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Ageas 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.
Key Offerings
Ageas Federal Life Insurance Company ensures to look after your insurance needs by offering:
- Premium Payments for Limited Duration
- Reversionary Bonus
- Higher Sum Assured Rebates
- Higher Death Cover
- Flexible Premium Payment Option
Features of Ageas Federal Life Insurance
There are various features of Ageas Federal Life Insurance plans. Let's understand each of them in detail:
- Solvency Ratio: The company's solvency ratio helps an individual ascertain its ability to meet its long-term financial obligations. The Solvency Ratio of Ageas Federal Life Insurance Company for 2022-23 is 3.1. (As per the IRDAI, every life insurer must maintain a solvency ratio of 1.5).
- Claim Settlement Ratio: The company holds a good and reliable claim-settling process with a CSR of 96.06%. (CSR as per IRDAI report of the year 2022-23).
- Annual Premium: As per the IRDAI report 2022-23, Ageas Federal Life Insurance recorded a yearly premium of Rs. 2289 Crores.
Exclusions of Ageas Federal Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any adventure sports.
- Death due to consumption of any drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned during the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the incident date or the policy's surrender value, whichever is greater.
Benefits of Ageas Federal Life Insurance Plans
There are multiple benefits of Ageas Federal Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
Maturity Benefit
Once the life insured survives the whole policy term, Ageas Federal Life Insurance pays the maturity benefit as per the plan.
Tax Benefit
All premiums paid for Ageas Federal Life Insurance can be used for claiming tax benefit as per the Income Tax Act, 1961.
Death Benefit
Upon the unforeseen death of the life insured during policy tenure, Ageas Federal Life Insurance pays the death benefit among the highest of the following: 10 times of annual premium, Sum Assured, 105% of total premium paid.
Riders You Can Avail With Ageas Federal Life Insurance
| Name of the Rider | Benefits |
|---|---|
| Accidental Death Benefit Rider | Under this rider, if the life insured has passed away due to any unforeseen event, a rider benefit equal to Rs. 15 Lakh will be paid to the nominee. |
| Accidental Disability Benefit Rider | Under this rider, if the life insured suffers any disability due to any unforeseen event, a rider benefit equal to the rider sum assured will be paid to the nominee. |
| Waiver of Premium Rider | Under this rider, if the policyholder has suffered from any critical illness or gets partially disabled due to an accident, all future premiums of this plan will be waived. |
| Income Benefit Rider | Under this rider, if any unfortunate event such as death or permanent disability occurs with the life insured, the life insured's family will receive a regular stream of income. |
Documents Required
Here is the list of documents required to buy Ageas Federal Life Insurance:
Photo ID Proof
Photo ID Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (any one of the following) - Utility bill, Passport, Voter ID, Ration Card.
Medical Records
Medical records of the policyholder, if requested.
Income Proof
Income Proof (any one of the following) - Bank statement, last three months' salary slips (for salaried individuals).
Calculate Premiums
- Step 1
Visit the Ageas Federal Life Insurance Company's official website and scroll down to the end of the page. - Step 2
Click on the "Buy Online" tab under Popular Links. - Step 3
Click on the tab 'Know More' under Ageas Federal Life Digi-term Insurance plan. - Step 4
Click on the tab 'Calculate' at the top right corner of the page. - Step 5
Fill in the required details, and click on the tab 'Calculate'.
*Once the payment is made, you will get a payment confirmation at your registered email address.
How to File Ageas Federal Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim settlement process at Ageas Federal Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via various channels—either by writing an email to Ageas Federal Life at [email protected], calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.
2. Document Submission
You have to submit the necessary documents requested by the insurer to process the claim.
In the case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.
In case of an accidental death: the same documents with two additional ones: FIR and post-mortem report.
3. Claim Settlement
After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details, they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account, and the same will be communicated to him/her over a call or an email.
Offline Process
Ageas Federal Life Insurance claims settlement procedure can be reported by visiting the local Ageas Federal Life Branch Office. For the details of Ageas Federal Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
Port Your Policy
- Step 1
Fill out the form given at the top of this page with the necessary details. - Step 2
Select your income and city. Click on 'Proceed'. - Step 3
Update your education and occupation details. - Step 4
Choose your preferred plan and click on 'Buy this plan'. - Step 5
Select the policy term, premium period, and riders (if required), and then proceed to make the payment.
Once the payment is made, you will get a payment confirmation at your registered email address.
Conclusion
Ageas Federal Life Insurance stands out as a reliable and customer-centric provider in the life insurance industry. With a diverse range of products designed to meet the varied needs of individuals and families, Ageas Federal Life Insurance offers solutions that ensure financial security, long-term savings, and risk protection.
For more information, you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
