IDBI Federal Life Insurance,
a pioneer in product innovations in the life insurance sector in India, has made its online debut by making its product Termsurance Seniors Plan available for purchase on www.idbifederal.com
Termsurance® Seniors Insurance Plan, which has been gaining popularity due to its unique and simple-to-buy features such as no medical tests for people in the age group of 50-85 years, will now be available online.
Announcing the launch of the online platform, GV Nageswara Rao, Managing Director and Chief Executive Officer, IDBI Federal Life Insurance, said, “There is an increasing awareness for life insurance plans sold over the internet in India, with almost 10 million searches every month. Customers increasingly today prefer to make an informed decision about purchasing life insurance plans by going through the details and even comparing options. The interactive online platform enables them to research the plan, calculate premium amounts and make payment online directly to the company to receive the insurance policy in the comfort of their homes.”
According to industry experts, internet usage in India is growing at a very healthy rate and currently stands close to 100 million users across age groups. The regulatory body is also considering the option to ‘dematerialize’ insurance policies in the near future, making the online platform very important for the life insurance industry.
Mr. Rao pointed out: , “According to the National Online Survey Report for Review of National Policy of Older Persons - April 2010, ‘Insurance’ is reported as amongst the top five issues that require attention in the lives of senior citizens in India. There are a sizable number of people who would have missed taking an insurance cover when young. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. This would also help parents become self-reliant when their children start a family of their own. With Termsurance Seniors, a first-of-its-kind insurance plan in India, it will never be too late to get covered.”
Unique plan for people aged 50-85 years: This is a uniquely created whole of life insurance plan for people in the age group of 50-85 years
No Medicals. Guaranteed Acceptance: Customers will not have to go through any medical tests, submit medical reports or answer any health questions
Whole Life cover: The cover is for whole of life i.e. the sum assured will always be paid to the nominee upon death of the insured person. The premium payment term is till the age of 90 years and the plan is designed to keep the premiums same from the start, while the cover will continue for the whole of life of the insured person.
“The unique feature of ‘no medicals’ in Termsurance Seniors has helped us design a simple and easy 3 step online purchase process. Customers have to just calculate the premium, enter nominee details and make the payment to secure a policy. With Termsurance Seniors, we plan to turn a new leaf in terms of our alternate channels. The immense potential of the online medium can help us be in direct touch with our customers and create a differentiated experience, guiding us in developing new products and services that can be customized to this medium”, said Aneesh Khanna, Head – Marketing and Product Management, IDBI Federal Life Insurance.
Termsurance Seniors can be bought online through credit card, debit card or internet banking. The premium paid is entitled for deduction of tax under section 80C of the Income Tax Act, 1961.
Under the Plan, in case of death of the insured person after 2 years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of the premiums have been made. In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.
About IDBI Federal Life Insurance
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31st March, 2012, the company has issued over 3.76 lakh policies with over 21,578 Cr in Sum Assured.
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. It came into being as on July 01, 1964 (under the Companies Act, 1956) to support India’s industrial backbone. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 977 branches and 1544 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 950 branches and 1002 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car insurance and the over 50’s market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion.