IDBI Federal Life Insurance has launched a new product that merges insurance and wealth building capacities.

The Wealthsurance Milestone Plan is designed to help clients cross life milestones by providing insurance protection as they save and build wealth. It comes with thirteen investment options and seven insurance benefits which can be matched to meet customer needs. Conservative clients, for instance, can choose guaranteed return options, while those who can tolerate more risk may opt for equity options. Among the insurance benefits included are major disease benefits, hospital benefits, and others.

"Everyone wants to create wealth, but wealth creation does not happen by chance or accident. It needs a plan. Wealthsurance Milestone Plan offers such a plan, which is very flexible and can be customised to an individual's needs," said GV Nageswara Rao, managing director and chief executive of the firm.

IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas.