One of India’s premium life insurance companies, IDBI Federal Life Insurance is a joint venture between IDBI Bank, a premier industrial development bank; Federal Bank, one of the major commercial banks in the country; and Ageas, a multinational insurance giant based in Europe. While IDBI owns 48% equity in the company, Federal and Ageas each hold 26%. IDBI Life Insurance began its operations in 2008 and offers a wide range of retirement, protection, and capital management solutions to corporate customers and individuals as well.
A variety of IDBI life insurance plans are offered by the company. Every IDBI life insurance policy is designed to help fulfill a number of financial goals like planning for the future of your kids, retirement planning, maximizing savings, and so on. There are also a number of group insurance plans available that allow employers to provide insurance covers to their employees. Some of the most popular plans for life insurance by IDBI are as follows:
Plan Name : Child Plans: Childsurance Savings Protection Insurance Plan
About the plan
Ensuring the well-being of our children is very important. With the economic uncertainty prevalent today, it is the parents’ job to ensure that the lifestyle of their children is safeguarded against mishaps. This life insurance by IDBI Federal is an endowment plan that looks after a child’s financial needs if something happens to the parent.
Plan Name : Endowment Policies: Lifesurance Savings Insurance Plan
About the plan
You might not have any control over your life, but you can definitely control how you safeguard your family’s future. The Lifesurance Savings Insurance Plan is a fixed term, non-linked, participating plan that offers you the benefit of life cover and of long term savings.
Plan Name : Term Plan: Termsurance Life Protection Insurance Plan
About the plan
This plan by IDBI is a non-linked, non-participating term insurance plan. This policy offers a number of benefits to the policy holder and can be customized to suit the needs of a particular customer.
Putting in a claim is a simple and hassle free procedure with IDBI. There is basically a three step process to put in a death claim.
The claimant or nominee is required to initiate the claim in writing. They will also be required to submit a number of documents regarding the death of the policy holder. These documents might include:
Once these documents have been submitted, the company will register a claim. Varying from case to case, a claimant might be asked for some other documents too.
IDBI Federal Life Insurance Company had begun its operations in 2008 and within 5 years, it was able to break even, thanks to the network of about 2137 partner bank branches of the Federal and IDBI banks. The company was also won recognition as the ‘Best Insurance Company in the Private Sector’ for the year 2013 – 2014. This was at the Lokmat Banking, Financial Services & Insurance Awards. The company also had a claim settlement ratio of 85% in the year 2015-16.
With the availability of so many plans, it is always a good idea to compare IDBI life insurance plan features and benefits on Insurance Inbox before buying a plan.|