Page 26 - Life Insurance Today March 2016
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Group Microsurance
Plan
from IDBI Federal Life Insurance Co. Ltd.
T he IDBI Federal Group Microsurance Plan declaration of good health may be called for in exceptional
provides affordable life insurance cover to circumstances.
groups. The plan is extremely useful to Micro
Finance Institutions, Self Help Groups and NGOs Additional Benefits: Accidental death benefit rider may
to insure the lives of their group members and thus
provide security to the group members' families. The plan subsequently be added to this product (subject to IRDAI
can also be used for providing loan protection to the group approval of the accidental death benefit rider).
members' families.
Group Microsurance Plan: Eligibility
What is Group Microsurance Plan?
For Group:
Affordable Protection: Life insurance covers to group
The group must have at least 20 members.
members at affordable cost.
The group must consist of members brought together
Death Benefit: Level cover option: Sum insured as by a common economic purpose.
chosen at the outset subject to limits mentioned. Eligibility must be tied to a well-defined event such
as date of loan sanction or commencement of
Decreasing cover option: Sum insured based on employment.
average loan balance over the year subject to limits The group policy is issued for an indefinite term.
mentioned.
For Members: Minimum Rs 5,000
Wider Coverage: Maximum Rs 50,000
Sum Insured Minimum 18 years
Members aged between 18 and 60 years can be Maximum 60 years
covered. Age at Entry Maximum 65 years
Fixed 5 years only
Sum insured between Rs.5,000 and Rs.50,000 per Maturity Age
member can be availed. Benefit Term
Hassle-free Issuance: No medical reports required even (All ages are as of last birthday)
up to the maximum sum insured of Rs.50,000 simple
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26 March 2016 Life Insurance Today
