Addressing the senior citizens with a first-of-its-kind hassle-free, no-medical-test plan, private life insurer IDBI Federal launched a Term Plan aimed at providing guaranteed cover to those the age group 50 to 85 years.
IDBI Federal Termsurance® Seniors Insurance Plan is an innovative term insurance policy that one can buy after the age of 50, with premiums as low as Rs. 100 per month. The plan can be bought by those up to the age of 85 years and comes with a no-questions-asked, no-medical-tests guaranteed acceptance and offers a life insurance cover for whole of life.
Mr. G. V. Nageswara Rao, MD 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.”
Mr G. V. Nageswara Rao also said, “With a large number of nuclear families emerging, and the rising life expectancy and lifestyle diseases, there is a possibility of a large number of people nearing retirement with inadequate life insurance to support their spouse after their demise. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. Parents should aim to become self-reliant when their children start a family on their own”
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 premium paid is entitled for deduction of tax under section 80C of the indian Income Tax Act.
About IDBI Federal Life Insurance
Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 2,92,000 policies issued and a Sum Assured of Rs 16,384 Crores. Prior to Termsurance Seniors Insurance Plan, it has launched several innovative plans like Wealthsurance®, Homesurance®, Bondsurance™, Microsurance®, Termsurance®, Incomesurance™, Retiresurance® and Healthsurance®.
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s 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. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer.
Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums.
The IDBI Federal Life Insurance 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 above 2.94 lakh policies with over Rs. 16, 499 Cr in Sum Assured.
IDBI Federal Termsurance® Seniors Insurance Plan is an innovative term insurance policy that one can buy after the age of 50, with premiums as low as Rs. 100 per month. The plan can be bought by those up to the age of 85 years and comes with a no-questions-asked, no-medical-tests guaranteed acceptance and offers a life insurance cover for whole of life.
Mr. G. V. Nageswara Rao, MD 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.”
Mr G. V. Nageswara Rao also said, “With a large number of nuclear families emerging, and the rising life expectancy and lifestyle diseases, there is a possibility of a large number of people nearing retirement with inadequate life insurance to support their spouse after their demise. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. Parents should aim to become self-reliant when their children start a family on their own”
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 premium paid is entitled for deduction of tax under section 80C of the indian Income Tax Act.
About IDBI Federal Life Insurance
Having started in March 2008, IDBI Federal is one of the fastest growing new insurance companies with over 2,92,000 policies issued and a Sum Assured of Rs 16,384 Crores. Prior to Termsurance Seniors Insurance Plan, it has launched several innovative plans like Wealthsurance®, Homesurance®, Bondsurance™, Microsurance®, Termsurance®, Incomesurance™, Retiresurance® and Healthsurance®.
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s 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. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer.
Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums.
The IDBI Federal Life Insurance 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 above 2.94 lakh policies with over Rs. 16, 499 Cr in Sum Assured.
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