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||
||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||
||10 to 25 years|
|Wealthsurance Future Star Insurance Plan||
||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||
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:
|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:
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.