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IDBI FEDERAL Life Insurance

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IDBI Federal Life Insurance

Overview
IDBI Federal Life Insurance Co. Limited commenced its operations back in 2008 and has now touched Rs. 1,565 crore in premiums as of March, 2017. The company has maintained a claim settlement ratio of 85% and is a joint venture between three noted organizations, namely IDBI Bank and Federal Bank, which are two of the leading names in India’s BFSI sector and Areas, the Europe based multinational insurance firm. The company offers several insurance products including savings and investments plans, child plans, term plans and retirement solutions. Insurance products are distributed via Federal Bank and IDBI Bank branches along with insurance brokerages and agents.

IDBI Federal Life at a glance
  • Range of products as well as riders to choose from as per the need of the customer
  • Among top 10 most trusted life insurance brands according to Economic Times' Brand Equity Survey 2016 rated IDBI Federal
  • Insurance Company of the year 2017 at Assocham Insurance Excellence Awards
  • Claim settlement ratio for FY 2015-16 is 84.79%.
IDBI Federal Life Insurance Co. Limited Term Plans
There are several savings plans which promise the dual advantages of healthy returns on one’s investments in tandem with ample life insurance coverage. Some of the key features include life coverage, premium waiver in case of disability, guaranteed loyalty additions, lump sum maturity payouts and other guaranteed benefits. There are regular income and other solutions available as well.

Documentation needed for availing IDBI Federal Life
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
IDBI Federal Term Insurance Plans
  • IDBI Federali Surance Flexi Term: A simple term plan that can be customized as per needs
  • IDBI Federali Surance Online Term: An exclusive online term plan that can be bought without any hassle
  • IDBI Federal Termsurance Sampoorn Suraksha: An affordable term plan targeted for the rural customers
  • IDBI Federal Termsurance Life Protection: A term plan that suits various life stage needs

1: IDBI Federal iSurance Flexi Term: This plan from IDBI Federal is a non linked, non participating term life insurance plan. It enables you to realize your dreams without any compromise, even in case of an unforeseen event of death. It is available in various variants and thus provides you the choice and flexibility to suit your family’s needs.

Advantages and Benefits
  • Available in various flexible options – lumpsum with conversion option, with fixed monthly income option, with increasing monthly income option and fixed monthly income option
  • Offers conversion option, which when availed; a waiting period of 180 days is applicable from the commencement.
  • This plan offers premium advantages in form of lower premium for the following
    • Women’s life
    • Purchased online or through direct sales channel
    • Basic sum assured of Rs 75 lacs and above
  • The plan has a suicidal exclusion
IDBI Federal iSurance Flexi Term at a glance
Features Description
Min / Max Entry age 18 / 60 years
Max Age at Maturity 80 years
Min / Max Policy term 10 / 62 years
Premium payment terms Same as policy term
Mode of Premium Payment Yearly, Half yearly, Quarterly and Monthly
Maximum Sum Assured Rs 30 crore
Minimum Sum Assured Rs 50 lacs

2: IDBI Federal Termsurance Sampoorn Suraksha: This pure term insurance plan from IDBI Federal provides life Insurance cover to you by paying a lump sum benefit to your family in case of an unfortunate event of breadwinner’s demise. This plan is specifically designed keeping in mind the needs of the rural customers.

Advantages and Benefits
  • Offers the option of single and regular premium term so that one can pay as per convenience
  • Offers sum assured (which is uniform over the policy term) along with inbuilt accidental death benefit.
  • Has a suicidal exclusion
  • Provides hassle free documentation with no medical check-up
  • Surrender value is applicable for single premium only i.e. 60% X single premium paid X (Outstanding coverage term in months / Total coverage term in months)
IDBI Federal Termsurance Sampoorn Suraksha at a glance
Features Description
Min / Max Entry age 18 / 55 years
Min / Max Age at Maturity 23 / 60 years
Min / Max Policy term 5 / 10 years
Premium payment frequency Single premium
Regular premium
Mode of Premium Payment Annual mode only (for regular premium option)
Maximum Sum Assured Rs 50,000
Minimum Sum Assured Rs 5,000
Minimum Premium Rs 100 for Regular Premium (in multiples of Rs 100 thereof)
Rs 400 for Single Premium (in multiples of Rs 400 thereof)Rs 5,000
Maximum Premium Rs 5200

3: IDBI Federal Termsurance Life Protection: This non-linked non-participating term plan from IDBI Federal is to secure your family financially so that they don’t have to face life’s burden and sail through the ups and downs smoothly. This flexible plan allows you to customise a plan as per your individual and your family’s needs and objectives.

Advantages and Benefits
  • The plan offers choice of dual option based on your needs
  • Policy term can be chosen anywhere between 10 to 30 years to suit the life stage needs
  • One can select suitable premium option – either single lumpsum or regular.
  • The plan offers exclusive premium discount for women.
  • The plan offers an attractive premium discount structure. If the sum assured is Rs10 lakhs or above, then you are eligible for a discount.
IDBI Federal Termsurance Life Protection at a glance
Features Description
Min / Max Entry age 18 / 60 years
Max Age at Maturity 70 years
Min / Max Policy term 10 / 30 years
Premium payment term Single premium
Regular premium : same as policy term
Mode of Premium Payment Annual, Half-yearly, Quarterly and Monthly
Mode of Premium Payment Annual mode only (for regular premium option)
Maximum Sum Assured No limit, subject to underwriting
Minimum Sum Assured Rs 5 lacs

4: IDBI Federal iSurance Online Term: This term plan from IDBI is an exclusive online plan that provides a large cover. It is available in various variants and thus provides you the choice and flexibility to suit your family’s needs.

Advantages and Benefits
  • Provides coverage upto 80 years
  • Available in various flexible options and hence provides monetary security to the family– lumpsum with conversion option, with fixed monthly income option, with increasing monthly income option and fixed monthly income option.
  • Offers discounts on premium for opting a cover higher than Rs 75 lacs and above
  • Provides additional death benefit option
  • The plan offers exclusive premium discount for women.
IDBI Federal iSurance Online Term at a glance
Features Description
Min / Max Entry age 18 / 60 years
Max Age at Maturity 80 years
Min / Max Policy term 10 / 62 years
Premium payment term Same as policy term
Mode of Premium Payment Yearly, Half yearly, Quarterly and Monthly
Maximum Sum Assured Rs 30 crore
Minimum Sum Assured Rs 50 lacs