The Termsurance Group Insurance Plan is a pure group term insurance plan by IDBI Federal which addresses insurance requirements of various formal and informal groups like employer-employee groups, bank-depositor groups, customer-supplier groups, professionals or affinity groups. This is a basic life insurance plan which provides coverage to members included under the plan. This is a yearly renewable plan where the policyholder is entitled to tax benefits on premiums paid towards the plan. Also, the Death Benefit paid to the beneficiaries is exempt from tax, once paid to the beneficiaries
Eligibility - Who is the IDBI Federal Termsurance Group Insurance Plan For?
The eligibility conditions laid down for this plan are as follows.
|Entry age of member (last birthday)
- 18 years for Employer-Employee Groups & under Accidental Death Benefit option)
- 15 years for Non Employer-Employee Groups.
|Age at which cover ceases
- 19 years for Employer-Employee Groups & under Accidental Death Benefit option.
- 16 years for Non Employer-Employee Groups.
|Size of group
Sum Assured & Premium Range - What you get and what it costs?
The Sum Assured under the Death Benefit will be paid in the unfortunate event of the death of the life insured. The sum assured is also payable under additional options built-in the plan, which include accidental death of the life insured or if the life insured is diagnosed with a terminal illness. The limits of sum assured for all three instances are as follows:
|Sum Insured For member
||No limit (subject to underwriting)
|Accidental Death Sum Insured
|Terminal Illness Sum Insured
- Premium payment for one year can be done in advance at the time of policy inception or on the renewal date of the policy, whichever is applicable.
- Premium payments can also be done on a half yearly, quarterly or monthly basis.
- For premium payment frequency besides yearly, premium amount payable can be determined after multiplying the frequency factor with the annual premium as shown below:
Plan Coverage - What the IDBI Federal Termsurance Group Insurance Plan Covers?
The nominee(s)/beneficiary(ies) of the life assured are entitled to the Death Benefit Sum Assured in the event of the unfortunate demise of the life assured. There are two built-in options under the plan with regards to the Death Benefit.
Accidental Death Benefit – Under this option, if the life assured passes away suddenly following an accident, the their beneficiary will be entitled to an additional Accidental Death Benefit Sum Insured, over and above the basic Death Benefit provided under the basic plan. The amount payable under the Accidental Death Benefit sum insured can be fixed by the master policyholder and shall always be lower or equivalent to the sum insured amount under the basic plan. The maximum limit of the Accidental Death Benefit sum insured is fixed at Rs.50,00,000.
Terminal Illness Benefit – This is another option which the master policyholder can opt for. Under this option, if the life assured policy member is diagnosed with a terminal illness and is not expected to live beyond 6 months, they will be entitled to receive a Terminal Illness Benefit sum insured. The amount payable under this benefit will be fixed by the master policyholder and can be less or equal to the sum insured under the base plan. The maximum amount payable under this benefit is fixed at Rs.50,00,000 for each member. Additionally, the diagnosis for the terminal illness must be done by a specialised medical professional who is approved by the insurer.
Exclusions - What the IDBI Federal Termsurance Group Insurance Plan Doesn’t Cover?
Accidental Death Benefit:
Accidental Death Benefit will not be payable in case the life assured’s death has occurred directly or indirectly due to the following:
- Accidental Death Benefit will not be payable in case the life assured’s death has occurred directly or indirectly due to the following:
- Self-inflicted, intentional injury, attempt to suicide or suicide in a sane or insane state.
- Death caused due to influence of intoxicants like alcohol, drugs, narcotics or psychotropic substances unless they have been consumed following proper prescription and directions of a registered medical professional.
- Death due to not seeking or following medical advice.
- If insured has participated in a flying activity, in a capacity other than as a regular, fare paying passenger travelling on a registered airline which operates on scheduled routes on pre-fixed timings.
- If life insured participates in criminal or unlawful activities.
- Death caused due to injuries sustained before the policy cover has commenced.
- Death due to nuclear contamination; accident caused due to exposure to explosive, radioactive or hazardous elements of nuclear materials or property that has been contaminated by the same.
Terminal illness Benefit:
Terminal Illness Benefit will not be paid if the claim has taken place directly or indirectly due to the following:
- Infection or medical conditions caused due to HIV or AIDS.
- Illness contracted while serving in the army during declared/undeclared war or while serving under orders on warlike operations or to restore civil peace.
- Self-inflicted injury, attempt to/causing self-destruction in a sane or insane state.
- Participating in any form of racing other than that on foot.
- Accident caused under influence of alcohol or drugs, other than those prescribed by a registered medical practitioner.
- Bacterial infection or food poisoning (other than pyogenic infection which occurs with/through an occidental wound or cut).
- Injury or illness caused due to travelling (boarding, exiting, servicing) any air-borne device or form of conveyance besides travelling on a registered, recognized commercial airline as a fare paying passenger.
- If life insured is physically handicapped or mentally unsound at the time of policy application or reinstatement of supplementary policy contract.
- Any congenital abnormalities.
- Complications or accidents caused following or during surgical or therapeutic procedures.
- Illness contracted while hunting, climbing or mountaineering using ropes or guides.
- Radioactive contamination or ionising radiation emitted from any nuclear fuel or waste.
- Illness contracted due to toxic, radioactive, explosive or any other dangerous property of nuclear equipment or its parts.
- Any underwater or subterranean activity or operation like scuba diving.
Other Key Features – Free Look Period, Surrender Values, Grace Period Etc.
||The grace period allowed under this plan is for a duration of 30 days (15 days for policies with monthly premium payment mode), starting from the date of the last outstanding premium. The policy will remain in-force during the grace period. In case premiums are not paid by the end of the grace period, the policy cover shall cease. In case a death claim takes place during the grace period, the benefit amount paid will be reduced by the amount of unpaid or outstanding premiums.
||If the outstanding premiums are not paid within the expiry of the grace period, the policy shall lapse and no benefits will be payable.
||A lapsed policy can be revived within a period of 3 months starting from the date on which the cover has lapsed, provided that it is within the one year policy term (not after the annual renewal date). The policy can be revived after the payment of all outstanding premiums and approved evidence of good health.
|Exit of insured member
||In case a policy member is exiting the plan, the policy holder has 2 options. They can either get a refund of the premium for the remaining period of risk or continue insurance coverage for the policy member till the expiry period.
||Each member can nominate the person/persons to whom the death benefit will be payable
|Surrender & Paid-up Value
||This plan does not have any Surrender or Paid-up Value.
||This plan does not have any loan facility.
|Free Look Period
||Policyholders are provided a Free Look period of 15 days, within which they can return the policy, if they are not satisfied with the same. If the policyholder wishes to cancel the policy, they must put in a request for the same in writing, stating the reason for cancellation and also return the original policy document. The insurer will refund the amount of premiums paid after deducting a proportionate risk premium for the coverage period and towards other expenses like stamp duty and medical examination.
Tax Benefits – How you can save with the IDBI Federal Termsurance Group Insurance Plan?
The master policy holder, the insured member and the beneficiaries are eligible for tax benefits in different capacities. The insured policy member is eligible for tax benefits for premium payments under section 80C of the Income Tax Act, 1961. The benefits payable under this plan to the life assured’s beneficiary are exempt from income tax under section 10(10D) of the Income Tax Act, 1961. Also, the premiums paid towards the policy by the master policyholder are eligible for tax exemption under section 37 of the Income Tax Act, 1961.
Other Benefits – How you can save with the IDBI Federal Termsurance Group Insurance Plan?
Some of the other benefits that you can get by taking this plan are as follows:
Track your NAV – Customers can easily track the net asset value of the funds which they have invested in with IDBI Federal. They must select the fund, the particular scheme they have invested in and the date for which they wish to view the NAV.
Pay premiums easily – IDBI offers its customers a variety of options when it comes to premium payment. Customers can pay premiums online (net banking, credit/debit cards, cash cards and IMPS), at IDBI Bank branches by cheque of demand draft, pay at Federal Bank branches or via Federal Bank internet banking, at IDBI Federal branch, through the insurance advisor, pay through standing instructions facility, via auto debit or through Common Service Center outlets in cash.
Premium calculator – The IDBI Federal website includes a special section where customers can calculate the premiums payable for various IDBI Federal insurance policies.
e-Insurance Account – The e-Insurance Account or eIA is a unique feature policies which allows customers to electronically manage various policies from multiple insurers under a single account.
Why you should buy the Termsurance Group Insurance Plan from IDBI Federal?
Established in 2008, IDBI Federal Life Insurance is among India’s fastest growing life insurance providers which offers a multitude of protection, wealth management, and retirement solutions. Formed as a joint venture between IDBI Bank, Federal Bank and Ageas, a Europe-based multinational insurance provide, IDBI Federal operates via a countrywide network of over 2900 branches. Offering dedicated customer service, along with hassle-free and simple insurance solutions to individuals and corporates, IDBI Federal is paving the way to greater heights for other players in the insurance segment.
*Premiums Vary Based On Age, Location, Plan Term and Other Factors