Saturday, 5 March 2011

IDBI Retiresurance, a unit linked pension plan

IDBI Fortis Life Insurance changed to IDBI Federal life Insurance Co. Ltd is a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International. Their insurance plans are unique with its names such as Wealthsurance, Retiresurance, Incomesurance and Termsurance.  IDBI Retiresurance is a pension plan and also a Unit Linked Insurance Plan (ULIP) which ensures the customers comfortable paychecks after their retirement.

The Plan aims that when the normal pensions and gratuity benefits are not adequate to lead a better retirement life, the retiresurance extends its helping hands to its customers.

As per the words of the Managing Director of IDBI Fortis Life Insurance at the introduction period of IDBI retiresurance  “With rising costs of living and fluctuating fortunes, Retiresurance Pension Plan will prove to be extremely useful after one's retirement when one wants to continue to lead an unrestricted happy life without having to face a cash crunch,"

This is a tailor made retirement plan which allows the customer to opt the premium amount, frequency of payment,  payment term, flexibility of reducing premiums within limits and  adding top-up premiums etc. The plan allows investment options as per the risk bearing capacity of the customer. They can choose equity linked funds or debt schemes and can switch over the options as per the market conditions, the starting date of retirement benefits between 40 years to 75 years without any additional cost etc.

The plan provides guaranteed loyalty additions as an incentive for specific terms.

Benefits of retiresurance at a glance:

Allows Flexible and multiple investment option as per the risk appetite and retirement need of the customer and also as per the market condition.

Allows flexible and convenient premium payments as per the changing needs of the customer.

No premium allocation charge

The premium amount is exempted from income tax under section 80CCC of income tax act and the corpus is tax free under section 10(10A)

Guaranteed loyalty addition at the end of specific terms which allows you to grow your corpus

This seems good and hopes that it is a good retirement plan. But those who wish to join should read more and know more about the current performance of the scheme and take a wise decision to make your retirement life a better life.

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  1. IDBI Retiresurance is life insurance-cum-pension plan linked to market risks. Is there Soverign Gurantee (as in case of LIC under Section 37 of LIC Act 1956). Is cut off age linked to beginning of payment of pension and is there a cut off age, if so.

  2. About Jobs

  3. VISWANATHAN.K.R.22 March 2011 at 00:14

    I have taken voluntary retirement scheme (vrs) and at present working in Kuwait. Now I am 58 years old. If I want to take retirement after two years, please let me know how can I use this scheme ?

  4. VISWANATHAN.K.R.23 March 2011 at 05:31




  5. Retirement after two years. I dont think that retiresurance give you much benefit in two years. Better you take any annuities for getting a good retirement monthly income. LIC and all other isnruance companies will provide you annuities.

    Annuities are onetime payment to the insurance company to get back a regular income for a fixed period of time or till the death of the investor whichever is earlier. Good for retired people to get a fixed amount just like pension.

    Please try to find a good annuity scheme and get benefit from it.

  6. Please go to your old post for reply

  7. i am within 2 or 3 yrs of retirement. i most likely will sell my business in a year or two and with the cash i would like to diversify. into what?

  8. Better you consult a good financial consultant and get advised.

  9. [...] concepts that workers are considering to boost things and creating enrollment in savings plans automatically and increasing the utilization of annuities to save lots of cash for the long run. [...]