IDBI Federal Life Insurance, which was formerly known as IDBI Fortis Life Insurance, is a joint venture between three companies - IDBI Bank, Federal Bank and Ageas, a European insurance company. The company was formed in 2008 with IDBI bank holding 48% equity and Ageas and Federal Bank holding 26% each. IDBI has over 2,500 branches spread over the country. IDBI Bank Ltd. is one of India’s top commercial banks offering a variety of fiscal products and services for retail and corporate customers. Federal Bank is a top private sector bank in India with leading presence in Kerala. The bank provides financial products and services for over four million retail customers. The bank also provides ingenious technological solutions to its customers.Ageas is a European international insurance company and it focuses its business in Europe and Asia. They also focus on four segments: Belgium, United Kingdom, Continental Europe and Asia.
Key Highlights of IDBI Federal Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 84.79% for year 2015-2016
100% Grievances Settled for year 2015-2016
To be eligible for IDBI Federal Life Insurance
You should be at least 18 years old
You should be less than 55 years old
You should be either Salaried, Self- employed, a professional or have your own business
IDBI Federal Life Insurance at a Glance
A maximum tenure of 25 years
Min Sum Assured: Depends on age, premium payment and policy term
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an IDBI Federal Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Types Of Life Insurance Policies Offered by IDBI Federal:
IDBI Federal offers multiple types of life insurance policies which are designed to fulfill a variety of financial goals like retirement planning, planning for your child’s future, maximizing your savings. It also offers group insurance plans which can allow employers to offer insurance cover to their employees and also help them build wealth. Following is the list of plans offered.
IDBI Federal Life Childsurance Savings Protection Insurance Plan: IDBI Federal Life Childsurance Savings Protection Insurance Plan is an endowment plan that ensures that your child’s financial needs are fulfilled even in the case of the unfortunate event of you not being around.
|Plan||Basic sum Assured||Policy Term|
|Childsurance Savings Protection Insurance Plan||Min – Subject to minimum premium Max – No limit||Min: 10 years Max: 25 years|
· IDBI Federal Lifesurance Whole Life Savings Insurance Plan: IDBI Federal Life Whole Life Savings Plan is an insurance plan that offers life cover up to 100 years of age. A lump sum amount will be paid at the end of premium payment term and payment is made again when the insured reaches 100 years of age.
· IDBI Federal Lifesurance Savings Insurance Plan: IDBI Federal Life Lifesurance Savings Insurance Plan is a traditional savings plan that offers bonuses to boost one’s savings.
|Plan||Basic sum Assured||Policy Term|
|Lifesurance Whole Life Savings||Min – Depends on age at entry & premium payment term; Max – No limit (subject to underwriting)||-|
|Lifesurance Savings||Min – Depends on age at entry & premium payment term; Max – No limit (subject to underwriting)||10, 15, 20 & 25 years (depending on premium payment term.|
IDBI Federal Life Group Insurance Plans ensures that the financial interests and needs of a group is protected and fulfilled.
· IDBI Federal Life Termsurance Group Insurance Plan: IDBI Federal Life Termsurance Group Insurance Plan helps the employer provide life cover insurance not only to the employees but also to customers, suppliers and affiliated groups.
· IDBI Federal Life Group Microsurnace Plan: IDBI Federal Life Group Micro insurance Plan is designed for Micro Financial Institutions. This plan helps institutions provide life insurance to members of the group and also provide loan protection to their families.
· IDBI Federal Life Termsurance Sampoorn Suraksha Micro-Insurance Plan: IDBI Federal Life Termsurance Sampoorn Suraksha Micro-Insurance Plan is a pure term insurance plan that offers financial protection at a very minimal cost. One can opt for either a 5 year or 10 year policy term plan.
· IDBI Federal Loansurance Group Insurance Plan: IDBI Federal Life Loansurance Group Insurance Plan is for lending institutions. It helps institutions protect their clients’ savings and assets.
· IDBI Federal Life Insurance Retiresurance Group Insurance Plan: It is a non-linked, non-participating insurance plan designed for employer-employee groups that will help the employer plan and manage funds for the employee’s retirement benefits.
|Plan||Sum Assured||Policy Term|
|Termsurance Group Protection||Varies for different kinds of Sum Assured provided under policy||1 year renewable plan|
|Termsurance Group||Min – Rs 5,000; Max – no limit||1 year renewable plan|
|Group Microsurance||Min – Rs 5,000; Max – Rs 50,000||-|
|Termsurance Sampoorn Suraksha||Min – Rs 5,000; Max – Rs 50,000||5 years & 10 years (fixed term)|
|Loansurance||Min – Rs 10,000; Max – No limit||Min. & max. term varies with cover option|
|Retiresurance||-||Yearly renewable plan|
IDBI Federal Life Incomesurance Guaranteed Money Back Insurance Plan: It is an endowment plan as well as a money back insurance plan where the premium is paid only for the first five years of the policy term. The insured will receive guaranteed annual payments every year from the 6th year.
|Plan||Sum Assured||Policy Term|
Incomesurance Money Back
|Death Sum Assured – Minimum is fixed; Max. Is 10x Annual premium||10 years (fixed)|
· IDBI Federal Life Wealthsurance Growth Insurance Plan SP: IDBI Federal Life Wealthsurance Growth Insurance Plan SP is a single premium ULIP. It is a onetime investment plan wherein premiums can be paid at once and the benefits can be enjoyed by the insured. This plan also offers life cover.
· IDBI Federal Life Wealthsurance Suvidha Growth Insurance Plan: IDBI Federal Life wealthsurance Suvidha Growth Insurance Plan is an investment and life cover plan wherein one can manage their own funds or opt for a systematic allocator which will ensure that there is an equal balance between investment growth and safety.
· Wealthsurance Growth Insurance Plan: IDBI Federal Life Wealthsurance Growth Insurance Plan offers customers 9 fund options among which customers can choose to invest in one or more depending on their risk appetite.
|Plan||Sum Assured||Policy Term|
|Wealthsurance Growth Insurance Plan SP||Min. & max. Sum Assured will vary depending on age at entry||5 / 10 / 15 / 20 & 25 years (subject to min. & max. maturity age)|
|Wealthsurance Suvidha Growth||Fixed; 10 times of Annual premium||10, 15 & 20 years|
|Wealthsurance Future Star||Min. & max. Sum Assured will vary depending on age at entry||Min – 10 years; Max – 25 years|
|Wealthsurance Growth||Min. & max. Sum assured will vary depending on age at entry||Min – 10 years; Max – 30 years|
· iSurance Flexi Term Insurance Plan
· iSurance Online Term Insurance Plan
|Plan||Sum Assured||Policy Term|
|iSurance Flexi Term||Min – Rs 50,00,000 Max – Rs 30,00,00,000||Min – 10 years; Max – 62 years|
|iSurance Online Term||-||Min – 10 years; Max – 25 years|
How to Claim Insurance With IDBI Life Insurance:
Raising a claim is a simple and hassle free process with IDBI Federal. Customers have to follow a 3-step process to register a death claim.
Step 1 - Register The Death Claim
The claimant must register a death claim in writing, along with submitting the required documents. These include the Death Claim Form, Original Policy Document, Original / Attested copy of Death Certificate issued by Municipal Corporation, nominee’s photo ID and Residential proof (attested copy), medical records for the time of death and documents pertaining to any past illnesses which the insured may have suffered from, cancelled cheque of the nominee’s bank account (with the IFSC code). The company will register a claim once the aforementioned has been received.
Step 2 – Processing The Claim
Once the documents have been received, the claim department will look into the claim. Provided that no further details or documents are required regarding the claim, the insurance company will settle the death claim in a duration of under 8 days.
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 Transfer (EFT). If the amount cannot be transferred via EFT, the insurance company will send the payment via cheque to the nominee’s registered mailing address.
IDBI Life Insurance Claim Settlement Ratio:
|2014 - 2015||75.80%|
|2013 - 2014||90.34%|
Documents Required for Buying IDBI Life Insurance:
If you wish to apply and purchase any IDBI Federal Life Insurance policy, you will be required to submit certain documents such as your proof of identity, proof of age, proof of income, proof of residence and a copy of your PAN Card. For a complete list of documents required, please contact any IDBI Federal Life Insurance representative or visit any of their branch offices.
How Do I Check IDBI Federal Life Insurance Policy Status:
If anytime you wish to check the status of your IDBI Federal life insurance policy, you can easily do so by visiting their website. For checking the policy status and details, you will be required to provide policy related details like your policy number and your date of birth. Once you have provided that information, the page will immediately display the details and status of your policy.
IDBI Life Insurance Online Payment:
Making the premium payment for your IDBI Federal Life Insurance policy is simple and convenient. Apart from several offline payment options, customers can also pay their premiums online through multiple channels including internet banking, credit cards, debit cards, e-wallets, cash cards, IMPS and also through easy EMI facility available on select cards.
IDBI Life Insurance Premium Calculator:
Before making any purchase, it is better to know the price of the product. Life insurance is no different, as it is a substantial expense which gets added to your monthly budget. If you are planning to purchase an IDBI Federal Life Insurance policy, you can easily find out the cost of premiums you will be paying, with the help of an online tool called the Premium Calculator. IDBI allows customers to calculate the premium costs for each of their policies. For calculating the premium amount, you will be asked to provide certain details pertaining to the policy which you’ve chosen, like the term of the policy, your age and the amount of sum assured which you have chosen. Based on this, information, the tool will calculate the premium amount which you will be paying towards your insurance cover.
IDBI Life Insurance FAQs:
1. What are different types of life insurance offered by IDBI Federal Life?
A. IDBI Federal Life offers the following products:
- IDBI Federal Group Micrinsurance plan
- IDBI Federal Loansurance Group Insurance Plan
- IDBI Federal Lifesurance Savings Insurance Plan
- IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan
- IDBI Federal Chiildsurance Savings Protection Insurance Plan
- IDBI Federal Wealthsurance Suvidha Growth Insurance Plan
2. What are the documents that are to be submitted while taking a life insurance?
A. You will have to submit your identify proof, age proof, address proof, income proof and PAN card while applying for the Life insurance products.
3. What are the modes of premium payments available?
A. You can pay the premiums through the following modes:
- Pay online
- Through IDBI Bank branch
- Through Federal Bank
- Through IDBI Federal branch
- Through your advisor
- Through cheque pick-up facility
- Standing instructions facility
- ECS or direct debut instructions facility.
4. Is there a way to track the NAV?
A. Yes, you can go to the Bank’s website and you have to fill in the following information to view the NAV:
- Select choice to view NAV or Graph
- Select the fund
- Select the scheme
- Finally select the date
5. How do I know the status of my application?
A. To know the status of your application, visit the IDBI Federal website. You will have to fill in the application number in the Track your application section to know your status.
6. What happens if I miss the premium payment?
A. If you miss the premium payment, your plan will lapse and you will have to revive it within 2 years from the day of lapsation. Refer your product document to know more about this.
7. What is the process to make the claim?
A. The claim must be reported at the earliest and you can refer the following link to avail the death benefit claim form their official website.
8. What happens if I have lost the original policy document at the time of making a claim?
A. If the original policy document is lost or misplaced, you will be asked to submit some alternate documents and the claim will be processed.
9. Can I surrender the policy? What is the criteria for policy surrender?
A. Yes, you can surrender the policy after the completion of the lock-in period. The criteria for policy surrender are as follows:
- The policies that are in force, paid up and discontinued can be surrendered.
- The request must be received after completing the policy lock in period.
- The request must be received form assignee, Karta and trustee under the consent of the policyholder if the policy has been assigned, for HUF and MWP.
- If it is a ULIP, then date and time stamp is mandatory.
- If the life insured is a minor, the request will be rejected.
10. How can you contact IDBI Federal Life?
A. You can visit the nearest branch or call on 1800 209 0502 or SMS ‘LOAN” to 5757515 and the agent will call you back.
11. What is implied by a ‘Death Claim’?
A. If the life insured passes away during the term of the policy i.e. before the policy has reached maturity, the amount payable under the policy will be given as a claim to the nominee named in the policy. This claim is known as a Death Claim.
12. What is the duration within which the claim has to be reported?
A. There is no specific time frame mentioned, but the claimant must report the claim as soon as possible, to ensure that the process can be initiated quickly.
13. Who may receive the claim benefit?
A. Any of the following may be entitled to receive the claim benefit:
· The Nominee or Appointee (in case of minor Nominee) last recorded under the policy, if the policy has been taken by some for their own life.
· The Proposer (if the policy has not been taken for one’s own life)
· Assignee (if the policy was assigned).
· Trustee under MWPA (Married Woman Protection Act) policies / Karta (in case of HUF (Hindu Undivided Family policies).
14. Will TDS be applicable on partial withdrawals?
A. Yes, TDS will be applicable even for partial withdrawal – maturity, surrender and termination payouts.
15. Can I change the mode of premium payment during the policy?
A. Yes, you may change the mode by which you want to pay your premiums, after the policy has commenced. You may only request for a change in premium payment mode once the policy is in force. The request for the same will only be accepted 30 days prior to the due date of an in-force policy.
News About IDBI Federal Life Insurance
IDBI Bank to raise Rs.3771 crore
Mumbai: The IDBI Bank on Wednesday got the go-ahead from the SEBI to raise around Rs.3771 crore from the QIP (qualified institutional buyers) mode, which is expected to reduce government holding in the Bank from 80% to 65%. According to representatives of IDBI Bank, non-core assets would be sold to raise the required capital. LIC can invest around Rs.1500 crore via preferential shares in IDBI Bank, according to reports.
28th February 2016
IDBI Bank sells its stake to Life Insurance Corporation
IDBI Bank surges 4% higher at Rs.56.10 to raise Rs.1, 500 crore by selling stake to Life Insurance Corporation. Recently, the bank traded 6225095 shares on the counter. IDBI Bank currently holds Rs. 10421.79 Crore as its market cap. The scrip of the company touched a high of Rs. 57.25 and low of Rs. 55 in the recent time.
23rd February 2016
Incomesurance Guaranteed Money Back Insurance Plan 7 Pay launched by IDBI
A new product was launched by the IDBI Federal Life Insurance called the Incomesurance Guaranteed Money Back Insurance Plan 7 Pay. The name is very self explanatory, the plan will require a customer to pay 7 years premiums, after which the customer will start to receive Guaranteed Annual Payouts (GAP) starting from the 8th year of the policy till the 14th year of the policy. These payouts will be exempt from tax under section 10(10D) for the customer. The insurance cover along with guaranteed income will give customer an opportunity to secure their medium to long term goals. The plan also provides their customer of this plan with a critical illness benefit.
15th February 2016
IDBI Federal Life Insurance fined by IRDAI
A fine of Rs. 16 lakh has been imposed on IDBI Federal Life Insurance Company Ltd. by IRDAI for violation of norms and higher commission payment. The sectoral regulator has also levied a penalty of Rs 5 lakh for payment of selling and distribution expenses over and above approved commissions.
The master policyholder was also penalized Rs 1 lakh for death settlement claim under non-employer-employee group policies.
12th November 2015
Cricket Association of Bengal and IDBI Federal Life are now partners
IDBI Federal Life and the Cricket Association of Bengal in order to ensure the cricket activities of the state are strong. Sourav Ganguly will head the Cricket Association of Bengal and serve as its President and the youngest ever to take charge of it. IDBI Federal Life Insurance has a vision to help shape the future and the lives of people who will be part of their sports initiative. The association with the CAB will bring about changes for the better in the game of cricket at the national and international levels as well. The partnership is to bring assurance and support for upcoming cricketers.
19th October 2015
IDBI launches new ULIP - Wealthsurance Future Star Insurance Plan
IDBI Federal has launched a new unit linked insurance plan called Wealthsurance Future Star Insurance Plan. This plan is for parents who wish to protect their children for their future in their absence, and also build them a substantial savings for their future needs. This plan is a unit linked insurance plan to keep up with the escalating costs for the future goals of the children, offers you with triple benefits of Life cover, and manages your investments to suit your needs and risk takings. The investment funds will be a choice of 9 different fund options. This plan is also available for an Income Tax benefit under section 80D and 10(10D).
29th September 2015
IDBI Federal Life Insurance reports lower profit in Q1 2015
IDBI Federal Life Insurance faced a 7.14 percent decline in its net profit at the end of quarter 1 2015, in comparison to the profit last year. While 28 crores was the net profit for the insurance firm in the corresponding quarter of last year, this quarter yielded profits at 26 crore rupees only. Still the insurer has gained an 84% growth in total premium over the Rs. 107 crore in the last financial year.
Growth has been consistent for this joint venture between IDBI Bank, Federal Bank and Ageas despite the small drop in the profit margins.
19th August 2015
IDBI Life improving its Brand Image through Sport Events
IDBI Federal Life Insurance is taking huge steps to revamp its advertising model, by focussing on improving its brand image through sporting events, training camps and inter-school tournaments.
Vighnesh Sahane, CEO of IDBI Federal Life Insurance, is reported to have said that all earlier and more conventional forms of advertising hadn’t brought the company the kind of visibility they expected. So their budget for conventional advertisements will, it seems, take a back seat as IDBI Life focuses more on advertising through sports and linked events.
With plans to break into the top-ten club in the next two years (as regarded by new business premium), we may get to witness IDBI aggressively pursuing this new advertising model.
IDBI Life plans to rope in Star Sports and Parle to sponsor an inter-school football tournament. The sport’s popularity is on the rise with talented players emerging from India, and IDBI plans to ride that wave by nurturing young football talent in schools in various cities.
The company also plans to support and sponsor marathons, and the sport of marathon running itself in an effort to achieve visibility to a niche demographic of marathon enthusiasts.
The biggest step in their new advertising campaign announced thus far seems to be in their efforts to develop young talented bowlers into world-class athletes through the MCA-IDBI Federal Life Insurance Bowling Foundation. The company has tied up with the Mumbai Cricket Association to establish this bowling institute. Former Australian pacer Jeff Thomson has signed on for a 2-year contract, to train promising young pacers, and will be in Mumbai for two months – September 2015 and May 2016.
The resources being pumped in, and the fact that even inter-school tournaments will now be televised will provide a huge boost to sports like football where Indians have talented players, but no cricket-level exposure.
27th July 2015
Posterscope India unveils new campaign for IDBI Federal Life Insurance
With the insurance buying season just around the corner, companies are gearing up to launch new campaigns to attract more customer to the host of products offered by them. The latest in this trend is IDBI who had contracted Posterscope India to create a campaign for their prime product, the IDBI Federal Life insurance Whole Life plan. The plan was to ensure that the IDBI campaign didn’t get ignored in the clutter of financial service advertising but managed to stand out and that is what the campaign did.
Not only did Posterscope India have to create a campaign for a massive geographical area they also had to ensure that the campaign worked well even in the local languages of the regions that were to be targeted. Coming up with an impressive implementation strategy, the company was able to ensure timely delivery of the campaign. The campaign consisted of over 350 media units, more than 200 unique artwork adaptations and a cinema screen advertising campaign which was targeted at multiplexes and single screen theatres across the country.
3rd March 2015
Suggestions for the budget 2015-16: IDBI Federal Life Insurance
Vignesh Shahane, CEO of IDBI Federal Life Insurance, has made some suggestions that the government could adopt in order to encourage long term savings in the country. He has suggested that tax benefits be offered for term policies where the tenure exceeds 10 years under sections 80C and 10(10D). He has also suggest a separate tax exemption to be applied to long term savings instruments like life insurance and pension plans and called for them not to be clubbed with the existing tax limits.
He has also suggested that all contributions made towards superannuation funds be made tax free. The limit right now is Rs. 1 lakh and the taxes payable make superannuation funds unattractive for employees as savings plans. For pension/annuities he has proposed a plan where any money received from a pension plan used to buy annuity plans should not be taxed for that year. He has also called for clarification of the applicability of section 194DA from the CBDT in relation to insurance products.
He has also suggested that the TDS limit for insurance commission be raised from Rs. 20,000 to Rs. 50,000 and TDS certificates be issued annually instead of the current quarterly time period. To make certain insurance products more affordable he has proposed that the service tax on these products be revised and even called for the simplification of rules that related to the Point of Taxation.
24th February 2015