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Group Microsurance® Plan
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IDBI Federal Group Microsurance® Plan (UIN: 135N004V02)

The IDBI Federal Group Microsurance Plan (UIN:135N004V02) provides affordable life insurance cover to groups. The plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure the lives of their group members and thus provide security to the group members’ families.
The plan can also be used for providing loan protection to the group members’ families.

  1. Affordable Protection:
    • Life insurance cover to group members at affordable cost.
  2. Death Benefit:
    • Level cover option: Sum insured as chosen at the outset subject to limits mentioned.
    • Decreasing cover option: Sum insured based on average loan balance over the year subject to limits mentioned.

    The policyholder may select the level cover option or the decreasing cover option but not both

  3. Wider Coverage:
    • Members aged between 18 and 60 years can be covered.
    • Sum insured between Rs.5,000 and Rs.50,000 per member can be availed.
  4. Hassle-free Issuance:
    • No medical reports required even up to the maximum sum insured of Rs.50,000 simple declaration of good health may be called for in exceptional circumstances.
    • Automatic acceptance of cover without any evidence of health for all groups with more than 200 members.
  5. Additional Benefits:

    • Accidental death benefit rider may subsequently be added to this product (subject to IRDAI approval of the accidental death benefit rider).

Just keep in mind the following criteria to know if you are eligible for the plan.

For Group:

  • The group must have at least 20 members.
  • The group must consist of members brought together by a common economic purpose.
  • Eligibility must be tied to a well-defined event such as date of loan sanction or commencement of employment.
  • The group policy is issued for an indefinite term.

For Members:

Sum Insured

Minimum Rs 5,000
Maximum Rs 50,000

Age at Entry

Minimum 18 years
Maximum 60 years

Maturity Age

Maximum 65 years

Benefit Term

Fixed 5 years only

(All ages are as of last birthday)

The IDBI Federal Termsurance Group Plan (UIN: 135N004V02) provides affordable life insurance cover to groups. . Insurance is the subject matter of solicitation. The product is underwritten by IDBI Federal Life Insurance Company Limited (IRDAI Regn. No 135) having its registered office at IDBI Federal Life Insurance Company Limited, IDBI Federal Life Insurance, 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East),Mumbai 400013, India. Toll free number: 1800 209 0502 from Monday to Saturday between 8 am and 8 pm. Tax Benefits are as per the Income Tax Act, 1961 and are subject to changes in the tax laws from time to time. For more details on risk factors, please read sales brochure carefully before concluding a sale.

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