New Delhi: Private life insurance company, IDBI Federal Life Insurance introduced its ‘Income Protect Plan’ aimed at helping customers achieve their financial needs at every stage of life. It is a term insurance plan, which offers replacement of monthly income with a y-o-y per cent increase.
Commenting on the new product plan, Karthik Raman, CMO and Head – Products and Strategy, IDBI Federal Life Insurance said, “We have designed the Income Protect Plan in a way which suits the financial needs of the customers. Today, life is filled with a series of unpredictable events, and financial security to cope with such events is extremely important. Understanding that, we wanted to keep our customers fully equipped for the future ahead in order to protect their loved ones and encourage them to follow responsible financial planning. IDBI Federal Life Insurance Income Protect Plan is a smart way to ensure that monthly income continues when one’s family needs it the most.”
How does the plan work?
The insured person chooses the Monthly Income, Policy Term, Premium Payment Term and Frequency of the premium payment. Depending upon these parameters, as well as the gender and age of the insured person, the premium amount is decided. At the unfortunate demise of the insured person during the term of the policy, the death benefit is paid to the beneficiary.
The plan can be customised in three easy steps:
- Decide the Monthly Income for your family
- Select the Policy Term (PT)
- Select Premium Payment Term (PPT)
Key Benefits of the Income Protect Plan:
Gives financial protection to the family with life cover
With Income Protect Plan, one can be assured about one’s family’s financial security with a life insurance cover. Under this plan, the following will be received:
- Lump sum benefit to take care of the immediate expenses
- Increasing Monthly Income Benefit to manage the financial needs in the regular course of life
Flexibility to choose Premium payment term
One can choose the most suitable option of premium payment i.e. 10, 15 or 20 years, as per one’s convenience.
Select Policy term to suit one’s financial needs
With age, the responsibilities and liabilities of a person keep changing. That is why IDBI Federal has built flexibility into the policy term of the plan, where one can opt for any term between 10 years and 30 years.
Tax benefits on premiums paid and benefits received
The plan provides tax benefits (u/s 80C) for the premiums paid, and (u/s 10 10D) for the benefits received under the policy as per prevailing tax laws.
Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws from time to time. IDBI Federal Life Insurance Company Ltd. does not assume responsibility on tax implication. Please consult your own tax consultant to know the tax benefits available to you.