term, and 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 and Wealthsurance Suvidha Growth Insurance Plan, a unit-linked endowment plan aimed at the first time ULIP customer. The three new group plans include Termsurance Group Insurance Plan, a pure term cover plan for group members, Group Microsurance Insurance Plan, a microinsurance plan, and Loansurance Group Insurance Plan, a group insurance plan aimed to cover the customer's outstanding debt.

IDBI Federal Life Insurance is a joint-venture of development and commercial bank IDBI Bank, private sector bank Federal Bank and Ageas, a multinational insurance giant based out of Europe.