Compare IDBI Federal Life Insurance Plans

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IDBI Federal Life Insurance Company

IDBI Federal Life Insurance Co.Ltd is a joint venture of three companies, IDBI Bank Ltd, one of India’s top-notch commercial and development bank, Federal Bank, one of the strongest banks of India in the private sector and Ageas, a global insurance company based out of Europe. Formed in 2008, IDBI Bank Ltd is the largest shareholder having 48% stake while Federal Bank and Ageas each have 26% equity shareholding in the company.

Company Past Performance

IDBI Federal Life Insurance Co Ltd has established itself as one of India’s growing life insurance companies as it has managed to achieve break even within five years of the commencement of its operations.
The company issued 8.23 lakh policies with a sum assured over Rs. 51918 crores as on 31st March 2015. The Company recorded its total assets under management as Rs. 4893 crores and boasts of a strong capital base of over Rs. 800 crores, as on March 31st, 2016. 

As of 2015-16, IDBI Federal Life Insurance Co Ltd has a claim settlement rate of 85%, up 9% from the previous year’s figures.

The company’s impressive and innovative portfolio of products includes wealth management and protection services along with the provision of retirement solutions. The Company has an access across the length and breadth of the nation through the branches of both IDBI Bank and Federal Bank along with the establishment of a strong network of advisors and partners.

Sponsors of IDBI Federal Life Insurance Co Ltd

Headquartered in Mumbai, IDBI Bank Ltd was formerly known as Industrial Development Bank of India. Established in 1964 IDBI Bank Ltd has 1717 branches and 3000 ATMs across the country. It has made its mark in the associated financial sector businesses like Capital Markets, Mutual Funds Business and Investment Banking along with strengthening its prowess in the core banking and project finance domain.

Federal Bank is a private sector bank headquartered in Aluva, Kochi, Kerala. Established in the pre –independence era, the bank today has 1247 branches and 1485 ATMs spread across 24 states. It has received several awards and recommendations for its innovations and smart use of technology, establishing itself as one of the strongest and most stable banks of India.

Ageas is a multinational insurance giant counted amongst the top insurance companies of Europe. With a heritage spanning 190 years, Ageas is looking to concentrate its business in Europe and Asia and is doing so by setting up wholly owned subsidiaries and developing strong partnerships.

Key Advantages and Features

  1. Brand Image and Reputation>

    IDBI Federal Life Insurance Co. Ltd is an ideal and strategic amalgamation of three well-established institutions which inspires trust in the masses

  2. Grievance Redressal

    IDBI Federal Life Insurance Co. Ltd had 100% Grievance redressal rate for 2015-16, reflecting its dedication towards providing the best services to its customers.

  3. Innovative product portfolio

    Types of Plans

    IDBI Federal Life Insurance Co. Ltd offers a wide variety of plans as is listed below

    1. IDBI Federal Term Plans -The cheapest version of a life insurance plan is aimed to help one provide financial protection to your family in case of any mishap.
    2. IDBI Federal ULIP Plans-These plans combine your wealth creating efforts with life insurance so as to ensure that any unfortunate occurrence does adversely impact your financial goals
    3. IDBI Federal Investment Plans-These low-risk investment plans give one a fixed amount at the end of the maturity period and helps one formulate and achieve your financial goals
    4. IDBI Federal Child Plans- This plan is to protect your child’s future financially.

    IDBI Federal Pension Plans – These plans enable an employer to make provisions for his employee’s retirement

    The product portfolio for IDBI Federal Life Insurance Co. Ltd benefits customers due to the low premiums and good policy coverage.

  4. Customer Interaction

    IDBI Federal Life Insurance Co. Ltd provides a simple and easy interface for customer interaction through its online portal. The documentation processes are clear, and the staffs are well trained and helpful. The claim settlement and clearance are smooth and hassle free.

Product Plans

Here are a few of the useful policies of IDBI federal Life Insurance Co.Ltd.

  1. IDBI Federal Term Plans
    • Group Insurance Plan

    This Plan enables the employer to provide life insurance cover to not only his employees but also to his customers, suppliers etc.

    Plan Group Insurance Plan
    Sum Assured as per Sum Assured provided under policy
    Policy Term renewable plan: 1 year
      Sampoorn Suraksha Micro-Insurance Plan

    This Plan offers financial protection very economically and is a type of pure term insurance policy.

    Plan Sampoorn Suraksha Micro-Insurance Plan
    Sum Assured (INR) Min – 5,000; Max – 50,000
    Policy Term 5 years & 10 years (fixed term)
  2. IDBI Federal ULIP Plans
    • Growth Insurance Plan SP

    A one-time investment plan, the premiums can be paid at one go and the benefits may them be enjoyed by the insured. This policy may also offer life cover.

    Plan Growth Insurance Plan SP 
    Sum Assured Varies depending on age of entry
    Policy term 5/10/15/20/25 years ( subject to minimum and maximum maturity age).
  3. IDBI Federal Investment Plans
    • Guaranteed Money Back Insurance Plan

    This is a money back as well as an endowment plan where the premium is paid for the beginning 5 years of the policy term only. The policyholder will receive guaranteed payments every year from the 6th year

    Plan

    Guaranteed Money Back Insurance Plan
    Death Sum Assured Min- Fixed; Max-10x Annual Premium
    Policy term 10 years fixed.
    • Savings Insurance Plan

    This plan is a simple savings plan which boosts one’s savings by offering bonuses.

    Plan

    Savings Insurance Plan
    Basic Sum Assured Min-As per age on entry and the term of premium payment Max- Unlimited (As per Underwriting)
    Policy term 10-25 years (as per premium payment terms)
    • Whole Life Savings Insurance Plan

    This plan offer life over up to100 years with the lump sum being paid twice- once at the end of the premium payment term and again after the insured reached 100 years of age.

    Plan

    Whole Life Savings Insurance Plan 

     
    Basic Sum Assured Min-As per age on entry and the term of premium payment Max- Unlimited (As per Underwriting)
    • Growth Insurance Plan

    This plan offers customers 9 fund options among which customers can choose to invest in one or more depending on their risk appetite.

    Plan

    Growth Insurance Plan

    Sum Assured Varies depending on age of entry
    Policy term Minimum 10 years, Maximum-30 years
    • Suvidha Growth Insurance Plan

    This plan is not only an investment but a life cover plan as well wherein policyholders can manage their funds themselves or choose for a systematic allocator that will make sure that there is balance between safety and investment growth.

    Plan

    Suvidha Growth Insurance Plan
    Sum Assured Minimum –Fixed, Maximum- 10x Annual Premium
    Policy term 10/15/20years
  4. IDBI Federal Life Insurance Child Plans
    • Savings Protection Insurance Plan

    This endowment plan ensures your child’s financial requirement at all times.

    Plan Savings Protection Insurance Plan
    Basic Sum Assured Minimum Subject to minimum premium Maximum- No Limit
    Policy term Minimum-10 years Maximum-25
  5. IDBI Federal Pension Plans
    • Group Insurance Plan

    This insurance plan is designed for employer employed groups which allows the employer to manage funds to allocate retirement benefits to his employees. It is a non-linked and non-participating insurance plan. 

    Plan Group Insurance Plan
    Policy Term

    Yearly Renewable plan

     

    IDBI Federal Life Term Plans
    Below listed are online term insurance policies. They may subscribe to by NRIs, PIOs and OCIs or Indians with dual citizenships. The Flexi Term Plan offers flexible payout options which help the nominee manage his finances more conveniently


    · 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
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