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.
|Parameters||Criteria for eligibility|
|Minimum age at entry||
|Maximum age at entry||69 years|
|Minimum age at maturity||
|Maximum age at maturity||70 years|
|Minimum group size||50 members|
|Maximum group size||No upper limit|
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||
|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.
|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.
There are no rider options provided with this plan.
While there are no exclusions pertaining to the death benefit, there are exclusions related to the accidental death benefit and terminal illness benefit.
|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.|
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.
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.