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IDBI Federal Life Insurance

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IDBI Federal Life Insurance

Overview
IDBI Federal Life Insurance Co. Limited is a joint venture between Ageas, the famous multinational insurance provider based in Europe, Federal Bank, one of the country’s biggest private sector banks and IDBI Bank, a leading development cum commercial bank in India. Founded in 2008 after getting the IRDAI license in December, 2007, the company has now touched premium income of Rs. 1, 565 crore for March, 2017. The first ever policy was sold by the company back in March, 2008 and it has come a long way since then with an excellent claim settlement ratio of 85%. The company sells its insurance products via brokers, agents and Federal Bank and IDBI Bank branches. Child, savings, term, investment and retirement plans are some of the product offerings here.

IDBI Federal Life at a glance
  • 84.79% Claim Settlement Ratio
  • Grievance Settlement Ratio of 100% for FY 2015-16
  • Over 10, 000 agents and 1, 941 employees.
  • Competitive pricing and customized life insurance solutions

IDBI Federal Life Insurance Co. Limited Retirement Plans
There are several retirement plans that ensure enhanced financial security with benefits like premium waiver in case of disability, extensive life coverage, guaranteed loyalty additions, additional bonuses and savings, lump sum maturity payouts and more. Savings are automatically enhanced with these plans from IDBI Federal Life Insurance Co. Limited while investments are made as per one’s appetite for risk.

Documentation needed to apply for IDBI Federal Life Insurance
  • 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 Retirement Plans
  • IDBI Federal Wealth Gain: Provides financial security in retirement with life cover and wavier of premium on disability
  • IDBI Federal Lifesurance Savings: Provides additional savings with a host of bonuses to make your golden years hassle free
  • IDBI Federal Wealthsurance Growth: A ULIP that acts as a perfect retirement solution and manages your investment as per your risk taking ability

1: IDBI Federal Wealth Gain: IDBI Federal’s Wealth Gain plan is a comprehensive financial solution that provides life cover and helps build wealth over a period of term to ensure that you and your family fulfill all your aspirations. As one approaches the golden years, Wealth Gain plan helps them with the corpus created over a period in time.

Advantages and Benefits
  • This plan offers waiver of premium in case of total and permanent disability of the life assured during the premium paying term providedthe policy is in force
  • The plan offers the flexibility of choosing from 8 investment fund offerings depending on the risk appetite of the investor
  • Through this plan, one can get guaranteed loyalty additions at the end of 10th policy year and every 5 years thereafter
  • One can customize the plan by selecting the premium amount and mode, policy term and premium payment terms
IDBI Federal Wealth Gain Insurance Plan at a glance
Features Description
Min / Max Entry age 5 / 60 years
Max Age at Maturity 18 / 74 years
Policy term 10 / 15 / 20 years
Premium payment terms below 50 yrs age : 5 / 10 / 15/ 20 yrs
50 yrs and above : 10 / 15/ 20 yrs
Mode of Premium Payment Yearly and Monthly

2: IDBI Federal Lifesurance Savings: Lifesurance Savings Insurance plan from IDBI Federal provides twin benefits of longterm savings and life cover. This fixed term non linked participating plan provides lumpsum payout at maturity. One of the plan that will provide financial security post retirement and will help you to meet your financial needs as per changed lifestyle.

Advantages and Benefits
  • Platter of benefits are offered - like maturity sum insured, along with vested guaranteed additions, plus vested reversionary bonuses (if any) and terminal bonuses (if any).
  • Provides the option of choosing your policy term and premium payment term.
  • Provides flexibility of choosing the maturity sum insured or premium amount
  • Policies with premium paying term of less than 10 years will acquire a guaranteed surrender value, if all premiums have been paid for at least 2 consecutive years.
  • High maturity sum insured rebate is offered, if a maturity sum insured of Rs 10 lac and above is opted.
  • Offers an additional premium discount for female insured persons.
  • Loans can be availed under this plan once the policy acquires surrender value.
  • Suicidal claim provisions
IDBI Federal Lifesurance Savings Plan at a glance
Features Description
Min / Max Entry age 18 / 55 yrs
Age at Maturity 75 yrs
Premium payment frequency Yearly, half yearly, quarterly and monthly
Max premium Yearly Rs 10000, Half Yearly Rs 5000, Quarterly Rs 2500 and Monthly Rs 1000
Min premium No limit
Max Maturity sum Insured No limit
Min Maturity sum Insured Based on age, premium payment and policy term
Policy terms and premium payment terms available
Policy terms Premium payment term(s) available
10 yrs Only 5 years premium payment term is allowed
15, 20, 25 yrs Min: 5 years; Max: Equal to policy term

3: IDBI Federal Wealthsurance Growth: IDBI Federal Wealthsurance Growth Insurance Plan helps you to invest and grow your money. With complete flexibility you can choose how much you want to invest and for how long you want to stay invested.

Advantages and Benefits
  • Allows you to manage your investments as per your risk appetite and given an option of 8 funds to choose from
  • This plan provides options like how much to invest, the duration for which you want to pay and for how long you want to stay invested
  • The plan offers guaranteed loyalty additions at the end of the 10th policy year and every five years thereafter.
  • Provides life cover benefit to financially secure your family and dependents in your absence
  • Partial withdrawals are allowed after 5 years
  • Over a period in time, this plan allows to increase or decrease the amount of insurance benefit
  • Switching between funds are allowed free of charge
IDBI Federal Life Wealthsurance Growth Plan at a glance
Features Minimum Maximum
Entry age 1 month completed 64 yrs
Maturity Age 18 yrs 74 yrs
Policy term 10 yrs (multiple of 5 thereafter) 30 yrs
Premium payment term 5 yrs upto policy term
Premium amount Rs 25000 annually Rs 95000 annually subject to underwriting

Minimum Sum Assured :
For ages at entry below 45 years: Higher of either if the below
  • 10 X annualised premium
  • (0.5 X PT X annualised premium)
For ages at entry above 45 years: Higher of
  • 7 X annualised premium
  • (0.25 X PT X annualised premium)
The minimum Sum Assured under the policy is Rs 1, 75,000

Maximum Sum Assured :
For ages at entry less than 54 years:
  • PPT X 2 X annualised premium subject to a maximum of 15 X annualised premium
For ages at entry 54 years and above:
  • If PPT is greater than 7: 10 X annualised premium
  • If PPT is less or equal to 7: 7 X annualised premium