Project on Financial Planning

About the Company

IDBI Federal Life Insurance Co. Ltd. is a joint venture between three financial
companies development and commercial bank, IDBI Bank, Indias private sector bank,
Federal Bank and European insurer Ageas , which was formed on March 2008. In th
is venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equit
y each.
It was started in March 2008 and its headquarters is located Mumbai.
Vision
To be the leading provider of wealth management, protection and retirement solut
ions that meets the needs of our customers and adds value to their lives.
Mission
To continually strive to enhance customer experience through innovative product
offerings, dedicated relationship management and superior service delivery while
striving to interact with our customers in the most convenient and cost effecti
ve manner.
To be transparent in the way we deal with our customers and to act with integrit
y.
To invest in and build quality human capital in order to achieve our mission.
Values
? Transparency: Crystal Clear communication to our partners and stakeholde
rs
? Value to Customers: A product and service offering in which customers pe
rceive value
? Rock Solid and Delivery on Promise: This translates into being financial
ly strong, operationally robust and having clarity in claims
? Customer-friendly: Advice and support in working with customers and pa
rtners
? Profit to Stakeholders: Balance the interests of customers, partners, em
ployees, shareholders and the community at large
PRODUCT PROFILE:
WEALTHSURANCE: The Wealthsurance Milestone Plan enables the policyholder to save
and build wealth to meet their financial goals. This Plan comes with a wide ran
ge of 13 investment options and 7 insurance benefits - all packaged with a low c
harge structure and unmatched flexibility.
HOMESURANCE: IDBI Federal Homesurance Protection Plan provides full insurance co
ver for properties even under construction, thus ensuring that the beneficiary g
ets the full sanctioned amount in case of any unfortunate event. It also has an
innovative fixed period cover for those who would aim to prepay their loans earl
y.
BONDSURANCE: Bondsurance is designed for customers looking for guaranteed return
s which will not get affected by financial market conditions. It offers guarante
ed return on investment along with life insurance cover.
MICROSURANCE: IDBI Federal Microsurance Plan is a one of its kind insurance plan
which can be very useful for various Micro Financial Institutions and NGOs, whe
rein not only the members but even the members family gets an insurance cover.
TERMSURANCE: IDBI Federal Termsurance Protection Plan offers the unique Increasi
ng Cover option that automatically increases the cover every year without increa
sing the premium.
INCOMESURANCE: Knowing the customer helped us to combine the Endowment & Money B
ack plans into a single plan. It linked the returns to the G-Sec rates, transpar
ently declared by the government. Also, the Guaranteed Annual Payout and other b
enefits upon death are tax-free under Sec 10(10D).
What is Financial Planning?
Financial planning is the process of meeting your life goals through the proper
management of your finances. Life goals can include buying a home, saving for yo
ur childs education or planning for retirement. The financial planning process i
nvolves the following steps:
Gathering relevant financial information
Setting life goals
Examining your current financial status
Coming up with a financial strategy or plan for how you can meet your goals
Implementing the financial plan
Monitoring the success of the financial plan, adjusting it if necessary
Research Objective
To analyze how financial planning is important for an individual and how can ins
urance can be helpful in financial planning of an individual.
Importance of Study
The study is helpful in knowing the factors which are required for making the fi
nancial planning of an individual. Through this study it can be understood how a
customer allocates his funds and how a financial planner can help the customer
to get maximum returns on his investments so that he can achieve his future mile
stones.