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|
|Maturity age||Maximum||80 years|
|Group size||Minimum||10 members|
Key Features of IDBI Federal Retiresurance Group Insurance Plan:
|Plan type||Non-linked non-participating variable insurance plan.|
|Premium payment frequency||Yearly/ Half-yearly/ Quarterly/ Monthly|
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:
· 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