The IDBI Federal Life Insurance is one of the country's most reputed life insurance companies. It offers an array of insurance products that are very helpful for people who are looking for financial security for themselves as well as for their family members. Group insurance plans are an integral part of a company's progress and integrity. It is the employers' way of showing that they care for their employees. Hence, good organizations are always in the lookout for good group insurance plans that would help their employees to secure a financially strong future for themselves and their families. IDBI Federal Retisurance Group Insurance Plan helps the employers in managing funds that they set aside to provide retirement benefits to the employees. This includes leave encashment, gratuity, and superannuation. This insurance plan ensures that the employees are rewarded for their efforts in the right manner.
To be eligible for the IDBI Federal Retisurance Group Insurance Plan, customers need to meet certain criteria.
|Minimum entry age||18 years|
|Maximum entry age||79 years|
|Minimum group size||10 members|
|Maximum group size||There’s no limit on the maximum group size|
|Maximum maturity age||80 years|
|Policy term||Since it is a yearly renewable plan, there is no fixed policy term|
The schemes handled under defined benefit are:
The IDBI Federal Life Insurance Retisurance Group Insurance Plan works in the following way:
Suicide Clause - If the insured member commits suicide within 1 year from the date of risk commencement, his/her nominee will be offered 80% of the paid premiums. No further benefits will be offered. This clause is not applicable for compulsory employer-employee groups and renewed policies.
Additional features of the IDBI Federal Life Insurance Retisurance Group Insurance Plan are described below:
|Free-look period||The policyholder will get a 15-day period within which he/she will have to review the terms and conditions in the policy documentation. If he/she is not satisfied with these details, there is an option to withdraw or cancel from the plan and return the policy to the insurer. Reasons for the objection should also be clearly stated. The insurer will perform the cancellation and refund the paid premiums after deducting the expenses incurred for medical examination and stamp duty. The free-look period for policies that were bought through distance marketing channels like emails, telephonic sales, etc. is 30 days.|
|Grace period||In the case of a policy with monthly premium payment mode, a grace period of 15 days from the due date is provided to pay outstanding premiums. The life cover during this interval will remain unchanged. For policies with quarterly and half-yearly premium payment frequencies, the grace period is 30 days. There is no grace period for policies with annual premium payment frequency.|
|Policy revival||If the policyholder does not pay due premiums within the grace period, the policy will move into lapsed status. The policy can be revived before the next renewal date, based on board-approved guidelines.|
|Policy termination||The policy may be terminated by the policyholder on the policy anniversary by giving the other party a prior notice of 3 months.|
|Policy renewal||The policy will be automatically renewed when the insurance company receives the premium from the policyholder. The premium should be paid before the policy anniversary or within the grace period.|
|Loan||Customers cannot avail loans under the policy|
Policyholder enrolled with the IDBI Federal Life Insurance Retisurance Group Insurance Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
IDBI Federal Life Insurance Retisurance Group Insurance Plan has a number of benefits, some of which are mentioned below:
IDBI Federal Life Insurance was formed in 2008 following a three-way joint venture between IDBI Bank, Federal Bank and multinational insurance company Ageas. 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. Having branches 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.
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