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  • IDBI Federal Life Group Plans

    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

     IDBI Federal Life Insurance Co. Ltd offers an array of customized group insurance plans that take care of an employee’s financial interests and helps the employers to show that they are committed towards the welfare of the employees. These group plans provide financial stability to the group members. Ease of fund management and operations is another significant benefit of buying a group insurance policy from IDBI Federal Life Insurance Co. Ltd. There are four different group plans under the company’s umbrella.

    Benefits of IDBI Federal Life Group Plans

    Following are some of the benefits of IDBI Federal Life Group Plans:

    • Many group plans under IDBI Federal Life Group Plans let policyholders to invest in specific funds, based on their appetite for risk.
    • The group life insurance schemes from IDBI Federal Life Group Plans offer coverage for all members under a single policy that is issued to the policyholder. In the case of a company, the employer is the policyholder while the employees are members of the group.
    • The sum assured of each member is decided based on some justifiable factors. In the case of a company, this could be the salary of the member, occupation, etc.
    • Most of the group plans offer the choice of availing the death benefit as a lump sum amount or partly as lump sum and the remaining as equal installments spread over a period of time.
    • The plan may be contributory or noncontributory. A contributory scheme is one in which the employer pays a certain amount towards the premium of the employee.
    • Some group plans enable the employer to set up a separate gratuity or leave encashment fund for the benefit of its employees.

    List of Group Life Insurance Plans offered by IDBI Federal Life Insurance Co. Ltd

    Following is the list of Group Life Insurance Plans offered by IDBI Federal Life Insurance Co. Ltd:

    Termsurance Group Protection Insurance Plan:

    The IDBI Federal Termsurance Group Protection Insurance Plan is a complete term plan designed for distinct groups like bank-depositors, professionals, employer-employees, suppliers, or other group with similar financial interests. This plan offers life insurance benefits with a single policy document to all the members of the group. This document is issued to the policyholder who represents the entire group. For instance, in an employer-employee arrangement, the employer will be handed over the policy and he will be called the master policyholder. The employees of the organization will be the members of the policy.

    Benefits and Features of Termsurance Group Protection Insurance Plan

    The following are the benefits and features of Termsurance Group Protection Insurance Plan:

    • The Termsurance Group protection Plan offers the benefit of optional add-on benefits of critical illness, terminal illness, and accidental death.
    • Policyholders are offered insurance at a low cost.
    • In an unfortunate situation like death of the policyholder, the death benefit is paid to their beneficiary.
    • It is an extremely comprehensive plan.
    • For an employer, the Termsurance Group Protection Insurance Plan helps them to get as well as retain more employees.
    • There is no medical examination required till a particular coverage limit.
    Parameter Minimum Maximum
    Death sum assured Rs.5,000 per member There is no limit to the maximum death sum assured
    Accidental sum assured Rs.5,000 per member Death sum assured or Rs.5 lakh, whichever is lower
    Terminal illness sum assured Rs.5,000 per member There is no limit
    Critical illness sum assured Rs.5,000 per member Death sum assured or Rs.5 lakhs, whichever is lower

    Termsurance Group Insurance Plan:

    IDBI Federal Termsurance Group Insurance Plan is purely a term plan that has been conceptualized to serve to broad categories of informal and formal groups such as employer-employee, customer-supplier, bank-depositor groups. This is a Group Term Insurance plan that offers basic life insurance protection to the group members who opt for the plan.

    Benefits and Features of Termsurance Group Insurance Plan

    The following are the benefits and features of Termsurance Group Insurance Plan:

    • The Termsurance Group Insurance Plan offers the benefit of optional add-on benefits of critical illness, terminal illness, and accidental death.
    • Policyholders are offered insurance at a low cost.
    • In an unfortunate situation like death of the policyholder, the death benefit is paid to their beneficiary.
    • It is an extremely comprehensive plan.
    • For an employer, the Termsurance Group Insurance Plan helps them to get as well as retain more employees.
    • Once the death benefit is paid, it will be exempted from income tax.
    • As an advantage to an employer, it offers valuable life insurance coverage to their employees.
    • This plan provides coverage to joint account holder and to age groups starting from 15 years.
    Parameters Maximum Minimum
    Sum insured of the member Rs.5,000 There's no limit
    Accidental death sum assured Rs.5,000 Rs.5 lakhs
    Terminal illness sum assured Rs.5,000 Rs.5 lakhs

    Group Microsurance Plan:

    With this insurance plan, companies, organizations 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. When it comes to insuring the lives of their group members, this plan proves to be highly useful for self-help groups, NGOs, and micro finance institutions.

    Benefits and Features of Group Microsurance Plan

    The following are the benefits and features of the Group Microsurance Plan:

    • It is an affordable protection plan that provides life insurance at a low cost.
    • In an unfortunate situation like death of the policyholder, the death benefit is paid to their beneficiary, only if the premiums till the date of demise has been paid.
    • This plan provides wider coverage to members between the age group of 18 and 60 years.
    • For a group that consists of more than 200 members, the policyholders can get an automatic acceptance of cover without having to show any health related reports.
    • An Accidental Death Benefit is added to this plan.

    Sum assured:

    Parameters Minimum Maximum
    Sum assured Rs.5,000 Rs.50,000

    Premium:

    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%

    Termsurance Sampoorn Suraksha Micro-insurance Plan:

    IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance Plan is purely a term insurance plan that offers life insurance cover to policyholders by paying a huge benefit to their family in case of an unfortunate death. It makes sure that your family is financially secure in your absence.

    Benefits and Features of Termsurance Sampoorn Suraksha Micro-insurance Plan

    Following are the benefits and features of Termsurance Sampoorn Suraksha Micro-insurance Plan:

    • This plan offers the policyholder and their family financial security against any unfortunate event. In case of such an event, family of the policyholder receives a lump sum amount, under this plan.
    • Under this plan, the policyholder can choose a policy term according to their convenience. The term can be between 5 and 10 years.
    • Depending on the policyholder's financial stability, they can make a choice between paying a single premium and paying small amounts on a regular basis.
    • This is a comprehensive plan that doesn't include any medical check-up. The documentation involved in this plan is simple and hassle-free.
    • In the situation of an accidental death, an amount that will be equal to the sum assured will be paid additionally to the nominee.
    Parameters Minimum Maximum
    Premiums Rs.100 for regular pay and Rs.400 for single pay Rs.5,200 for single pay
    Sum assured Rs.5,000 Rs.50,000

    List of all Group Plans under IDBI Federal Life Insurance Co. Ltd

    Plan Name Entry Age Maturity Age
    Termsurance Group Protection Insurance Plan 18 years 80 years
    Termsurance Group Insurance Plan 18 years 70 years
    Group Microsurance Plan 18 years 65 years
    Termsurance Sampoorn Suraksha Micro-insurance Plan 18 years 60 years

    Why one needs IDBI Federal Life Group Plans?

    The various group plans offered by IDBI Federal Life Insurance Co. Ltd have been designed keeping in mind the needs of groups like bank-depositors, professionals, employer-employees, suppliers, or other group with similar financial interests. These plans help the employer in attracting more and more employees and to retain them and they help the employees in being financially secure. These plans are comprehensive and absolutely hassle-free. They are not only affordable but they also don’t require medical tests. One can use the life cover and premium calculators, available on the company website to easily and accurately determine how much life cover one’s family requires and how much premium one needs to pay. At IDBI Federal Life, the claim settlement process is considered to be a form of repaying the customer’s trust. The claim process is simple, quick, and transparent. Also, one can pay insurance premiums easily and safely through the online premium payment facility offered by IDBI Federal Life.

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