IDBI Fortis Life Insurance: Retiresurance Pension

Posted by Admin on 2

IDBI Fortis Life Insurance has launched its new ULIP pension plan “Retiresurance Pension”


Key features:

  • Multiple payment options with an option to decrease premium amount after 1st year.
  • Pension can start as early as 40th year.
  • Minimum annual premium is Rs. 10,000.
  • Fund value will be paid to nominee on death.
  • Premium paid is eligible for tax deduction under 80(c).
  • Five different funds for investment which ranges from high risk – high return to low risk – low return.
  • Partial withdrawal from 3rd year.
  • Surrender from 3rd year with 5% fund value charges and no surrender charge from 5th year onwards.
  • Allocation charge ranges from 15% of premium paid in the first year and 2 and 1% in the subsequent years.


Highlight:

  • It adds loyalty units to your account after completed 10th,, 15th and 20th policy year.
  • The loyalty addition ranges from 3.0% of fund value in 10th year to 4.0% of fund value in the 20th year.
  • No allocation charge from 10th year onwards.

Loyalty addition and nil allocation charges will increase the corpus of the investor.

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2 comments:

Piyush Kumar said...

plz providethe analysis on IDBI Bonasurance and incomesurance.

Bhargav said...

Hi Piyush,

Bankasurance is guaranteed return product similar to LIC's Jeevan Nischay(http://lifeinsureinfo.blogspot.com/2009/10/lics-jeevan-nischay.html), where you will pay a single premium and on maturity you will get return between 8 - 9%.
However this policy offers a Death cover of 5 times the premium thought the term.

IncomeAsurance is also Debt oriented MoneyBack + Endowment plan where you would pay premium up to a specified period and then depending on your interest a periodic payout is made.

I will update the site with brief analysis on both the plan.

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