Federal Bank introduces Platinum Wealth Builder Plan for its customers in association with Ageas Federal Life Insurance
by Prashant Kapadia/NHN
Mumbai, 07 June, 2023: Federal Bank in association with Ageas Federal Life Insurance, India’s leading private life insurance company, announced the launch of ‘Ageas Federal Life Insurance Platinum Wealth Builder Plan’, a special offering for Federal Bank customers. A non-participating unit-linked life insurance plan, it offers life cover and market-linked returns that help you to meet your investment goals while financially securing your family’s future.
Commenting on the specially-designed plan, Mr. 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.”
Ms. 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 specially 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 security of life.”
Designed for discerning individuals, the plan offers a plethora of exclusive features. The policyholder can enjoy added security with the spouse cover option and as a reward for your commitment to the plan, you can earn wealth boosters and loyalty additions to your premiums paid, boosting your returns, and helping you achieve your 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.
Platinum Wealth Builder Plan offers you flexibility in all aspects, whether it’s managing your investment, liquidity benefits or redeeming the maturity value.
Since Ageas Federal Life Insurance Platinum Wealth Builder Plan is unit-linked, you can stay in complete control of your equity allocation depending upon your 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 5 per cent as the maturity of the plan nears. The remaining portion at different periods, would get proportionately allocated to debt asset class.
To help you fund your dreams at various stages of life, the Partial Withdrawal facility allows you to withdraw amounts up to a specified limit, any number of times and at any time after the fifth policy anniversary. Under this facility, you could also opt for Systematic Partial Withdrawal which allows you to set instructions to withdraw a pre-determined amount at a pre-defined frequency.
When redeeming the Maturity Value, you may choose to opt for a Settlement Option whereby you have the option to take maturity proceeds in periodic instalments over a period of 2 to 5 years.
Tax Benefits may be available on the premiums paid and benefits received as per the prevailing tax laws. It is advisable to consult your tax advisor for determining the tax benefits applicable to you.
About Ageas Federal Life Insurance : Ageas Federal Life Insurance is one of India’s growing life insurance companies and offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India’s leading private sector banks.
Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company’s passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2023, the Company has issued over 16 lakh policies with a sum assured of over ₹1,37,632 crores. Ageas Federal Life Insurance has total assets under management of over ₹15,129 crore and a robust capital base of over ₹800 crores as of March 31, 2023.
About Federal Bank: Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,372 banking outlets and 1,914 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.87 Lakh Crore as on 31st March, 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.81% as on 31st March 2023. Federal Bank has Representative Offices in Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
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