A recent press report said that Private life insurer, IDBI Federal Life Insurance, has launched a unit-linked insurance product that offers, among other benefits, lump-sum cash of up to Rs 20 lakh to be paid upon diagnosis of any of the 17 specified major diseases.
Reports said that the minimum premium amount for the product Wealthsurance Dream builder Insurance Plan is Rs 25,000 and the maximum is Rs 1 lakh, the company said in statement.
Mr. G. V. Nageswara Rao, MD and CEO, IDBI Federal Life Insurance said that a key attribute of the plan is that it can be insured not only against the risk of death but also against 17 major diseases, hospitalization, disability, and accidental injuries so that the customers can feel confident that their financial goals can be reached despite the surprises life may throw up. The Life Insurance plan offers a suite of investment options which are designed to meet the needs of customers depending upon their risk appetite.
Reports also said that conservative customers can opt for the guaranteed return options, while those who are not risk averse can opt for capital protection options where the entry NAV is guaranteed and returns depend upon the market.