Sample Policy Document - IDBI Federal Life Insurance

IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
IDBI Federal Retiresurance Group Insurance Plan (UIN: 135N030V01)
TERMS AND CONDITIONS
1.
Definitions
“Age” means age last birthday i.e. the age in completed years.
“Contribution” means the consideration payable from time to time (according to the mode of payment opted for)
by the master policyholder in respect of an employee in the Scheme.
“Free-look period” means the period during which the master policyholder has an option to return the master
policy and cancel the contract.
“Master policy” means the document containing the terms, conditions and parameters issued to the master
policyholder.
“Master policyholder” means the person or entity named as master policyholder in the schedule.
“Member” means an employee admitted into the scheme, being an initial member or a subsequent member.
“Member schedule” means any and all of the schedules attached or supplemental to the master policy showing
details of each member.
“Nominee” means the person who is named as nominee of the insured member, whose name has been entered
in the Member Schedule maintained by the master policy holder to receive the benefits payable under the policy
as per section 39 of the Insurance Act, 1938, who has the right to give a valid discharge to the policy monies in
case of the death of the member.
“Policy account value” means the amount of the contributions in the policy account in respect of the member
together with the interest accrued.
“Policy anniversary” means the same date each year as the policy commencement date. If the master policy
th
commencement date is on 29 of February, the master policy anniversary will be taken as the last date of
February.
“Policy commencement date” means the commencement date of the master policy as shown in the schedule.
“Policy document” includes policy schedule, policy booklet and endorsements, if any.
“Policy year” means the period between two consecutive policy anniversaries.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
“Schedule” means the schedule to this master policy, together with any amendments to the schedule which we
may issue from time to time.
“Scheme” means IDBI Federal Life Group <Superannuation/ Gratuity/ Leave Encashment> scheme providing such
benefits in accordance with such terms and conditions as stipulated in the master policy.
“Scheme rules” or “Rules” means the rules framed by the master policyholder and approved by us from time to
time, governing the grant of the benefits to the members of the scheme.
“Sum assured” is the guaranteed amount of Rs. 1000 per member payable on death.
“Surrender” is the voluntary termination of the contract by the master policyholder.
“Surrender charge” is the charge applicable on surrender of the policy.
“We/Our/Us” means IDBI Federal Life Insurance Company Limited.
“You/your” are the trustee or employer or sponsor named as the master policyholder.
“Beneficiary” means the nominee of the member or the trust or the employer, who has been appointed by the
member / master policy holder, as applicable to receive the benefits payable under the policy.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Superannuation
2.
Policy Benefits
2.1. Death Benefit
This is payable on death of the insured member.
Defined Contribution: Accumulated account balance as per the scheme rules.
Under defined contribution schemes where individual accounts are maintained there shall be a minimum
assured benefit of 100.1% of all premiums paid on each individual account applicable on death of the
member.
Defined Benefit: Accrued liability as per the scheme rules.
2.2. Retirement/ Resignation/ Disablement of the member of the scheme
Payable after the occurrence of the event
Defined Contribution: Accumulated account balance as per the scheme rules.
• Defined Benefit: Accrued liability as per the scheme rules..
2.3. Minimum assured benefit
Defined benefit schemes where individual accounts are not maintained and only a superannuation fund is
maintained. There shall be a minimum assured benefit of 100.1% of all premiums paid less withdrawal, if
any, and will be applicable on the entire superannuation fund.
Defined contribution schemes where individual accounts are maintained: There shall be a minimum
assured benefit of 100.1% of all premiums paid on each individual account.
2.4 Interest rate
The following interest rates will be credited to your policy account:
Minimum Floor Rate
A Minimum Floor Rate of 0.5% per annum shall be credited on the balance of the Policy Account on
quarterly basis. This Minimum Floor Rate will remain guaranteed throughout the term of the policy
Additional interest rate,
Over and above the Minimum Floor Rate, a non negative additional interest rate shall be declared at the
beginning of each financial quarter and shall be credited to the Policy Account on quarterly basis.
Non-negative residual additions.
th
At the end of each policy year, starting from 5 policy year, non-negative residual additions, if any, shall be
credited to the policy account to meet maximum reduction in yield (RIY) as per table below:
Number of years elapsed since
inception
5
6
7
8
9
10
IDBI Federal Life Insurance Company Ltd
Maximum RIY (Difference between gross
and net yield (%p.a.))
4.00%
3.75%
3.50%
3.30%
3.15%
3.00%
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
11 and 12
13 and 14
15 and thereafter
2.75%
2.50%
2.25%
Such non-negative residual additions shall be determined as:
i. Gross investment yield earned in the shadow account at the end of each policy, less
ii. Actual yield earned in the policy account value, at the end of each policy year, less
iii. Yield referred in the reduction in yield at that duration as stipulated in the table, above
iv. The yield earned in the policy account shall be calculated using the money weighted rate of return method
at the end of each policy year.
The minimum floor rate will be accumulated on a frequency of not less than quarterly on the balance of the
policy account at the beginning of each quarter.
Further additional premiums / contributions net of withdrawals received into the policy account during the
quarter would be calculated on a pro rata basis for minimum floor rate, additional interest rate and residual
interest rate.
2.5. Surrender of the scheme
Master policy can be surrender at any time. On the surrender of the policy the amount available in the running
account less the surrender charges is returned to the client. Also Market value adjustment will be applicable.
MVA is a percentage deduction from the amount over and above 25% of the Account Value at the beginning of
the policy year, which will be based on the accounting fund value and the market value of the assets.
Market value adjustment will be applied if the amount to be paid on total exists in any event exceeds 25% of
the total policy account value at the beginning of the year, such transactions shall be treated as bulk exits,
where exit shall be as per the scheme rules.
No withdrawals will be allowed, other than withdrawals as per scheme rules.
2.6. Charges
1. Premium allocation charges
The Premium allocation charge will be 2% of the contribution paid during the year, deducted at time of
contribution, with a ceiling of Rs. 1 Lac per scheme for the entire year. This is applicable to both year one and
subsequent years.
Where the business is sourced through direct sales, no premium allocation charges will be deducted.
2. Surrender charges
The Surrender Charges will depend on the year of surrender and will be charged as a percentage of the
account value on date of surrender as given below.
Policy Year
1
2
3
4+
IDBI Federal Life Insurance Company Ltd
Charges as a percentage of the account value on date of surrender
0.05%*
0.05%*
0.05%*
Nil
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
*Subject to a maximum of Rs. 5 Lac
Any statutory taxes and levies such as service tax and education cess may be additionally deducted at the
then prevailing rate. Please note that service tax and other levies are subject to change from time to time.
Market Value adjustment
Market value adjustment shall be applicable for bulk exit and complete surrender.
At the time of MVA the revaluation of the assets shall be carried out on the entire portfolio of assets.
MVA Amount = MVA Factor * Amount over and above 25% of the Account Value at the beginning of the
policy year.
MVA Factor = Max (0, Book value – Market value)/ Market value
Where,
Market Value is derived from the revaluation of assets earmarked separately for the product at the time MVA
is carried out minus realised net losses during the current financial year. For Bank fixed deposits, market
value will be amount invested plus interest to be received, if the fixed deposit is broken.
Book value is the sum of account value of all policies under the product.
Bulk Exits: If the amount to be paid on total exists in any event exceeds 25% of the total account value at the
beginning of the policy year, such transactions shall be treated as bulk exits, where exit shall be as per the
scheme rules.
2.7. Claims
Intimation of claim
You may intimate the claim to us within 180 days from the date of the event.
You may inform us of any instance of death, disability, withdrawal, maturity or any other exit as allowed by the
scheme rules, of a member covered under this policy.
You should intimate the claims to the following address:
To be updated at the time of issuance of the policy
<Manager - Group Operations
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (W),
Mumbai 400013, India.
(+91 22) 24908109
Email: [email protected]>
Filing of a claim
We will require the following documents to process the claims:
In case of death claim
• Certificate of Insurance issued by the Company
• Death certificate issued by the local municipal authority and the medical cause of death certification
• Medical records from the physician last seen
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
•
•
•
•
•
Coroner’s / post mortem report / FIR (First Information Report) / PIR (Police Inquest Report) / Final inquest
report in case of unnatural / accidental death
Copy of crematorium/burial record specifying the date, day and time of cremation/burial
Documents to establish right of the claimant in case of no valid nomination being in existence at the time
of death
Report from police in case of accident/unnatural death
Any other document that may be relevant in establishing the validity of the claim
In case of any claim other than death claim
• Claim form duly attested by Authorised signatory of Master policy holder
Cancelled cheque copy for bank details of beneficiary
• Any additional documents if asked by us
Payment of claim
We will pay the policy benefit as per scheme rules.
We will pay the claim only if there are enough funds in the policy account to pay the claim.
To whom payable
We may pay the claim in the name of member, nominee or beneficiary as a case may be and we will forward
the same to master policy holder for administrative convenience.
Or,
We pay the claim to master policy holder with the understanding that you will forward the same to the
member, nominee or beneficiary as a case may be.
2.8. Termination
Termination of Master Policy
The policy will continue if annual contributions are not received provided the policy account value is at least Rs.
50,000. If the policy account value falls below Rs. 50,000, we will intimate the master policyholder to make the
requisite contribution within one month to increase the policy account value above Rs. 50,000. If we do not
receive the required contribution within 30 days of intimation, we will pay the total account value subject to
market value adjustment as applicable and the policy will terminate on the date of receipt of surrender
request.
The premium with respect to group products will be made in accordance with the AS15 Actuary’s certificate
submitted by the employer in accordance with the AS15 (Revised). Where the fund is overfunded/ in surplus as
per such certificate, the insurer will allow “nil contributions/premiums” under the policy and in all such cases,
the policy shall not be treated as discontinued.
Moreover, the company will not allow any top ups, unless required as per the actuary’s certificate in
accordance with the AS15 Revised, to address the underfunding of the scheme
In case of defined contribution schemes where individual policy account is maintained on termination of the
master policy we will give the option for the individual member to continue till their original date of vesting.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Gratuity
3. Policy Benefits
3.1. Death Benefit:
Accrued liability as per the scheme rules and fixed basic sum assured of Rs. 1000
3.2. Retirement/ Resignation/ Disablement of the member of the scheme
Accrued liability as per the scheme rules
3.3. Interest rate
The following interest rates will be credited to your policy account:
Minimum Floor Rate
A Minimum Floor Rate of 0.5% per annum shall be credited on the balance of the Policy Account on
quarterly basis. This Minimum Floor Rate will remain guaranteed throughout the term of the policy
Additional interest rate
Over and above the Minimum Floor Rate, a non negative additional interest rate shall be declared at the
beginning of each financial quarter and shall be credited to the Policy Account on quarterly basis.
Non-negative residual additions
At the end of each policy year, starting from 5th policy year, non-negative residual additions, if any, shall
be credited to the policy account to meet maximum reduction in yield (RIY) as per table below:
Number of years elapsed since
inception
5
6
7
8
9
10
11 and 12
13 and 14
15 and thereafter
Maximum RIY (Difference between gross
and net yield (%p.a.))
4.00%
3.75%
3.50%
3.30%
3.15%
3.00%
2.75%
2.50%
2.25%
Such non-negative residual additions shall be determined as:
i. Gross investment yield earned in the shadow account at the end of each policy, less
ii. Actual yield earned in the policy account value, at the end of each policy year, less
iii. Yield referred in the reduction in yield at that duration as stipulated in the table, above
iv. The yield earned in the policy account shall be calculated using the money weighted rate of return method
at the end of each policy year.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
The minimum floor rate will be accumulated on a frequency of not less than quarterly on the balance of the
policy account at the beginning of each quarter.
Further additional premiums / contributions net of withdrawals received into the policy account during the
quarter would be calculated on a pro rata basis for minimum floor rate, additional interest rate and residual
interest rate.
3.4. Surrender of the scheme
Master policy can be surrender at any time. On the surrender of the policy the amount available in the running
account less the surrender charges is returned to the client. Also Market value adjustment will be applicable.
MVA is a percentage deduction from the amount over and above 25% of the Account Value at the beginning of
the policy year, which will be based on the accounting fund value and the market value of the assets.
Market value adjustment will be applied if the amount to be paid on total exists in any event exceeds 25% of
the total policy account value at the beginning of the year, such transactions shall be treated as bulk exits,
where exit shall be as per the scheme rules.
No withdrawals will be allowed, other than withdrawals as per scheme rules.
3.5. Charges
1. Premium allocation charges
The Premium allocation charge will be 2% of the contribution paid during the year, deducted at time of
contribution, with a ceiling of Rs. 1 Lac per scheme for the entire year. This is applicable to both year one and
subsequent years.
Where the business is sourced through direct sales, no premium allocation charges will be deducted.
2. Mortality charge
Mortality charge is Rs. 1 per 1000 sum assuredin respect of each member.
3. Surrender charges
The Surrender Charges will depend on the year of surrender and will be charged as a percentage of the
account value on date of surrender as given below:
Policy Year
1
2
3
4+
Charges as a percentage of the account value on date of surrender
0.05%*
0.05%*
0.05%*
Nil
*Subject to a maximum of Rs. 5 Lac
Any statutory taxes and levies such as service tax and education cess may be additionally deducted at the
then prevailing rate. Please note that service tax and other levies are subject to change from time to time.
Market Value adjustment
Market value adjustment shall be applicable for bulk exit and complete surrender.
At the time of MVA the revaluation of the assets shall be carried out on the entire portfolio of assets.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
MVA Amount = MVA Factor * Amount over and above 25% of the Account Value at the beginning of the
policy year.
MVA Factor = Max (0, Book value – Market value)/ Market value
Where,
Market Value is derived from the revaluation of assets earmarked separately for the product at the time MVA
is carried out minus realised net losses during the current financial year. For Bank fixed deposits, market
value will be amount invested plus interest to be received, if the fixed deposit is broken.
Book value is the sum of account value of all policies under the product.
Bulk Exits: If the amount to be paid on total exists in any event exceeds 25% of the total account value at the
beginning of the policy year, such transactions shall be treated as bulk exits, where exit shall be as per the
scheme rules.
3.6. Claims
Intimation of claim
You may intimate the claim to us within 180 days from the date of the event.
You may inform us of any instance of death, disability, withdrawal, maturity or any other exit as allowed by the
scheme rules, of a member covered under this policy.
You should intimate the claims to the following address:
To be updated at the time of issuance of the policy
<Manager - Group Operations
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (W),
Mumbai 400013, India.
(+91 22) 24908109
Email: [email protected]>
Filing of a claim
We will require the following documents to process the claims:
In case of death claim
• Death certificate issued by the local municipal authority and the medical cause of death certification.
• Medical records from the physician last seen.
Coroner’s / post mortem report / FIR (First Information Report) / PIR (Police Inquest Report) / Final inquest
report in case of unnatural / accidental death.
• Copy of crematorium/burial record specifying the date, day and time of cremation/burial.
Documents to establish right of the claimant in case of no valid nomination being in existence at the time of
death.
• Report from police in case of accident/unnatural death.
• Any other document that may be relevant in establishing the validity of the claim.
In case of any claim other than death claim
Claim form duly attested by Authorised signatory of Master policy holder
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
• Cancelled cheque copy for bank details of beneficiary
• Any additional documents if asked by us
Payment of claim
We will pay the policy benefit as per scheme rules.
We will pay the claim only if there are enough funds in the policy account to pay the claim.
To whom payable
We may pay the claim in the name of member, nominee or beneficiary as a case may be and we will forward
the same to master policy holder for administrative convenience.
Or,
We pay the claim to master policy holder with the understanding that you will forward the same to the
member, nominee or beneficiary as a case may be.
3.7. Termination
Termination of Master Policy
The policy will continue if annual contributions are not received provided the policy account value is at least Rs.
50,000. If the policy account value falls below Rs. 50,000, we will intimate the master policyholder to make the
requisite contribution within one month to increase the policy account value above Rs. 50,000. If we do not
receive the required contribution within 30 days of intimation, we will pay the total account value subject to
market value adjustment as applicable and the policy will terminate on the date of receipt of surrender
request.
The premium with respect to group products will be made in accordance with the AS15 Actuary’s certificate
submitted by the employer in accordance with the AS15 (Revised). Where the fund is overfunded/ in surplus as
per such certificate, the insurer will allow “nil contributions/premiums” under the policy and in all such cases,
the policy shall not be treated as discontinued.
Moreover, the company will not allow any top ups, unless required as per the actuary’s certificate in
accordance with the AS15 Revised, to address the underfunding of the scheme
Termination of life cover
Life cover in respect of any member will terminate on the earliest of the following:
The normal retirement age / exit age of the member
The date of cessation of employment / membership
The date on which the member attains the maximum maturity age / cover ceasing age
The date of death of the member
The date the master policy is terminated
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Leave Encashment
4. Policy Benefits
4.1. Death Benefit:
Accrued liability as per the scheme rules and fixed basic sum assured of Rs. 1000
4.2. Retirement/ Resignation/ Disablement of the member of the scheme
Accrued liability as per the scheme rules
4.3. Interest rate
The following interest rates will be credited to your policy account:
Minimum Floor Rate
A Minimum Floor Rate of 0.5% per annum shall be credited on the balance of the Policy Account on
quarterly basis. This Minimum Floor Rate will remain guaranteed throughout the term of the policy
Additional interest rate,
Over and above the Minimum Floor Rate, a non negative additional interest rate shall be declared at the
beginning of each financial quarter and shall be credited to the Policy Account on quarterly basis.
Non-negative residual additions.
th
At the end of each policy year, starting from 5 policy year, non-negative residual additions, if any, shall be
credited to the policy account to meet maximum reduction in yield (RIY) as per table below:
Number of years elapsed since
inception
5
6
7
8
9
10
11 and 12
13 and 14
15 and thereafter
Maximum RIY (Difference between gross
and net yield (%p.a.))
4.00%
3.75%
3.50%
3.30%
3.15%
3.00%
2.75%
2.50%
2.25%
Such non-negative residual additions shall be determined as:
v. Gross investment yield earned in the shadow account at the end of each policy less
vi. Actual yield earned in the policy account value, at the end of each policy year less
vii. Yield referred in the reduction in yield at that duration as stipulated in the table above
viii. The yield earned in the policy account shall be calculated using the money weighted rate of return method
at the end of each policy year
The minimum floor rate will be accumulated on a frequency of not less than quarterly on the balance of the
policy account at the beginning of each quarter.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Further additional premiums / contributions net of withdrawals received into the policy account during the
quarter would be calculated on a pro rata basis for minimum floor rate, additional interest rate and residual
interest rate.
4.4. Surrender of the scheme
Master policy can be surrender at any time. On the surrender of the policy the amount available in the running
account less the surrender charges is returned to the client. Also Market value adjustment will be applicable.
MVA is a percentage deduction from the amount over and above 25% of the Account Value at the beginning of
the policy year, which will be based on the accounting fund value and the market value of the assets.
Market value adjustment will be applied if the amount to be paid on total exists in any event exceeds 25% of
the total policy account value at the beginning of the year, such transactions shall be treated as bulk exits,
where exit shall be as per the scheme rules.
No withdrawals will be allowed, other than withdrawals as per scheme rules.
4.5. Charges
1. Premium allocation charges
The Premium allocation charge will be 2% of the contribution paid during the year, deducted at time of
contribution, with a ceiling of Rs. 1 Lac per scheme for the entire year. This is applicable to both year one and
subsequent years.
Where the business is sourced through direct sales, no premium allocation charges will be deducted.
2. Mortality charge
Mortality charge is Rs. 1 per 1000 sum assured in respect of each member.
3. Surrender charges
The Surrender Charges will depend on the year of surrender and will be charged as a percentage of the
account value on date of surrender as given below.
Policy Year
1
2
3
4+
Charges as a percentage of the account value on date of surrender
0.05%*
0.05%*
0.05%*
Nil
*Subject to a maximum of Rs. 5 Lac
Any statutory taxes and levies such as service tax and education cess may be additionally deducted at the
then prevailing rate. Please note that service tax and other levies are subject to change from time to time.
Market Value adjustment
Market value adjustment shall be applicable for bulk exit and complete surrender.
At the time of MVA the revaluation of the assets shall be carried out on the entire portfolio of assets.
MVA Amount = MVA Factor * Amount over and above 25% of the Account Value at the beginning of the
policy year.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
MVA Factor = Max (0, Book value – Market value)/ Market value
Where,
Market Value is derived from the revaluation of assets earmarked separately for the product at the time MVA
is carried out minus realized net losses during the current financial year. For Bank fixed deposits, market
value will be amount invested plus interest to be received, if the fixed deposit is broken.
Book value is the sum of account value of all policies under the product.
Bulk Exits: If the amount to be paid on total exists in any event exceeds 25% of the total account value at the
beginning of the policy year, such transactions shall be treated as bulk exits, where exit shall be as per the
scheme rules.
4.6. Claims
Intimation of claim
You may intimate the claim to us within 180 days from the date of the event.
You may inform us of any instance of death, disability, withdrawal, maturity or any other exit as allowed by the
scheme rules, of a member covered under this policy.
You should intimate the claims to the following address:
To be updated at the time of issuance of the policy
<Manager - Group Operations
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (W),
Mumbai 400013, India.
(+91 22) 24908109
Email: [email protected]>
Filing of a claim
We will require the following documents to process the claims:
In case of death claim
• Death certificate issued by the local municipal authority and the medical cause of death certification.
• Medical records from the physician last seen.
• Coroner’s / post mortem report / FIR (First Information Report) / PIR (Police Inquest Report) / Final inquest
report in case of unnatural / accidental death.
• Copy of crematorium/burial record specifying the date, day and time of cremation/burial.
• Documents to establish right of the claimant in case of no valid nomination being in existence at the time
of death.
• Report from police in case of accident/unnatural death.
• Any other document that may be relevant in establishing the validity of the claim.
In case of any claim other than death claim
Claim form duly attested by Authorised signatory of Master policy holder
• Cancelled cheque copy for bank details of beneficiary
• Any additional documents if asked by us
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Payment of claim
We will pay the policy benefit as per scheme rules.
We will pay the claim only if there are enough funds in the policy account to pay the claim
To whom payable
We may pay the claim in the name of member, nominee or beneficiary as a case may be and we will forward
the same to you for administrative convenience.
Or,
We pay the claim to you with the understanding that you will forward the same to the member, nominee or
beneficiary as a case may be.
4.7. Termination
Termination of Master Policy
The policy will continue if annual contributions are not received provided the policy account value is at least Rs.
50,000. If the policy account value falls below Rs. 50,000, we will intimate the master policyholder to make the
requisite contribution within one month to increase the policy account value above Rs. 50,000. If we do not
receive the required contribution within 30 days of intimation, we will pay the total account value subject to
market value adjustment as applicable and the policy will terminate on the date of receipt of surrender
request.
The premium with respect to group products will be made in accordance with the AS15 Actuary’s certificate
submitted by the employer in accordance with the AS15 (Revised). Where the fund is overfunded/ in surplus as
per such certificate, the insurer will allow “nil contributions/premiums” under the policy and in all such cases,
the policy shall not be treated as discontinued.
Moreover, the company will not allow any top ups, unless required as per the actuary’s certificate in
accordance with the AS15 Revised, to address the underfunding of the scheme
Termination of life cover
Life cover in respect of any member will terminate on the earliest of the following:
The normal retirement age / exit age of the member
The date of cessation of employment / membership
The date on which the member attains the maximum maturity age / cover ceasing age
The date of death of the member
The date the master policy is terminated
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
General Terms and Conditions
1. Mid-joiners or Mid-leavers
You have to provide the data for mid-joiners and mid-leavers in the format we request, at the beginning of every
calendar month.
2. Policy loan
Your policy will not be eligible for any loans.
3. Nomination
Members have to make a nomination as per provisions of section 39 of the Insurance Act, 1938.
You have to maintain the details of nomination.
We do not express any opinion on the validity or accept any responsibility in respect of any nomination you
make.
4. Fraud or misrepresentation
We have issued your policy based on your statements in your proposal form, personal statement and any other
documents.
In case of fraud or misrepresentation, the policy shall be cancelled immediately by paying the surrender value, if
any, subject to the fraud or misrepresentation being established by the insurer in accordance with section 45 of
the Insurance Act, 1938.
5. Participation in profits
Your policy does not participate in company’s profits.
6. Taxation
You will be liable to pay all applicable taxes as levied by the Government and other statutory authorities.
Taxes may change subject to future changes in tax laws.
You are liable to pay the service tax and cess etc. as per the applicable tax laws.
7. Date formats
Unless otherwise stated, all dates described and used in the policy schedule are in dd/mm/yyyy format.
8. Electronic transactions
We shall accept contributions and pay benefits through any approved mode including electronic transfer.
9. Notices
We will communicate to you in writing and deliver the correspondence by hand, post, facsimile, e-mail or any
other approved mode.
We will send correspondence to the address you have provided in the proposal form or to the changed address.
You should also communicate in writing and deliver the correspondence by hand, post, facsimile, e-mail or any
other approved mode.
All your correspondence should be addressed to:
To be updated at the time of issuance of the policy
<Manager - Group Operations
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (W),
Mumbai 400013, India.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
(+91 22) 24908109
Email : [email protected]>
It is important that you keep us informed of change in your communication address, if any.
10. Free look period
A free-look period of 15 days from the date of receipt of the master policy is provided, for review of the master
policy by the master policyholder. In case the master policyholder does not agree with any of the provisions in
the master policy, the same can be returned within this period by communicating the same in writing along with
the original policy document. Premiums shall be refunded after deduction of stamp duty, medical expenses
incurred and proportionate risk premium for the period of cover. A master policy once returned cannot be
revived, reinstated or restored at any point in time and a new proposal will have to be made for a new master
policy.
Please note that this plan will not be sold through Direct Marketing.
11. Grievances
a) In case you have any query or complaint/grievance, you may approach us at our registered
office at the following address:
Manager - Customer & Sales Support
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex, Kamala City,
P.B. Marg, Lower Parel (West)
Mumbai 400 013
Contact No: 1800 209 0502
Email ID: [email protected]
b) In case you are not satisfied with the decision of the above office, or have not received any
response within 10 days, you may contact the following official for resolution:
Senior VP - Operations
IDBI Federal Life Insurance Co Ltd
Tradeview, Oasis Complex, Kamala City,
P.B. Marg, Lower Parel (West)
Mumbai 400 013
Contact No: 022 6735 8109
Email ID: [email protected]
c) In case you are not satisfied with the decision/resolution of the Company, you may approach
the Insurance Ombudsman at the address given below if your grievance pertains to:
- Insurance claim that has been rejected or dispute of a claim on legal construction of the policy
- Delay in settlement of claim
- Dispute with regard to premium
- Non-receipt of your insurance document
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
Address of the Insurance Ombudsmen:
AHMEDABAD
BHOPAL
2nd Flr., Shree Jayshree Ambica 1st Floor, 117, Zone-II,
nd
Chambers, Near C.U.Shah
(Janak Vihar Complex, 2 Floor, 6,
College, 5, Nayvug Colony,
Malviya Nagar, Opp Airtel, Near
Ashram Road, AHMEDABAD
New Market, Bhopal (M.P.) 380 014
462023
(O) 079- 27546840
(O) 0755- 2569201,
Fax : 079-27546142
Fax : 0755-2769203
E-mail :
E-mail :
[email protected]
[email protected]
CHANDIGARH
S.C.O. No. 101,102&103,
2nd Floor, Batra Building
Sector 17-D,
CHANDIGARH - 160 017
(O) 706196
EPBX : 0172-2706468
Fax : 0172-2708274
Email: [email protected]
GUWAHATI
Jeevan Nivesh, 5 th floor
Nr. Panbazar Overbridge
S.S. Road
Guwahati 781 001 (ASSAM)
(O) 0361- 2132204/5
Fax : 0361-2732937
Email:
[email protected]
m
KOLKATA
th
4 Floor, Hindusthan Bldg,
Annexe, 4, C.R. Avenue,
Kolkatta- 700 072
Tel : 033- 22124346/40
Fax: 033 22124341
Email: [email protected]
BHUBANESWAR
62, Forest Park,
BHUBANESWAR - 751 009
(O) 0674- 2596455
Fax : 0674-2596429
Email : [email protected]
CHENNAI
Fatima Akhtar Court,
4th Flr., 453 (old 312 )
Anna Salai, Teynampet,
CHENNAI -600 018
(O) 044- 24333668,
24335284
Fax : 044-24333664
E-mail :
chennaiinsuranceombudsman@g
mail.com
HYDERABAD
Door No. 6-2-46, 'Moin Court',
Flat No. 101, 1st Floor,
Lane Opp.Saleem Function
A. C. Guards, Lakdi-Ka-pool,
HYDERABAD - 500 004.
(O) 5504122, 5504123
Fax : 040/23376599
E-mail : [email protected]
NEW DELHI
2/2 A, 1st Floor,
Universal Insurance Bldg.
Asaf Ali Road,
NEW DELHI – 110 002
(O) 011- 23239633
Fax : 011-23230858
E-mail : [email protected]
LUCKNOW
Jeevan Bhawan, Phase 2
6th Floor, Nawal Kishore Road
Harzartganj
Lucknow 226 001
(O) 0522 2231331Fax : 05222231310
E-mail:
[email protected]
MUMBAI
3rd Flr., Jeevan Seva Annexe
(Above MTNL) S. V. Rd.,
Santa Cruz (W)
MUMBAI - 400 054
(O) 022 26106928
Fax : 022-26106052
Email:
[email protected]
KOCHI
2nd Flr., CC 27/2603 Pulinat
Building
Opp. Cochin Shipyard,
M.G. Road,
ERNAKULAM - 682 015
(O) 0484- 2358759
Fax : 0484-2359336 E-mail :
[email protected]
d) The complaint should be made in writing duly signed by the complainant or by his legal heirs with full details
of the complaint and the contact information of complainant.
IDBI Federal Life Insurance Company Ltd
IDBI Federal Life Insurance Company Limited
1st Floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel (West),
Mumbai - 400013
e) As per provision 13(3)of the Redressal of Public Grievances Rules 1998, the complaint to the Ombudsman can
be made
- only if the grievance has been rejected by the Grievance Redressal Machinery of the Insurer
- within a period of one year from the date of rejection by the insurer
- if it is not simultaneously under any litigation.
IDBI Federal Life Insurance Company Ltd