Ageas Federal Life Insurance (Formerly IDBI Federal Life Insurance)

Founded in 2007, Ageas Federal Life Insurance Co. Ltd. was formerly branded as IDBI Federal Life Insurance. The company is a three-way joint venture between IDBI Bank, Federal Bank and Ageas Europe. The company has introduced policies pertaining to wealth management, child, protection, retirement and group solutions to help its customers plan their future finances. Since its inception, the company has issued a total of 13.85 Lakh policies.

Awards & Achievements

Ageas Federal Life Insurance Company (formerly known as IDBI Federal Life Insurance) has introduced several initiatives in the digital domain.

Some of its latest achievements are:

Key Features

Scouring through countless insurance providers and their respective plans is a tremendous amount of information to take in. While research is important, it could prove to be more helpful if done strategically. For instance, an insurer's performance and reliability can be easily gauged with the help of certain factors such as its annual premium income, claim settlement ratio, solvency ratio and operating network. Focusing on these factors can markedly reduce the time required to shortlist your best options.

Refer to the following sections below to know more about Ageas Federal Life Insurance Company.

Highlights of Ageas Federal Life Insurance Company (2019-20)

1. Annual Premium Income

   The company has managed to collect Rs. 560.5 Crores in its annual new business premium in 2019-20. Further, it has assured a total sum of Rs. 98,799 Crores.

   The chart demonstrates the yearly trend in the annual premium income of Ageas Federal in the recent financial years.

   Yearly Trend in Annual Premium Income

   

   *Data from IRDAI Annual Report

2. Claim Settlement Ratio

   The claim settlement ratio is an indicator of the number of claims approved by the insurer out of the total number of claims filed. It is always advisable to check for it in your decision-making process. The higher the CSR, the higher are your chances of having your claims approved. As of FY 2019-20, Ageas Federal's claims settlement ratio is 96.47%.

   The graph below highlights the CSRs reported by the company in the last four years.

   Year-wise Trend in Ageas Federal's Life Insurance Company's CSR

   

   *Data has been sourced from IRDAI Annual Report

   We have further represented insurance companies with the highest recorded CSRs in 2019-20.

   Representation of CSR of Life Insurers

   

   *Data has been sourced from IRDAI Annual Report

3. Solvency Ratio

   The solvency ratio is a key criterion on which to base your research. The ratio has been touted to be one of the primary indicators of how financially stable an insurance provider is. It essentially depicts if the life insurance company is capable of fulfilling its long-term monetary obligations. IRDAI, the official insurance regulatory body in India, has mandated every insurance company to maintain a solvency ratio of 1.5 or up. For your information, the solvency ratio of Ageas Federal in FY 2019-20 was reported to be 3.17.

4. Distribution Network

   Ageas Federal maintains a multi-channel distribution network of agents and brokers.The company reported that its bancassurance partnerships contributed to 91% of its new business. It further has an online portal, direct sales team, group sales teams and point of sale agents. As of now, the company's agency network comprises 10,000+ advisors across 65 branches spread throughout India.

Product Range of IDBI Life Insurance Company

The company (formerly called IDBI Federal Life Insurance) introduced new insurance policies that can help cater to the needs of an average life insurance customer. The table below lists all the plans that are currently active on their official website:

Claims Process at Ageas Federal Life Insurance

Documents Required to File a Claim

How to contact Ageas Federal Life Insurance Company?

Registered Address: Ageas Federal Life Insurance Co Ltd (Formerly known as IDBI Federal Life Insurance Co Ltd.), 22 nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India.

Email: support[at]ageasfederal[dot]com

Call: Toll Free Number ( Customer Service ): 1800 209 0502