In order to tap customers looking for guaranteed returns without being affected by financial market conditions, IDBI Fortis Life Insurance, a joint venture between IDBI Bank and Fortis Insurance International, has launched a new product called Bondsurance.
The new product offers guaranteed return on investment along with life insurance cover. “The Investment in the plan is eligible for deduction under Sec 80C of the Income-tax Act and the Maturity Amount is tax-free under Sec 10(10D) of the Income-tax Act,” the company said in a statement.
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