IDBI Federal launches insurance plan for ‘seniors’

IDBI Federal Life Insurance today launched its maiden online product IDBI Federal Termsurance for senior citizens. The plan, with no medical tests, is targeted at people in the age group of 50-85 years.

Announcing the launch, Mr G.V. Nageswara Rao, Managing Director and Chief Executive Officer said, “Almost 10 million users search for life insurance plans on the Internet. The interactive online platform enables them to research the plan, calculate premium amounts and make online payments directly to the company to receive the insurance policy in the comfort of their homes.”

According to industry experts, Internet usage in India is growing at a healthy rate and currently stands at close to 100 million users across age groups. The regulatory body is also considering the option to ‘dematerialise’ insurance policies in the near future, making the online platform important for the life insurance industry.

According to the National Online Survey Report for the Review of the National Policy of Older Persons - April 2010, ‘Insurance’ is reported as amongst the top five issues that require attention in the lives of senior citizens in India.