IDBI Federal launches Retiresurance Guaranteed Pension Plan

Hyderabad, February 16, 2011: Seeking to insure the consumption-heavy generation from possible future shocks and to help them keep pace with inflation, one of the fastest growing private insurers, IDBI Federal Life Insurance has launched Retiresurance® Guaranteed Pension Plan, a unique retirement plan which comes with the twin benefits of guaranteed accumulation with attractive annuities.
IDBI Federal Retiresurance® Guaranteed Pension Plan is a non participating traditional deferred pension plan designed to help customers secure their lifestyle post-retirement, Guaranteed.
Retiresurance is a unique product that not only helps accumulate money for a comfortable retirement but also guarantees a steady growth of investment. For every premium paid, the plan guarantees a return that helps build a corpus. Ensuring transparency, returns to this corpus are linked to the prevailing G-Sec rate and this allows the customer to know the exact maturity for every premium paid. Each installment premium paid has a guaranteed maturity value which is payable on the vesting date.
The premium payments for the accumulation phase can be 10, 15, 20 or even 25 years. At the end of the policy, the plan also guarantees a further loyalty addition.
Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance, said: “It is difficult to predict the future. But with the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement. This could probably be the time for them to face the harsh reality of outliving their savings. There is a strong need to plan for a guaranteed corpus that can result in guaranteed regular income. We at IDBI Federal have designed Retiresurance to suit these definitive needs of people, post retirement. The product offers a guaranteed corpus for every premium paid; moreover if the customers continue the policy till maturity, the plan offers guaranteed loyalty additions.
India has the world’s largest young population. Various research reports say 72% of the Indian population constitutes of people below 39 years, with 32% between 20-39 years with a high consumption potential. With rising life expectancy and growing lifestyle diseases, we feel that this generation should plan to save not only for their immediate future but for their life after retirement as well,” he said.
The policy holder can receive part of the maturity benefit as a lump sum and invest the remaining in an annuity which will ensure a regular income for life. Alternatively, the customer could purchase an annuity with the entire maturity benefit and get a higher and regular income for life.
Retiresurance also comes with a death benefit to ensure that the policy holder’s nominee gets money which could be the higher of either the premiums paid along with a 5% compounded interest or the special surrender value.
The company will promote this product through a new television ad for the product; catch the new Retiresurance TV Ad on www.idbifederal.com
Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 2.60 lac policies issued and a Sum Assured of Rs 13,647 Crore. It has launched several innovative plans like Wealthsurance®, Homesurance®, Bondsurance™, Microsurance®, Termsurance®, Incomesurance™ and Healthsurance®.

About IDBI Federal Life Insurance
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, the company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on December 31st 2010, the company has issued over lakh 2.60 lakh policies with over Rs 13, 647 Cr in Sum Assured.
Do visit www.idbifederal.com to know more
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 771 branches and 1317 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd)
Please visit www.idbibank.com to know more.


Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 736 branches and 772 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Please visit www.federalbank.co.in to know more.

Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the third largest player in private car insurance. The company also has subsidiaries in France, Germany and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 11,000 people and has annual inflows of almost EUR 16 billion.
Please visit www.ageas.com to know more.

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This release was published on openPR.