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IDBI Federal Life Insurance, one of the fastest growing life insurers, is targeting a customer base of 1.5 lakh pan India for its new Retireasurance Guaranteed Pension Plan.
pension plan
Of this, 20 per cent would be from Kerala, Mr G.V.Nageswara Rao, Managing Director and CEO, has said.
Speaking to reporters after the launch of the product in Kerala here on Monday, Mr Rao said the State is an important market for insurance products as the company has registered a 79 per cent growth in new business premium in 2009-10 fiscal compared to the previous fiscal.
innovative plans
He pointed out that the company has launched several innovative plans such as Wealthsurance, Homesurance, Bondsurance, Microsurance, Termsurance, Incomesurance and Healtsurance in the market.
Having started in March 2008, IDBI Federal has issued over 2.60 lakh policies and a sum assured of Rs13,647 crore as on December 31, 2010, he said.
New scheme
Retiresurance is a unique product that not only helps accumulate money for a comfortable retirement but also ensures availability of the amount on the retirement date, he added.
Speaking on the occasion, Mr Shyam Srinivasan, Managing Director and CEO, Federal Bank Ltd, said that with increasing life expectancy, everyone needs a product that allows systematic saving for retirement and gives monthly pension for life thereafter.
It is a very flexible plan where the customer can choose how long he pays the premiums and he can also choose to change his retirement date at any time, he added.
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