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.
Following are some of the benefits of IDBI Federal Life Group Plans:
Following is the list of Group Life Insurance Plans offered by IDBI Federal Life Insurance Co. Ltd:
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.
The following are the benefits and features of Termsurance Group Protection Insurance Plan:
|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|
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.
The following are the benefits and features of Termsurance Group Insurance Plan:
|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|
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.
The following are the benefits and features of the Group Microsurance Plan:
|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%|
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.
Following are the benefits and features of Termsurance Sampoorn Suraksha Micro-insurance Plan:
|Premiums||Rs.100 for regular pay and Rs.400 for single pay||Rs.5,200 for single pay|
|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|
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.