Private life insurer, IDBI Federal life today launched a new term plan aimed at providing guaranteed cover to those above the age of 50 years.
“IDBI Federal Termsurance Seniors Insurance Plan is an innovative term insurance policy that one can buy after the age of 50, with premiums as low as Rs 100 per month,” the company said in a release.
The plan can be bought by those up to the age of 85 years and comes with a no-questions-asked, no-medical-tests guaranteed acceptance and offers a life insurance cover for whole of life.
“Life Insurance should ideally be taken early, but there are a sizeable number of people who would have missed taking an insurance cover when young. At IDBI Federal, we believe in challenging conventions, so we looked at a simple term plan and re-engineered it. With this unique Termsurance Seniors, a first-of-its-kind product in India, it will be never too late to get covered,” said G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance.