IDBI Federal Term Insurance

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.

Types of IDBI Federal Term Insurance Plans

1. IDBI Federal iSurance Flexi Term Plan

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

• The plan offers 4 different plan options to select from as per your requirements.
• It provides flexibility to choose premium payment and policy terms.
• The policy offers discounts on premiums for female lives and basic sum assured of Rs. 75 lakhs and above.
• The death benefit under the plan is equivalent to 105% of the total premiums paid.
• The accidental death benefit can be added with the policy on paying extra premiums.
• Tax benefits can be enjoyed under the policy as per section 80C and section 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria

** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)

2. IDBI Federal Income Protect Plan

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

• 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

** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)

3. IDBI Federal Termsurance Life Protection Insurance Plan

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

• 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

** These values may change as per different plan options if the plan offers multiple options (Last Updated on 21-12-2020)

How To Purchase IDBI Federal Term Insurance Plan?

• Visit the official website of IDBI Federal Insurance.
• Click on the 'Buy Online' tab and select 'term insurance' option.
• Enter the details required like name, age, occupation, salary, etc.
• Tap on the 'continue' button, choose a plan and its given options as per your choice.
• Click on the 'buy' option.
• Pay the premium and get the soft copy of the policy documents on your registered email address.

How To Settle A Claim For IDBI Federal Term Insurance Plan?

Register Claim

Inform the insurer about the incident and the claim at the earliest. The following methods can be adopted:

• Call on the toll-free number: 1800 209 0502.
• Chat with Rehan your Virtual Assistant present on the official website of IDBI Federal insurance.
• For Self-service options, you may visit the "Customer Portal": https://mypolicy[dot]idbifederal[dot]com
• Email Desk: Write to us at support[at]idbifederal[dot]com
• Write to the Office Address: IDBI Federal Life Insurance Co Ltd, 22 nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India.

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.