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IDBI Federal Life Termsurance Group Protection Insurance Plan

We live in a world defined by groups, with everyone looking forward to the protection and sense of belonging provided by a group. This protection can be enhanced by investing in the Termsurance Group Protection Insurance Plan from IDBI Federal Life. A pure group insurance scheme, it can be used to secure the interests of different groups, be it employer – employee groups or non-employer – employee ones. Members are provided life cover, enabling them to concentrate on their duties, with it possible for the master policyholder to choose the extent of financial cover required.

Eligibility – Who is the IDBI Federal Life Termsurance Group Protection Insurance Plan for?

Parameters Criteria for eligibility
Minimum age at entry
  • Employer – employee groups - 18 years
  • Non-employer – employee groups – 15 years
Maximum age at entry 69 years
Minimum age at maturity
  • Employer – employee groups - 19 years
  • Non-employer – employee groups – 16 years
Maximum age at maturity 70 years
Minimum group size 50 members
Maximum group size No upper limit
Plan additions
  • Accidental Death Benefit Option
  • Terminal Illness Benefit Option

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured – Financial protection is something that is always on our mind, with the sum assured being the amount an individual is protected for. A master policyholder can choose the sum assured based on the group requirements, with an option to increase it based on internal factors affecting the group.

Minimum sum assured Rs.5,000 (per member)
Maximum sum assured No upper limit
Minimum sum assured for accidental death benefit option Rs.5,000 (per member)
Maximum sum assured for accidental death benefit option Rs.50 lakh (per member)
Minimum sum assured for terminal illness benefit option Rs.5,000 (per member)
Maximum sum assured for terminal illness benefit option Rs.50 lakh (per member)

Premium* - A member of a group is only protected as long as the premiums are paid. The premium amount payable depends on the number of members, sum assured chosen, type of group, etc. A master policyholder can choose the premium payment frequency based on the finances available with the group. An individual member of the group can choose to pay the premium on their own, or could have the master policyholder pay it on their behalf.

Term of the policy 1 year (annually renewable)
Premium Payment Frequency
  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly
Premium Amount Depends on sum assured chosen and number of members

*The premium can vary based on the age of members, location of organisation, sum assured chosen, etc.

Plan Coverage – What the IDBI Federal Life Termsurance Group Protection Insurance Plan covers?

Death Benefit On death of any member of a group the sum assured will be paid to the nominee. This amount depends on whether or not the master policyholder has opted for the built-in options provided by the insurer.
Maturity Benefit There is no maturity benefit provided under this plan.
Accidental Death Benefit** If a member passes away due to an accident, the nominee will be paid an accidental death benefit sum assured. This is in addition to the basic sum assured provided under the death benefit.
Terminal Illness Benefit** This benefit is payable if a member is diagnosed with a terminal illness wherein the member is expected to survive for not more than six months. The terminal illness sum assured is paid to the member in such cases. It is to be noted that this is not an additional amount, rather it is deducted from the sum assured initially chosen by the master policyholder.

**These benefits are payable only if the in-built options are chosen at the time of purchasing the policy.

Riders/Add-on plans – Additional coverage under the IDBI Federal Life Termsurance Group Protection Insurance Plan

There are no rider options provided with this plan.

Exclusions – What the IDBI Federal Life Termsurance Group Protection Insurance Plan does not cover?

While there are no exclusions pertaining to the death benefit, there are exclusions related to the accidental death benefit and terminal illness benefit.

  • Accidental death benefit exclusions: No benefit will be paid if accidental death is a result of the following:
    • Attempted suicide, self-inflicted injuries, etc.
    • Accident as a result of consumption of alcohol/drugs/narcotics.
    • Death due to negligence on part of member. This includes failure to comply with suggestions made by a doctor.
    • Any accident which is a result of a criminal act.
    • In case the accident occurred before policy inception date.
    • If accident occurs due to participation in aerial activities, excluding when the member is a passenger on a recognised airline.
    • Any incident as a result of nuclear contamination.
  • Terminal illness benefit exclusion: A member will not be entitled to a terminal illness benefit under the following cases:
    • If illness is outcome of attempted suicide.
    • If illness is an outcome of a fight.
    • If illness is due to participation in war.
    • HIV/AIDS
    • In case of food poisoning.
    • If illness is outcome of botched surgical/therapeutic procedures.
    • If illness is due to exposure to radiation/nuclear activity.
    • Outcome of scuba diving.

Other Key Features of IDBI Federal Life Termsurance Group Protection Insurance Plan:

Grace period Yearly payment – 30 days Monthly payment – 15 days
Free-look period 15 days
Reinstatement It is possible to reinstate a lapsed policy within three months of such lapse. All premiums should be paid (with interest where applicable).
Surrender value No surrender value payable
Loan No loan facility
Nomination A member can nominate a beneficiary who will receive the benefit on death of member.
Addition/deletion of members It is possible to add new members under the scheme. The premium should be paid on a pro-rata basis in such cases. In case of exit of a member the master policyholder can choose to avail a refund for remaining policy term or continue to provide cover to such member.

Tax Benefits – How you can save with the IDBI Federal Life Termsurance Group Protection Insurance Plan?

An employer can avail tax deductions on the premium paid towards this policy. This is subject to the provisions under Section 37 of the IT Act of 1961. For the family of a member, the amount received as death benefit is not taxable.

Note that the benefits mentioned here are subject to change according to changes in the tax laws of the country.

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

As an individual heading a group it is imperative to make members feel wanted. One way to do this is by securing the interests of their loved ones, with the Termsurance Group Protection plan doing exactly this. Open to different groups, it provides protection at affordable rates.

Most group heads have a lot on their plate, with insurance adding to their work. IDBI Federal Life, however, reduces the work involved, making the entire process simple and hassle free. The insurer has managed to earn the trust of over 10 lakh customers since it began operations in 2008.

Importance to customer requirements is something IDBI Federal Life prides itself on, with this reflected in their grievances solved ratio, which was 100% for the FY 2015-16.