The IDBI Federal Retiresurance Plan is a Group Insurance Plan which is Non-linked Non-participating Variable Insurance Plan. It is designed only for employer-employee Groups. The IDBI Pension plan help you to enjoy your Life with early savings after Retirement. After Retirement, Life is not only about Medicine, Money and health but also to live their dreams. For those people, the IDBI Federal Life Insurance proposed a Plan called IDBI Federal Retiresurance Group Insurance Plan.
IDBI Federal Retiresurance Plan Review
The IDBI Federal Retiresurance Plan is necessary to plan today so that you can enjoy a better life tomorrow. This IDBI Federal Retirement Plan helps you and your family financially in case of any uncertainty in future. The IDBI Federal Life Insurance Pension Plan assures you a regular guaranteed tax-free annual income and also gives you all your premiums back at the end of the policy term. It provides Death Benefit for the Beneficiary in the case of unfortunate death during the Policy period. So check all the details regarding the IDBI Federal Retiresurance Plan provided below.
IDBI Federal Life Retirement Plan Benefits and Features
The IDBI Federal Pension Plan is a Non-Participating Non-Linked Group Insurance Plan which is designed to protect your Life after Retirement. Check the IDBI Federal Retiresurance Benefits, Features and Eligibility Criteria Provided below.
IDBI Federal Life Insurance Pension Plan Benefits
Death Benefit:
In Case of Unfortunate Death of the Life Assured during the Policy Term, the Death Benefit will be payable to the nominee/ Beneficiary.
Superannuation:
- Defined Contribution: Accumulated account balance as per the scheme rules. Under DC schemes where individual accounts are maintained there shall be a minimum assured benefit of 100.1% of all premiums paid on each account applicable on the death of the member.
- Defined Benefit: Accrued liability as per the scheme rules.
Gratuity and Leave Encashment:
- As per the plan rules, Accrued responsibility and fixed basic sum assured of Rs. 1,000/-
IDBI Federal Life Retirement Plan Features
- The IDBI Pension Plan is Non-Participating Non-Linked Group Insurance Plan designed only for the employer-employee Groups.
- The unfortunate death of the Policyholder during the Policy Term, Death Benefit will Payable to the Beneficiary.
- In interest rates/ additions, minimum 0.5% floor rate added to the Balance in the Policy account on Quarterly basis.
- On Retirement, accumulated account balance and also accrued liability shall pay under Defined Contribution scheme.
- If you have not Satisfied with the Terms and Conditions of the Policy, you can Return your Policy before Completion of Free-look Period.
IDBI Federal Retiresurance Group Insurance Plan Eligibility Criteria
| Entry age of Life Assured | Minimum: 18 years (Last Birthday)
Maximum: 79 years (Last Birthday) |
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| Maturity Maximum age | 80 years (Last Birthday). | |
| Group Size | Minimum: 10 members.
Maximum: No Limit. |
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| Contribution | Initial | Minimum: Rs. 50,000/-
Maximum: No Limit. |
| Annual | Min: Nill.
Max: No Limit. |
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| Policy Term | Not applicable, as it is a yearly renewable Plan. | |
| Frequency of Contribution |
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IDBI Federal Life Insurance Retirement Plan Premium Calculator
With the help of IDBI Federal Life Insurance Premium Calculator, you can quickly calculate the Premium amount, Death Benefit and also other factors of IDBI Federal Retiresurance Plan. To calculate the premium amount, you need to enter some values such as Policy period, Age and Sum assured, etc.
IDBI Pension Policy Buying Procedure
To buy this IDBI Life Insurance Pension Plan, you need to visit the nearest IDBI Federal Branch or the official website. Buying or paying premium through online is as easier than doing it in offline. The documents required to buy a new IDBI Federal Life Insurance Retiresurance Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
IDBI Federal Insurance Retirement Policy Claim Procedure
For claiming the IDBI Federal Life Retirement Plan, you may visit the nearest IDBI Federal Branch. And can also visit the IDBI Insurance official website. Claiming for a benefit through online is as easier than doing it in offline. The documents required for the Claim Process given below.
- NEFT Form.
- Discharge Form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death certificate.
Additional Information on IDBI Federal Retirement Plan
Surrender of the Policy:
The IDBI Federal Retiresurance Master Policy can surrender at any time. If the Policyholders Surrender the policy, the amount available in the running account less the surrender charges and Market Value Adjustment (MVA) applicable and will returned to the client.
Charges:
- Premium Allocation Charges: During the year, if the Contribution with a ceiling of 1 Lac is paid for the entire year then premium allocation charge will be 2%. This is applicable for both one year and also Subsequent years. If there is no commission paid then, there is no premium allocation charge.
- Mortality Charge: Mortality charge is Rs. 1/- per Rs. 1,000/- Sum Assured in respect of each member.
- Surrender Charge: If you surrender the policy with the company any time during the term of the policy, then you will get the Surrender Value. The Company will pay you the policy account value less applicable surrender charge. The Surrender Charges are as follows.
| Policy Year | Charges as a percentage of the policy account value on date of surrender |
| 1. | Percentage of 0.05. |
| 2. | 0.05% |
| 3. | 0.05% |
| 4+ | Nil |
Additional Contribution:
As an employer, you can make the additional contribution as per the actuary’s certificate by the AS 15 (Revised).
Rebates:
In this Policy, No person is allowed indirectly or directly to renew the Policy or to continue the Policy.
Get more Information on IDBI Federal Retirement Plan
Loans:
No Loans are available under this Plan.
New Entrants:
During the Tenure of the Policy, New members will be allowed to join. New members Notice must be signed by the authorised signatory of the master policyholder. All full-time members are invited to join the scheme at the master policyholder’s invitation. We will provide with the necessary administration forms to assist in notifying our office when a new member is admitted to the Policy.
Free Look Period:
You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Nomination:
The master policyholder should register a nomination of the beneficiary, or any change of nomination of any beneficiaries, in the member’s record.
Fore more details regarding the IDBI Federal Life Pension Plan check the Broucher.
FAQs on IDBI Federal Pension Plan?
1. Can I have Loan Facility under this IDBI Federal Life Insurance Retirement Plan?
Ans: No Loan Facility is available under this Plan.
2. Are any Riders available under this Pension Plan?
Ans: No Special Riders are available under this Plan.
3. What is Cooling-off Period/ Free Look Period of the IDBI Federal Life Insurance Retiresurance Policy?
Ans: You have the 15 Days of Cooling-off Period to return the IDBI Federal Retiresurance Plan. If you are not satisfied with the Terms and Conditions of this Policy, you can return your Plan within Free-look Period.