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 90.33% for year 2016-2017
100% Grievances Settled for year 2016-2017
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 Insurance Child Plans:
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|
|IDBI Federal Life Childsurance Savings Protection Insurance Plan||Min – Subject to minimum premium Max – No limit||Min: 10 years Max: 25 years|
IDBI Federal Life Insurance Endowment Plans:
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|
|IDBI Federal Lifesurance Whole Life Savings||Min – Depends on age at entry & premium payment term; Max – No limit (subject to underwriting)||-|
|IDBI Federal 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 Insurance Group Plans:
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|
|IDBI Federal Termsurance Group Protection||Varies for different kinds of Sum Assured provided under policy||1 year renewable plan|
|IDBI Federal Termsurance Group||Min – Rs 5,000; Max – no limit||1 year renewable plan|
|IDBI Federal Group Microsurance||Min – Rs 5,000; Max – Rs 50,000||-|
|IDBI Federal Termsurance Sampoorn Suraksha||Min – Rs 5,000; Max – Rs 50,000||5 years & 10 years (fixed term)|
|IDBI Federal Loansurance||Min – Rs 10,000; Max – No limit||Min. & max. term varies with cover option|
|IDBI Federal Retiresurance||-||Yearly renewable plan|
IDBI Federal Life Insurance Money Back 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 Wealth Plan:
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|
|IDBI Federal 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)|
|IDBI Federal Wealthsurance Suvidha Growth||Fixed; 10 times of Annual premium||10, 15 & 20 years|
|IDBI Federal Wealthsurance Future Star||Min. & max. Sum Assured will vary depending on age at entry||Min – 10 years; Max – 25 years|
|IDBI Federal Wealthsurance Growth||Min. & max. Sum assured will vary depending on age at entry||Min – 10 years; Max – 30 years|
IDBI Federal Life Term Plans:
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 Federal Life Insurance Customer Care:
Customer service is an important part of the bouquet of services which IDBI Federal provides its customers. To facilitate this, the insurer has set up various channels via which customers can get in touch with the support team at the company to get their queries and complaints resolved. The multitude of channels via which customers can connect with the customer support team include a helpline number for assistance and enquiries, a customer care email ID, and a set complaint resolution matrix which has been established for speedy resolution of all kinds of queries and grievances. In addition to this, customers can also make their policy premium payments online and track their application from the IDBI Federal website.
IDBI Life Insurance FAQs:
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
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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).
Will TDS be applicable on partial withdrawals?
A. Yes, TDS will be applicable even for partial withdrawal – maturity, surrender and termination payouts.
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.