IDBI Fortis launches single premium plan

IDBI Fortis Life Insurance Co Ltd today, a JV between IDBI Bank, Federal Bank and Fortis Insurance International of Europe, today launched a single premium investment plan — Bondsurance — which offers guaranteed return on investment along with life insurance cover.

Investment in the plan is eligible for deduction under Sec 80C of the Income-tax Act and maturity amount is tax-free under Sec 10(10D) of the Income-tax Act, Chief Investment Officer, Aneesh Srivastava said.

“With a one-time minimum investment of just Rs 20,000, Bondsurance is specially crafted for those looking for attractive guaranteed returns with the promise of insurance protection. We are targeting customers looking to invest in tax-saving instruments in the last quarter of the financial year”, he told reporters, here.

Under this plan, an investment of Rs one lakh would fetch Rs 2.03 lakh for customers in the age bracket of eight years to 32 years on maturity, at the end of 10 years. The maturity amount varies with age and term of the plan. Srivastava said Bondsurance addresses the needs of those willing to put away money for either five years or 10 years, earning a guaranteed return on the premium paid. At the same time, in the short-term, Bondsurance offers liquidity after the first year with a special surrender value in case one needs the fund in a hurry.

IDBI Fortis launched its operations in March this year with Wealthsurance Foundation Plan, which helped the company achieve a premium collection of Rs 160 crore.