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.
|Business Line||Life Insurance|
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.
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.
|Entry Age||Max 85 years|
|Purchase Price||1,50,000 (Min)|No limit (Max)|
|Premium Paying Term||Single-Premium|
|Annuity Payout frequency||Monthly/ Quarterly/ Half-Yearly/ Yearly|
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.
|Entry Age||5 - 60 Years|
|Maturity Age||18 - 74 years|
|Policy Term||10/15/20 years|
|Premium Payment Frequency||Monthly and Annually|
|Premium Payment Term||5/10/15/20|
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.
|Entry Age||1 month completed (Minimum)/70 years (Maximum)|
|Premium Allocation Charge||0.50%|
|Policy term||5/10/15/20 years|
|Premium Payment Term||Single|
|Maturity Age||18 - 75 years|
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.
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.
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.
Last updated on 26-08-2020