Federal Bank in association with AgeasFederal Life Insurance announced the launch of the Ageas Federal Life Insurance Platinum Wealth Builder Plan - a non-participating unit-linked life insurance plan. This special offering for Federal Bank customers offers life cover and market-linked returns to help meet their investment goals while financially securing the future of their loved ones.
Commenting on the specially-designed plan, Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance said, “We have introduced the Platinum Wealth Builder plan which is specially crafted for the customers of Federal Bank. As the name suggests, this unique plan is designed to build wealth with an attractive combination of life cover and investment options that help in generating returns while ensuring peace of mind knowing that your loved ones are protected.”
Designed for discerning individuals, the plan offers a plethora of exclusive features. The policyholders can enjoy added security with the spouse cover option and as a reward for their commitment to the plan, they can earn wealth boosters and loyalty additions to their premiums paid, boosting their returns, and helping them achieve their financial goals even faster. Additionally, the plan returns all charges such as premium allocation charge, policy administration charge as well as mortality charge, on maturity.
The plan offers flexibility in all aspects, whether it’s managing investments, liquidity benefits, or redeeming the maturity value.
Shalini Warrier, Executive Director, Federal Bank said, “Delivering unique, innovative, and bespoke solutions to our customers is a key mantra for us in Federal Bank. In line with that, and designed especially for our customers by our associate, Ageas Federal Life Insurance Company Limited, we are pleased to launch the Platinum Wealth Builder. This product is designed for customers of Federal Bank who are keen to invest in a solution that helps them to meet their financial goals while ensuring the security of life.”
Since Ageas Federal Life Insurance Platinum Wealth Builder Plan is unit-linked, investors can stay in complete control of their equity allocation depending upon risk appetite by choosing from six investment fund oﬀerings. There are no limits on the number of switches or premium redirection done during the policy term and this does not attract any charges.
The plan also offers a unique facility in “Systematic Allocator” which is a programmed investment solution in which the fund mix becomes more conservative as the investment time horizon approaches. The equity allocation for a typical 15-to-20-year policy term would be a maximum of 80 per cent which glides down gradually to five per cent as the maturity of the plan nears. The remaining portion at different periods, would get proportionately allocated to the debt asset class.
Apart, the partial withdrawal facility allows the policyholders to withdraw amounts up to a specified limit, any number of times, and at any time after the fifth policy anniversary. Under this facility, policyholders could also opt for systematic partial withdrawal which allows them to set instructions to withdraw a pre-determined amount at a pre-defined frequency.
When redeeming the Maturity Value, policyholders may choose to opt for a settlement option whereby they have the option to take maturity proceeds in periodic instalments over a period of two to five years. Tax benefits may be available on the premiums paid and benefits received as per the prevailing tax laws.