Hyderabad, Feb., 16(NSS): The IDBI Federal Life Insurance today launched “Retiresurance Guaranteed Pension Plan”, a unique retirement plan which provides twin benefits of guaranteed accumulation with attractive annuities.
The plan is a non-participating traditional deferred pension plan designed to help customers secure their lifestyle post-retirement, guaranteed.
Speaking to the media at the Hotel Taj Krishna here on Wednesday, the National Head, Marketing and Product Management, Mr Amish Tripathi, said that the “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 to on the vesting date.
Mr Amith said that 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. “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 realities of outliving their savings. There is a strong need to plan for a guaranteed corpus that can result in guaranteed regular income”, stated Mr Amith Tripathi.
The Chief Operating Officer, Mr Hans Van Wvijckvijsee and the Chief-Actuary, Mr Mike Wood, were also present. (NSS)