Mumbai: Private insurer IDBI Federal Life Insurance today announced the launch of a long-term savings plan ''Lifesurance Savings Insurance'' that offers triple benefit of bonus, guaranteed additions and life-cover. "Changing consumer lifestyles present ever-increasing demand for financial security in the future. Long-term financial planning starts with a disciplined approach to regular savings. We address this with ''Lifesurance Savings Insurance'' plan," IDBI Federal Life Managing Director and Chief Executive GV Nageswara Rao said in a statement here. The plan is a fixed-term participating endowment policy that allows the policyholder to accumulate considerable savings, apart from providing life cover. "The plan allows customers to benefit from bonuses based on investments in a carefully managed balance of debt and equity securities, while providing valuable guaranteed benefits through guaranteed additions in the first five years of the policy and the sum insured," IDBI Federal Life Senior Vice President and Head, Marketing and Product Management, Aneesh Khanna said. The product comes with tax benefits on premiums, he added. The minimum premium amount is 20,000 for annual instalment and 2,500 for monthly instalment. The plan also offers an additional premium discount for women, the statement added.