Report by OD Bureau, Bhubaneswar: IDBI Federal Life Insurance, a pioneer in product innovations in the life insurance sector, announced the launch of IDBI Federal Lifesurance Suvidha Savings Insurance Plan. The name Suvidha, aptly connotes the convenience of affordable premiums, with no medical tests and simple documentation.

Lifesurance Suvidha Savings Insurance Plan is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of ‘Select, Sign & Submit’. The simplicity of the plan reduces time taken to acquire a life insurance cover, and ensures double protection along with savings.

Announcing the launch of the plan, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said, “According to studies, over 23% people reject life insurance as they find the products complex or its process difficult, and another 56% people feel life insurance is too expensive. Lifesurance Suvidha Savings is a simple and affordable life insurance product that offers a hassle-free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life.”

Highlighting the benefits of the plan, Mr. Aneesh Khanna, Head Marketing and Product Management, IDBI Federal Life Insurance said, “This hassle-free plan is designed to provide a life cover of up to Rs. 3 lakhs till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term.”

Lifesurance Suvidha Savings Insurance Plan is structured to participate in the surplus of the company's participating policyholders’ life fund. Thus, policyholders who maintain their policies till maturity will enjoy the benefits of long term debt and equity investments while being protected from the short term volatility of the securities markets.

The plan provides tax benefits u/s 80C for the premiums paid up to a limit of Rs. 1,00,000 per year, and u/s 10(10D) for the amount received as death/surrender/maturity benefits under the policy.