Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the details of every group member. New Delhi Marathon to be sponsored by IDBI Federal Life Insurance 8 Day Claim Settlement Guarantee by IDBI Federal Seven New Plans by IDBI Federal Life Insurance
The nominee gets the Sum Assured on death of the policyholder during the term of the plan There is an in built Accidental Death Benefit and Terminal Illness Benefit for 5000-50 lakhs cover under which the additional benefit is paid in case of accidental death or on diagnosis of the terminal illness Income tax benefit on the premium paid by the members as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act. If premiums are paid by the group master policyholder, it is exempt under Section 37.
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Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. Policy Termination or Surrender Benefit: the policy cannot be surrendered. Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders There are 2 inbuilt riders of Accidental Death Benefit and Terminal Illness benefit Exclusions For the Accidental Death benefit rider, accidents due to drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded For the Terminal Illness benefit, illness due to HIV infection, service in armed forces, participation in racing or scuba diving, self-inflicted injuries, congenital diseases, alcohol influence are excluded
Introduction/Overview IDBI Federal Termsurance Group Insurance Plan is a pure term plan designed specifically for groups providing insurance benefits to its members at a minimal cost. Key Features It is a yearly renewable pure term insurance plan The plan can be availed by groups like employer-employee, banks and its customers, professional groups, affinity groups, etc. for covering its members A Master Policy held by the groups head is issued covering the members for a pre-determined amount. Premiums can be paid either by the group or by individual members The plan provides hassle-free application process and older members can also be covered Premium for new entrants are calculated on pro-rata basis
