IDBI Federal Termsurance Group Insurance Plan

IDBI Federal Term Insurance Group Insurance Plan is a pure term plan designed specifically for groups providing insurance benefits to its members at a minimal cost.

Key Features

It is a yearly renewable pure term plan
The plan can be availed by groups like employer-employee, banks and its customers, professional groups, affinity groups, etc. for covering its members
A Master Policy held by the group’s head is issued covering the members for a pre-determined amount.
Premiums can be paid either by the group or by individual members
The plan provides hassle-free application process and older members can also be covered
Premium for new entrants are calculated on pro-rata basis

Benefits

The nominee gets the Sum Assured on death of the policyholder during the term of the plan
There is an in built Accidental Death Benefit and Terminal Illness Benefit for 5000-50 lakhs cover under which the additional benefit is paid in case of accidental death or on diagnosis of the terminal illness
Income tax benefit on the premium paid by the members as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act. If premiums are paid by the group master policyholder, it is exempt under Section 37.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	15 years for non-employer-employee groups & 18 years for employer-employee groups	69 years
Maturity Age (Last Birthday)	16 years for non-employer-employee groups & 19 years for employer-employee groups	70 years
Size of the group	50 members	No limit
Premium Payment Frequency	Annual, half-yearly, quarterly, monthly
Sum Assured	5000	No limit

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes.
Policy Termination or Surrender Benefit: the policy cannot be surrendered.
Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

There are 2 inbuilt riders of Accidental Death Benefit and Terminal Illness benefit

Exclusions

For the Accidental Death benefit rider, accidents due to drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded
For the Terminal Illness benefit, illness due to HIV infection, service in armed forces, participation in racing or scuba diving, self-inflicted injuries, congenital diseases, alcohol influence are excluded