India-based IDBI Federal Life Insurance has rolled out its latest non-linked, non-participating life insurance plan.
Dubbed Dream Builder Plan, the new plan has been designed to offer guaranteed annual payouts which are a defined percentage of the maturity sum assured to be paid out in the last three years of the policy.
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The policy holder can select the amount that he wants to receive as maturity sum assured (MSA) as well as the term of the policy. After paying annual premium for the first eight years of the policy, the policy holder remains invested in the plan. Subsequently, he will get guaranteed annual payouts during the last three years of the policy.
IDBI Federal Life Insurance CMO and head of products and strategy Karthik Raman 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 fulfill 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.”
In case of untimely demise of the insured, their nominees will receive the death sum. and all future premiums will be waived. The plan will, however, continue with benefits such as guaranteed annual payouts in the last three years of the policy.
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By GlobalDataIn the event of total and permanent disability, all future premiums will be waived and the policy will continue till the end of the policy term with all the guaranteed benefits.
