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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**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

**Last Updated on 26-06-2020

Why PolicyX.com Is The Best Platform To Buy IDBI Federal Life Insurance Plans?

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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.