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IDBI Federal Group Microsurance Life Insurance Plan and Policy

IDBI Federal Group Microsurance Life Insurance Plan and Policy - There are people who depend on us, as a provider and protector of the family. It is important that we plan ahead so that we do not let them down, even in our absence. This is where life insurance policies come into play. A good life insurance policy can be an exceptional support for your family in the unfortunate event of your death. However, there are so many companies in the market which offer many different kinds of insurances. It is important that you make the decision after much research and deliberation.

The IDBI Federal Group Microsurance Plan is an exceptional plan that is aimed at covering groups. The key feature of this policy is that it is affordable making it one of the best options out there for Self Help Groups, Micro Finance Institutions and NGOs. Buy purchasing this IDBI Federal life Groups policy, the company can easily insure the lives of their group members and thus provide security to the group members’ families. What’s more, this plan can also be used for providing loan protection to the group members’ families.

Eligibility - IDBI Federal Group Microsurance Life Insurance Plan and Policy

For members:

Sum Insured Minimum Rs. 5000
Maximum Rs. 50,000
Age at entry Minimum 18 years
Maximum 60 years
Maturity age Maximum 65 years
Member Benefit Term Fixed 5 years only

For Group:

Minimum number of members 20
Nature of group The group must consist of members brought together by a common economic purpose.
Eligibility Eligibility must be tied to a well-defined event such as commencement of employment or date of loan sanction.
Term The group policy is issued for an indefinite term.

Key Features - IDBI Federal Group Microsurance Life Insurance Plan and Policy

Plan basis Group
Premium rate applicable
The premium rate applicable for all group members will be arrived at by using an average rate (unit rate) applicable to all members irrespective of their ages.
Premium payment frequency
Annually, half yearly, quarterly or monthly.
Maximum premium payable
Maximum premium payable for an individual member is Rs. 750 annually, irrespective of the member’s age.
Payment of Premium
It is the group policyholder’s responsibility to make sure that all member premiums are paid.
Affordable Protection
Life insurance cover to group members at affordable cost.
Wider Coverage
Members between the ages of 18 and 60 years can be covered under this policy. Sum insured can be between Rs. 5,000 and Rs. 50,000 per member.
Automatic Acceptance
Automatic acceptance of cover without any evidence of health needed if the group has more than 200 members. Medical reports are not required even up to the maximum sum insured of Rs. 50,000.
Grace Period
15 days for monthly mode. 30 days for quarterly mode, half yearly mode and annual mode. If the premium is not paid within the grace period, the cover will lapse.
Reinstatement
The revival period is 3 months.
Exclusions
There are no exclusion for death benefit
Nomination
Each member can nominate a person/persons to whom the death benefit will be payable.
Surrender and Paid up Value
There is no Paid up and Surrender Value with this policy.
Loan
There is no loan facility with this policy.  
Service Tax
Service Tax and cess as imposed by the Government from time to time will be charged on the premium.

Benefits - IDBI Federal Group Microsurance Life Insurance Plan and Policy

Death Benefit: If during the term of the cover, a group member passes away, the sum insured will be payable. This is under the condition that all premiums due have been paid.

Decreasing cover option: Sum insured based on average loan balance over the year subject to limits mentioned. The policyholder may select the decreasing cover option or the level cover option, but not both.

Level cover option: Sum insured as chosen at the outset subject to limits mentioned.

Premium Payment - IDBI Federal Group Microsurance Life Insurance Plan and Policy

Estimated annual premium Discount as % of premium
Less than Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 4,99,999 2%
Rs. 5,00,000 to Rs. 9,99,999 4%
Rs. 10,00,000 and more 6%

Riders - IDBI Federal Group Microsurance Life Insurance Plan and Policy

Accidental death benefit rider may subsequently be added to this product. This is subject to IRDA approval of the accidental death benefit rider.

IDBI Federal Group Life Insurance Plans and Policy

IDBI Federal Child Plans
IDBI Federal Childsurance Saving Protection
IDBI Federal Wealthsurance Fuuture Star
IDBI Federal ULIP Plans
IDBI Federal Childsurance Saving
IDBI Federal Wealthsurance Growth
IDBI Federal Wealthsurance Future Star
IDBI Federal Wealthsurance Growth Insurance Plan SP
IDBI Federal Savings Plans
IDBI Federal Wealth Gain
IDBI Federal Lifesurance
IDBI Federal POS Guaranteed
IDBI Federal POS Guaranteed Income
IDBI Federal Incomesurance Guaranteed Money Back
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay
IDBI Federal Wealthsurance Growth
IDBI Federal Wealtgsurance Growth Insurance Plan SP
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay
IDBI Federal Secured Income
IDBI Federal Guaranteed Wealth

IDBI Federal Retirement Plans
IDBI Federal Wealth Gain
IDBI Federal Lifesurance Savings
IDBI Federal Wealthsurance Growth
IDBI Federal Wealthsurance Growth Insurance Plan SP
IDBI Federal Retirement Plans
IDBI Federal Group Plans
IDBI Federal Loansurance Grouo Insurance Plan SP
IDBI Federal Retiresurance
IDBI Federal Termsurance
IDBI Federal Group Employee Benefit
IDBI Federal Group Loan Secure
IDBI Federal Group Microsurance
IDBI Federal Termsurance Group Protection
IDBI Federal Loansurance Group