To give a guaranteed income to the customers

IDBI Fortis Life Insurance has unveiled a new product, ‘Incomesurance Endowment and Money Back’ plan, reported The economic Times.

The company stated that as per the plan, a customer can get his income as a lump sum endowment or as an annual money back. Moreover, the scheme offers death benefits and besides the premium is eligible for tax deduction.

Nageswara Rao, Managing Director and CEO of IDBI Fortis Life Insurance, said: Incomesurance is designed to give a guaranteed income to our customers for their child’s education, planning for daughter’s marriage, providing financial security and ensuring comfortable retirement income.”

Reportedly, during the first-half, the life insurance company reported a 74% growth in the total premium collection. The company also reported a gain of 27% in the new business premium during H1 FY 10.

IDBI Fortis Life is joint venture of IDBI Bank, Federal Bank and Fortis Insurance. In the company, IDBI Bank has a majority stake of 48% while Federal Bank and Fortis own

26 % each.