Ageas Federal Term Insurance
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Ageas Term Insurance (Formerly IDBI Federal Life Insurance)

Ageas Federal (formerly k/a IDBI Federal Life Insurance Company) was established in 2008. It is a joint venture between IDBI Bank, Federal Bank and Ageas. Headquartered in Mumbai, the company has a multi-channel network that consists of insurance brokers, agents, bancassurance partners, etc.

Ageas Federal term insurance plans offer financial protection to the family on the unfortunate death of the life assured.

Features of Ageas Federal Term Insurance Plans

  • The term plans offered by the company offer a lot of flexibility in plan options. Policyholders can choose the suitable one per their financial objectives.
  • Every term plan discussed below allows buyers to select the policy term. They can choose to remain covered for upto 85 years of age as well.
  • Premium payment term is another avenue for policyholders to customize their plans according to their current financial base and future objectives.
  • The death benefit payable in the event of the unfortunate demise of the policyholder is paid either in a lump sum or as periodic instalments.

Benefits of buying Ageas Federal Term Insurance

1

Lump-Sum payout in 24 hours

2

10% increase in Sum Assured every 3 years

3

Return of Premiums on Maturity

4

Regular source of income for dependents

Claim Settlement Ratio of Ageas Life Insurance

The ET-Brand Equity Study ranked Ageas Federal Life Insurance Company (formerly IDBI Federal Life Insurance Co.) in the Top 10 most trusted life insurance brands in India. The company reported a claims settlement ratio of 96.47 in FY 2019-20.

Claim Settlement Ratios of Private Life Insurance Companies

Claim Settlement Ratios of Private Life Insurance Companies

*Data has been sourced from IRDAI Annual Report

Ageas Federal Term Plans in India

S. No.Names of PlansWho should buy it?
1Saral Jeevan Bima The plan can help those who are on a budget.
2MyLife Protection Plan The plan can be of help for women, non-tobacco users and marathon runners given the discounted rates available to them.
3Income Protect Plan Individuals interested in enhancing their cover with additional riders should consider this plan.
4Termsurance Life Protection Insurance Plan People who want low-cost cover and flexibility in their plan may find this plan suitable.

Overview of Plans

  1. Ageas Federal Life Insurance Saral Jeevan Bima

    The Saral Jeevan Bima plan is a non-participating, non-linked, pure risk term insurance plan that offers comprehensive life insurance cover and offers a lump-sum death benefit.

    Key Features

    • Option to choose policy term and premium payment term per convenience.
    • The death benefit is paid as a lump sum payout
    • Differential discount rates are applicable for men and women

    Eligibility Criteria

    Minimum Age of Entry18 years
    Maximum Age of Entry65 years
    Maximum Age of Maturity70 years
    Term of the Policy5 to 40 years
    Sum AssuredMinimum: Rs. 5,00,000, Maximum: Rs. 25,00,000
    Premium Paying TermRegular Pay, Single Pay, Limited Pay (5 years / 10 years)
    Premium Paying FrequencyYearly, Half-yearly, Monthly
    Premium AmountMinimum: Rs. 1,391, Maximum: Rs. 5,04,085*

    *May vary in cases where Premiums are changed per underwriting requirement(s)

  2. Ageas Federal Life Insurance MyLife Protection Plan

    This individual, pure risk term protection plan allows policyholders to choose from different plan options and can help secure the financial future of your family.

    Key Features

    • Enhanced protection with Accidental Death benefit.
    • Discounts on premiums for women, non-tobacco users and marathon runners.
    • Option to choose policy term and premium payment term.
    • Flexibility to choose from 3 different plan options, viz. Regular Coverage, Coverage Booster and Smart Coverage.

    Eligibility Criteria

    Minimum Age of Entry21 years
    Maximum Age of Entry65 years
    Age of MaturityMinimum: 31 years, Maximum: 85 years
    Term of the Policy10 years*
    Minimum Sum AssuredRs. 50,00,000
    Premium Paying TermRegular Pay, Single Pay, Limited Pay (7/10/15/20/25 years)
    Premium Paying FrequencyYearly, Monthly
  3. Ageas Federal Life Insurance Income Protect Plan

    Ageas Federal Income Protect Plan is a term plan that offers security to your family in your absence along with life cover. It takes care of your family's unexpected expenditure by providing a lump sum benefit.

    Features & Benefits

    • The plan offers high coverage at low premium rates.
    • It offers an increasing monthly income option at a simple rate of 5% every year to meet the expenses in the future.
    • There are flexible premium payment terms and policy terms to suit your financial needs.
    • The lump sum death benefit is equal to 12 times of monthly income as on date of death.
    • It does not offer any maturity benefit on the maturation of the policy.

    Eligibility Criteria

    Minimum Age of Entry25 years
    Maximum Age of Entry60 years
    Maximum Age of Maturity70 years
    Term of the Policy10 to 30 years
    Monthly Income at inceptionMinimum: Rs. 15,000 per month, Maximum: No limit, subject to underwriting
    Premium Paying TermRegular/Limited Options; 10/15/20 years
    Premium Paying FrequencyYearly and monthly
  4. Ageas Federal Life Insurance Termsurance Life Protection Insurance Plan

    It is a non-participating and non-linked term insurance plan, which could assist in safeguarding the family's financial requirements on the death of the policyholder. It offers flexibility to customize a plan according to your convenience.

    Key Features

    • The plan offers a return of premiums on the maturation date of the policy.
    • It provides discounts on choosing high sum assured options.
    • The plan comes out with dual options on the basis of individual needs.
    • It offers special discounts on premium for women policyholders.
    • This plan is liable to pay maturity benefits (up to 100% of total premiums paid) on survival till the maturity date

    Eligibility Criteria

    Minimum Age of Entry18 years
    Maximum Age of Entry60 years
    Maximum Age of Maturity70 years
    Term of the Policy10 to 30 years
    Minimum Sum AssuredRs. 5 lakhs
    Maximum Sum AssuredNo limit, subject to underwriting
    Premium Paying TermSingle Premium, Regular premium: same as the policy term
    Premium Paying FrequencyYearly/Half Yearly/Monthly/Quarterly

    ** These values may change as per different plan options if the plan offers multiple options

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 Buy Ageas Federal Term Insurance Plans?

There are two options to invest in Ageas Federal Term Insurance. Let's take a look at them.

Buy via Ageas Federal Life Insurance Company

  • Visit the official website of Ageas Federal Life Insurance.
  • Click on the 'Buy Online' tab and select the 'term plans' option.
  • Scroll to find the required plan and click on 'Buy Now'.
  • Enter the details such as name, age, date of birth, contact details etc.
  • Tap on 'Next'. Fill in the details and choose plan options.
  • Click on 'Get Quote'.
  • Pay the premium and get the soft copy of the policy documents on your registered email address.

Insurance Calculator

Frequently Asked Questions (FAQs)

1. What are the documents required for submission of a death claim in IDBI Federal Term Insurance?

  • Death Claim Form/Claim intimation Form.
  • Original Policy Documents.
  • Original as well as the attested photocopy of Death Certificate issued by local Municipal bodies.
  • Claimant's ID proof and address proof.
  • Medical history and reports of deceased life assured if death happens due to any disease.
  • Bank details of claimant like IFSC code, passbook photocopy displaying the name of claimant, or any cancelled cheque).

2. Is there any mobile application available for IDBI Federal term insurance?

Yes, 'IDBI Federal Life Insurance App' is there for IDBI Federal term insurance. Mobile app links are available both on Google Play Store and the iOS Apple Store.

3. How much time does IDBI Federal take to process a claim?

IDBI Federal life insurance settles the claim process within 8 days, on a condition that all the documents are submitted and no further investigation is necessary.

However, in some cases, this limit can be extended if the claim information given is inadequate and needs close inspection

4. How much death benefit is payable under IDBI Federal super term plan?

The death benefit is either higher of 10 times of annualised premiums or 105% of total premiums paid under IDBI Federal super term plan.

5. What documents are required to raise the accidental death claim in IDBI Federal Term Insurance?

  • Accidental Death Claim Form is available on the company's website.
  • Original Policy Documents.
  • Original as well as an attested photocopy of Death Certificate issued by local Municipal bodies.
  • Claimant's ID proof and address proof.First Information Report, Police Inquest, Police Panchnama and Final Police Report submitted Police authorities.
  • First Information Report, Police Inquest, Police Panchnama and Final Police Report submitted Police authorities.
  • Verified copies of Postmortem Report and chemical analysis/ viscera reports by treating hospital.
  • Copy of driving license of the deceased (if the deceased was driving at the time of the accident).
  • Newspaper cuttings/photographs of the accident (if available).

6. What are the different variants available under IDBI Federal iSurance Flexi Term Plan?

There are 4 variants available under the plan-

  • Lump sum payment + Conversion Option.
  • Fixed monthly income benefit.
  • Lump sum + fixed monthly income benefit.
  • Lump sum + increasing monthly income benefit.

7. What is the conversion rate for cancer of specified severity as per the option provided in IDBI Federal iSurance Flexi Term Plan?

71% is the conversion rate for cancer of specified severity under the plan.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (9 Total Rating)

February 18, 2022

Pulkit Sangar

Gandhinagar

I am a guitarist where my earnings are limited but i want to have lot of money for my kids and family in future. Life insurance is a good way to collect lot of money without risk.

February 18, 2022

Ashwani

Kochi

My friend told me to take their plans. They have good plans for long term investments. I took for my family and kids future

October 29, 2021

Anayesha Siddqui

Hyderabad

Very good customer support from IDBI Team. I got the Death Befit of my husband s term insurance policy. With this money, I will fulfil my family s dreams.

October 29, 2021

Akshay Tripathi

Mumbai

Very good company IDBI is. I am happy that I choose to be their customer. Customer support is also very good.

September 29, 2021

Akshay Choudhary

Kolkata

It was a good decision to invest in IDBI Federal Life Insurance. I received a very very good satisfactory response.

Last updated on October, 2021

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