What is Termsurance® Group Life Plan?
The IDBI Federal Termsurance® Group Life Plan is a pure term plan designed to cater to a wide variety of formal and informal groups such as the Employer-Employee groups, bank -– depositor/customers groups, customer-supplier groups, professional and affinity groups. It is a group term insurance plan that provides basic life insurance protection to the members of the plan. Life insurance benefit for all members of the plan is provided by one policy document that is issued to the policyholder. The policyholder may differ for different groups. E.g. In the case of a Bank providing life insurance cover to their deposit account holders, the Bank will be the Master Policy Holder and the deposit account holder/ bank customer shall be a member of the policy. Similarly, for an employer- employee group, the employer will be the Master Policy holder and the employees shall be the members of the policy.
Offer Life Insurance cover to your members at low costs
It provides life insurance cover to your members at a low cost by paying a lump sum benefit to the beneficiary on the death of the member.
Add value to your own products and services to make them more competitive
If you are a financial institution you can provide life cover to a group of borrowers. In today’s competitive world, you can enhance the value proposition of your financial products by bundling the same with an insurance cover.
Who can opt for IDBI Federal Termsurance® Group Life Plan?
If you are a group/association/co-operative having adequate rules, records and registers, you can opt for this plan. The purpose of setting up the plan is to provide to your members with a sense of security in an increasingly uncertain world.