IDBI Fortis Life Insurance has launched its innovative Retiresurance Pension plan targeting the Rs 35,000 crore pension plan market, which will help its customer guarantee a comfortable paycheck for themselves post retirement.
IDBI Fortis Life Insurance is one of the fastest growing life insurance companies in India, which was launched only last year. The Company has offered WealthsuranceTM, Bondsurance and Homesurance plans which have proved to be instant hits with its customers.
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 its Retiresurance Pension Plan.
G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance said, "With the rising costs of living and fluctuating fortunes, RetiresurancePension Plan will prove to be extremely useful after ones retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch."
Rao elaborated, "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."
He cautioned that managing finances during retirement would be extremely tough if one hasnt planned for retirement. He added that 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 Retiresurance 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 can also 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 Retiresurance Pension Plan also offers 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.
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