Ageas Federal Life Insurance

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About Ageas Federal Life Insurance (Formerly IDBI Federal Life Insurance)

Founded in 2007, Ageas Federal Life Insurance Co. Ltd. was formerly branded 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 13.85 Lakh policies.

Awards And Achievement

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:

  • Ranked among 'India's Best Workplaces in BFSI 2020 - Top 25' by Great Place to Work
  • Conferred with the 'Best Life Insurance Company - Work Culture' award by Insurance Alerts
  • Honoured with a 'Special Recognition – Sports Development Initiatives For Youth' under the Social Development category by the Bombay Chamber of Commerce and Industry at the Civic Awards 2018-19
  • Ranked in the top 10 Most Trusted Life Insurance brands of India in 2018

Key Features of IDBI Federal Life Insurance Company

IDBI Federal Life Insurance offers a wide way of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available life insurance plans in the domain.

  • Solvency Ratio
    The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations.The Solvency Ratio of IDBI Federal Life Term Insurance company for 2020-21 is 3.37. (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio
    The company holds a good and reliable claim-settling process with a CSR of 95.07%. (CSR as per IRDAI report of the year 2020-21). The IDBI Federal Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies.
  • Annual Premium
    As per the IRDAI report 2020-21, IDBI Federal Life Term Insurance recorded a yearly premium of Rs. 1958.64 Crores.
Reliance Life Insurance Key Features

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 below section lists all the plans that are currently active on their official website:

  1. IDBI Federal Term Plans

    These plans offer the dual advantage of protection and financial stability to its customers. The plan assures a secure financial future for the family after the death of the policyholder.

    Plan Entry Age Policy Tenure Sum Assured
    Saral Jeevan Bima Minimum Age:- 18 years
    Maximum Age:- 65 years
    5 to 40 years Rs. 5 Lakhs to 25 Lakhs
    MyLife Protection Plan Minimum Age:- 21 years
    Maximum Age:- 65 years
    NA Rs.5 Lakhs to No limit
    Income Protect Plan Minimum Age:- 25 years
    Maximum Age:- 60 years
    10 - 30 years NA
    Termsurance Life Protection Insurance Plan Minimum Age:- 18 years
    Maximum Age:- 60 years
    10 - 30 years Rs.5 Lakhs to No limit.
  2. IDBI Federal Child Plans

    Child plans offered by IDBI Federal Life take care of all the financial requirements of the child's education and other related expenses. These customized plans provide life coverage to children even in case of the demise of the insured parent(s).

    Plan Entry Age Maturity Age Policy Tenure
    Young Star Plus Plan Minimum Age:- 18 years
    Maximum Age:- 4530-65 years years
    30 - 65 years 12 - 20 years
    Dream Builder Plan Minimum Age:- 21 years
    Maximum Age:- 50 years
    31-70 years 10-22 years
    Wealthsurance Future Star Insurance Plan Minimum Age:- 18 years
    Maximum Age:- 54 years
    28-70 years 10-25 years
  3. IDBI Federal ULIP Plans

    These are a combination of investment along with life insurance coverage to deal with uncertainties of life under a single integrated plan. It comes out with returns on investment and helps to face unexpected future events of life.

    Plan Entry Age Maturity Age Policy Tenure
    Smart Growth Plan Minimum Age:- 1 years
    Maximum Age:- 55 years
    18 - 70 years 10/15/20/25 years
    Wealth Plus Critical Protection Plan Minimum Age:- 18 years
    Maximum Age:- 52 years
    28-70 years 10/15/20/25 years
    Wealth Gain Insurance Plan Minimum Age:- 5 years
    Maximum Age:- 60 years
    18-74 years 10/15/20 years
    Wealthsurance Growth Insurance Plan SP II Minimum Age:- 1 years
    Maximum Age:- 70 years
    18-76 years 6 years / 10 years/ 15 years/ 20 years/ 25 years
  4. IDBI Federal Retirement Plan

    IDBI Federal Retirement Plan is meant to provide financial security in the golden years of your life. The plan helps in accumulating wealth through savings over a long-term period and maintaining a good lifestyle post-retirement. IDBI Federal offers the below-mentioned retirement plan to its customers:

    Plan Entry Age Purchase Price Annuity
    Smart Growth Plan Minimum Age:- 40 year
    Maximum Age:- 80 years
    Rs. 1,50,000, subject to minimum Annuity Payout Rs. 1000 per Month, Rs. 3000 per Quarter, Rs. 6000 per Half year and Rs. 12000 per Year
    Guaranteed Lifetime Income Plan Minimum Age:- 45 year
    Maximum Age:- 85 years
    1,50,000 (Min) No limit (Max) 1,000 per payout/3,000 per payout/6,000 per payout/12,000 per payout/| No limit (Max)
  5. IDBI Federal Savings Plans

    With IDBI Federal Savings Plans, the life assured can enjoy financial security with life coverage along with the benefit of savings on investments. These plans offer multiple ways to grow wealth so as to fulfill key milestones at different stages of life.

    Plan Entry Age Max. Maturity Age Policy Tenure
    Assured Income Plan Minimum Age:- 5 year
    Maximum Age:- 60 years
    100 years NA
    Guaranteed Savings Plan Minimum Age:- 2 year
    Maximum Age:- 45 years
    55 years 7/10 years
    Life Advantage Plus Plan Minimum Age:- 0 days
    Maximum Age:- 55 years
    70 years 11/15/20 years
    Guaranteed Income Plan Minimum Age:- 8 years
    Maximum Age:- 50 years
    65 years NA
    Guaranteed Wealth Plan Minimum Age:- 10 years
    Maximum Age:- 55 years
    75 years 14 years and 20 years (fixed)
    Secured Income Plan Minimum Age:- 8 years
    Maximum Age:- 50 years
    70 years 20 years(fixed)
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Claims Process at Ageas Federal Life Insurance

Register Claim

Once the requisite documents* are submitted, death claims will be registered at the head office. The list of documents is mentioned in the next section, for your reference.

Claim Processing

If the documents are complete, the company settles death claims within 8 working days. If in case the claims require further investigation, nominees are intimated about the same.

Claim Payout

Upon approval, the company transfers the amount to the bank account of the nominee through Electronic Fund Transfer.

Documents Required to File a Claim

  • Death Claim Form
  • Original Policy Document
  • Original / Attested copy of Death Certificate issued by Municipal Corporation
  • Attested copy of nominee's photo ID and Residential proof
  • Medical records at the time of death
  • Documents related to any past illnesses of the insured
  • Cancelled cheque of the nominee's bank account (containing IFSC code)

How to contact Ageas Federal Life Insurance Company?

Ageas Federal Life Insurance Co Ltd), 22 nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India.

support@ageasfederal.com

Toll Free Number ( Customer Service ): 1800 209 0502

Ageas Federal Life Insurance: FAQs

1. Is there any mobile application available for IDBI Federal life insurance plans?

Yes, you can stay connected through a mobile application namely, 'IDBI Federal Life Insurance'. It is available on Google Play Store and iOS Apple Store.

2. How to check the policy status of IDBI Federal Life Insurance policies?

To check the policy status for your IDBI Federal life insurance plan, you can call at the company's toll-free number 1800-209-0502. Or you can check it online by visiting the official website of IDBI and clicking on the 'Track Application' button given at the bottom-right side of the page. Enter 'Application Number' and 'Date of Birth' along with the 'code' provided to proceed ahead.

3. How to perform ULIP transactions like fund switch and premium redirection for my IDBI Federal life insurance plan?

First, you need to visit the customer portal from the official website of IDBI Federal Life Insurance. Then click on 'Transact fund switch and premium redirection related transactions'.

Alternatively, you can download the Application for Fund Switch and Future Premium redirection form from the website and email the same on support[at]idbifederal[dot]com from your registered email ID.

4. Are there any TDS charges applicable on partial withdrawals for my IDBI Federal life insurance plan?

Yes, TDS charges are applicable for partial withdrawals, surrender, maturity, and termination payouts in IDBI Federal life insurance plans.

5. Are there any discounts available for women in IDBI Federal iSurance Flexi Term Plan?

Yes, 5% discount rates are available for women in IDBI Federal iSurance Flexi Term Plan.

6. How much amount will I get if I select a lump sum payment of my maturity benefit in the IDBI Federal New Family Income Builder plan?

You will get a lump sum payment equivalent to 6 times of the annual premium after the payout period ends as a maturity benefit in IDBI Federal New Family Income Builder plan.

7. Are there any riders available for the IDBI Federal Termsurance Group Protection Insurance Plan?

Yes, different riders such as critical illness rider, accidental death rider, and terminal illness cover are available for IDBI Federal Termsurance Group Protection Insurance Plan.

8. Is there any medical test required for the Termsurance Sampoorna Suraksha Micro-insurance Plan?

No, there is no medical test required for the Termsurance Sampoorna Suraksha Micro-insurance Plan.

9. Will I get any loyalty additions in my IDBI Federal Life Insurance Wealth Gain Plan?

Yes, guaranteed loyalty additions will be added at the end of each policy year in IDBI Federal Life Insurance Wealth Gain Plan that helps in boosting your savings for your investment made towards the policy.

10. How many fund options are available under the IDBI Federal Wealthsurance Growth Insurance Plan?

There are 8 fund options available under the IDBI Federal Wealthsurance Growth Insurance Plan that allows the policyholder to invest in one or more funds as per his/her choice.

11. Do IDBI Term Insurance plans come with any income tax benefits?

Yes, IDBI Federal Term Insurance offers Tax Benefits on the premium paid under the Sec 80C of the Income Tax Act

12. How can I cancel my IDBI Term Insurance plan?

To cancel your IDBI Federal Term Plan, you need to submit a surrender form along with the reason to surrender at the nearest IDBI Federal branch. Also, you need to submit the following documents:

  • Original policy documents
  • Canceled cheque with the policyholder's name on it

13. My IDBI Term Insurance Plans have lapsed. Can I still request a Nominee correction?

Yes, you can. You can correct or change your nominee's name in your IDBI Federal Term Insurance following the company's norms.

14. Can I avail loan facility under my IDBI Federal Term Plans?

No, term plans do not offer a loan facility.

15. How can I pay my IDBI Term Insurance Plan premiums?

The company allows you to pay your premiums through the below-mentioned methods:

  • Online Payment through the official website
  • Via visiting the nearest branch
  • Pay through Auto Debit
  • Cash or Cheque

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