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Loansurance® Group Insurance Plan SP
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Loansurance® Group Insurance Plan SP (UIN: 135N041V01)

As a respected financial lender, you have earned the reputation of providing value driven offerings -be it financing for higher education, expanding a business enterprise, buying a home or any other personal or professional aspirations. A step forward in strengthening this trustworthy relationship is to help them insure their loan liability. This will ensure that the borrower’s family is not burdened with any outstanding debt in case of an eventuality.

IDBI Federal Loansurance® Group Insurance Plan SP (UIN: 135N041V01), hereafter referred to as Loansurance® Group SP, is a single premium, pure risk group plan that enables you to secure your borrowers’ loans in the event of an unfortunate eventuality. Loansurance® Group SP comes with features like moratorium period, joint life cover and proportionate cover, which allows the plan to be customised to specific loan needs.

Loansurance® Group SP, thus, extends benefits to you as well as your valuable customers.

  Minimum Maximum
Group size 50 lives No limit
Eligibility criteria for group member:
Entry age Education loan: 15 years
Other loans: 18 years
65 years
Cover ceasing age - 75 years
Cover term 2 years 30 years (including moratorium period, if any)
Sum assured Rs.10,000 Rs.1,00,00,00,000
Premium payment term Single Premium
  • One-time payment
  • Pay once and enjoy the insurance cover throughout the loan tenure

  • Affordable premiums to secure your loan
  • Protect your family and secure your loan in a cost-effective way.

  • Policy term that matches the loan tenure
  • Opt for any term between 2 years and 30 years as per your loan tenure.

  • Pre-closure of loan or transfer of the loan to another institution
  • In case a member repays entire outstanding loan amount before the end of the cover term or transfer the loan to any other lending institution before the end of the cover term he can choose either of the following:

    • Continue with the policy till the end of the cover term
    • Surrender the member policy and avail surrender benefit, if applicable

Loansurance® Group SP provides cover to persons directly liable for loan repayment (partners, in case of a partnership), as per the benefit schedule. There are two cover options available:

A master policy is issued to the master policyholder who avails of Loansurance® Group SP. A master policyholder may be a bank, a financial institution or a lending institution. Each credit group member insured under this plan is covered under a master policy and issued an individual certificate of insurance.

There are 2 kinds of life cover available under this plan:

  • Option to choose type of cover
    • Level cover option: The death benefit remains constant throughout the term and is equal to initial sum assured. Thus, even if the liability declines over time, the cover remains constant throughout the cover term.
    • Reducing cover option: In the event of death during the cover term, the benefit paid is equal to the amount as per the benefit schedule.
  • Cover for more than 1 life -
    • Single Life: Loansurance® Group SP offers an option of covering single life.
    • Joint Cover: Each of the joint borrowers is insured for 100% of the death benefit. In case of death of either of the joint borrowers, the Death Benefit is paid out. The death benefit for the other life ceases.
    • Proportionate cover: Under this option, the minimum number of co-borrowers allowed is 2 and the maximum is 5. Each co-borrower is insured in proportion to his/her individual share of the loan. In case of the death of a co-insured member, the death benefit as per his/her share of the cover is paid and the surviving co-insured members will continue to be covered for the remaining term.

Insurance is the subject matter of the solicitation. IDBI Federal Loansurance® Group Insurance Plan SP is a non-linked non participating group insurance plan. Product UIN: 135N041V01. This product is underwritten by IDBI Federal Life Insurance Company Limited (Regn. No 135; Corporate Identity Number (CIN) - U66010MH2007PLC167164) having its registered office at 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India. TradeLogo displayed above belongs to IDBI Bank Limited, The Federal Bank Limited and Ageas International Insurance N. V. and used by IDBI Federal Life Insurance Company Limited under license from respective partners. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Tax benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax law from time to time. Toll free number 1800 209 0502.

IRDA of India clarifies to public that:

  • IRDA of India or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
  • IRDA of India does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

  • Visit your nearest branch
  • Call us on 1800 209 0502
  • SMS ‘LOAN’ to 5757515 and we will call you back. SMS charges as applicable
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