Mumbai, India (PressExposure) February 09, 2009 -- Striving to ensure that families inherit homes and not the burden of home loans, IDBI Fortis Life Insurance today announced the launch of its unique Homesurance Protection Plan.
Homesurance Protection Plan is a mortgage reducing term insurance plan that secures the policy holder irrespective of interest fluctuations at a nominal cost with high benefits.
"For many in India, owning a home is a long-cherished dream and a lot of hard work and careful planning goes into buying a house with a home finance. A home is the best gift a customer gives to his family and in the event of an unfortunate event, if he were not around, his family would have to bear the burden of the home loan. But, here, the powerful Homesurance Protection Plan ensures that our customer's family will inherit a home and not certainly the home loan burden," said Mr. G V Nageswara Rao, CEO and MD, IDBI Fortis Life Insurance Company Ltd.
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India's premier development and commercial bank, Federal Bank, one of India's leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.
IDBI Fortis Homesurance Protection Plan provides full insurance cover for properties even under construction thus ensuring that the beneficiary gets the full sanctioned amount. Thus one can pay up the builder up front, rather than waiting to take another home loan.
Another notable feature of HPP is the joint life cover wherein lives of co-borrowers can be covered jointly, saving on premiums. Joint life cover comes cheaper than taking individual covers separately. In case of the unfortunate death of either of the joint life insured, the loan liability is taken care of, so that the survivor does not have to pay the loan from his pocket.
The premiums paid are eligible for deduction under Sec 80C of the Income Tax Act. Any benefit amount accrued to the beneficiary on the death of the policy holder is also tax-free under Sec 10(10D) of the Income Tax Act.
IDBI Fortis launched its operations on March 2008 with the innovative Wealthsurance Foundation Plan which received a very encouraging response, helping IDBI Fortis race to more than Rs. 200 Cr in issued premiums in record time.
About IDBI Fortis Life Insurance Co. Ltd.
IDBI Fortis Life Insurance Co. Ltd is a joint-venture of IDBI Bank, India's premier development and commercial bank, Federal Bank, one of India's leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.
It is one of the fastest growing new life insurance companies in the country, having launched operations in March 2008 with their innovative product 'Wealthsurance'. The company has already launched 31 branches and plans to have a pan-India presence with a total of a 100 branches. It also sells through the more than 1000 branches of its promoter banks, IDBI Bank and Federal Bank.