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IDBI Federal Targets HNIs with Wealthsurance Premier

March 29, 2011 - Mumbai, Maharashtra, India

Seeking to target high net worth customers, private insurer IDBI Federal Life insurance Company Limited announced the launch of their wealth-building plan, IDBI Federal Wealthsurance Premier Insurance Plan.

The brand new product aims to be one of the best in the category as it is a hassle free, single premium ULIP, with a wide array of investment funds and protection benefits bundled in a low charge structure aimed to deliver one of the best-in-class returns in this category.

Announcing the launch of Wealthsurance Premier, Mr. G V Nageswara Rao, MD and CEO of IDBI Federal Life Insurance, said: “Wealth creation is a long-term process with prudent planning playing an important part. Wealthsurance® Premier is a great combination of a wealth and protection plan that assists the customers in wealth creation and management in the long term. At IDBI Federal, we take pride in our innovation. With Wealthsurance Premier, we have customized the product to suit the HNIs by making it a single premium plan that allows one to build wealth for the long term in tranches, with the flexibility of 13 varied investment fund options across the risk-return continuum for active wealth management.

What is even better, Wealthsurance® Premier can insure HNI’s wealth plan against death, 13 accidental injuries, 17 major diseases, and serious illnesses requiring hospitalization or disablement which prevents engaging in an income-earning activity.”

IDBI Federal Wealthsurance® Premier Insurance Plan is a single premium ULIP designed keeping in mind specific requirements of the HNI class. With a minimum investment option of Rs 5 lakh and top-ups at Rs 10,000, the plan has low and level charges. There is no policy administration and allocation charges for premiums above Rs 25 lakh. The minimum policy term is for 5 years and maximum of 75 years less the age of entry.

To illustrate, at a gross rate of 10% return, due to one of the lowest charges Wealthsurance Premier can deliver 8.53% IRR (without considering mortality charges and service tax) and an IRR of 7.83% (after considering mortality charges and service tax for a Rs 1.25 crore insurance cover) for a Rs 25 lakh premium for a term of 15 years.

Being a comprehensive wealth management solution, Wealthsurance® Premier offers a wide range of investment options like assured returns, variable returns linked to market performance or returns linked to equity market but with protection of capital. Also, tax benefits are availed on the contributions, returns and benefits under sections 80C and 10(10D). In effect, Wealthsurance® Premier is a tax-free wealth management account as money put into it grows without any tax. One can also look at this product for gifting a life time of savings to children or grand children.

Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 275,534 policies issued and a Sum Assured of Rs 14,924 Crore. It has launched several innovative plans like Wealthsurance®, Retiresurance®, Homesurance®, Bondsurance™, Microsurance®, Termsurance®, Incomesurance™ and Healthsurance®

About IDBI Federal Life Insurance

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on February 28th 2011, the company has issued over lakh 2.75 lakh policies with over Rs 14, 924 Cr in Sum Assured.
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About the sponsors of IDBI Federal Life Insurance Co Ltd

IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 802 branches and 1328 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).
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Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 739 branches and 797 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
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Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the second largest player in private car insurance. The company also has subsidiaries in France, Germany and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 13,000 people and has annual inflows of almost EUR 18 billion.
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Source: Business Wire India


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