IDBI Federal Life Insurance Company has launched its first guaranteed pension plan, Retiresurance, with the twin benefits of guaranteed corpus with attractive annuities.
Addressing the media here on Wednesday, Amish Tripathi, Head, Marketing and Product Management, said the three-year-old IDBI Federal was a joint venture of IDBI Bank with majority stake, Federal Bank and Ageas, an MNC-based out of Europe.
Emphasising that opting for retirement pension plans was now becoming a compulsion because of increase in life expectancy, Mr.Tripathi said majority of Indians could be spending a good 20-25 years of post-retirement life. Thus, the younger generation should plan to save not only for their immediate future but also for their post-retirement life, by choosing a strong pension plan for a guaranteed regular income, he said.
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Mr. Tripathy said Retiresurance was not a ULIP product but a guaranteed traditional deferred pension plan.
Mr. Tripathy claimed that the product came with three levels of guarantee, an assured return to help build a corpus, transparency as the returns are linked to the prevailing Government Securities rate and loyalty incentives at the end of policy period — ranging from 10 years to 25 years.
The minimum premium under the plan is Rs.2,000 a month or Rs.20,000 a year.
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Hans Van Wuijckhuijse, Chief Operating Officer, said the company earned Rs.400 crore last year and this year, till December it earned Rs.300 crore, with a growth rate of 37 per cent.