New Delhi: India’s leading private life insurance company, IDBI Federal Life Insurance launched of its ‘Dream Builder Plan’, a non-linked, non-participating life insurance plan. The policy will ensure Guaranteed Annual Payouts which are a defined percentage of the Maturity Sum Assured and which will be paid out in the last 3 years of the policy.
Commenting on the launch, Karthik Raman, CMO and Head – Products and Strategy, IDBI Federal Life Insurance said, “Our products are designed in a way that will offer maximum benefit to our customer’s evolving lifestyle needs. Bearing in mind our customer’s responsibilities to fulfil their family’s various needs and at the same time not compromise on their dreams, we have designed a comprehensive financial solution – the ‘Dream Builder Plan’. The guaranteed cash flow can meet fixed expenses like child’s education, marriage, or for that matter, a family vacation.”
How the Plan Works?
The insured person can choose the amount that he wants to receive as Maturity Sum Assured (MSA) and the policy term. He pays annual premium for the first 8 years of the policy. Post that, the insured person stays invested in the plan and will start receiving Guaranteed Annual Payouts, which is a percentage of MSA, in the last 3 years of the policy.
Key Benefits of the Plan
- The insured person has to pay premiums, only for the first 8 years of the policy and remains insured throughout the policy term.
- There is a choice of policy term to help the insured person meet important financial milestones like child’s higher education, marriage, help in buying the first home, help in setting up the first business, etc.
- The insured person will enjoy Guaranteed Annual Payouts in the last 3 years of the policy term, irrespective of the market conditions.
- Under this plan, in case of the unfortunate death of the insured person, his nominees will immediately receive the death sum assured to help take care of the running expenses. No future premiums will be payable under the policy and the plan will continue with all due benefits viz. Guaranteed Annual Payouts, which is a percentage of Maturity Sum Assured, in the last 3 years of the policy. In case of total and permanent disability due to accident or sickness of the insured person, no future premiums will be payable and the policy will continue till the end of the policy term with all due benefits, as mentioned above.
- Tax benefits under Section 80 C and 10 (10D) of Income Tax Act, 1961.
