IDBI Fortis Life Insurance has launched the Termsurance Protection Plan, which the company describers as a flexible protection plan that provides large insurance cover at an affordable cost.
According to a statement from the company, the Termsurance Protection Plan is a simple term-insurance plan offering 3 covers: ‘level cover,’ ‘increasing cover,’ and ‘level cover with return of premium.’
The Termsurance Protection Plan lets a person choose a cover based on his requirement.
While the ‘level cover’ comes with a large cover at a low cost, the ‘increasing cover’ offers an increasing cover of 10% every year, and the ‘level cover with return of premium’ returns the premium paid after the cover matures, says the company.
The minimum entry age for the plan is 18 years, and the maximum entry age is 65 years. The maximum age at maturity is 75 years.
The term of policy ranges between 10 years and 30 years.
According to G V Nageswara Rao, managing director and chief executive officer of IDBI Fortis Life Insurance, the Termsurance Protection Plan provides an “invaluable protective cover” to families in India in the event of the untimely death of the main bread-earner.
The increasing risk cover option of the plan, Nageswara Rao said, increases the benefit amount each year by a specific amount – thereby enabling the customers to plan for the increasing responsibilities in future, by taking the effect of inflation into consideration.
The company said in the statement that it is offering “a suite of innovative products.”
The products include Homesurance (giving a protective cover for home loan); Wealthsurance (meant to create an insured wealth plan); Retiresurance (for post-retirement, life-long pension); Bondsurance (for guaranteed returns with life insurance cover); Termsurance Grameen Suraksha (a low-cost life insurance plan meant for rural markets.); and Microsurance (the affordable life insurance cover for groups).
IDBI Fortis Life Insurance claims that, with the Termsurance Protection Plan, the company aims to cater to customers seeking a flexible protection plan as well as a large insurance cover at affordable costs.
IDBI Fortis Life Insurance, launched in 2008, is one of the fastest-growing life insurance companies in India, the statement says.
It is a joint venture of IDBI Bank, the development and commercial bank, Federal Bank, a leading private-sector bank, and Fortis Insurance International, a multinational insurance company based in Utrecht, the Netherlands.
In IDBI Fortis Life Insurance, IDBI Bank owns 48% equity, and Federal Bank and Fortis own 26% equity each.