Seeking to insure the consumption-heavy generation from possible future shocks and to help them keep pace with inflation, one of the fastest growing private insurers, IDBI Federal Life Insurance has launched Retiresurance Guaranteed Pension Plan, a unique retirement plan which comes with the twin benefits of guaranteed accumulation with attractive annuities.
IDBI Federal Retiresurance Guaranteed Pension Plan is a non participating traditional deferred pension plan designed to help customers secure their lifestyle post-retirement, Guaranteed.
Retiresurance is a unique product that not only helps accumulate money for a comfortable retirement but also guarantees a steady growth of investment. For every premium paid, the plan guarantees a return that helps build a corpus. Ensuring transparency, returns to this corpus are linked to the prevailing G-Sec rate and this allows the customer to know the exact maturity for every premium paid. Each installment premium paid has a guaranteed maturity value which is payable on the vesting date.
The premium payments for the accumulation phase can be 10, 15, 20 or even 25 years. At the end of the policy, the plan also guarantees a further loyalty addition.
Announcing the launch, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance, said: “It is difficult to predict the future. But with the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement.
This could probably be the time for them to face the harsh reality of outliving their savings. There is a strong need to plan for a guaranteed corpus that can result in guaranteed regular income. We at IDBI Federal have designed Retiresurance to suit these definitive needs of people, post retirement. The product offers a guaranteed corpus for every premium paid; moreover if the customers continue the policy till maturity, the plan offers guaranteed loyalty additions.
India has the world’s largest young population. Various research reports say 72% of the Indian population constitutes of people below 39 years, with 32% between 20-39 years with a high consumption potential. With rising life expectancy and growing lifestyle diseases, we feel that this generation should plan to save not only for their immediate future but for their life after retirement as well,” he said.
The policy holder can receive part of the maturity benefit as a lump sum and invest the remaining in an annuity which will ensure a regular income for life. Alternatively, the customer could purchase an annuity with the entire maturity benefit and get a higher and regular income for life.
Retiresurance also comes with a death benefit to ensure that the policy holder’s nominee gets money which could be the higher of either the premiums paid along with a 5% compounded interest or the special surrender value.
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