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IDBI Federal Life Insurance Group Loan Secure Plan (UIN 135N051V01)

As an established financial institution, you have helped your customers achieve their dreams with your expertly crafted financial solutions. Reinforce this image of a benefactor by helping your valuable customers insure their loan liabilities with, IDBI Federal Life Insurance Group Loan Secure Plan.

IDBI Federal Life Insurance Group Loan Secure Plan (hereinafter referred to as Loan Secure Plan) is an economical way to ensure loan is protected in the event of death of the insured members.

Loan Secure Plan is a single premium non-linked non-participating group credit life plan. This plan will assure your members that their dreams won’t end with them, and that their family would not be burdened with any outstanding debt in their unfortunate absence.

Eligibility Table

Parameters Minimum Maximum
Group size 50 members No limit
Eligibility criteria for group member:
Entry age^ 18 years 65 years
Cover ceasing age 20 years 75 years
Death sum assured Rs. 5,00,000 per member No limit
Cover term 2 years 30 years (including moratorium period, if any)
Premium payment term Single Premium

^All age references are as on last birthday

  1. One-time payment
  2. Pay once and enjoy the life insurance cover throughout the cover term.

  3. Cover available for home loans, loan against property and plot loans
  4. Ensures that the borrower’s family is not burdened with any outstanding loan liability in case of unfortunate demise.

  5. Offers 2 Death benefit options - Level death benefit option and Reducing death benefit option
  6. Option to choose from 2 available death benefit options.

  7. Life cover options available for single life cover, joint life cover or proportionate cover for co-borrowers of a loan
  8. Choose to cover single life, joint life or upto 5 co-borrowers under a single loan. The death benefit will be paid as per the benefit schedule and cover option chosen by the insured member.

  9. Flexibility to cover loan amount or loan amount plus interest accruals during moratorium period
  10. Option to select moratorium period under the Reducing death benefit option from 1 to 7 years..

  11. Tax benefits# available under Section 80C and Section 10(10D)
  12. Tax benefit is applicable for insured members, on the premiums paid and the benefits received.

    #Please note that tax benefits are subject to change as per tax laws. Consult your tax advisor for determining the Tax benefits applicable to you.

A master policy is issued to the master policyholder who avails the Loan Secure Plan. A master policyholder may be a bank, a financial institution or a lending institution. The member is issued an individual certificate of insurance.

There are 2 life cover options available under this plan to choose from:

1. Level death benefit option: In this case, the death sum assured and hence the death benefit remains constant throughout the cover term.

2. Reducing death benefit option: In this case, the death benefit for the member decreases as per the benefit schedule. A benefit schedule (i.e. the table reflecting the death benefit during each cover month of the cover term) is generated at the outset and provided in the certificate of insurance. Benefit schedule can be generated for interest rates ranging from 1% to 20% per annum.

The commencement of risk for individual member is subject to underwriting, acceptance and issuance of certificate of insurance

Under Reducing death benefit option the life assured can choose a Moratorium period-The insured member can opt to select a moratorium period under the reducing death benefit option from 1 to 7 years.

Moratorium period can be chosen:

  • Without interest accrual;

    During Moratorium Period without interest accrual, Death Sum Assured shall not reduce and remain level during this period.

  • With interest accrual
  • During Moratorium period with interest accrual, interest accrued during each month shall be added to the Death Sum Assured and hence death benefit shall increase monthly during Moratorium Period, after moratorium period, death benefit will reduce as per the benefit schedule.

    The death benefit for each cover month will be shown in the Benefit Schedule.

IDBI Federal Life Insurance Group Loan Secure Plan (UIN: 135N051V01) is a single premium non-linked non-participating group credit term plan. This product is underwritten by IDBI Federal Life Insurance Company Limited (Regn. No 135; Corporate Identity Number (CIN) – U66010MH2007PLC167164) having its registered office at 22ndFloor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013.Website: www.idbifederal.com. Toll Free: 1800 209 0502. Tax benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax from time to time. Trade Logo displayed above belongs to IDBI Bank Limited, The Federal Bank Limited and Ageas Insurance International N. V. and used by IDBI Federal Life Insurance Company Limited under license from respective partners.

  • Visit any branch of IDBI Bank, Federal Bank or IDBI Federal Life Insurance Co Ltd. Visit your nearest branch
  • Call us on our nationwide toll free number 1800 209 0502 from Monday to Saturday at any time between 8 am to 8 pm.
  • Email us at: support@idbifederal.com
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