IDBI Federal Life Insurance company is one of the fastest growing life insurance companies of India. The company is a joint venture of IDBI, India’s premier development and commercial bank and Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.
As on March 31, 2017, the company has issued nearly 10.29 lakh policies
The company’s innovation and growth strategy helped it scale great heights in the country only in 5 years within its commencement in 2008. The company boasts of a good portfolio of offering its customers with wealth management, protection and retirement solutions.
IDBI Federal Life Insurance helps you secure your future and also lives of your loved ones with an array of life insurance policies they provide. Giving you various investment options and also providing financial protection, the company strives hard to provide you with the best life insurance policies.
iSurance Online Term Plan: iSurance online term plan pays out a lump sum amount to the beneficiary on the account of death of the policyholder. This term insurance plan offers you a minimum life cover of Rs. 50 lakhs and a maximum of 30 crore. The minimum policy term can be 10 years and maximum can be 25 years. The plan offers special discounts to women and the premium rates are low as compared to what is offered to men.
Termsurance Life Protection Insurance plan : A plan that ensures your family’s dreams are protected, no matter what. Termsurance Life Protection Insurance plan by IDBI Federal offers you with two options- a.) Pure protection cover, which offers you beneficiary with the death benefit on the account of your death. B.) Return of premium, a type of plan that returns all your premiums, in case you survive the term of the policy. The plan offers attractive premium rates for women and also offers rebates on high sum assured.
Termsurance Group Protection Insurance Plan: Helping you secure the future of family member’s of your employees, Termsurance Group Protection Insurance Plan secures your employees. With the plan, you can also opt for additional riders like accidental death rider, critical illness and terminal illness cover.
Termsurance Sampoorna Surakhsa Micro-Insurance Plan: This term insurance plan offers you financial security at low premium rates. No medical tests are required for availing this plan and you can also opt for 5 or 10 year policy term. This is a pure term insurance plan, having no maturity benefit. Sum assured can be minimum Rs. 5000 and maximum Rs. 50,000.You also have a choice of single or regular premium payment option.
The child plans by IDBI Federal help you build a healthy financial future for your child by helping you invest in the below two plans that provide economic support to your child at every key stage of their life.
Childsurance Savings Plan: Helping you secure your child's future, this plan offers you guaranteed annual payouts to fund important milestones in their lives. In case of your death, the plan waives of all the future premiums and also offers immediate payout at the same time. To boost your savings, bonus is provided right from first year.
Wealthsurance Future Star Insurance Plan: Understanding the need of building a financially healthy future for your child, this plan by IDBI Federal offers you life cover with triple benefits. First, the sum assured is paid out as death benefit, second, all the future premiums are waived off and third, the policy continues and maturity benefit is paid at the end of the policy term. Guaranteed loyalty benefits are paid to boost your savings and you can also enjoy tax benefits under 80(C ) and 10(10D) of the Income Tax Act, 1961.
IDBI Federal Wealthsurance Growth Insurance Plan: A unit-linked plan that offers you the freedom to invest in over 9 fund offerings and also provides life cover benefit, thereby ensuring financial security of your loved ones. This is a smart investment plan that lets you design your investments your way. It gives you the flexibility to decide what you want to invest in and for how long you want to invest in. Loyalty additions are provided to boost your investment.
IDBI Federal Wealthsurance Growth Insurance Plan Single Premium: Enjoy the growth of your plan by paying one-time premium and also get a life cover to protect the needs of your loved ones. You are offered a bouquet of 9 funds and have the ability to switch between them. With this plan, you are also eligible for partial withdrawals and bonus.
IDBI Federal Life Insurance Wealth Gain Plan: This is a comprehensive plan that helps you build wealth and also provides you with life cover to ensure your loved ones stay protected all throughout the term of the policy. The plan offers you 8 fund offerings and gives you the freedom to invest in one or more funds. Premium is waived off in case of permanent disability of the policyholder.
Helping you fund your employee’s retirement benefits-gratuity, superannuation and leave encashment, this plan ensures your employees are rewarded rightfully. This plan is designed for employer-employee groups only and it also provides basic life insurance coverage to the members of the plan.
IDBI Federal Group Microsurance Plan:
This plan provides affordable life insurance cover to groups and is beneficial for micro finance institutions, self-help groups and NGOs. The plan can also be used in providing loan protection to the group members’ families. No medical tests are required for availing this plan.
IDBI Federal Life Insurance POS Guaranteed Income Plan: A savings plan that offers you guaranteed returns and life protection for 10 years. Pay premium for 5 years and you can enjoy life protection throughout the term of the policy. You have the option to choose your payouts in lump sum amount or as regular income. The plan has a yearly premium payment mode and has maximum entry age of 50 years.
IDBI Federal Life Insurance POS Guaranteed Plan: Make one-time payment and get a life cover and lump sum payment after 7 years. The minimum entry age for this plan is 11 years and maximum is 43 years. The plan offers you guaranteed benefit irrespective of market conditions.
IDBI Lifesurance Savings Plan: A plan that provides you twin benefits of long-term savings and life-cover. It helps you build a strong financial corpus to ensure a stress-free future for you and your family. Guaranteed additions and bonus is provided to enhance your savings. The plan offers rebates on high sum assured and also offers premium discounts to females. Lump sum benefit is paid on maturity.
IDBI Federal Life Insurance Incomesurance 6 Pay: A plan that requires you to pay for the first 6 years and then enjoy the benefits for the next 6 years. The policyholder gets a life cover and critical illness cover for an entire policy term of 13 years. Guaranteed annual returns are provided from 8th to 13th year of the policy.
IDBI Federal Life Insurance offers you a simple, quick and hassle-free claim process through its ‘8-day claim guarantee initiative. The company intends to pay interest of 8% on death claim amount for delay beyond 8 working days. The claim process is a 3 step simple process:
Register a death claim: A death claim is to be registered by submitting following documents:
A death claim is registered on the date of the receipt of the written intimation and submission of the above documents.
Claim Processing: If the company deems that all the documents submitted by you are complete, then your claims will be settled within 8 working days.
Claim Payout: The claim amount shall be transferred in the bank account of the nominee through Electronic Fund Transfer. In case of an Electronic Fund Transfer failure, a cheque will be sent at the nominee’s mailing address. Note: If the claim is delayed (which is very rare with IDBI Federal Life Insurance) beyond 8 working days, they pay their customers a good interest @8% for every day’s delay.
Documents needed while applying for an insurance plan from IDBI Life Insurance are:
You can check the status of your IDBI Federal Life Insurance policy by simply visiting the official website of IDBI Federal Life Insurance and selecting the ‘Services’ tab. Under this tab, click on the pay premium option. Now, enter your policy number, date of birth and click on submit. Now, you will be able to see the status of your policy. You also have an option to renew your policy online.
IDBI offers an excellent online tool for calculating the premium of your desired life insurance policy. You can access this free tool form the official website of IDBI Life. You will be required to enter the following details on the tool - Gender, Age, Consumption of Tobacco, Amount of Cover and Policy Term. Once you enter and submit the requested details, the tool will automatically show quotations from a list of policies.
Through a nationwide network of 2,964 branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. As on March 31, 2017, the company has issued nearly 10.29 lakh policies with a sum assured of over Rs. 58,653.76 crore. IDBI Federal Life Insurance has total assets under management of 6,090 crore and a robust capital base of over 800 crores, as on March 31, 2017.
What are the modes of premium payments available?
The different modes of premium payment are:
How do I know the status of my application?
You can track the status of your IDBI Federal Life Insurance policy by simply visiting the official website of IDBI Federal Life Insurance and selecting the ‘Services’ tab. Under this tab, click on track your application option. Now, enter your policy number, date of birth and click on submit. Now, you will be able to see the application status of your policy.
What happens if I miss the premium payment?
If you miss the premium payment, you have a 15 day grace period within which you can still make the payment. If you fail to make the payment post the grace period, the policy will be considered as lapsed and the cover will cease to exist.
What happens if I have lost the original policy document at the time of making a claim?
The soft copy of your policy document is always emailed to you post policy purchase. In case you need a hard copy of the lost policy document, simply call the customer care and place a request for the same.
Can I surrender the policy? What is the criteria for policy surrender?
Not all policies come with the option of surrendering. The criteria varies from one policy to another.
What is implied by a ‘Death Claim?’
The claim which you make post the death of the policyholder is called as a death claim.
Who may receive the claim benefit?
The mentioned nominee/beneficiary/dependent are the people who receive the claim benefit.
Can I change the mode of premium payment during the policy?
No, you cannot change the mode of premium payment during the policy.
