Posted by ayadav242 on October 18, 2008
The insurance venture between Future group India and Generali group Italy, the Future Generali India, announced two new retirement plans. The plans will be called Future Pension Plan and Future Pension Advantage Plan (Which is a ULIP)
The Future Generali India Life Insurance’s CEO & Managing Director Jayant Khosla told reporters “We are launching two retirement plans which offer distinct and relevant advantages to customers in line with their needs and aspirations. The Future Pension Advantage plan will have 40-80 years age band.”
The Future Pension Plan:
- Offers a way to create a regular stream of income after retirement.
- Guaranteed addition of 5 per cent to accumulated pension fund after 15 years.
The Future Pension Advantage Plan:
It offers a minimum policy term of 2 years under single premium and 5 years under regular premium.
There is also a tax benefit under section 80 C and 10 (10D) of the Income Tax Act.
Future Generali is targeting achieving 4 lakh policies in FY’09. Both the promoters have infused Rs 200 crore capital and are adding around Rs 75-100 crore every quarter, Khosla said. “We are targeting 25 per cent of our sales through mallassurance and 75 per cent through our alliances and distributors.
We have started offering insurance products through 300 Future Group malls out of 450. The Future group plans to add 1,000 malls in the next two years period,” Khosla said. Generali is keen on replicating Future’s mallassurance concept globally, he added.
Posted in financial planning | Tagged: Future Generali, Future group India, Income Tax, Life Insurance, pension plan, Retirement Plan, ULIP | 1 Comment »
Posted by ayadav242 on September 30, 2008
Birla Sun Life Insurance (BSLI), the pioneer of Unit Linked Life Insurance plans in India, amongst private life insurers, announces the launch of its latest product offering, Birla Sun Life Insurance Freedom 58 Retirement Solutions. It is a simple hassle free retirement product with flexible investment option to enable a secure future for its policyholders.
Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance remarked, ?As we enhance our distribution network in the country it becomes increasingly important to have products that cater to all the life stages of an individual. Freedom 58 is the first plan in our retirement solutions category. The market size of Rs. 11,500cr offers BSLI a huge business opportunity. We have also introduced a new 100% debt fund option called Income Advantage Fund that focuses at providing capital preservation and regular income at high level of safety over a medium term horizon by investing in high quality debt instruments?.
Product Details:
BSLI Freedom 58 is a unit linked, non-participating pension plan, which helps you accumulate your premiums.
During the accumulation phase we offer two unparalleled investment portfolio strategies for you to choose from:
* Self-Managed Portfolio ? with this option you can direct your investments in any of the 5 fund options based on your personal judgment.
* Lifecycle Managed Portfolio ? with this option you allow us to manage and administer your investment portfolio on your behalf and according to your risk profile.
Key features of the product
* Freedom to reduce policy premiums from 2nd year onwards.
* Freedom to change investment portfolio strategy at any time.
* Freedom to change premium allocation at any time.
* Freedom to change risk profile at any time.
* Freedom to meet your ever changing needs through unlimited top-up premiums and fund switches.
* Freedom to meet any cash emergencies after three policy years through free of charge partial withdrawals or full surrender.
* Flexibility to vest anytime after an accumulation phase of min. 5 years.
Posted in financial planning | Tagged: Birla Sun Life, debt instruments, Life Insurance plans, pension plan, Retirement Plan | 1 Comment »
