Catering to the needs of employees from organisations, companies, NGOs, etc., IDBI Federal Insurance has rolled out the IDBI Federal Life Group Microsurnace Plan. With this insurance plan, companies, organisations and so on can offer financial security for their employees and the plan comes with the additional benefit of loan protection for the family members of the insured in the case of an eventuality such as untimely death or disability.
To be eligible for the IDBI Federal Life Group Microsurnace Plan, the group has to meet certain eligibility criteria.
|Entry Age||Minimum: 18 years Maximum: 60 years|
|Maturity Age||65 years|
|Member benefit term||5 years|
Sum Assured: The minimum sum assured for each group member is Rs.5,000 while the maximum sum assured is Rs.50,000.
Premiums: The premium has to be paid by the group policyholder. In case of a new joinee, the group policyholder is required to furnish the documents of the joinee. The premium to be paid will be set annually, depending on the number of members in the group. The group policyholder can choose to pay the premiums either annually, half-yearly, quarterly or monthly.
Group policyholders can avail discounts if they choose larger premiums.
|Rs.2.5 lakh or less||No discount|
|Rs.2.5 lakh to Rs.4.9 lakh||2%|
|Rs.5 lakh to Rs.9.9 lakh||4%|
|Rs.10 lakh or more||6%|
The IDBI Federal Life Group Microsurnace Plan comes with death benefits and the option of an additional accidental death cover. The details are mentioned below.
|Death benefit||In case of untimely death of any of the group members, the nominee of the group member will be liable to the sum assured provided all premiums are paid till that point. The nominee can choose between the level cover options or the deceases cover option.
|Accidental death cover||If death resulting from an accident occurs within 180 days since the occurrence of the accident, the nominee is liable to the accidental death cover benefits.|
The IDBI Federal Life Group Microsurnace Plan comes with key features which are listed below.
|Grace period||The group policyholder is granted a grace period of 15 days for the monthly mode to pay the premium and a grace period of 30 days for the annual, half-yearly and quarterly mode to pay the premium. If the group policyholder fails to pay the premium within the grace period, the policy will lapse. In the case of an eventuality such as accidental death during the grace period, the coverage will be paid minus the premium amount.|
|Revival||The group policyholder can revive the policy within three months of the first unpaid premium. All benefits will be applicable once the policy is revived.|
|Nominations||Group members can make nominations as per section 39 of the Insurance Act, 1938. The nominee will receive all the benefits following the untimely death of the policyholder.|
|Free-look period||Group policyholders are granted a free-look period for a span of 15 days. If the group policyholder does not agree to the terms and conditions of the policy, or feels that the plan does not meet the requirements of the company or its employees, he/she can return the policy within the free-look period.|
Policyholders enrolled with the IDBI Federal Life Group Microsurnace Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
IDBI Federal Life Group Microsurnace Plan has a number of benefits, some of which are mentioned below:
Having its presence spread across the country, IDBI Federal has a top-notch customer service that keeps the satisfaction of each and every of their customers as their top priority. IDBI Federal Life Insurance made history when they broke into making profits by the 5th year of being formed. Since then, they have recorded annual profits of Rs.80 crore, making them one of the fastest growing and reputed insurance company in the country.