IDBI Federal Life Insurance
IDBI Federal Life Insurance
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IDBI Federal Life Insurance

IDBI Federal Life Insurance Co. Ltd. was founded in the year 2008. It is a three-way joint venture between IDBI Bank, Federal Bank and Ageas Europe. The company has a multi-channel distribution network inclusive of bancassurance, insurance agents and brokers across the globe. IDBI Federal is headquartered in Mumbai, Maharashtra and is amongst the top 10 trusted life insurance brands in India according to a survey conducted by the Economic Times Brand Equity. It is one of the fastest-growing life insurance companies, which offers a wide variety of life insurance products such as wealth management, child, protection, retirement and group solutions to individuals as well as corporate customers.

Highlights

Claim Settlement Ratio

95.79%

No. of Financial Planning Advisors

10,000+

No. of Branch Locations in India

78

Total Profit in Business

Crosses Rs. 1,000 Crores

Awards in the Year 2019

Assocham Insurance Excellence Award

**Last Updated on 26-06-2020

IDBI Federal Life Insurance Plans

1. IDBI Federal Term Plans

IDBI Federal term plans offer dual advantage of protection and financial stability to its customers. The plan assures a secure financial future to the family after the death of the policyholder. These plans also offer a return of premium in addition to death, maturity and surrender benefits.

The following term plans are offered by IDBI Federal Life Insurance:

i) IDBI Federal Income Protect Plan

IDBI Federal Income Protect Plan is a non-participating and non-linked life insurance plan that takes care of the family members in the absence of the life assured. The plan offers a regular increasing monthly income to meet the requirements of the family that increases with time. This benefit can also be received as a lump sum amount for emergency expenditure in the future.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 25 years

Maximum: 60 years

Maximum Maturity Age

70 years

Monthly Income at inception

Minimum: Rs. 15,000 per month (in multiple of 5,000)

Maximum: No limit, subject to underwriting

Premium Payment Frequency

Yearly and monthly

(A modal loading factor of 0.09 for monthly mode is applicable)

Premium Payment Term

Regular/Limited Options up to 10/15/20 years

Policy Term

Minimum: 10 years

Maximum: 30 years

**Last Updated on 26-06-2020

ii) IDBI Federal iSurance Flexi Term Plan

IDBI Federal iSurance Flexi Term Plan is a life insurance plan that offers life coverage up to the age of 80 years. The plan offers a lump sum payout at the time of death to the family of the policyholder. It comes with an in-built conversion option for heart attack, cancer or stroke of defined severity as mentioned in the policy clause. It provides an additional death benefit at affordable prices caused due to an accident.

Eligibility Criteria

Age at Entry (age on last birthday)

Minimum: 18 years

Maximum: 60 years

Maximum Maturity Age (age on last birthday)

80 years

Basic Sum Assured 

Minimum: Rs. 50 lakhs

Maximum: Rs. 30 Crores

Premium Payment Frequency

Yearly, Half-yearly, Quarterly, Monthly

Premium Payment Term

Same as the policy term

Policy Term

Minimum: 10 years

Maximum: 62 years

**Last Updated on 26-06-2020

iii) IDBI Federal Termsurance Life Protection Insurance Plan

IDBI Federal Termsurance Life Protection Insurance Plan provides financial security to the future of your loved ones. It offers discounts on choosing high sum assured options. The plan also offers a 'return of premiums' option on the maturation date of the policy. You can also choose a premium payment option as per your specific needs.

Eligibility Criteria

Age at Entry (age on last birthday)

Minimum: 18 years

Maximum: 60 years

Maximum Maturity Age (age on last birthday)

70 years

Basic Sum Assured 

Minimum: Rs. 50 lakhs

Maximum: Rs. 30 Crores

Premium Payment Frequency

Annual, Half-yearly, Quarterly and Monthly

Premium Payment Term

Same as the policy term

Policy Term

10/15/20/25 years

**Last Updated on 26-06-2020

2. IDBI Federal Child Plans

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

The different IDBI Federal life insurance child plans are mentioned below:

i) IDBI Federal Young Star Advantage Plan

IDBI Federal Young Star Advantage Plan offers guaranteed annual payments to the policyholder so as to fund important milestones of his/her child. The plan helps in boosting your savings by providing guaranteed additions and bonuses at the end of every policy year. Also, all the future premiums are waived off under the policy in case of unfortunate death of the insured.

Eligibility Criteria

Age at Entry (Insured Parent)

Minimum: 18 years

Maximum:

Regular payment option: 40 Years

Limited payment option: 45 Years

Age at Maturity (Insured Parent)

Minimum: 29 Years

Maximum:

Regular payment option: 60 Years

Limited payment option: 65 Years

Premium (Exclusive of Goods and Services Tax of cess as applicable)

Minimum: Rs. 18,000 for PPT<=6

Maximum: No limit (subject to underwriting)


Minimum: Rs. 25,000 for PPT>6

Maximum: No limit (subject to underwriting)

Premium Payment Frequency

Yearly

Premium Payment Term (PPT)

Regular payment option: Equal to the policy term

Limited payment option: Equal to policy term less 5 years

Policy Term

11, 15 and 20 years

**Last Updated on 26-06-2020

ii) IDBI Federal Wealthsurance Future Star Insurance Plan

IDBI Federal Wealthsurance Future Star Insurance Plan is a unit-linked insurance policy that provides life coverage to the policyholder along with triple benefits. On the death of the policyholder, a lump sum benefit is paid to the nominee of the policy. In addition to this, all the future premiums will be waived off, the policy will continue and the maturity benefit will be paid after completion of the policy term.

Eligibility Criteria

Age at Entry (Insured's last birthday)

Minimum: 18 years

Maximum: 54 years

Age at Maturity (Insured's last birthday)

Minimum: 28 years

Maximum: 70 years

Minimum Annualized Premium

Depends on life cover

Premium Payment Frequency

Fixed and annual

Premium Payment Term

Single premium or equal to the policy term

Policy Term

Minimum: 10 years

Maximum: 25 years

**Last Updated on 26-06-2020

3. IDBI Federal ULIP Plans

IDBI Federal Unit-linked Life Insurance Plans or ULIPs 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. One can create wealth with the help of these plans and can develop a habit of savings in order to meet various financial goals.

Let us look at the following ULIPs offered by IDBI Federal Life Insurance:

i) IDBI Federal Smart Growth Plan

It is a unit-linked insurance plan that offers life protection cover with the benefit of market-linked returns on investments made towards the policy. It offers options to choose the premium payment term as regular or limited. The plan provides 6 different fund options based on the risk appetite of the policyholder.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 1 month

Maximum:

Prime - 55 years

Plus - 45 years

Age at Maturity 

Minimum: 18 years

Maximum:

Prime - 70 years

Plus - 60 years

Minimum Sum Assured

Rs. 10 lakhs

Payable Premium Amount

Minimum: PPT 5 years - Rs. 50,000 annually

PPT 10/15/20 years – Rs. 35,000 annually

Maximum: No Limit

Premium Payment Frequency 

Yearly

Policy Term 

10/15/20/25 years

Premium Payment Term 

Policy Term 10 & 15 - 5 years

For all Policy Terms - 10/15/20 years

**Last Updated on 26-06-2020

ii) IDBI Federal Wealth Plus Critical Protection Plan

IDBI Federal Wealth Plus Critical Protection Plan is a non-participating unit-linked insurance plan, which provides a mixture of protection and wealth accumulation in addition to enhanced coverage with critical illness benefit. The plan offers long-term investment goals with good market-linked returns. You are also allowed for unlimited free switches between funds and premium redirection under the policy.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 52 years

Age at Maturity 

Minimum: 28 years

Maximum: 70 years

Payable Premium

Minimum: Rs. 1,00,000

Maximum: No Limit

Death Sum Assured

Higher of 10 times of Annualized Premium or 0.5 x Annualized Premium

Critical Illness Sum Assured

Minimum: Rs. 5,00,000

 Maximum: Rs. 20,00,000

 (subject to a maximum of 5 times of Annualized Premium)

Premium payment term

 Limited-10 and 15 years

 Regular - Equal to Policy Term

Premium Payment Frequency

Annual

Policy Term

10/15/20/25 years

**Last Updated on 26-06-2020

iii) IDBI Federal Wealth Gain Insurance Plan

IDBI Federal Wealth Gain Insurance Plan offers financial protection to loved ones in case of death of the policyholder in the form of lump-sum payout or as prevailing fund value, whichever is higher. You can choose between 8 fund investment options according to your risk-return appetite. It also offers loyalty additions after completion of 10 policy years and every 5 years thereafter.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 5 years

Maximum: 60 years

Age at Maturity 

Minimum: 18 years

Maximum: 74 years

Minimum Annualized Premium

Entry Age 3 to 45 years: Rs. 50,000

Entry Age 46 to 50 years: Rs. 75,000

Sum Assured

Minimum: Rs. 10 lakhs

Maximum: No limit

Premium Payment Frequency

Fixed/Yearly and Monthly

Premium Payment Term

Fixed/For ages below 50 years: 5/10/15/20 years

For age 50 years and above: 10/15/20 years

Policy Term

15 years

**Last Updated on 26-06-2020

iv) IDBI Federal Wealthsurance Growth Insurance Plan SP

IDBI Federal Wealthsurance Growth Insurance Plan SP is a unit-linked plan that assists in maximising returns on investment to build a corpus together with the safety of a life insurance cover under a single plan. The policy is a one-time premium payment policy that pays guaranteed loyalty additions at the end of 5th policy year and every 5 subsequent years so as to boost your investment.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 1 month (completed)

Maximum: 70 years

Age at Maturity 

Minimum:18 years

Maximum: 75 years

Minimum Annualized Premium

Minimum: Rs. 40,000

 Maximum: Rs. 1 crore (per life)

Settlement Payout Option

Flexibility to withdraw maturity amount in instalments within 5 years from the maturity date

Premium Payment Term

Single premium

Policy Term (in years)

5/10/15/20/25 years; Subject to a minimum and maximum maturity age as mentioned above

**Last Updated on 26-06-2020

4. 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 fulfil various key milestones at different stages of life. These online investment plans help in systematic and disciplined investment ensuring that the future remains secure under all circumstances.

IDBI Federal Life Insurance offers the following savings plans to its customers:

i) IDBI Federal Guaranteed Wealth Plan

IDBI Federal Guaranteed Wealth Plan is a savings plan that guarantees payout for 7 consecutive years. It is a long-term life insurance plan that provides life cover for 14 years where the policyholder needs to pay only for the initial 7 years of the plan. Under the plan, there is a flexibility to choose the payout option as a lump sum or regular annual income as per your needs.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 10 years

Maximum: 55 years

Maximum Age at Maturity 

69 years

Premium

Rs. 35,000

Policy term

Fixed-14 years

Premium payment period

Fixed-7 years

Premium Frequency (Mode)

Fixed-Yearly

**Last Updated on 26-06-2020

ii) IDBI Federal Dream Builder Plan

IDBI Federal Dream Builder Plan, as the name suggests, helps you to fulfil your dreams by offering life insurance coverage along with annual guaranteed payouts in the last 3 years of the policy tenure. You need to pay only for the first 8 years of the policy and all the future premiums are waived off in case of death or disability of the policyholder.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 21 years

Maximum: 50 years

Age at Maturity (last birthday)

Minimum: 31 years

Maximum: 72 years

Maturity Sum Assured

Minimum: Rs. 2,15,000

Maximum: No limit

Premium Payment Term 

8 years

Premium Payment Frequency

Annual

Policy Term 

Minimum: 10 years

Maximum: 22 years

**Last Updated on 26-06-2020

iii) IDBI Federal Guaranteed Savings Plan

IDBI Federal Guaranteed Savings Plan is non-linked and non-participating life insurance

plan, where the life assured has to pay the premium only once for guaranteed returns irrespective of market conditions. The policy is liable to provide life coverage, which is 10 times of the single paid premium.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 2 years

Maximum: 45 years

Maximum Age at Maturity (last birthday)

55 years

Premium

Minimum: 50,000 (further in multiples of 5000)

Maximum: No limit

High Sum Assured Rebate

High Sum Assured rebate is applicable for Sum Assured of Rs. 5 lakhs and above

Premium Payment Term

Single (Fixed)

Policy Term

7/10 years

**Last Updated on 26-06-2020

iv) IDBI Federal Life Advantage Plan

IDBI Federal Life Advantage Plan is a non-linked participating life insurance plan that offers double benefits of long-term savings together with life coverage. The plan helps in boosting your savings with bonuses and loyalty additions. It provides the flexibility to choose recurring annual payouts or a lump sum benefit on the maturation date of the policy.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 40 years (if the policy term is 10 years)

Maximum Age at Maturity (last birthday)

75 years

Premium

Minimum: Yearly – Rs. 15,000 for PT 10/15/20 years

Yearly – Rs. 16,500 for PT 25 years

Maximum: No limit (subject to underwriting)

Sum Assured

  • For 5 years PPT -

Minimum: Rs. 3,00,150

Maximum: Rs. 2,00,25,000


  • For PPT less than 10 years -

Minimum: Rs. 7,50,562.50

Maximum: Rs. 10,01,50,000


  • For PPT between 10 and 15 years-

Minimum: Rs. 10,01,750

Maximum: Rs. 20,05,00,000

Premium Payment Term

Minimum: 5 years (available only for a policy term of 10 years)


Maximum: 10 and 15 years

Premium Payment Frequency

Yearly

Policy Term

10/15/20/25 years

**Last Updated on 26-06-2020

v) IDBI Federal Guaranteed Income Plan

IDBI Federal Guaranteed Income Plan is a savings plan that guarantees payouts as a regular income or a lump sum amount as per your requirements. Under the plan, you need to pay premiums only for a limited period of 5 years and enjoy a life coverage for 10 years.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 8 years for Endowment Option, 13 years for Income Option

Maximum: 50 years

Maximum Age at Maturity (last birthday)

60 years

Annualized Premium

Minimum: Rs. 10,000

Maximum: Rs. 68,500

Sum Assured

Minimum: Rs. 2.5 lakhs

Maximum: Rs. 10 lakhs (per life)

Premium Payment Frequency

Fixed/Yearly

Premium Payment Term

5 years

Policy Term

Fixed/Yearly

**Last Updated on 26-06-2020

vi) IDBI Federal POS Guaranteed Plan

IDBI Federal POS Guaranteed Plan ensures guaranteed returns on investments made towards the policy. The policyholder is required to pay a single premium for the plan and he/she can enjoy life coverage for 7 years. It offers a lump sum benefit on the maturity date of the policy.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 11 years

Maximum: 43 years

Age at Maturity (last birthday)

Minimum: 55 years

Maximum: 70 years

Single Premium

Minimum: Rs. 50,000 and thereafter in multiples of 5,000

Maximum: Rs. 1,00,000

Premium payment period

Single premium/fixed

Policy Term

Fixed/7years

**Last Updated on 26-06-2020

vii) IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan

IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan provides protection against uncertainties of life. It offers guaranteed payouts after paying premiums for a limited period of 5 years. You will be provided with the flexibility to choose the premium amount according to your needs.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 55 years

Age at Maturity (last birthday)

Minimum: 18 years

Maximum: 65 years

Minimum Premium

Rs. 20,000 p.a. + applicable taxes

Premium Payment Frequency

Fixed-Yearly

Policy Term

13/15/17 years

Premium Payment Term (in years)

Fixed-5 years

**Last Updated on 26-06-2020

viii) IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 Pay is a money back plan that assists in achieving your financial goals with guaranteed income irrespective of market conditions. It provides enhanced safety with critical illness benefits. The plan offers life coverage for 13 years for a premium payment of 6 years.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 10 years

Maximum: 50 years

Age at Maturity (last birthday)

Minimum: 23 years

Maximum: 63 years

Annualized Premium

Minimum: Rs. 35,000

Maximum: Rs. 20 lakhs

Premium Payment Frequency

Fixed- Yearly

Premium Payment Term

Fixed- 6 years

Policy Term

Fixed- 13 years

**Last Updated on 26-06-2020

ix) IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay allows the life assured to get fixed annual payouts with a premium payment up to 7 initial policy years in addition to life insurance cover. Critical illness benefit, along with tax benefits can also be enjoyed under the policy. The policyholder can choose the premium payment amount as per his/her affordability.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 10 years

Maximum: 50 years

Age at Maturity (last birthday)

Minimum: 24 years

Maximum: 64 years

Annualized Premium

Minimum: Rs. 35,000

Maximum: Rs. 20 lakhs

Sum Assured

Minimum: Rs. 1.45 lakhs

Maximum: Rs. 10 lakhs (per life)

Premium Payment Frequency

Fixed-Yearly

Premium Payment Term

Fixed-7 years

Policy Term

Fixed-14 years

**Last Updated on 26-06-2020

x) IDBI Federal Secured Income Plan

IDBI Federal Secured Income Plan is a plan where the policyholder can enjoy guaranteed annual income for 10 years by making an investment towards the plan for the initial 10 years of the policy. It provides financial security to your family together with life coverage for 20 years. It also offers additional protection in case of total and permanent disability of the life assured.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 8 years

Maximum: 50 years

Maximum Age at Maturity (last birthday)

70 years

Annualized Premium

Minimum: Rs. 30,000

Maximum: No Limit, subject to Board approved UW guidelines

Sum Assured

Minimum: Rs. 2 lakhs

Maximum: Rs. 10 lakhs (per life)

Payout Period

Fixed-10 years

Premium Payment Term

Fixed-10 years

Policy Term

Fixed-20 years

**Last Updated on 26-06-2020

5. 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 maintain a good lifestyle post-retirement. The retirement plan pays the life assured with a regular monthly income or at periodic intervals as per requirements.

IDBI Federal offers the below-mentioned retirement plan to its clients:

i) IDBI Federal Guaranteed Lifetime Income Plan

IDBI Federal Guaranteed Lifetime Income Plan offers guaranteed regular income for retirement life via chosen monthly, quarterly, half-yearly or yearly income payouts. The plan offers flexibility to receive deferred or immediate annuity payments along with the option to choose premium payment frequency.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: Immediate Life Annuity and Immediate Life Annuity with Return of Purchase Price - 45 years;


Deferred Life Annuity with Return of Purchase Price - 50 years


Maximum: 85 Years

Purchase Price

Minimum: Rs. 1,50,000

Maximum: No limit

Annuity Payout Per Instalment 

Rs. 1,000 per payout/

Rs. 3,000 per payout/

Rs. 6,000 per payout/

Rs. 12,000 per payout

Premium Payment Term

Single Premium

Annuity Payout frequency

Monthly/Quarterly/Half-Yearly/Yearly

**Last Updated on 26-06-2020

6. IDBI Federal Health Plan

IDBI Federal Health Plan offers financial protection to the policyholder against health care expenses due to hospitalisation. The plan is specially designed to provide complete coverage towards heart and cancer ailments. Under the health plan, one can also opt for an income benefit option at the inception of the policy by paying extra premiums.

Here's the health insurance plan offered by IDBI Life Insurance Company:

i) IDBI Federal Health & Cancer Shield Plan

IDBI Federal Health & Cancer Shield Plan is a non-linked and non-participating health insurance plan that offers comprehensive health cover against heart and cancer diseases. It also offers coverage to minor and major stages for both heart and cancer patients. The plan pays a fixed benefit payout regardless of the actual amount spent on treatment of the specified disease.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 65 years

Age at Maturity (last birthday)

70 years

Sum Assured (in Rupees)

  • For Heart Care:

Minimum- Rs. 10,00,000

Maximum- Rs. 30,00,000

  • For Cancer Care:

Minimum- Rs. 10,00,000

Maximum- Rs. 30,00,000

  • For Heart and Cancer Care:

Minimum- Rs. 20,00,000

Maximum- Rs. 60,00,000;

Above limits are subject to underwriting

Premium Payment Term

Same as the Policy Term

Premium Payment Frequency

Yearly

Policy Term

Minimum: 5 years

Maximum: 20 years

**Last Updated on 26-06-2020

7. IDBI Federal Group Plans

IDBI Federal Group Life Insurance Plans are offered to the employers or groups of an organisation. These group policies provide life insurance cover to the members or employees based on their annual income. It also provides flexibility to choose and change the sum assured amount from time to time as per specific needs.

Now, let us check out the range of group plans offered by IDBI Federal life insurance:

i) IDBI Federal Group Term Life Plan

IDBI Federal Group Term Life Plan is a group insurance plan for employers that cater to a wide variety of groups by offering them basic life insurance coverage. This group term plan is for formal and informal groups. It also offers life insurance coverage to members and employees at affordable prices.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 15 years

Maximum: 70 years

Age at Maturity (last birthday)

Minimum: 17 years

 Maximum: 75 years

Sum Assured

Minimum: Rs. 5,000

Maximum: Rs. 10 Crores

Premium Payment Term

5 years only

Minimum Group Size

50

Policy Term

8 to 30 years

**Last Updated on 26-06-2020

ii) IDBI Federal Group Loan Suraksha Plan

IDBI Federal Group Loan Suraksha Plan is a non-participating, non-linked and single premium group credit life insurance plan. The plan offers 2 cover options, viz., level cover and reducing cover. It also offers the choice of joint life coverage and proportionate coverage along with insurance coverage for the moratorium period (the period before the loan EMIs begin).

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 15 years (only for education loan); 18 years (for all other loans)

Maximum: 65 years

Age at Maturity

19 to 80 years

Cover ceasing age of the member (as on last birthday)

Maximum: 65 years

Cover Term

Minimum: 1 year

Maximum: 20 years (including moratorium period, if any)

Premium payment term

Single premium

Moratorium period

Minimum: 1 year

Maximum: 7 years

Death Sum Assured at inception per member

Minimum: Rs. 50,000

Maximum: Rs. 30 crores

Minimum Group Size

Minimum: 50

Maximum: No limit

Policy Term

1 Year Renewable

**Last Updated on 26-06-2020

iii) IDBI Federal Group Employee Benefit Plan

IDBI Federal Group Employee Benefit Plan is a unit-linked fund based non-participating life insurance plan for groups and employers. The plan acts as an investment platform for employees to earn market-linked returns. It offers life insurance coverage together with 2 fund options to opt for as per individual requirements.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 79 years

Maximum Age at Maturity (last birthday)

80 years

Minimum Initial Contribution

Rs. 15 lakhs

Death Sum Assured

Rs. 5,000 (per member)

Additional Contribution

As certified by the Actuary's certificate submitted by the employer in accordance with the 'AS 15' terms and conditions

Contribution/Premium Payment Frequency

Yearly/half-yearly/quarterly/monthly

Minimum Group Size

10

Policy Term

1 Year Renewable

**Last Updated on 26-06-2020

iv) IDBI Federal Group Microinsurance Plan

IDBI Federal Group Microinsurance Plan is an ideal and affordable plan for self-help groups, microfinance institutions and NGOs. It provides life insurance cover to its group members and secures their families financially after the death of the insured member. Under the plan, no medical tests are required up to a maximum sum assured of Rs. 50,000. Also, you can choose either level cover option or decreasing cover option to receive death benefits under the policy.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 60 years for Employer-Employee Schemes &

59 years for Non-Employer-Employee Schemes

Age at Maturity

65 years for Employer-Employee Schemes &

70 years for Non-Employer-Employee Schemes

Benefit Term 

Fixed - 5 years only

Minimum Sum Assured

Rs. 5,000 (Per Member)

Rs. 20 lakhs (Per Scheme)

Minimum Contribution at Scheme Level

Rs. 5 lakhs

Minimum Group Size

  • 20 for Employer-Employee Schemes;
  • 50 for Non-Employer-Employee Schemes

Policy Term

1 Year Renewable

**Last Updated on 26-06-2020

v) IDBI Federal Retiresurance Group Insurance Plan

IDBI Federal Retiresurance Group Insurance Plan is an affordable and unit-linked group insurance policy for employers. This policy is a way to manage funds for a well-planned post-retirement life of the employees. The various employee benefits such as gratuity, superannuation and leaves encashment are covered under the policy. It offers guaranteed additional interest rates into the policy account on a quarterly or an annual basis.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 79 years

Maximum Age at Maturity

80 years

Minimum contribution

Rs. 1 lakh (at the inception of the policy)

Premium Per Group/Scheme

Minimum: Rs 2,500

Maximum: No Limit

Minimum Sum Assured

Rs. 1,000 per employee (fixed)

Funds available

7 Funds options

Minimum Group Size

10 members per group

Maximum Group Size

No limit

Policy Term

1 Year Renewable

**Last Updated on 26-06-2020

vi) IDBI Federal Termsurance Group Insurance Plan

IDBI Federal Termsurance Group Insurance Plan is a term plan for a variety of formal and informal groups to ensure life protection cover to its employees or members at nominal prices. In case of death of the policyholder, a death benefit is paid to the beneficiary of the insured group member. This insurance can be clubbed with deposit bank accounts by the bank owners that act as an advantage to attract new customers.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years (in case of Employer-Employee Groups & Accidental Death Benefit option) 15 years (in case of Non-Employer-Employee Groups)

Maximum: 69 years

Cover ceasing age of the member (age as per last birthday)

Minimum: 19 years (in case of Employer-Employee Groups & Accidental Death Benefit option) 16 years (in case of Non-Employer-Employee Groups)

Maximum: 70 years

Sum insured of the member

Minimum: Rs. 5,000

Maximum: No limit (subject to underwriting)

Accidental death sum insured 

Minimum: Rs. 5,000

Maximum: Rs. 50 lakhs

Terminal illness sum insured

Minimum: Rs. 5,000

Maximum: Rs. 50 lakhs

Premium Payment Term

Equal to the policy term

Minimum Group Size

50

Policy Term

This is a yearly renewable group term assurance plan. The master policy will be renewed at the annual renewal date provided the premium is received within the grace period by the insurer.

**Last Updated on 26-06-2020

vii) IDBI Federal Termsurance Group Protection Insurance Plan

IDBI Federal Termsurance Group Protection Insurance Plan is an affordable group term plan for employers to provide wider coverage to the employees and their families with a variety of plan options. The policy is specially designed for employer-employee and affinity groups. It offers death benefits along with maturity benefits and options to choose premium payment terms as per your needs.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 74 years

Age at Maturity

65 years

Sum Assured

Minimum: Rs. 3 lakhs

Maximum: 10 lakhs

Minimum premium per scheme

Rs. 2 lakhs

Premium Payment Frequency

Yearly/half-yearly/quarterly/monthly

Minimum Group Size

50

Policy Term

One Year (Renewable)

**Last Updated on 26-06-2020

viii) IDBI Federal Loansurance Group Insurance Plan

IDBI Federal Loansurance Group Insurance Plan is a group credit protection plan that is offered to employers so that they can provide security to borrowers' assets and savings. It offers financial protection to the family of the insured member against the burden of loan liabilities. One can enjoy discounts on opting for a joint life cover option. In case of death during the moratorium period, this policy takes care of the finances by offering death benefit.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 69 years

Age at Maturity (last birthday)

75 years

Minimum Contribution

Rs. 5 lakhs

Sum Assured

Minimum: Rs. 2,000 (Per Member)


Maximum: Rs. 5 lakhs (Per Member)

Premium Payment Frequency

Yearly/half-yearly/quarterly

Minimum Group Size

50

Policy Term

One Year (Renewable)

**Last Updated on 26-06-2020

ix) IDBI Federal Group Loan Secure Plan

IDBI Federal Group Loan Secure Plan offers protection to the banks and financial institutions against loans taken by the borrowers. The policy covers property loans, home loans as well as plot loans. It also offers a choice of two death benefit options. This plan also provides life cover options for single life, joint life or proportionate cover for co-borrowers of a loan.

Eligibility Criteria

Age at Entry (last birthday)

Minimum: 18 years

Maximum: 65 years

Age at Maturity

Minimum: 20 years

Maximum: 75 years

Minimum Sum Assured

Rs. 5,000 (Per Member) Fixed

Maximum Sum Assured

Rs. 1 lakh (Per Member) &

Rs. 20 lakhs (Per Scheme)

Premium Payment Frequency

Annually, half-yearly, quarterly or monthly

Minimum Group Size

Minimum: 50

Maximum: No limit

Policy Term

Minimum: 2 years

Maximum: 30 years (including moratorium period, if any)

**Last Updated on 26-06-2020

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  • It is an IRDAI approved online insurance web aggregator.
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IDBI Federal Life Insurance: Claim Settlement Process

Register Claim:

The nominee is required to intimate the company about the incident by filing a claim form. The claim form can be downloaded from IDBI Federal's official website or grabbed from any of the insurer's branch offices. This procedure requires the following details:

  • Policy Number.
  • Name of the nominee.
  • Cause of death.
  • Date and time of death of the policyholder.

Claim Processing:

The nominee has to attach some relevant documents along with the claim form at the time of submission of the duly filled claim form. Here's the list of documents that need to be attached:

  • Original policy documents.
  • Death certificate of the policyholder.
  • Medical summary of the policyholder, if died due to illness.
  • In the event of accidental death, a copy of FIR is required together with a post-mortem report.
  • Nominee's bank account details with a cancelled cheque or bank statement.
  • ID proof of the nominee such as voter ID, PAN card, aadhaar card, etc. (Photocopies attested by a Gazetted Government Officer).

Claim Settlement Payout:

On receipt of all the necessary documents, the insurer will further process the claim form with the verification procedure and may contact you in case of any clarification. If everything is found true to their knowledge, then the claim amount will be settled and transferred into the nominee's bank account within 15 working days from the date of submission of claim form and documents.

IDBI Federal Life Insurance Company: Contact Details

Contact Address:

Registered Office: IDBI Federal Life Insurance Co Ltd

22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai - 400013, India.

Customer Support

Phone: 1800 209 0502 (Toll-free)

E-mail Desk: support[at]idbifederal[dot]com (In case you have any queries related to your Application/Policy, the company will respond to you in 24 to 48 hours).

Chat with 'Rehan' (your Virtual Assistant) on the official website of IDBI Federal Life Insurance.

For Self-service options, you may visit "Customer Portal": https://mypolicy[dot]idbifederal[dot]com.

IDBI 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.

Last updated on 26-06-2020