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  • IDBI Federal Life Group Microsurnace Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the IDBI Federal Life Group Microsurnace Plan for?

    To be eligible for the IDBI Federal Life Group Microsurnace Plan, the group has to meet certain eligibility criteria.

    • The minimum number of members in a group should be 20 and the group should be working together towards a common economic purpose.
    • Candidates will be eligible for the policy as soon as they start working with the organisation.
    • The group policy term is indefinite.
    Parameters Details
    Entry Age Minimum: 18 years Maximum: 60 years
    Maturity Age 65 years
    Member benefit term 5 years

    Sum Assured and Premium Range - What you get and what it costs?

    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.

    Parameters Discount details
    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%

    Plan Coverage - What the IDBI Federal Life Group Microsurnace Plan covers?

    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.
    • Level cover option - The level cover option is the sum assured at the outset. It is subject to its limits.
    • Deceased cover option - The sum assured is the average of the loan balance of the deceased group member. This too is subject to its limits.
    Following the death of the group member, the nominee can choose any of the above options but not both.
    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.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    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.

    Tax Benefits – How you can save with the IDBI Federal Life Group Microsurnace Plan?

    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:

    • Section 80C of the Income Tax Act, 1961, for contributions (premiums) made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

    Other Benefits – How you can save with the IDBI Federal Life Group Microsurnace Plan?

    IDBI Federal Life Group Microsurnace Plan has a number of benefits, some of which are mentioned below:

    • Policyholders can choose the premium or contribution towards the IDBI Federal Life Group Microsurnace Plan. The higher the premium scheme chosen by the group policyholder, the bigger the discount.
    • Group policyholders can also choose the payout modes - annually, half-yearly, quarterly and monthly.
    • Hassle free issuance of the IDBI Federal Life Group Microsurnace Plan. No medical reports required for employees assured up to Rs.50,000. For groups more than 200 members, no health record of each employee is required when the policy is issued.
    • On the IDBI Federal Life Insurance website, customers can avail insurance products of their choice, track their applications, calculate the premiums, make claims, take advice, and check the performance of their investments.
    • Group policyholders can pay premiums online using their credit cards, debit cards, e-wallets, etc. They can also make premium calculations for their group.

    Why you should buy the IDBI Federal Life Group Microsurnace Plan from IDBI Federal Life Insurance?

    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.