Four new individual plans and three new group plans have been launched by Ageas Federal Life Insurance which is a joint-venture of development and commercial bank Ageas Bank, Ageas, a multinational insurance giant based out of Europe and private sector bank Federal Bank. This new array of products provides customers a combination of growth of investments, savings and financial protection. Vighnesh Shahane, the CEO of Ageas Federal Life Insurance said that to fulfil the customer need for assured returns, guarantees have been built into their new traditional products.
The new individual plans comprise Incomesurance Guaranteed Money Back Insurance Plan which is a guaranteed traditional non-participating money-back plan with a 10-year policy term, and Lifesurance Savings Insurance Plan which is a traditional participating endowment plan with bonuses, guaranteed additions and accidental death benefit. A traditional participating endowment plan – Childsurance Savings Protection Insurance Plan which is with guaranteed annual payouts and inbuilt waiver of premium and a unit-linked endowment plan – Wealthsurance Suvidha Growth Insurance Plan are also included that focus on first time ULIP customer.
The new group plans are Group Microsurance Insurance Plan which is a microinsurance plan, Termsurance Group Insurance Plan which is a pure term cover plan for group members and Loasurance Group Insurance Plan which aimed to cover the customer's outstanding debt.