IDBI Federal Pension Plans

HDFC Pension Plans
  • 90.33% Claim Settlement Ratio
  • 2900+ Branches
  • 24*7 Customer Assistance
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About IDBI Federal Life Insurance

IDBI Federal is a renowned name in the life insurance industry. With the experience of many years in the same, the company is offering multiple innovative solutions to provide ease to the customers. In a short period, the gross rate of the company has almost doubled. The company keeps on proving itself as it is one of the topmost companies that managed to retain 50% of the customers which shoes its focus and post-sales engagement.

The company has received many awards for being the most trustable insurance company in India. Founded in 2007 the company already has 2900 branches all over India. The company is providing various plans starting from IDBI Federal pension plans, life insurance, child plans, and much more to deal with the different stages of life.

  • Claim Ratio: IDBI carries a decent claim ratio of 90.33%. It means this company is a good option for trustworthy services.
  • Branches: It has around 2900 branches all over the country which makes the connectivity easier. With the same, you can easily clear your queries.
  • Claim Assistance: To provide more comfort to its customers, the company is offering 24*7 claim assistance and make sure all your doubts are clear.
IDBI Federal Pension Plans

Statistics

HeadquarterMumbai
Business LineLife Insurance
Claim Ratio90.33%
Branches2900

IDBI Federal Life Pension Plans In India

IDBI Federal Pension Plans are a great offering by the company. Its great features and innovative solutions to retirement issues are providing great comfort to the needy. Below is the list of all IDBI Federal Life Pension Plans so that you can choose the best pension plan accordingly.

1. IDBI Federal Pension Plans: Guaranteed Lifetime Income Plan

It is an immediate life annuity pension plan that comes out with the lifetime income option for a secure and enjoyable retirement. The company offers the option to receive payouts on a monthly, quarterly, half-yearly and yearly basis. It also offers the option to receive an immediate or deferred opportunity. The plan also offers the return of the purchase price, survival benefit, death benefit and much more.

Key Benefits of IDBI Federal Pension Plans: Guaranteed Lifetime Income Plan

  • Guaranteed Income: The IDBI pension plan has come out with guaranteed income for life which makes the entire retirement phase enjoyable for you.
  • Flexibility To Receive Payout: The plan is offering great options to receive your payouts. You can choose it as per your needs like on a monthly, quarterly, half-yearly and yearly basis.
  • Survival Benefit: It is Annuity Payout payable in arrears for the lifetime of the annuitant. It will commence from the initial year as per the Annuity Payout frequency is chosen at inception.
  • Death Benefits: The plan also offers death benefits. On the death of the insured, Annuity Payout will cease and no further benefits will be payable.

Eligibility of IDBI Federal Pension Plans: Guaranteed Lifetime Income Plan

Entry AgeMax 85 years
Purchase Price1,50,000 (Min)|No limit (Max)
Premium Paying TermSingle-Premium
Annuity Payout frequencyMonthly/ Quarterly/ Half-Yearly/ Yearly

2. IDBI Federal Pension Plans: Wealth Gain Plan

It is a unit-linked pension plan that offers the required life cover and assists to build wealth over the long term. The plan comes out with 8 funds to invest and guaranteed loyalty additions. It also provides flexibility to manage investments. The plan offers financial protection for your loved ones. There are multiple benefits that you will get on choosing this plan.

Key Benefits of IDBI Federal Pension Plans: Wealth Gain Plan

  • Multiple Funds to Invest: With the same, you can choose between 4 equities, 2 debt and 2 balanced investments. This plan allows you to invest your money and switch the funds anytime when you want it.
  • Financial Protection: This IDBI pension plan offers financial protection to you and your loved ones in crucial times.
  • Maturity Benefits: This plan is liable to offer death benefits and maturity benefit as well. These features make it a strong plan for your post-retirement days.

Eligibility of IDBI Federal Pension Plans: Wealth Gain Plan

Entry Age5 - 60 Years
Maturity Age18 - 74 years
Policy Term10/15/20 years
Premium Payment FrequencyMonthly and Annually
Premium Payment Term5/10/15/20

3. IDBI Federal Pension Plans: Wealthsurance Growth Insurance Plan SP

It is a Unit Linked Pension Plan that helps you maximize your returns along with a financial cover for your loved ones. Under this plan, you have to invest only once and can get an enjoyable retirement in return. This plan lets you choose an investment option as per your goals with the flexibility to manage investment options.

Key Benefits of IDBI Federal Pension Plans: Wealthsurance Growth Insurance Plan SP

  • One Time Premium Payment Option: Under this plan, you have to pay the premium for once for the chosen policy tenure.
  • Financial Security: This plan is designed in a way that offers financial security to your loved ones along with guaranteed loyalty additions for better growth.
  • Maturity Benefit: Apart from the death benefit, this IDBI pension plan also provides maturity benefit that will be equal to the fund value in your investment account on the date of maturity.

Eligibility of IDBI Federal Pension Plans: Wealthsurance Growth Insurance Plan SP

Entry Age1 month completed (Minimum)/70 years (Maximum)
Premium Allocation Charge0.50%
Policy term5/10/15/20 years
Premium Payment TermSingle
Maturity Age18 - 75 years

Why IDBI Federal Life Pension Plans?

IDBI Federal Life Insurance Company is one of the strongest life insurance companies in India with a decent experience in the same domain. All pension plans by this insurance company have come out with great features and benefits which are helping customers in having an enjoyable retired life. The claim ratio, specific features, affordable premium, flexible payout options, guaranteed loyalty additional and several forms of discount makes it the best place for your pension plan purchase. IDBI is a trusted insurance company and has gained several awards for its cost-efficient and trustworthy services. It is one of the top 10 most trusted life insurance brands in the country, as per the Economic Times' Brand Equity survey.

Claim Process

Raising a claim for pension plan is an easy and hassle-free process with IDBI Federal. It just takes a 3-step process to register a claim.

Step 1 - Register The Claim: The claimant needs to register a claim in writing along with the required documents. These consist of the claim form, authentic policy document, attested replica of the death certificate( In case of a death claim) issued by Municipal corporation, ID proof and residential evidence (attested reproduction), medical report, and a canceled cheque among others. The company will sign a claim as soon as the aforementioned has been received.

Step 2 - Processing The Claim: Once the files had been accepted, the claim department will check out the claim. Provided that no further details or files are required concerning the claim, the company will settle the claim asap.

Step 3 - Claim Payout: Once the claim has been settled, IDBI Federal will transfer the due claim amount to the nominee's bank account via Electronic Fund Switch (EFT). If the amount can't be transferred through NEFT, the coverage agency will ship the payment cheque to the nominee's registered mailing address.

FAQs

To check the status of the policy, you must visit the IDBI Federal website. You must fill the details in the track sheet to know your status.

If you don't make a premium payment on time, your plan will lapse and you may need to revive it within 2 years from the date of lapsation. Check your policy documents, to know further about the same.

You need to inform the insurance company as soon as possible. Submit the required documents along with medical reports if required.

If you have lost the policy paper then you might be asked to submit a few associated documents to file the claim.

The policy loses out on all of the benefits of the plan. After discontinuance of the coverage, it cannot be withdrawn.

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Last updated on 20-11-2019