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  • IDBI Federal Retiresurance Group Insurance Plan

    IDBI Federal Life Insurance

    IDBI Federal Retiresurance Group Insurance Plan is the perfect way you can show your employees that they are valued. It aids with managing funds that you as an employer have set aside for your employee’s retirement benefits: Superannuation, Gratuity and Leave Encashment.


    Eligibility of Retiresurance Group Insurance Plan:

    Entry age Minimum 18 years
    Maximum 79 years
    Maturity age Maximum 80 years
    Group size Minimum 10 members
    Maximum No limit

    Key Features of IDBI Federal Retiresurance Group Insurance Plan:

    Plan type Non-linked non-participating variable insurance plan.
    Plan basis Group
    Premium payment frequency Yearly/ Half-yearly/ Quarterly/ Monthly
    Contribution

    Minimum: Rs. 50,000.

    Maximum: No Limit

    Minimum: Nil Maximum: No limit
    Policy term Not applicable, as it is a yearly renewable plan
    Guaranteed Additions 8% or 9% of sum assured accumulated after each completed policy year. Guaranteed addiction are paid at maturity.
    Free look period 15 days
    Nomination Nomination is accepted under this policy.
    Loans No loans are available under the scheme.
    Contribution Initial Minimum: Rs.50,000 and Maximum: No Limit
    Annual Minimum Nil and Maximum: no limit
    New entrants New members will be allowed to join at any time during the tenure of the policy

    Benefits/Advantages of IDBI Federal Retiresurance Group Insurance Plan:

    The IDBI Federal Retiresurance Group Insurance Plan provides you with the following key benefits:

    Death Benefit:

    · Superannuation: Defined Contribution which is accumulated account balance as per the scheme rules. Defined Benefit is the accrued liability as per the scheme rules.

    · Gratuity and Leave Encashment: Accrued liability as per the scheme rules and fixed basic sum assured of Rs. 1,000.

    Retirement/ Resignation/ Disablement of the member of the scheme:

    · Superannuation: Defined Contribution which is accumulated account balance as per the scheme rules. Defined Benefit which is accrued liability as per the scheme rules.

    · Gratuity and Leave Encashment: Accrued liability as per the scheme rules

    How the IDBI Federal Retiresurance Group Insurance Plan works:

    You will need to pay premiums for 5 years if you purchase the plan for a term of 15 years. After the end of every policy year the sum assured will keep on adding by 8%. You will receive the sum assured plus the accrued guaranteed additions at the end of your IDBI Federal Life policy tenure or at maturity. What’s more, you will be able to get tax benefits on the premiums paid for 5 years. You will also be able to take loan against your policy. In the unfortunate demise of the policyholder within the policy tenure, death benefits will be paid to your designated nominee. This will include either the sum assured or 105% of the premiums paid or 10 times of annualized premiums.

    The following interest rates will be credited to your policy account:

    • Minimum Floor Rate
    • Non-negative residual additions
    • Additional interest rate
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