IDBI Fortis Life Insurance launches Bondsurance

MUMBAI: IDBI Fortis Life Insurance on Friday launched Bondsurance, which offers guaranteed return on investment along with life insurance cover. Investment in the plan is eligible for deduction under sec 80C of the Income-tax Act and the maturity amount is tax-free under Sec 10(10D) of the income-tax Act.

���With a one-time minimum investment of just Rs 20,000, Bondsurance is specially crafted for those looking for attractive guaranteed returns with the promise of insurance protection,��� claimed Amish Tripathi, national head, marketing and product management, IDBI Fortis Life Insurance. Bondsurance also comes with two tax benefits under Sec 80C and 10(10D).

Bondsurance addresses the needs of those willing to put away money for either 5 years or 10 years, earning a guaranteed return on the premium paid. At the same time, in the short term, Bondsurance offers liquidity after the first year with a special surrender value in case one needs the funds in a hurry.

IDBI Fortis Life Insurance is targeting customers looking to invest in tax-saving instruments in the last quarter of the financial year. For example, an investment of Rs 100,000 in IDBI Fortis Bondsurance would fetch Rs 2.03 lacs for customers in the age bracket of 8 years to 32 years on maturity, at the end of ten years. The maturity amount varies with age and term of the plan.