• Offers a wide array of flexible investment options to ensure a comfortable paycheck during retirement
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis 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 Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, 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. 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 March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis 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 over 537 branches and more than 915 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 – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
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 600 branches and 500 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. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. 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, co-branded credit 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. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts
Monday, April 27, 2009
Thursday, September 11, 2008
IDBI Fortis launches branches in Udaipur & Jaipur
Presents a suite of investment options with guaranteed returns
National footprint to cover 100 branches with 29 in Northern India
Jaipur, September 11, 2008: IDBI Fortis Life Insurance Co Ltd, which has embarked on an aggressive drive to open 100 branches across the country during this fiscal, has formally launched their branches in Udaipur & Jaipur.
The company plans to set up 4 more branches in the Rajasthan, apart from the Udaipur branch launched yesterday and Jaipur today.
“With the changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their money grow by protecting it from unforeseen circumstances” said Ms Mallika Vyas, Head – HR, IDBI Fortis Life Insurance Co Ltd.
The Jaipur branch is located at Bhagwan Dass Road, while the one at Udaipur is at Old Station Road.
IDBI Fortis Life Insurance is a recently launched joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.
The company launched operations in March this year, leading with their innovative concept ‘Wealthsurance’. WealthsuranceTM is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
“Rajasthan is popular not only for its rich cultural heritage and unique customs but as a business state with flourishing tourism and handicrafts industries. We at IDBI Fortis see a major opportunity in Rajasthan not only to expand our business but to harness the state’s inherent entrepreneurship skills. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities,” said Mr Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd.
About IDBI Fortis Life Insurance Co Ltd
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates – India’s premier development and commercial bank, IDBI, one of India’s leading private sector banks, Federal Bank and Europe’s banking and insurance giant, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). 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. At IDBI Fortis, 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. Do visit www.idbifortis.com to know more.
National footprint to cover 100 branches with 29 in Northern India
Jaipur, September 11, 2008: IDBI Fortis Life Insurance Co Ltd, which has embarked on an aggressive drive to open 100 branches across the country during this fiscal, has formally launched their branches in Udaipur & Jaipur.
The company plans to set up 4 more branches in the Rajasthan, apart from the Udaipur branch launched yesterday and Jaipur today.
“With the changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their money grow by protecting it from unforeseen circumstances” said Ms Mallika Vyas, Head – HR, IDBI Fortis Life Insurance Co Ltd.
The Jaipur branch is located at Bhagwan Dass Road, while the one at Udaipur is at Old Station Road.
IDBI Fortis Life Insurance is a recently launched joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.
The company launched operations in March this year, leading with their innovative concept ‘Wealthsurance’. WealthsuranceTM is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
“Rajasthan is popular not only for its rich cultural heritage and unique customs but as a business state with flourishing tourism and handicrafts industries. We at IDBI Fortis see a major opportunity in Rajasthan not only to expand our business but to harness the state’s inherent entrepreneurship skills. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities,” said Mr Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd.
About IDBI Fortis Life Insurance Co Ltd
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates – India’s premier development and commercial bank, IDBI, one of India’s leading private sector banks, Federal Bank and Europe’s banking and insurance giant, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). 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. At IDBI Fortis, 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. Do visit www.idbifortis.com to know more.
Tuesday, August 19, 2008
To grow wealth, you need to protect it: IDBI Fortis
BIG TALK : G.V. NAGESWARA RAO, IDBI FORTIS LIFE INSURANCE
'To grow wealth, you need to protect it'
Sanjay Kr Singh
IDBI Fortis, a life insurance joint venture between the IDBI group, Federal Bank and European banking and insurance company, Fortis, has launched a plan called Wealthsurance. In this product, both life and health insurance benefits have been packaged with a variety of investment options. Moreover, it’s a low-cost product. G.V. Nageswara Rao, managing director and chief executive officer at IDBI Fortis Life Insurance, spoke to Our Correspondent about this product and how IDBI Fortis Life aims to carve a niche for itself despite 20 other players already being in the fray.
For detailed story:
http://www.expressmoney.in/news/To-grow-wealth-you-need-to-protect-it/93455.html
'To grow wealth, you need to protect it'
Sanjay Kr Singh
IDBI Fortis, a life insurance joint venture between the IDBI group, Federal Bank and European banking and insurance company, Fortis, has launched a plan called Wealthsurance. In this product, both life and health insurance benefits have been packaged with a variety of investment options. Moreover, it’s a low-cost product. G.V. Nageswara Rao, managing director and chief executive officer at IDBI Fortis Life Insurance, spoke to Our Correspondent about this product and how IDBI Fortis Life aims to carve a niche for itself despite 20 other players already being in the fray.
For detailed story:
http://www.expressmoney.in/news/To-grow-wealth-you-need-to-protect-it/93455.html
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