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IDBI Federal Life Insurance Retiresurance Group Insurance Plan

 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.

Eligibility - Who is the IDBI Federal Retisurance Group Insurance Plan for?

To be eligible for the IDBI Federal Retisurance Group Insurance Plan, customers need to meet certain criteria.

Parameters Details
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

Defined Benefit and Defined Contribution:

The schemes handled under defined benefit are:

  • Leave encashment
  • Superannuation
  • Gratuity
  • The contribution that an employee makes towards the fund for the service that has been provided already as well as for the service that they are yet to provide is considered to be as per actuarial valuation by an independent actuary and it will be in respect of the benefits accrued to the existing members for leave encashment, gratuity, and/or superannuation benefits. Actuarial valuation will be done at the beginning and at frequent intervals to check the liability and to advise the employee about the required rate of contribution. The minimum initial contribution is Rs.50,000 and there is no limit on the maximum contribution that an employee can make. The frequency of contribution is monthly, quarterly, half-yearly, and yearly.
  • Under defined contribution, only group superannuation schemes are handled. The contribution towards this by each member is fixed according to the rules of the scheme. Members can make a contribution beside their master policyholder. One can choose between multiple schemes or single scheme. A different master scheme will be issued for every scheme selected by the employee.

Plan Coverage - What the IDBI Federal Life Insurance Retisurance Group Insurance Plan covers?

The IDBI Federal Life Insurance Retisurance Group Insurance Plan works in the following way:

  • Death Benefit
  • Superannuation: Under defined contribution, the accumulated account balance is given to the beneficiary.
  • Defined Contribution: A minimum assured benefit worth 100.1% of all the premiums that have been paid on every individual account is provided to the beneficiary.
  • Gratuity and Leave Encashment: Accumulated liability as per the rules of the schemes plus a fixed basic sum assured of Rs.1,000.
  • Retirement or resignation or disablement of the employee owning the scheme:
  • Superannuation:
  • Defined Contribution: Gathered account balance as per the rules of the scheme.
  • Defined Benefit: Accumulated liability as per the rules of the scheme.
  • Gratuity and Leave Encashment: Accumulated liability as per the rules of the scheme.

Exclusions - What the IDBI Federal Life Insurance Retisurance Group Insurance Plan doesn’t cover?

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.

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

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

Tax Benefits provided by IDBI Federal Life Insurance Retisurance Group Insurance Plan:

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:

  • 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 maturity and death benefits.

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

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

  • Policyholders can also choose the payout modes – annually, half-yearly, quarterly and monthly.
  • 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.

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

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.