Ageas Federal Life Insurance

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.

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:

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.

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

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

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)

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)

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: