IDBI Federal Life Insurance coverage as we speak launched its MyLife Safety Plan, a pure time period plan that provides monetary safety by means of the policyholder’s life. The plan comes with choices and options to swimsuit totally different wants and preferences and will be purchased by means of a fast on-line course of
The plan presents life cowl for a comparatively small premium and comes with the flexibleness to decide on coverage time period and premium cost time period. It permits a person to decide on between three life cowl choices – Common Protection, Protection Booster, and Good Protection to swimsuit their wants. Aside from these key options, the coverage provides the choice to pay the premium simply as soon as, for a restricted interval or all through the coverage time period, with a selection to reinforce safety by means of the Unintended Dying Profit choice.
Karthik Raman, CMO, and Head – Merchandise, IDBI Federal Life Insurance coverage stated, “Keeping in mind the varying requirements of individuals, the plan offers a range of options and features to suit different needs and preferences. We are introducing discounted premium rates for females, marathon runners, and non-tobacco users.”
Underneath the Common Protection choice, the life cowl stays stage all through the coverage time period, whereas below the Protection Booster choice, the life cowl will increase on the fee of 10 per cent each three years till it reaches 150 per cent. This enhance is to handle inflation and be certain that the household has apt protection with the passing of time. Furthermore, this enhance comes with no further premiums or medicals required. Underneath the Good Protection choice, the life cowl stays stage until the policyholder reaches the age of 60 years, submit which it reduces by 50 per cent and stays at this stage until the tip of the coverage time period. This permits the person to buy a better life cowl firstly of coverage for a similar premium.
Unintended Dying Profit, if opted for, pays a much-needed further lumpsum quantity to the household in case of the unintended dying of the life assured. The insurance coverage premiums below this plan would entice revenue tax advantages below Part 80C of the Revenue Tax Act, 1961.