Mumbai: Private insurer IDBI Federal Life Insurance today launched 'Suvidha Savings Insurance Plan' that is affordable plan with no medical tests and simple documentation.
"Lifesurance Suvidha Savings is a simple and affordable life insurance product that offers a hassle-free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life," IDBI Federal Life Insurance Managing Director and CEO G V Nageswara Rao said in a release issued here.
The plan is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of select, sign and submit.
The simplicity of the plan reduces time taken to acquire a life insurance cover, and ensures double protection along with savings.
"This hassle-free plan is designed to provide a life cover of up to Rs 3 lakh till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term," IDBI Federal Life Insurance Head Marketing and Product Management Aneesh Khanna said.
The plan provides tax benefits for the premiums paid up to a limit of Rs 1,00,000 per year.
IDBI Federal Life Insurance is a joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.
First Published: Tuesday, July 10, 2012, 16:19