IDBI Federal Life Insurance Company

IDBI Federal Life Insurance Company is a collaboration between three companies – IDBI Bank (An Indian Development and Commercial Bank), Federal Bank (Leading private sector bank of India), Ageas (A multinational insurance company of Europe). Formed in year 2008 the company is known among top 10 insurance companies of India. With over 2,500 branch offices spread across different cities in India, IDBI Federal Life Insurance offers an array of comprehensive insurance policy to meet the needs of the insurance buyers. According to one’s own requirement the insurance buyers can choose from plans ranging from protection plan, ULIP plan, child plan, savings plans, etc.

With a claim settlement ratio of 90.33% the company has the record of 100% grievances settled in year 2017-2017.

Eligibility Criteria of IDBI Federal Life Insurance

  • The minimum eligibility of age to avail IDBI Federal Life policy is 18 years and the maximum eligibility of age for the same is 55 years.
  • The maximum term of the IDBI Federal Life Insurance plans are 25 years.
  • An individual should be a self-employed, a businessman, professional or salaried employee to avail the policy.

Types of Plans Offered by IDBI Federal Life Insurance

IDBI Federal Life Insurance Plans Online

Go paperless as IDBI Federal offers convenient and affordable insurance plans. The online plans offered by IDBI Federal Life Insurance offers a hassle-free process of purchase and renewal of the  plan online. The plan offers maturity benefits, death benefits, and tax benefits. Online term plans offered by IDBI Federal Life offer higher life coverage at a very economical premium rate.

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI iSurance Flexi Terrn Plan Minimium-18 years

Maximum-60 years

10-62 years Minimum-Rs.50,00,000

Maximum-Rs.30,00,00,000

Offers Tax Exemption under section 80C and 10(10D) of Income Tax Act
IDBI Wealthsurance Growth Insurance Plan SP Minimum-1 month completed

Maximum-70 years

5, 10,15,20,25 years —- Offers Tax Exemption under section 80C and 10(10D) of Income Tax Act
IDBI Wealth Gain Plan Minimum-5 years

Maximum-60 years

10,15,20 years Offers Tax Exemption under section 80C and 10(10D) of Income Tax Act

IDBI Federal Term Insurance Plans

The term insurance plans offered by IDBI Federal Life Insurance offers financial protection to the loved ones of the insured in case of any eventuality. Term insurance plans are the simplest form of life insurance policy that offers double the insurance coverage at a minimum premium rate. In this type of life insurance policy, you can get coverage for a certain period of time or term. If the insured person dies during the policy term, a death benefit is paid to the beneficiary/nominee of the plan. Let’s take a look at the term insurance plans offered by IDBI Federal.

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI Federal Income Protect Plan   Minimium-25 years

Maximum-60 years

10-30 years Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI iSurance Flexi Term Plan Minimum-18 years

Maximum-60 years

10-6  years Minimum-Rs.50,00,000

Maximum-Rs.30,00,00,000

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Termsurance Sampoorn Suraksha Micro Plan   Minimum-18 years

Maximum-55 years

5-10 years Minimum-Rs.5000

Maximum-Rs.50,000

Offers Tax Exemption under section 80C and 10(10D) of Income Tax Act
Termsurance Life Protection Insurance Plan Minimum-18 years

Maximum-60 years

10-30 years Minimum-Rs.5,00,000

Maximum- No upper limit

Offers Tax Exemption under section 80C and 10(10D) of Income Tax Act

IDBI Federal Life Insurance Child Plans

The child insurance plans offered by IDBI Federal Life Insurance are specifically designed to cater the financial needs of the children and secure their future money wise so that they can achieve the major milestones of life. IDBI federal Life Child plans are comprehensive plans that offer an array of benefits to the policyholder. Let’s take a look at the child insurance plans offered by IDBI Life Insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI Childsurance Savings Protection Plan    For Insured

Minimum-18 years

Maximum-40 years , 50 years

For Nominee

Minimum- 1 month

Maximum-18 years

10-25 years Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Wealthsurance Future Star Plan  Minimum-18 years

Maximum-54 years

10-25  years Below 45 years age:

Higher of 10X Annual Premium

0.5X Policy tenure X yearly premium

Above 45 years age:

Higher of 7X yearly premium

0.25Xpolicy tenure X yearly premium

Premium Paying  equal or greater than 8:

Higher of 10X yearly premium

0.25XPolicy term X yearly premium

 

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act

IDBI Federal Life Insurance ULIP Plans

Unit Linked Insurance Plans are insurance plans that are linked to the market. These plans so far are the best investment option for working professionals. With ULIP policies of IDBI Federal Life Insurance, an insured can take the benefits by investing in the market with the advantages of life insurance plans. As one of the lucrative option of investment ULIP plans are best suited for insurance buyers who want to create wealth along with the benefit of life protection. Here are the ULIP plans offered by IDBI Federal.

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI Wealth Gain Insurance Plan     Minimum-5 years

Maximum-60 years

10,15,20 years Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Wealthsurance Growth Insurance Plan   Minimum-1 month completed

Maximum- 70 years

5,10,15,20,25  years —-

 

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Wealthsurance Growth Plan Minimum-1 month completed

Maximum-65 years

10-30 years Minimum- Rs.1,75,000

Maximum-No upper limit

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act

IDBI Federal Life Insurance Savings Plans

Whether you are earning less or huge, savings is always good. IDBI Federal Life Insurance plans provide double benefits by offering life insurance cover with good returns on the investments. Let’s take a look at the savings plans offered by IDBI Federal.

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI Federal Dream Builder Plan      Minimum-21 years

Maximum-50 years

10-22 years Minimum- Rs.2,15,000

Maximum- No upper Limit

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Lifesurance Savings Insurance Plan Minimum-18 years

Maximum-55 years

10,15,20,25 years —-

 

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI POS Guaranteed Income Plan   Minimum-8 years for endowment option

13 years for income option

Maximum—-

10 years Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act

IDBI Federal Group Insurance Plans

The group insurances are to secure the employees of a company under one insurance plan. IDBI Federal Life Insurance offers a wide range of group plans, some of which are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
IDBI Federal Group Employee Benefit Plan       Minimum-18 years

Maximum-79 years

1 year Rs.5000 per month Offers Tax Exemption  under section 10(10) and 10(10AA) of Income Tax Act
IDBI Group Loan Secure Plan Minimum-18 years

Maximum-65 years

2 years – 30 years Minimum-Rs.5000 Per month

Maximum- No Upper Limit

 

Offers Tax Exemption  under section 80C,80CCC,80CCD and 10(10D) of Income Tax Act
IDBI Group Microsurance Plan Minimum-18 years

Maximum- 60 years

5 years Minimum-Rs.5000

Maximum-Rs.50,000

IDBI Loansurance Group Insurance Plan SP For education loan- 15 years

For other loan- 18 years

Maximum – 65 years

2-30 years Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Retiresurance Group Insurance Plan Minimium-18 years

Maximum-79 years

1 year
IDBI Termsurance Group Insurance Plan Minimum-15,18 years

Maximum-69 years

1 year Minimum-Rs.5,000 per month

Maximum-no upper limit

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Termsurance Group Protection Plan Minimum-15,18 years

Maximum-65 years, 69 years & 79 years

1 year Minimum-Rs.5,000 Per month

Maximum- No upper limit

Offers Tax Exemption  under section 80C and 10(10D) of Income Tax Act
IDBI Loansurance Group Insurance Plan Minimum- 15, 18 years

Maximum-65 years

5, 8 years-30 years Minimum-Rs.10,000

Maximum- No upper limit

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IDBI Federal Life Insurance Claim Process

The process to file claim for IDBI Federal Life Insurance policy is very easy and convenient. According to the comfortability of policyholder, they can make claim through the online or offline process. Let’s take a look at the detailed online and offline process of filling claim of IDBI Federal Life Insurance Plans.

Online Claim Process

  1. The online process to file claim is very easy. In order to do so, the nominee will be required to go to the official website of IDBI Federal Life Insurance.
  2. Then they will have to fill the claim form.
  3. Once the claim form is filled thoroughly the beneficiary will  have to submit the important documents related to the policy like the name of the policyholder, policy number, , address, date of birth, etc. along with the duly claim form.
  4. Once all the documents are submitted along with the duly filled claim form, the verification is initiated by the insurer and final sum assured amount is paid to the nominee of the policy.

Offline Claim Process

  1. In offline process, the nominee of the plan will be needed to visit the branch office of IDBI Federal Life Insurance and fill-up the claim form.
  2. Along with the duly filled claim form, the nominee will also require to provide important documents like address, policy number, the name of the policyholder, date of birth, etc.
  3. Once all the documents are submitted along with the duly filled claim form, the verification is initiated by the insurer and final sum assured amount is paid to the nominee of the policy.

The Process to Check the Policy Status of IDBI Federal Life Insurance

Having a life insurance policy is very important and it is equally important to check the status of the policy time to time.  The insurance holder can keep an eye on policy status by online or offline process and can continue to avail uninterrupted life coverage by paying the premiums on time.

Online Process to Check the Policy Status 

  1. The insured can check the status of the policy by visiting the official website of IDBI Federal Life Insurance.
  2. In case of new users they will have to register themselves first.
  3. Once the registration process is completed by the insured then they will have to choose the option of policy details by logging in to the account.
  4. Once the insurance owners choose the option of policy details, the present policy status will be displayed on the screen.
  5. Besides this, , the insured can also send email to the official mail ID of company and avail the details of the policy status.
  6. The insured should keep in mind to enter the important details like address, policy number, email, policyholder’s name, etc.

Offline Process to Check the Policy Status

The offline process to check the policy status includes toll free number and SMS process. However, the policyholder will have to keep handy important documents like policyholder’s name, policy number, address, email, etc.

Process of Premium Payment of IDBI Federal Life Insurance

IDBI Federal Life Insurance offers hassle-free and convenient process to pay the premium of the policy online. IDBI Federal Life offers an online process of premium payment. With the help of online process the policyholder can make the premium payment anywhere and anytime. Let’s take a look at the simple steps that the policyholder should followed while paying the premium of the policy online.

  1. Go to the website of IDBI Federal Life Insurance and choose the option of premium payment under the section of the quick
  2. Enter all the key details like policy number, email, date of birth, etc. and click on the submit button.
  3. Enter the premium payment amount and choose the option of premium payment.
  4. Complete the transaction process through the chosen option premium payment.

After the transaction process is completed, the insured receive the acknowledgment slip.

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