IDBI introduces online insurance plan to suit different needs

IDBI Federal Life Insurance, one of India’s leading private life insurance companies, has launched its MyLife Protection Plan, a pure term plan that offers financial security through life cover. The plan comes with options and features to suit different needs and preferences, and it can be bought easily through a simple and quick online process.

The plan offers extensive life cover for a relatively small premium with the flexibility to choose policy term and premium payment term. It allows an individual to choose between three life cover options – Regular Coverage, Coverage Booster and Smart Coverage to suit his/her needs. Apart from these key features, the policy gives the option to pay the premium just once, for a limited period or throughout the policy term, with a choice to enhance protection through the Accidental Death Benefit option.

Commenting on the introduction of the plan, Karthik Raman, CMO & Head – Products, IDBI Federal Life Insurance said, “We believe that in order for an individual to truly lead a healthy lifestyle and be #FutureFearless, it is important to focus on both, physical and financial fitness. We have been emphasising on physical fitness through our marathons and sports initiatives, while at the same time, stressing on the importance of financial fitness through proper financial planning. In line with this purpose, we are happy to introduce the IDBI Federal Life Insurance MyLife Protection Plan, an online term plan that offers extensive financial security at optimum rates.”’

“Keeping in mind the varying requirements of individuals, the plan offers a range of options and features to suit different needs and preferences. Moreover, as an organisation that values the importance of physical fitness and the role of the caregiver of the household, we are introducing discounted premium rates for females, marathon runners and non-tobacco users,” Raman added.

Under the Regular Coverage option, the life cover remains level throughout the policy term, whereas under the Coverage Booster option, the life cover increases at the rate of 10 per cent every 3 years until it reaches 150 per cent. This increase is to take care of inflation and ensure that the family has apt coverage with the passing of time. Moreover, this increase comes easy with no additional premiums or medicals required.

Lastly, under the Smart Coverage option, the life cover remains level till the policyholder reaches the age of 60 years, post which it reduces by 50 per cent and remains at this level till the end of the policy term. This allows the individual to purchase a higher life cover at the start of policy for the same premium. One’s liabilities, as well as dependants, would usually reduce as one approaches retirement; hence starting with a higher cover at a prime age and moving to a lower one at a later stage in life can be a smart approach of ensuring the optimal financial security of your loved ones.

Accidental Death Benefit, if opted for, pays a much-needed additional lumpsum amount to the family in case of the accidental death of the life assured.

The insurance premiums under this plan would attract income tax benefits under Section 80C of the Income Tax Act, 1961.

This plan can be purchased online at at a time and place convenient to the individual. It is simple, quick and available 24×7. One can also approach any of IDBI Federal Life Insurance’s partner banks to receive guidance and assistance on the purchase of this plan.

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