Ageas Federal Life Insurance
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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:

  • 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 Bombay Chamber of Commerce and Industry at the Civic Awards 2018-19
  • Ranked in top 10 Most Trusted Life Insurance brands of India in 2018

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)

New Business Premium IncomeRs. 560.5 Crores
Asset under ManagementRs. 9,775 Crores
Claim Settlement Ratio96.47%
Solvency Ratio3.17
No. of Branches>3000
  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

    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

    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

    Yearly Trend in Annual Premium Income

    *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:

Product CategoryNames of Plans
Online Plans Life Advantage Plus Plan
MyLife Protection Plan
Heart & Cancer Shield Plan
Guaranteed Income Plan
Wealth Gain Insurance Plan
Wealthsurance Growth Insurance Plan SP
Guaranteed Wealth Plan
Term Plans Saral Jeevan Bima
MyLife Protection Plan
Income Protect Plan
Termsurance Life Protection Insurance Plan
Child Plans Young Star Plus Plan
Dream Builder Plan
Wealthsurance Future Star Insurance Plan
ULIPs Smart Growth Plan
Wealth Plus Critical Protection Plan
Wealth Gain Insurance Plan
Wealthsurance Growth Insurance Plan SP
Wealthsurance Future Star Insurance Plan
Savings Plan Dream Builder Plan
Guaranteed Income Plan
Guaranteed Wealth Plan
Secured Income Plan
Young Star Plus Plan
Guaranteed Lifetime Income Plan
Guaranteed Savings Plan
Retirement Solutions Saral Pension Plan
Guaranteed Lifetime Income Plan
Group Plans Group Term Life Plan
Group Loan Suraksha Plan
Group Employee Benefit Plan
Group Microsurance Plan
Group Loan Secure Plan

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?

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

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

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (9 Total Rating)

February 18, 2022

Pulkit Sangar

Gandhinagar

I am a guitarist where my earnings are limited but i want to have lot of money for my kids and family in future. Life insurance is a good way to collect lot of money without risk.

February 18, 2022

Ashwani

Kochi

My friend told me to take their plans. They have good plans for long term investments. I took for my family and kids future

October 29, 2021

Anayesha Siddqui

Hyderabad

Very good customer support from IDBI Team. I got the Death Befit of my husband s term insurance policy. With this money, I will fulfil my family s dreams.

October 29, 2021

Akshay Tripathi

Mumbai

Very good company IDBI is. I am happy that I choose to be their customer. Customer support is also very good.

September 29, 2021

Akshay Choudhary

Kolkata

It was a good decision to invest in IDBI Federal Life Insurance. I received a very very good satisfactory response.

Last updated on October, 2021

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