Private life insurer, IDBI Federal Life Insurance, has launched a unit-linked insurance product that offers, among other benefits, lump-sum cash of up to Rs 20 lakh to be paid upon diagnosis of any of the 17 specified major diseases.

The minimum premium amount for the product — Wealthsurance Dreambuilder Insurance Plan — is Rs 25,000 and the maximum is Rs 1 lakh, the company said in statement.

“A key attribute of the plan is that it can be insured not only against the risk of death but also against 17 major diseases, hospitalisation, disability, and accidental injuries so that you can feel confident that your financial goals can be reached despite the surprises life may throw up,” said Mr G. V. Nageswara Rao, MD and CEO, IDBI Federal Life Insurance.

The plan offers a suite of investment options which are designed to meet the needs of customers depending upon their risk appetite. Conservative customers can opt for the guaranteed return options, while those who are not risk averse can opt for capital protection options where the entry NAV is guaranteed and returns depend upon the market.

The plan also offers hospital cash benefit in which daily cash up to a maximum of Rs 5,000 a day will be paid for each day of hospitalisation, irrespective of the amount actually spent. Other benefits include accidental death and disablement benefit and waiver of all future premiums upon death or disablement.

The diseases covered include heart attack, coronary bypass surgery, cancer, stroke, paralysis, coma, brain tumour, renal failure and major organ transplant.

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