Mumbai: Private insurer IDBI Federal on Thursday launched a Term Plan aimed at providing guaranteed cover to those above the age of 50 years.
“Life Insurance should ideally be taken early, but there are a sizable number of people who would have missed out on taking an insurance cover during their youth. With this unique Termsurance Seniors, a first-of-its-kind product in India, it will be never too late to get covered,” company managing director and CEO G V Nageswara Rao said in a release issued in the financial capital.
Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation, Rao said.
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 the premiums have been made.
In case of death of the insured person within two 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.
IDBI Federal Life Insurance is one of the fastest growing new insurance companies with over 2,92,000 policies issued and a Sum Assured of Rs 16,384 crore.
It is a joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.