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IDBI Federal Life Insurance

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.

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Plans offered by IDBI Life Insurance

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.

      • The sum assured will depend on the premium selected.
      • This plan can be taken out for a term of 10 – 25 years.

          Benefits

          • In case of an untimely death of the insured, the nominee receives an immediate lump sum payout.
          • If the insured passes away, future premiums are waived off, but the yearly payouts and other bonuses are still paid out on the due date.
          • A tax free maturity amount is given to the customer under Section 10 (10D) of the Income Tax Act. This is in addition to other tax benefits under Section 80C.
          • Loans can also be availed against this policy.
              Note:To know more about this plan, contact insuranceinbox.

            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.

              • The entry age for this plan ranges from 18 to 55 years.
              • There is no maximum limit on the sum assured and it depends on the premium you are willing to pay.

                  Benefits

                  • The insured can avail tax benefits under the Income Tax Act.
                  • This plan offers a lump sum payout at maturity and guaranteed additions to safeguard your savings. It also offers you the chance to boost your savings.
                  • Accidental death benefit.
                  • Rebates on a higher sum insured.
                  • Discounts for women.
                  • Loan provision of up to 85% of the policy’s surrender value.
                      Note:To know more about this plan, contact insuranceinbox.

                    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.

                      • The entry age for this plan ranges from 18 to 60 years
                      • The policy term may range from 10 to 30 years.
                      • The premium can be paid monthly, quarterly, half yearly, annually, or in a single payment

                          Benefits

                          • Your family’s financial needs are secured with the death benefits offered in this plan.
                          • Women can avail of premium discounts under this plan.
                          • If the Sum Assured is above ₹10 lakh, you can get a discount.
                          • There are tax benefits for this plan, under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
                              Note:To know more about this plan, contact insuranceinbox.

                          Benefits

                          Claim Process at IDBI

                          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.

                          Review of IDBI Federal Life Insurance

                          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.|

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