Leading private insurance firm Ageas Federal Life Insurance has announced the launch of a new plan. Assured Income Plan, a non-linked, nonparticipating, savings plan for individual, is designed to protect the family’s future to
ensure that they lead their lives comfortably without any financial worries, even in the policy holder’s unfortunate absence. The plan will offer guaranteed annual income to fulfill the monetary requirements of an individual and their family’s recurring lifetime needs while building a financial safety net.
The plan offers guaranteed financial payouts that help to achieve dream goals at different stages of life, ranging from preparing for the child’s future, getting ready to start one’s aspirational business, to planning for a comfortable retirement.
The Assured Income Plan also offers the flexibility to choose from three plan options – Short Term Income, Long Term Income and Lifelong Income.
The plan pays a survival benefit in the form of Guaranteed Regular Income (GRI) for a fixed period of 10 years in the case of the Short Term Income option, and for 25 or 30 years, depending on the premium payment term chosen, under the Long Term Income option. For the Lifelong Income option, the survival benefit in the form of GRI is paid till age 100 years of the life assured.
For all three plan options, a lumpsum benefit called the Guaranteed Maturity Booster is paid out at the end of the income payout period. In case of the unfortunate death of the life assured during the policy term, the death benefit shall be payable immediately in lumpsum to the nominee, the company said in a statement on Thursday.
Speaking on the launch of the Assured Income Plan, Karthik Raman, CMO and Head-Products of Ageas Federal Life Insurance said “In this current economic scenario, we see that individuals prefer guaranteed products with stable income that is not impacted by market volatilities and fluctuating interest rates. To cater to this demand, we have introduced our Assured Income plan which offers individuals an attractive combination of protection and guaranteed payouts to help them fulfil their goals and requirements at different stages of life.”
“Considering that unfortunate circumstances can hit us at any time in life, our Assured Income plan provides life cover even during the income payout period. This is aimed at giving our customers and their families the confidence to sail through uncertain times fearlessly,” Raman added.
Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe, Federal Bank, one of India’s leading private sector banks and IDBI Bank, India’s premier development and commercial bank.