Ageas Federal Term Insurance
  • 97.03% CSR
  • Return of Premium on maturity
  • Flexible premium payment
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IDBI Federal Life Term Insurance Plans

IDBI Federal Life Insurance(now known as Ageas 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 complete financial protection to the family on the unfortunate death of the life assured. IDBI Federal showcased its impeccable growth strategy that helped it scale great heights in the country only 5 years after its commencement in 2008. The company boasts of a good portfolio of offering its customer's wealth management, protection, and retirement solutions.

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Ageas Federal Term Insurance Plans

Ageas Federal Term Insurance Plans

Key Features of IDBI Federal Life Insurance Company

IDBI Federal Term Insuranceoffers an economical 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 thebest available term insurance plansin the domain.

  • Annual Premium:As per the IRDAI report 2021-22, IDBI Federal Life Term Insurance recorded an annual premium of Rs. 2207.3 Crores.
  • Solvency Ratio:Thesolvency ratioof 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 2021-22 is 3.1. (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 97.03%. (CSR as per IRDAI report of the year 2021-22). The IDBI Federal Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies
IDBI Federal Term Insurance Key Features

All You Need To Know About IDBI Federal Term Insurance? Find complete details in one go!

IDBI Federal Insurance PlansWhy Buy IDBI Federal Term Insurance?RidersBuying ProcessClaim Settlement Process

Benefits of IDBI Federal Term Insurance Company

IDBI Federal Term Plans are some of the best plans in the insurance industry. Read more to find out the benefits of IDBI Federal term insurance:

  • Flexible Plans:IDBI Federal Life Term Plans offer various coverage options, giving you the freedom to select a plan that meets your needs.
  • Tax Benefits:Tax Benefits can be availed for premium payments of IDBI Federal Term Plans under sections 80C and 10 (10D) of the Income Tax Act 1961.
  • Variety of Options Available:IDBI Federal Life term insurance plans offer life cover options to tailor the plan according to your requirements.
  • Athletic Lifestyle Benefit:IDBI Federal Term Plans recognize and reward individuals who have a healthier lifestyle with their low premium options.
  • Maturity Benefit:IDBI Federal term insurance plans offer maturity benefits and high sum assured discounts.

IDBI Federal Best Term Insurance Plans

To secure your family's needs, IDBI Federal Life Term Insurance offers 4 term insurance plans, from which you can choose a well-suited plan for yourself:

  • IDBI Federal Life Saral Jeevan Bima
  • IDBI Federal Life My Life Protection Plan
  • IDBI Federal Life Income Protect Plan
  • Term Insurance Life Protection Plan

Standard Plan

IDBI Federal Life Saral Jeevan Bima

An ideal comprehensive life insurance protection plan with life cover to provide financial security to your family, flexible premium payment, and tax benefits.

Unique Features

  • Avail death benefit
  • Flexible premium payment
  • Discounts for females

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Max Sum Assured 50L
  • Choose To pay Premium Once

Saral Jeevan Bima (Cons)

  • No Maturity Benefit
  • No Survival Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP (5&10 Yrs)

Protection Plan

IDBI Federal Life My Life Protection Plan

An affordable pure protection plan that has 3 plan options to provide comprehensive coverage and offers discounts to female and marathon runners.

Unique Features

  • 3 life cover options
  • Accidental Death Benefit
  • Discounts for marathon runners

My Life Protection Plan (Pros)

  • 105% Death Benefit
  • Discount For Non-Tobacco Users
  • Coverage Booster Option Upto 150%

My Life Protection Plan (Cons)

  • No Maturity Benefit
  • No Loans Allowed
  • No Surrender Benefit For RP

My Life Protection Plan (Other Benefits)

  • Suicide Cover
  • Plan Available Online
  • Discounts for Females & Marathon Runners

My Life Protection Plan (Eligibility Criteria)

  • Entry Age -21 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - RP/SP/LP(7&10 Years)

Protection Plan

IDBI Federal Life Income Protect Plan

The plan comes with a lump sum benefit on the demise of the policyholder and increasing monthly income benefit.

Unique Features

  • Monthly Income Benefit
  • 2 Types of Death Benefit
  • Choose Premium Payment Term

Income Protect Plan (Pros)

  • Secured Income For 10 Years
  • Life Cover For 20 Years
  • No Limit on Max Monthly Income

Income Protect Plan (Cons)

  • Fixed Policy Payment Option
  • No Survival Benefit
  • No HIV/AIDS Cover

Income Protect Plan (Other Benefits)

  • 15 Days Free Look Period
  • Suicide Cover After 1 Yr
  • Total and Permanent Disablement Benefit

Income Protect Plan (Eligibility Criteria)

  • Entry Age -25 Years
  • Max Entry Age- 60 Years
  • Min Sum Assured - 15 K per month
  • Max Maturity Age - 70 Yrs
  • Premium Payment Term - Fixed 10 Years

Standard Plan

IDBI Federal Life Protection Plan

An economical term insurance plan with a maturity benefit, high sum assured, and flexible premium payment options.

Unique Features

  • Multiple cover options
  • Flexible policy term
  • ROP on Maturity Option

Life Protection Plan (Pros)

  • Highly Customizable Plan
  • Suicide Cover After 12 Months
  • Flexibility in Premium Payment Options

Life Protection Plan (Cons)

  • No Loans Allowed
  • No Accidental Death Benefit
  • No Policy Loan Allowed

Life Protection Plan (Other Benefits)

  • Premium Discount For Females
  • High Sum Assured Discount
  • Surrender Benefit

Life Protection Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term -SP & RP

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IDBI Federal Term Plan Riders

There are some general exclusions against which the above-mentioned term insurance plans by the IDBI Federal Term Insurance company would not provide coverage. Let's have a look at them:

  • Accidental death benefits

    An optional benefit to enhance the protection that you can add on to your base plan by payment of an additional premium. The Accidental Death Benefit Sum Assured is paid to the beneficiary as a lump sum in addition to the Death Benefit.

How To Buy IDBI Federal Term Insurance Plans?

IDBI Federal Life allows you to buy a term insurance plan via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.

Steps to buy from IDBI Federal Life Insurance company

  • Visit the official website of IDBI Federal Life Insurance Company.
  • Click on 'All Plans' on the navigation bar and select 'Term Insurance Plans'.
  • Click on the 'Buy Now' button and fill in the required details.
  • Tap on 'Next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to File IDBI Federal Term Insurance Claims?

Filing a claim for IDBI Federal Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for IDBI Federal Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

VInform the company about the incident via various channels- by writing an email at claims@ageasfederallife.com, calling on the toll-free number (1860 209 0502), filling the online claim form on its website, or by visiting the nearest branch. The following details have to be provided during the intimation of your claim:

  • Name of the policyholder
  • Policy number
  • Date of death/event of the life assured
  • Nominee name
  • Cause of death
  • Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • Medical records at the time of death & past illnesses.
  • Account details of the nominee.

In the case of unnatural death (Accidental death/Murder/Suicide)-

  • Death claim form.
  • Death certificate.
  • Account details of the nominee.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • FIR, police inquest report & panchanama
  • Post mortem report.

3. Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over call or email.

How to Contact IDBI Federal Life Insurance Company?

22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India

support@ageasfederal.com

Toll-Free Number: 1800 209 0502

IDBI Federal Term Insurance: 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. 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).

5. Which term insurance plan is the best?

IDBI Federal offers multiple term plans suitable for each and every individual need:

  • IDBI Federal Life Saral Jeevan Bima
  • IDBI Federal Life My Life Protection Plan
  • IDBI Federal Life income Protect Plan
  • Term Insurance Life Protection Plan

6. What features do I get in the Saral Jeevan Bima plan?

It is a simple and easy-to-understand term insurance plan focusing on the pure protection of your family. You get multiple features like lump-sum death benefits, flexible policy term and premium payments, no medical tests required, tax benefits, and more.

7. Should I invest in IDBI Federal My life protection plan?

Yes, the plan promises plenty of features like coverage booster along with regular coverage, flexible policy term, premium payment option, and more.

8. Is there a maturity benefit available with IDBI Federal Income Protect Plan?

Yes, you get a maturity benefit with IDBI Federal Income Protect Plan.

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