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IDBI Federal Life Insurance Plans

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IDBI Federal Life Insurance with a claim settlement ratio of 90.33% is a well-known insurance company in India which caters to different needs of its customers by providing various range of insurance products which are easily customisable as one’s needs.

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.


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 Term Insurance Plans

IDBI Federal Life Insurance has a number of life insurance plans for customers to choose from. The plans offered are as follows:

  • iSurance Flexi Term Plan: This is a non-linked, non-participating term life insurance plan that provides a lump sum amount to the beneficiary in the event of the policyholder’s death during the term of the policy. Policyholders can choose from 4 compensation options when purchasing the plan. These  include receiving a lump sum amount in the event of a terminal illness diagnosis; a fixed monthly income plan that pays regular income to the beneficiaries for a period of 15 years following the death of the insured; a combination of a lump sum payment of the death benefit and a regular monthly income; and a lump sum payment along with regular monthly income that increases by 7.5% every year. The plan’s conversion option allows the policyholder to encash a percentage of the death benefit amount in the event of a diagnosis of a specified medical condition before attaining the age of 65 years. The policy can be purchased online and medical tests can be carried out at the policyholder’s doorstep at a time that is convenient for them.
  • Income Protect Plan: This is a non-linked, non-participating term life insurance plan that provides the beneficiaries of the policy a lump sum payout to cover immediate expenses. Policyholders have the flexibility of choosing the premium payment term as well as the policy term. The plan provides an increasing monthly income to the beneficiaries of the policy.
  • Termsurance Sampoorn Suraksha Micro-Insurance Plan: This is a non-participating term insurance plan that provides protection to the insured at a relatively low cost. The plan has been designed keeping in mind the financial needs and requirements of the rural population. The plan provides a lump sum payout in the event of the policyholder’s death as well as an additional amount that is paid out due to the accidental death of the policyholder.
  • Termsurance Life Protection Insurance Plan: This is a non-linked, non-participating term insurance plan that provides the policyholder with the flexibility to choose the insurance cover that best suits them. The plan can be tailored to the specifications of the policyholder and comes with four options: pure protection that provides a large cover at a low cost and return of premium on maturity. The policyholder has the flexibility of choosing the policy term as well as the premium payment term. The plan provides discounts for women as well as for individuals who opt for high sum assured.
Plan Sum assured Policy Term
iSurance Flexi Term Plan Rs.50 lakh 10 to 62 years
Income Protect Plan 10 times the annualized premium. 10 to 30 years
Termsurance Sampoorn Suraksha Micro-Insurance Plan
  • Below 45 years: 10 times the annualized premium
  • Above 45 years: 7 times the annualized premium
5 to 10 years
Termsurance Life Protection Insurance Plan Rs.5 lakh 10 to 30 years

IDBI Federal Life Insurance Child Plans:

  • Childsurance Savings Plan: This plan has been devised to help secure the financial future of the child. Policyholders receive regular payouts to finance milestones in the child’s life. The plan continues to provide financial protection to the child in the event of the policyholder’s death. Policyholders decide the sum to be paid out on maturity as well as the frequency of the payouts. Future premium payments are waived in the event of the policyholder’s death during the course of the policy’s tenure.
  • Wealthsurance Future Star Insurance Plan: This is a unit-linked plan that has been created to help build a corpus for the policyholder’s child’s future. The plan comes with a life cover and an immediate lump sum payment in the event of the death of the policyholder in addition to a waiver on future payments. Policyholders can choose from 9 fund options based on their risk appetite. Policyholders also receive guaranteed loyalty additions for long-term investments.
Plan Sum assured Policy Term
Childsurance Savings Plan
  • Below 45 years: 10 times the annualized premium
  • Above 45 years: 7 times the annualized premium
10 to 25 years
Wealthsurance Future Star Insurance Plan
  • Below 45 years: 10 times the annualized premium or0.5 times policy term x annual premium.
  • Above 45 years: 7 times the annualized premium or
0.25 times policy term x annual premium
10 to 25 years

IDBI Federal Life Insurance ULIP Plans

IDBI Federal Life Insurance provides its customers with the option of growing their wealth through investment options in addition to providing an insurance policy. Both these ULIP plans can be purchased online. The following are the ULIP plans offered:

  • Wealthsurance Growth Insurance Plan SP: This is a unit-linked plan that provides the policyholder with market returns through a one-time investment. Policyholders have the freedom to choose their investment amount based on the financial goal that they wish to achieve. The plan also provides policyholders with guaranteed loyalty additions. The policyholder’s investment amount is split into an investment account and an insurance account. The charges for the policyholder’s insurance account is deducted from their investment account.
  • Wealth Gain Insurance Plan: This is a unit-linked insurance plan that enables the policyholder to build their wealth in addition to providing a life cover. The policy allows the insured the flexibility to make premium payments on a monthly or annual basis. Guaranteed loyalty additions further boost the policyholder’s investments. Policyholders have the added benefit of switching between fund options as per their choice. Securing the entire family under this policy entitles the policyholder to a waiver on premiums for disability.
Plan Sum assured Policy Term
Wealthsurance Growth Insurance Plan SP Below 45 years: 1.25 times the single premium Above 45 years: 1.10 times the single premium 5/10/15/20/25 years
Wealth Gain Insurance Plan 10 times the annualized premium or 0.5 times the policy term x annualized premium 10/15/20 years

IDBI Federal Life Insurance Savings Plans

The following are the savings plans offered by IDBI Federal Life Insurance:

  • Dream Builder Plan: This plan provides the policyholder with the benefit of a life cover throughout the term of the policy after paying a premium for only 8 years. Policyholders have the flexibility of choosing their policy term based on their financial goals. A percentage of the maturity sum is paid out as guaranteed annual payouts in the last 3 years of the policy’s term. In case of total and permanent disability of the insured during the course of the policy term, all future premium payments are waived.
  • Lifesurance Savings Plan: This is a fixed term, non-linked participating plan that serves the dual purpose of a savings plan and a life insurance policy. Policyholders receive a sum on maturity of the policy in addition to vested guaranteed additions and reversionary bonuses. The plan gives policyholders the flexibility of choosing the term of their policy and premium payment. Policyholders also decide on the maturity sum.
  • POS Guaranteed Income Plan: This is a non-linked, non-participating life insurance policy that provides coverage for the entire policy term after making premium payments for only 5 years. Policyholders have the benefit of enjoying guaranteed returns regardless of the market conditions. Policyholders can choose between an income plan and an endowment plan. The plan provides the policyholders with the flexibility of choosing their payout options.
  • POS Guaranteed Plan: This is a non-linked, non-participating life insurance plan. Policyholders have the benefit of obtaining protection for the entire policy term after making a single premium payment. Benefits are paid out in a lump sum as maturity benefit. Policyholders receive guaranteed returns on their investment regardless of the market conditions.
  • Incomesurance Guaranteed Money Back Plan: This is a non-linked, non-participating insurance policy that provides policyholders with guaranteed annual income. The plan has a limited premium payment term which requires the policyholder to make premium payments for 5 years and enjoy a life cover for the rest of the policy term. Policyholders receive guaranteed annual payouts from the 6th to 10th year of the policy term. The plan permits the policyholder with the flexibility to choose their premium amount.
  • Incomesurance Plan 6 Pay: This is a guaranteed money-back plan. The policyholder is required to pay a limited premium for the first 6 years of the policy and can avail the life cover for the rest of the policy term. The plan provides policyholders with guaranteed annual returns from the 8th to 13th year of the policy’s term. Policyholders receive a lump sum payout if diagnosed with a critical illness to fund the medical expenses. Additionally, all future premiums are waived and the cover continues till the end of the policy term.
  • Incomesurance Plan 7 Pay: This is a guaranteed money-back insurance policy that provides the policyholder with guaranteed returns. Policyholders are required to make premium payments for the first 7 years of the policy and can continue to enjoy the life cover for the rest of the policy tenure. From the 8th year of the policy term, the insured receives an annual payout which is equal to 126.66% to 143.23% of the premiums paid. The plan also comes with a critical illness benefit.
 
Plan Basic Sum assured Policy Term
Dream Builder Plan Rs.2.15 lakh 10 to 22  years
Lifesurance Savings Plan 10 times the annualized premium; 105% of premiums paid 10/15/20/25 years
POS Guaranteed Income Plan Maturity sum assured x no. of premiums paid/ no of premiums payable 10 years
POS Guaranteed Plan Maturity factor x Single premium 7 years
Incomesurance Guaranteed Money Back Plan 10 times the annualized premium; 105% of premiums paid 10 years
Incomesurance Plan 6 Pay 10 times the annualized premium; 105% of premiums paid 13 years
Incomesurance Plan 7 Pay 10 times the annualized premium; 105% of premiums paid 14 years

IDBI Federal Life Insurance Group Plans

IDBI Federal Life Insurance has a wide range of group insurance plans that give employers with a number of options to choose for their employees.

  • Group Employee Benefit Plan: This is a unit-linked, non-participating group life insurance plan that provides employers with an investment platform to earn market-linked returns. Policyholders have the option of investing in both debt and equity funds. The plan permits policyholders the flexibility of making free unlimited switches between funds. Employers can easily manage their employees’ leave encashment and gratuity benefits.
  • Group Loan Secure Plan: This is a non-linked, non-participating, group credit life insurance plan that helps group members secure their mortgages. The plan covers loans against property, home loans, and plot loans. Policyholders can choose from 2 death benefit options. Coverage can be obtained for a single life plan as well as a joint life plan. Policyholders have the flexibility of covering the loan amount as part of their plan.  
  • Group Microsurance Plan: This plan is ideal for microfinance institutions who are looking to provide affordable life covers to groups. The plan does not require any medical reports regardless of the sum assured chosen. Policyholders can add an accidental death rider to the group policy. Policyholders can choose the type of cover i.e., level cover option or decreasing cover option.
  • Loansurance Group Insurance Plan SP: This is a non-linked, non-participating group insurance plan. The plan is a pure risk, single premium, group credit protection plan. It provides a full loan cover and can be an individual cover or a joint cover. Policyholders can choose between two life covers - level covers and reducing covers.
  • Retiresurance Group Plan: This is a non-linked, non-participating group insurance plan that takes care of the employees’ superannuation, leave encashment, and gratuity. The plan helps manage the employees’ retirement benefits and provides employees with a life cover.
  • Termsurance Group Insurance Plan: This plan provides the policyholder with a life cover to the employees at an affordable cost. A lump sum amount is paid out to the beneficiaries in the event of the insured’s death. The premiums paid by the master policyholder have tax deductions since they are considered a business expense. The plan is easy to set up and administer.
  • Termsurance Group Protection Plan: This is a pure term plan that has been designed to protect individuals that have common economic interests. The plan comes with additional riders for accidental death, terminal illness, and critical illness. The plan is an affordable way for employers to provide a life cover to their employees, in addition to being easy to set up. The plan does not require the submission of any medical test results.
  • Loansurance Group Insurance Plan: This is a group insurance plan that helps protect the borrower's savings and assets. Up to 4 borrowers can be insured based on their proportion of the loan under a single policy. Borrowers can choose the premium amount and payment term based on the type of cover that they choose.
Plan Sum assured Policy Term
Group Employee Benefit Rs.5,000 10 members
Group Loan Secure Plan Rs.5 lakh 50 members
Group Microsurance Plan Rs.5,000 20 members
Loansurance Group Insurance Plan SP Rs.10,000 50 members
Retiresurance Group Plan Rs.50,000 10 members
Termsurance Group Insurance Plan Rs.5,000 50 members
Loansurance Group Insurance Plan Rs.10,000 50 members
Termsurance Group Protection Plan Rs.5,000
  • Employer-employee: 25 members
  • Non-employer- employee and social sector:  50 members

Raising a 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:

Year Claim Ratio
2017 - 2018 91.99%
2016 - 2017 90.33%
2015 - 2016 84.79%
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:

  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.

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News About IDBI Federal Life Insurance

  • Public listing for IDBI Federal Life for bank exit

    IDBI Federal Life is considering various options, including public listing, for IDBI Bank's exit from the collaboration. IDBI bank holds the largest share of the company at 48 per cent whereas Federal bank and Belgium-base insurance company Ageas hold 26 per cent.

    According to the latest statement released by Shyam Srinivasan, Federal bank CEO, IDBI will no longer be a part of IDBI Federal Life. However, it is still unclear whether they will remain as an investor or a distributor. He added that it is up to IDBI if they want to retain 10 per cent investment of the joint venture.

    The move came after LIC completed its acquisition of IDBI bank as regulations restrict banks to be a part of two insurance companies. IDBI announced after the acquisition that they will leverage business synergies with LIC by selling LIC policies through their branches and workforce. IDBI's board has approved LIC to be the new corporate agent. Speaking about the joint venture's future, Federal Bank CEO said that the insurance company has been growing at a rapid pace and will continue to do so.

    13 March 2019

  • IDBI Federal Life Insurance New Delhi Marathon to be Led by Sachin Tendulkar

    The IDBI Federal Life Insurance New Delhi Marathon 2019 is slated to be held on 24 February 2019 at the Jawaharlal Nehru Stadium. Leading around 18,000 runners at the event, the legendary cricketer – Sachin Tendulkar – is expected to join in the #KeepMoving Push-up Challenge to support the families of Pulwama martyrs. At the beginning of each of the races, the marathon participants including Tendulkar will do 5 to 10 push-ups as part of the #KeepMoving Push-up Challenge which will help make a difference to the families of the martyrs who died during the Pulwama attack. Under this challenge, the IDBI Federal Life Insurance has vouched to donat Rs.100 per participant towards the fund for the martyrs.

    As per the statements made by Tendulkar, the brand ambassador of IDBI Federal Life Insurance, he believes that one should always try to push his/her limits and continue to challenge themselves in order to succeed. Following this mantra, the life insurance provider has organised the #KeepMoving Push-up Challenge at the IDBI Federal Life Insurance New Delhi Marathon for this year. The MD and CEO at IDBI Federal Life Insurance, Vighnesh Shahane, has stated that the company wishes to support the families of all the brave martyrs of the Pulwama attack through this event.

    22 February 2019

  • IDBI Federal Life is expecting a flat growth in the current fiscal

    IDBI Federal Life which is a three-way joint venture between IDBI, Federal Bank, and Aegis, is expecting a flat growth in their new business premium in the current financial year according to a company official. While there was a 15% growth in the premium the last financial year, the company is expecting to record a growth somewhere between 12% and 18% this fiscal year according to Vighnesh Shahane, the CEO and whole-time director of IDBI Federal Life. Currently, the organisation is going through some kind of uncertainty as LIC has acquired a 51% stake in the IDBI Bank which might lead to a change in the name of the bank.

    15 February 2019

  • IDBI Federal Life Insurance launches #Keepmoving campaign to redefine fitness in India

    One of India's leading life insurance companies, IDBI Federal Life Insurance, has joined hands with brand ambassador Sachin Tendulkar to announce their #Keepmoving campaign that re-imagines the goal of total fitness by focusing on physical health and finances.

    With the unveiling, the company wants to redefine the way fitness is perceived in India. In the campaign, IDBI highlights how physical fitness and financial fitness are both important to lead a healthy life.

    The campaign will kick start with a series of short films that feature the cricketing legend. Tendulkar shared how Indians focus primarily on physical fitness when they think of leading a healthy lifestyle. Financial fitness sits at the lower level of priorities and with the #Keepmoving movement, IDBI wishes to revolutionise this.

    According to Vighnesh Shahane, MD and CEO of IDBI Federal Life Insurance, with the campaign they want to encourage and motivate the sedentary Indians towards the road to total fitness. He believes that the campaign will help the citizens build a better tomorrow and as a result in a better future for the country.

    11 January 2019

  • IDBI Federal Life Insurance launches #Keepmoving campaign to redefine fitness in India

    One of India's leading life insurance companies, IDBI Federal Life Insurance, has joined hands with brand ambassador Sachin Tendulkar to announce their #Keepmoving campaign that re-imagines the goal of total fitness by focusing on physical health and finances.

    With the unveiling, the company wants to redefine the way fitness is perceived in India. In the campaign, IDBI highlights how physical fitness and financial fitness are both important to lead a healthy life.

    The campaign will kick start with a series of short films that feature the cricketing legend. Tendulkar shared how Indians focus primarily on physical fitness when they think of leading a healthy lifestyle. Financial fitness sits at the lower level of priorities and with the #Keepmoving movement, IDBI wishes to revolutionise this.

    According to Vighnesh Shahane, MD and CEO of IDBI Federal Life Insurance, with the campaign they want to encourage and motivate the sedentary Indians towards the road to total fitness. He believes that the campaign will help the citizens build a better tomorrow and as a result in a better future for the country.

    11 January 2019

  • With stake sale uncertainties fading, IDBI Federal Life expect flat growth

    After a good revival last year, IDBI Federal Life Insurance is predicting a flat growth in the new business premium in FY19. In the previous fiscal year, IDBI Federal Life Insurance had a growth rate of 18 percent when it comes to the new business premium. During the April-November period in fiscal year 2019, the first year premium of the company reduced by 14.12 percent. This is a reduce from the 481.20 crore that was recorded during the same period in the last fiscal year. The first year premium of the company recorded for this fiscal year is 413.20 crore. It is however expected that the company will be making a profit of Rs.140 crore this year in comparison to the Rs.102 crore that was made in the last year and Rs.52 crore that was made in FY17. IDBI Bank, the bank which owns a major chunk of IDBI Federal Bank Insurance was the cause of a lot of uncertainties in the past few years. With IDBI Bank being a major contributor for the business, the insurance company was affected due to uncertainties surrounding the bank. The bank was looking to sell its entire stake in the life insurance company. They have now put this process on hold as LIC has acquired 51 percent of IDBI Bank now. The bank is yet to decide on the their plan in the near future.

    10 January 2019

  • IDBI to Sell Policies through PoS Channels

    IDBI Federal Life Insurance is awaiting clearance from IRDA for selling policies through PoS channels. The PoS distribution channels of the insurer will only be selling those policies which will not face the risk of mis-selling. According to the Chief Executive Officer of IDBI Federal, Vighnesh Shahane, the company has sought approval of two products at present and they expect to get the approval by this month. IDBI Federal Life Insurance plans to launch pilot projects in Delhi, Lucknow, Bangalore, Chennai, Bangalore, Hyderabad, and Coimbatore.

    14 April 2017

  • IDBI Federal Targets GWP Growth of 30-40%

    IDBI Federal Life Insurance Co. is targeting a growth rate of 30% to 40% of its gross written premium (GWP) over the next 2 years. According to Vighnesh Shahane, the company CEO and director, the GWP has grown by 30% in FY 17. Over the last three years, IDBI Federal Insurance has doubled its GWP. So, the company is now targeting double the growth in the next two financial years. IDBI Federal has been riding on innovation and introducing simple products that has helped them achieve their growth rate. For FY 17, demonetisation has played an important role in boosting the sector. The insurance provider is also tying up with more banks to expand its portfolio and its reach. The company has currently filed for the sales of two of its products through PoS (point of sales) persons allowed by the IRDA only. However, individual products remain the key focus of IDBI Federal.

    14 April 2017

  • 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.

    28 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.

    23 February 2016

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

IDBI Federal Life Insurance Reviews

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  • IDBI Federal Life Insurance
    "Payment gateway should be easier"
    0.5 4.0/5 "Great!"
    I have life insurance from IDBI federal insurance, I think I make the premium around Rs.12,000 it gives good maturity benefits. My friendly working as an agent, he recommended this plan. I used to go to the branch to make the payment, they need to work on the payment gate way and reminder calls.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 02, 2019
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 2019
  • IDBI Federal Life Insurance
    "Very Good"
    0.5 4.5/5 "Excellent!"
    IDBI Life cover policy for my children there is more benefits in this policy i have to pay 30k every year after his age of 16 partially amount will received for his education after few years for marriage and in risk factor also amount will provide once terms will complete total Amount will be received in 3 terms for this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • IDBI Federal Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance policy with IDBI federal life insurance from last 1.5 years and it is a long term policy. The tenure of this insurance policy is 22 years and i pay my premium every month through ECS. Payment options are convenient for me and the coverage value is good in this insurance.
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    , chennai
    Reviewed on Apr 16, 2018
  • IDBI Federal Life Insurance
    "Protection for my house and me"
    0.5 5.0/5 "Blown Away!"
    Based on home loan, Bank gave me life insurance from IDBI Federal. Which protect me and home, my monthly premium is around Rs. 1200 it has the tenure of 30 years, if some thing happens to me, I will not be paying the amount. Hence they take from the insurance company. It has home protection as well, if some thing happens to the building in term of earth quake, natural calamities, third party damage its covers my home.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 06, 2018
  • IDBI Federal Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I don't have much experience regarding the service of IDBI for my home loan service because I have not interacted much with them the documents part was fine there was no good offers the customer service is good the payments where through online it was totally a good service from IDBI for my life insurance service.
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    , chennai
    Reviewed on Nov 01, 2017
  • IDBI Federal Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I hold a life insurance policy with IDBI federal for past 4 years. This policy has the tenure of 18years. The customer support is good with IDBI. I pay the premium of Rs,2000 every year. The plan benefits and the coverage is good with this policy. I pay the premium through online.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 11, 2017
  • IDBI Federal Life Insurance
    "Good protection for family"
    0.5 4.0/5 "Great!"
    Quarterly I am paying the premium around Rs.5240, it has the tenure of 25 years. After that I wont get any return, my nominees will get the reimbursement around Rs.1 Crore for natural death, if accidental death will get around Rs.1.85 crore.
    Was this review helpful? 1
    , pune
    Reviewed on Jun 23, 2017
  • IDBI Federal Life Insurance
    "Good for all individual"
    0.5 4.0/5 "Great!"
    I am making the premium of Rs.10,000 on annual basis, it has the tenure of 30 years, its completely death risk policy. My dependent will get the reimbursement of Rs.1.4 crores + accidental benefits Rs.50 lakhs, I make the online payment by IDBI netbanking its great.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jun 19, 2017
  • IDBI Federal Life Insurance
    "Have purchased an Insurance but ....."
    0.5 2.5/5 "Just OK"
    Service is very bad and they do not even call back to address your query and also do not tell you the status of it.It would be better if they are really serious to give better service to customers .It looks like firms are only interested in getting the business and afterwards forget them.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 31, 2017
  • IDBI Federal Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I am having life insurance policy with the IDBI federal insurance company and the premium is lesser one with them and the coverage is more. Services are good one with them and the term is around thirty years of time, and the coverage is for one crore Rupees.
    Was this review helpful? 1
    , ahmednagar
    Reviewed on May 23, 2017
  • IDBI Federal Life Insurance
    "Good for individual and needy"
    0.5 3.0/5 "Satisfactory"
    I have life insurance with IDBI federal for about 25 years. The policy has completed and I got the money back as well. The tenure is 25 years for this policy. The policy coverage need to be improved in future. According to me every individual good to have the life insurance for safety purpose not for for the investment purposes.
    Was this review helpful? 0
    , bhopal
    Reviewed on Apr 05, 2017
  • IDBI Federal Life Insurance
    "Scope for improvement"
    0.5 2.0/5 "Expected more"
    IDBI federal life insurance policy is not really working good becuase they do not have good network connectivity for branches to resolve the customer queries. I have taken the ULIP based product with them and they used to deduct around 20% of the charges while in paper it used to get mentioned as 6% of the charges. Customer service is not really good with them as of now.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 06, 2017
  • IDBI Federal Life Insurance
    "It is a good accidental policy"
    0.5 4.0/5 "Great!"
    IDBI term insurance is really good,. The premium what I pay its a one time payment of rs 4000 and the coverage amount is 50 lakhs. I am supposed to pay 4k on an annual basis and this was offered for a period of 25 years.
    Was this review helpful? 1
    , kolkata
    Reviewed on Nov 17, 2016
  • IDBI Federal Life Insurance
    "IDBI FEDERAL SAVINGS INSURANCE PLAN- FRAUD "
    0.5 0.5/5 "Unacceptable"
    I have a life insurance policy with IDBI Federal insurance company and which is 100% fraud policy... Never take this policy in your life. If you want to lose your money you can take this policy. Agent has told some stories that you can surrender any time, you can get full amount with interest. etc IDBI Federal is a fraud
    Was this review helpful? 1
    , hyderabad
    Reviewed on Aug 26, 2016
  • IDBI Federal Life Insurance
    "Fabulous"
    0.5 5.0/5 "Blown Away!"
    I have life insurance policy with IDBI federal insurance company and the coverage value is around 50 lakh Rupees. Plan benefits are really good with them and the payment mode is at single shot. Customer service is very good with IDBI federal insurance company.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 02, 2016
  • IDBI Federal Life Insurance
    "Better policy "
    0.5 4.0/5 "Great!"
    My life insurance is from IDBI federal. My friend who is working in the bank suggested this policy to me. The total tenured period is 15 years and the insurance covers death and accidental benefits. I went with this insurance because of good returns and better coverage.
    Was this review helpful? 0
    , patna
    Reviewed on Jun 07, 2016
  • IDBI Federal Life Insurance
    "Proper intimation made"
    0.5 4.0/5 "Great!"
    I like the service provided by IDBI federal related to the Life Insurance services.They intimate about the policy dates and other intimation related to the Insurance are given through the phone calls.I am having a 10years coverage plan with Federal Insurance.
    Was this review helpful? 0
    , nellore
    Reviewed on May 03, 2016
  • IDBI Federal Life Insurance
    "Happy benefits!"
    0.5 4.0/5 "Great!"
    The IDBI federal Life insurance comes with a lockin period of 5 years. The policy holder will be getting benefit after 5 years and that can be extended up to 10 years to get some extra bonus. Premium payment is made on yearly basis which is pf 49K for a year.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 24, 2016
  • IDBI Federal Life Insurance
    "The manger is very supportive..."
    0.5 3.0/5 "Satisfactory"
    Ease of opening the life insurance policy with the IDBI Federal and along with that they also provided RD and PPF account. The relationship manger is very helpful and so I took decision of opening the life insurance. It is a cash back guaranteed plan.
    Was this review helpful? 0
    , belgaum
    Reviewed on Jan 15, 2016
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