IDBI Federal Life Group Plans

This plan is apt for companies looking to receive loyalty from their employees as this option comes with a number of fantastic benefits.

Benefits

• In case of untimely death of insured, this plan provides settlement of any outstanding debt.
• The premium is highly affordable.
• Customers can choose joint cover and premium discount can be enjoyed for joint life.
• Even during the moratorium period, the loan amount sanctioned is covered.
• Customers can choose between many premium payment terms.
• Female insured customers receive added discount.

IDBI Federal Group Microsurance Plan

Providing economical insurance cover to certain groups, this plan is ideal for micro finance groups such as NGOs, Self Help groups, and others.

Benefits

• There are two kinds of death benefit available. One is the level cover option and the other is the decreasing cover option. Customers can choose either one of them.
• Customers between 18 to 60 years of age can procure this cover and sum insured is between Rs. 5000 and Rs. 50,000 for every member.
• Issuing of benefits is hassle free. Medical reports are also not required in certain cases.
• A rider for accidental death benefit can be added to this policy.

IDBI Federal Loansurance Group Insurance Plan SP

This plan insures the loan liability of policyholders thereby reducing the burden on the borrower's kin.

Benefits

• Customers can avail cover throughout the term of the loan by just paying once.
• Premiums are highly affordable.
• Term between two to 30 years is offered to customers.
• In case one member pays back the entire loan amount that was outstanding prior to term or if he/she transfers this loan to another financial company, the customer can either continue with the particular policy till end of the cover tenure or surrender the policy and procure the surrender benefit.

IDBI Federal Retiresurance Group Insurance Plan

This plan helps manage funds that have been set aside for the retirement fund of the employees.

Benefits

• Through two plans, Defined Benefit and Defined Contribution, companies can manage the fund of their employees in the following ways - Gratuity, Superannuation and encashment of leaves.
• In case of untimely demise of insured, a death benefit is payable to the families.

IDBI Federal Termsurance Group Insurance Plan

This plan provides basic life insurance protection to the families of the employees. Through this plan, employers not only receive tax benefits but they are also able to take care of their employers and ensure their overall well-being.

Benefits

• In case of untimely death of insured, the nominee receives a life cover amount.
• Death benefit, if paid will be exempt from taxes.
• For a coverage of a certain limit, medical examination is not necessary.
• There are also added advantages for customers with deposit accounts and banks as well.

Tips

While procuring insurance plans, it is extremely important to research and review the policy completely and decide its suitability. Customers must keep in mind their financial needs and requirements before opting for a policy. Also the company's reputation, location and the claim settlement ratio should be given importance to.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017