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IDBI Federal Termsurance® Group Insurance Plan (UIN: 135N027V01)

Employees are the most valuable assets for any organisation. A good way of showing your employees you care is to offer them the cover of life insurance, which helps them provide a secure foundation for their families’ future, in case of the unfortunate demise of the main wage-earner. It creates the support to help your employee’s family continue to live comfortably should something happen to your employee. You can ensure this by opting for the IDBI Federal Termsurance Group Insurance Plan. You could also provide a Group Life Insurance cover for other groups of individuals with whom you have a relationship like customers, suppliers or other affinity groups and provide them the benefit of life insurance cover. Thus, the IDBI Federal Termsurance Group Insurance Plan allows you to provide your key relationships with a sense of security in this uncertain world.

IDBI Federal Termsurance Group Insurance Plan UIN:(135N027V01) is a pure group term plan designed to cater to a wide variety of formal and informal groups such as the employer-employee groups/bank-depositor groups/ customer-supplier groups/professionals/affinity groups. It is a Group Term Insurance plan that provides basic life insurance protection to the members of the plan.

If you are an Employer – Employee Group:

Advantages to the Employer:

  • Provides valuable life insurance cover to your employees.
  • Premiums are tax deductible as business expense (as per section 37 of the Income Tax Act, 1961).*
  • Easy to set up and administer.
  • Helps you attract and retain your most important asset, your employees.

Advantages to the Employee:

  • In the event of an untimely death, life cover amount is paid to the beneficiary/nominee of the member.
  • Death benefit, when paid, will be exempt from income tax in the hands of the beneficiaries.*
  • No medical examination is required up to a certain coverage limit.

If you are an Employer – Employee Group:

Various groups can be defined on a relationship basis such as customer-supplier relationships, deposit holder-bank relationships. There are many benefits for each of these groups. Termsurance Group Insurance Plan may be used to match the needs of each group. As an example, the benefits for a deposit holder–bank relationship are shown below:

Advantages to the Banks:

  • Bundling insurance with a deposit account can help in attracting new customers and increasing customer loyalty.
  • Serves as a competitive edge to provide an add-on feature with a core banking product.
  • Simple to administer

Advantages to the Deposit Account Holders:

  • In the event of an untimely death, life cover amount is paid to the beneficiary/nominee of the member.
  • Hassle free issuance by answering simple health related questions.
  • If the plan is voluntary, account holders can claim tax benefits on the premiums paid by them.*
  • Coverage available for joint account holders and for age groups starting from 15

    *Tax benefits are subject to change in tax laws. You are advised to consult your tax advisor for details.

Parameters Minimum Maximum

Entry age of the member
(age as per last birthday)

18 years (in case of Employer-
Employee Groups &
Accidental Death Benefit option)
15 years (in case of Non Employer-Employee Groups)

69 years

Cover ceasing age of the
member (age as per last birthday)

19 years (in case of Employer-
Employee Groups &
Accidental Death Benefit option)
16 years (in case of Non
Employer-Employee Groups)

70 years

Sum insured of the member

Rs 5,000 No limit (subject to underwriting)

Accidental death sum insured

Rs 5,000 Rs 50,00,000

Terminal illness sum insured

Rs 5,000 Rs 50,00,000

Size of group

50 members No Limit

Policy term

This is a yearly renewable group term assurance plan. The master policy will be renewed at the annual renewal date provided premium is received within the grace period by the insurer.

The IDBI Federal Termsurance Group Insurance Plan (UIN: 135N027V01) 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 groups/ customer-supplier groups/professional / affinity groups. Insurance is the subject matter of solicitation. The product is underwritten by IDBI Federal Life Insurance Company Limited (IRDAI Regn. No 135; CIN No : 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. Toll free number: 1800 209 0502 from Monday to Saturday between 8 am and 8 pm. Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws from time to time. For more details on risk factors,please read sales brochure carefully before concluding a sale.

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