Wealthsurance Dreambuilder offers flexible, customized investment options
Covers 17 major diseases, hospitalization and accidental injuries
Private life insurer IDBI Federal Life Insurance today announced the launch of its new ULIP called Wealthsurance® Dreambuilder Insurance Plan which will enable customers to save and build wealth under the protective cover of insurance.
Wealthsurance® combines wealth creation and insurance protection into one powerful financial solution. With a minimum premium amount of Rs 25,000 per year and maximum Rs. 1,00,000, Wealthsurance® Dreambuilder Insurance Plan offers a wide range of insured wealth plans.
Announcing the launch of the new plan, Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said, “It is everyone’s dream to create wealth and enjoy quality life, but wealth creation does not happen by chance or accident. It needs a Plan. Wealthsurance® Dreambuilder Insurance Plan can help customers realize their dreams and enjoy the benefits during their lifetime. It is very flexible and can be customized to an individual’s needs with 13 different fund options to choose from."
"A key attribute of the Plan is that it can be insured not only against risk of death but against 17 major diseases, hospitalization, disability, accidental injuries etc so that you can feel confident that your financial goals can be reached despite the surprises life may throw up. To encourage long term investments, the plan boosts your funds through Guaranteed Loyalty Additions at the end of 10th policy year and every 5 years thereafter to reward customers for staying committed for the long term,” he added.
Wealthsurance® Dreambuilder Insurance Plan offers a comprehensive suite of investment options which are designed to meet the needs of every customer depending upon his or her risk appetite. For instance, conservative customers can choose guaranteed return options which offer fixed, assured returns. Those who can take risks can opt for capital protected options where the entry NAV is guaranteed and returns depend upon the market. Customers who would like to get potential high returns of equity markets in the long-term and understand the risk can opt for market linked equity options.
IDBI Federal Wealthsurance® Dreambuilder Insurance Plan also provides a host of insurance benefits to protect the customers against uncertainties, so that they don’t have to break their investment to meet sudden financial demands and their money can keep compounding. In addition this Plan also offers partial withdrawals facility if funds are required before maturity.
The insurance benefits offered by the Plan include lump-sum cash amounts up to Rs. 20 lakhs to be paid upon diagnosis of any of 17 specified major diseases. These include heart attack, coronary bypass surgery, cancer, stroke, paralysis, coma, brain tumor, renal failure, major organ transplant etc.
“The plan offers a unique investment options called Asset Allocator Funds, where the company’s fund managers invest in equity or debt depending upon market conditions. This is a very useful option for those who do not have the time or expertise to monitor equity market and shift into debt or equity investments depending on market conditions. Moreover policyholder can boost their investments with Guaranteed Loyalty Additions which will be given at the end of specific terms as a reward for long-term investment. The Plan comes with attractive tax benefits. Premium contributions are eligible for tax deduction under Sec 80C. All benefits under the Plan are tax-free under Sec 10(10D),” Mr. Rao added.
Another feature is Hospital Cash Benefit in which daily cash up to a maximum of Rs. 5000 per day will be paid for each day of hospitalisation, irrespective of the amount actually spent. The claim process is simple since no bills have to be submitted but only proof of hospitalization is enough. Other benefits include accidental death and disablement benefit and waiver of all future premiums upon death or disablement.