IDBI Federal has launched a new term insurance plan for senior citizens up to the age of 85 years. IDBI ‘Termsurance Seniors Insurance Plan’ aims at providing a guaranteed cover to those between 50 to 85 years of age without any medical test.
The premiums are as low as Rs 100 per month and comes with a no-questions-asked, no-medical-tests, guaranteed acceptance and offers a life insurance cover.
Plan benefits of IDBI Termsurance Seniors Insurance Plan are:
. In case of death of the insured person after 2 years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of the premiums have been made.
. In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.
The premiums paid are entitled for deduction of tax under section 80C of the Income Tax Act.
Announcing the launch of the Termsurance Seniors, G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said, “Life insurance should ideally be taken early, but there are a sizeable number of people who would have missed taking an insurance cover when young. At IDBI Federal, we believe in challenging conventions, so we looked at a simple term plan and re-engineered it. With this unique Termsurance Seniors, a first-of-its-kind product in India, it will be never too late to get covered.”
IDBI Federal started operations in March 2008, and within five months of inception managed to garner Rs 100 Cr in premiums. They have issued over 2,92,000 policies issued and a Sum Assured of Rs 16,384 Crores.
Other plans of IDBI are Wealthsurance, Homesurance, Bondsurance, Microsurance, Termsurance, Incomesurance, Retiresurance and Healthsurance.
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on April 30th 2011, the company has issued over 2.94 lakh policies with over Rs 16, 499 Cr in Sum Assured.