IDBI Federal Life Insurance Company was established in the year 2008. It is a joint venture between IDBI Bank, Federal Bank and Ageas. The company is headquartered in Mumbai and has a multi-channel network that consists of insurance brokers, agents, bancassurance partners, etc. As per recent reports of IRDAI, IDBI Federal has been declared as the only life insurance company that retained 50% of its customers for over 5 years as a result of its constant focus on after-sales engagement.
IDBI Federal term insurance plans offer financial protection to the family due to the unfortunate death of the life assured. The IDBI Federal term insurance focuses on giving on-time assistance to meet future liabilities at reasonable prices.
IDBI Federal iSurance Flexi Term Plan is a non-linked and non-participating term insurance plan that provides life cover along with lump sum payout and in-built conversion option for heart attack, cancer or stroke of specified severity.
Features & Benefits
Eligibility Criteria
Minimum Age of Entry | 18 years |
Maximum Age of Entry | 60 years |
Maximum Age of Maturity | 80 years |
Term of the Policy | 10 years to 62 years |
Minimum Sum Assured | Rs. 50 lakhs |
Maximum Sum Assured | Rs. 30 crores |
Premium Paying Term | Same as the policy term |
Premium Paying Frequency | Yearly/Half Yearly/Monthly/Quarterly |
** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)
IDBI 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 unexpected expenditure by providing a lump sum benefit.
Features & Benefits
Eligibility Criteria
Minimum Age of Entry | 25 years |
Maximum Age of Entry | 60 years |
Maximum Age of Maturity | 70 years |
Term of the Policy | 10 to 30 years |
Monthly Income at inception | Minimum: Rs. 15,000 per month Maximum: No limit, subject to underwriting |
Premium Paying Term | Regular/Limited Options; 10/15/20 years |
Premium Paying Frequency | Yearly and monthly |
** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)
It is a non-participating and non-linked term insurance plan, which safeguards the family's financial requirements on the death of the policyholder. It offers high flexibility and low-cost cover options to customize a plan according to your convenience.
Features & Benefits
Eligibility Criteria
Minimum Age of Entry | 18 years |
Maximum Age of Entry | 60 years |
Maximum Age of Maturity | 70 years |
Term of the Policy | 10 to 30 years |
Minimum Sum Assured | Rs. 5 lakhs |
Maximum Sum Assured | No limit, subject to underwriting |
Premium Paying Term | Single Premium, Regular premium: same as the policy term |
Premium Paying Frequency | Yearly/Half Yearly/Monthly/Quarterly |
** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)
Register Claim
Inform the insurer about the incident and the claim at the earliest. The following methods can be adopted:
Documents Submission
Collect and submit the documents requested by the company. The company will evaluate each document and then communicate the final decision to the nominee. If the claim is approved, an acceptance letter will be issued.
Claim Payout
The payment will be processed after evaluation and verification according to the company norms and clauses. The claimant will receive the amount through NEFT transfer (bank account of the claimant)/cheque issued in the name of the claimant.
1. What are the documents required for submission of a death claim in IDBI Federal Term Insurance?
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?
6. What are the different variants available under IDBI Federal iSurance Flexi Term Plan?
There are 4 variants available under the plan-
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.
Last updated on 21-12-2020