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Termsurance® Group Protection Insurance Plan
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IDBI Federal Termsurance® Group Protection Insurance Plan (UIN: 135N043V01)

Your employees are the driving force behind the success of your organization. Appreciate and encourage their invaluable contribution by gifting them an insurance cover. With IDBI Federal Termsurance Group Protection Insurance Plan hereinafter also referred to as Termsurance Group you can ensure that every employee’s family remains financially secure even in the unfortunate absence of their bread earner.

Plus, you can also opt for additional protection with Termsurance Group plan’s comprehensive protection features for Accidental Death, Critical Illness and Terminal Illness. All this comes to you at economical rates. This means that you will not have to incur high cost to provide these benefits.

So go ahead nurture other business relationships – your employees, customers, suppliers, etc. by rewarding them with extensive financial security in an uncertain world.

IDBI Federal Termsurance Group Protection Insurance Plan is a pure term plan formulated for defined groups like employer – employees, bank – depositors, suppliers, professionals or similar other affinity groups with common economic interests. The plan provides life insurance benefit to the members of a group with a single policy document issued to the policyholder who is the representative of that group. For example, in case of an employer – employee group, the employer will be the master policyholder and the employees will be the members of the policy.

Termsurance Group also offers the advantage of optional, add-on benefits for Accidental Death, Critical Illness and Terminal Illness. Hence it sums up as an expansive financial protection to counter not just death but also other fatal probabilities in the life of the insured members.

If you are an Employer – Employee Group:

  • Advantages to the Employer:
    • Helps you attract and retain your most important asset, your employees.
    • Premiums are tax deductible as business expense under section 37 of the Income Tax Act, 1961.
    • The plan is economical and easy to administer
  • Advantages to the Employee:
    • In the unfortunate event of death of the employee, the death sum assured is paid to his/her beneficiary.
    • Death benefit is exempt from income tax in the hands of the beneficiaries.
    • No medical examination is required up to a certain coverage limit.

If you are a Non Employer – Employee Group:
Termsurance group plan can be used to match the needs and benefit a wide variety of groups defined on relationship basis such as customer – supplier, bank – depositors, professionals etc.
Here, as an example, we have presented the advantages for a bank – depositor relationship:

  • Advantages to the Policyholder:
    • A deposit account bundled with a life cover will definitely attract new customers and also increase customer loyalty for the bank
    • This will give the bank a competitive edge and help establish a ‘we care’ identity in the market.
    • The plan is economical and simple to administer
  • Advantages to the Member:
    • Hassle free issuance by answering simple health related questions.
    • In the unfortunate event of death of the insured member, the death sum assured is paid to his/her beneficiary.
    • If the plan is voluntary, account holders can claim tax benefits on the premiums paid by them.
    • Life cover is available for joint account holders and for age groups starting 15 years onwards.
Parameters Minimum Maximum
Entry age of insured member
  • Death, Terminal illness and Accidental death benefit (Employer employee groups): 18 years
  • Death, Terminal illness and Accidental death benefit (Non-employer-employee groups): 15 years
  • Critical Illness Benefit: 18 years
  • Death Benefit: 79 years
  • Critical Illness Benefit: 65 years
  • Terminal Illness Benefit, Accidental Death Benefit: 69 years
Cover ceasing age of insured member
  • Death, Terminal illness and Accidental death benefit (employer employee groups): 19 years
  • Death, Terminal illness and Accidental death benefit (Non-employer-employee groups): 16 years
  • Critical Illness Benefit: 19 years
  • Death Benefit: 80 years
  • Critical Illness Benefit: 66 years
  • Terminal Illness Benefit, Accidental Death Benefit: 70 years
Death Sum Assured Rs. 5,000 per member No limit *
Accidental Sum Assured Rs. 5,000 per member Lower of Death Sum assured or Rs 1,00,00,000
Terminal Illness Sum Assured Rs. 5,000 per member No limit *
Critical Illness Sum Assured Rs. 5,000 per member Lower of Death Sum assured or Rs 50,00,000
Size of group Employer employee - 25 members Non employer employee and Social Sector Schemes - 50 members No limit*
Policy Term Termsurance is a yearly renewable group term insurance plan. The master policy is renewed at the annual renewal date provided all due premiums are regularly received.

*Subject to underwriting approval, All ages are as on last birthday

‘IDBI Federal Life Insurance Company Limited’ is the name of the insurance company and ‘IDBI Federal Termsurance Group Insurance Plan’ (UIN: 135N043V01) is the name of this plan. Neither the name of the insurance company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns. Substandard lives will be charged extra premium. The product is underwritten by IDBI Federal Life Insurance Company Limited (IRDAI Regn. No 135; Corporate Identity Number (CIN) - U66010MH2007PLC167164) having its registered office at: IDBI Federal Life Insurance Company Limited, 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India.

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