Private insurer IDBI Federal Life Insurance today launched its maiden online product,IDBI Federal Termsurance Seniors Insurance Plan,targetted at people in age group of 50-85 years.
“There are a sizable number of people who would have missed taking an insurance cover when young. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. This will help parents become self-reliant. With Termsurance Seniors,it will never be too late to get covered,” IDBI Federal Life Insurance Managing Director and Chief Executive Officer GV Nageswara Rao said in a release issued here.
The unique plan,for people aged 50-85 years,does not require customers to go through any medical tests,submit medical reports or answer any health questions and is for whole of life and is entitled for deduction of tax.
The premium payment term is till the age of 90 years and the plan is designed to keep the premium same from the start,while the cover will continue for the whole of life of the insured person.
Under the Plan,in case of death of the insured person after two years of commencement of policy,sum insured will be paid to the beneficiary,provided regular payment of 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 per cent of the total premiums paid.
“The unique feature of no medicals in Termsurance Seniors has helped us design a simple and easy three-step online purchase process. Customers have to just calculate the premium,enter nominee details and make the payment to secure a policy,” IDBI Federal Life Insurance Head,Marketing and Product Management,Aneesh Khanna said.
IDBI Federal Life Insurance is a joint-venture of IDBI Bank,Federal Bank and Ageas,a multinational insurance giant based out of Europe.