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IDBI Federal Life Insurance
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IDBI Federal Life Insurance Company is one of the respectable and reputed names in the Indian Insurance sector. The company has been established to provide insurance products as per the financial and insurance needs of the customers. The company was established in the year 2007 by way of a joint venture between IDBI Bank (a leading banking institution in India), Federal Bank, and Ageas. Since its inception, the company has repeatedly offered top-notch insurance products and the best-in-class customer service. Till today, IDBI Federal Life Insurance Company has a good presence and is a dedicated insurance company striving to provide good insurance products and services to its customers.
Top IDBI Federal Life Insurance Plans (2020)
IDBI Federal Life Insurance Company is one of the leading life insurance providers in India. The company has been providing top-notch service and insurance products to its customers since the day inception. The company has a wide range of insurance products designed as per the insurance and financial needs of its customers. The wide bouquet of products is best-in-class and is available at pocket-friendly prices. Let us explore the wide range of Life Insurance Plans offered by IDBI Federal Life Insurance Company as under:
IDBI Federal Life Term Insurance Plans
The financial security of your loved ones is one of the most important aspects of financial planning. Everyone strives to ensure that their loved ones are happy and financially secure in their absence. A term insurance plan is one way with which you can ensure the financial security of your loved ones. A term insurance plan is a pure protection insurance coverage that covers the risk of premature death. In the event of the death of the insured during the policy tenure, the nominee receives the death benefit thereby securing their immediate financial needs. Some term insurance plans also offer a return of premium facility wherein in the event of survival of the insured till the policy maturity date the insurance company will return 100% of the total premiums paid. A term insurance plan is a very important instrument of sound financial planning.
Term Insurance Plans Offered by IDBI Federal Life Insurance -
|MyLife Protection Plan
|This is a term insurance plan designed to offer extensive insurance coverage at an affordable premium amount. The plan offers flexibility to the insured to choose the policy tenure and the premium paying term as per their specific financial goals and needs. Additionally, the option to pay the premium one time or for limited tenure is also available. The plan gives 3 life cover options to choose from that suit individual needs. Premium discounts are available for individuals leading a healthy lifestyle like females, marathon runners, and non-tobacco users.
|Income Protect Plan
|This is a non-market-linked, non-profit-participating term insurance plan designed to cover the risk of death and secure the financial future of the family. The main benefit of this term plan is to provide financial protection to your loved ones in your absence by way of paying monthly income to help them meet financial needs. Additionally, the plan also offers lump sum benefits to meet immediate financial expenses. The plan offers flexibility to choose the premium payment term and policy term as per their convenience.
|Termsurance Life Protection Insurance Plan
|This cover allows you to choose the insurance cover that suits you the best. The two types of cover available under the plan are Pure Protection Option and Return of Premium on Maturity Option. The Pure Protection option offers higher insurance coverage at an affordable premium amount. While the Return of Premium on Maturity Option offers the choice of return of all the paid premiums in case you outlive the policy term.
IDBI Federal Life Endowment/Savings Plan
Savings plans or Endowment plans are a type of life insurance product designed to double the benefit of an insurance policy. With the help of a savings plan, you can do systematic financial planning that will result in ensuring financial security for your loved ones. An endowment plan offers lifelong insurance protection to the insured and an opportunity to receive a good return on the premiums invested. These plans are best suited for individuals who are looking for building a financial corpus for long-term financial needs. Let us explore the various savings plans offered by IDBI Federal Life Insurance Company.
Endowment/Savings Plans Offered by IDBI Federal Life Insurance -
|Guaranteed Savings Plan
|This is a non-market linked, non-profit participating life insurance savings plan designed to fulfil the dreams of your loved ones. This plan is a single premium insurance policy wherein the premium is paid once while the insurance coverage is enjoyed throughout its lifetime. The life cover offered is 10 times the single premium amount. The plan offers guaranteed returns irrespective of market conditions. Flexibility to choose policy tenure depending upon your financial milestones. Maturity Benefit equivalent to Maturity Sum Assured is paid to the insured in the event of survival of the life insured till the date of policy maturity. In the event of the death of the life assured during the policy term, the death benefit is paid to the nominee.
|Guaranteed Income Plan
|This is a traditional endowment insurance plan that offers to provide insurance coverage along with guaranteed pay-outs. The plan offers two options to receive guaranteed benefits namely the Endowment option and Income Option. Under the Endowment option, a lump sum benefit is paid at the end of policy tenure while under the income option, the insured will receive the regular income every year starting from the end of the 6th policy year. The policy also offers a loan facility to meet a financial emergency.
|Life Advantage Plan
|This is a non-market linked, profit-participating endowment plan offered by IDBI Federal Life Insurance Company designed to provide insurance protection and long-term savings opportunities. The plan offers guaranteed additions to help you grow your savings. Additionally, the plan participates in profit from the 1st policy year thereby boosting your long-term savings. At the time of policy maturity, the insured has an option to avail of the maturity benefit either in a lump sum or in instalments as per your financial needs and goals. In the event of the death of the insured person, the nominee shall receive the death benefit.
|Guaranteed Wealth Plan
|This is a traditional endowment insurance policy that offers long-term savings opportunities and assures guaranteed income. The plan is designed wherein you are required to pay the premiums for the initial 7 years and receive a guaranteed payout for 7 consecutive years or in a lump sum at the time of policy maturity date. The plan offers life cover for 14 years wherein it ensures financial security for your loved ones under every circumstance.
|Secured Income Plan
|A unique traditional endowment plan that offers the dual benefit of insurance coverage along with guaranteed income. Under this plan, you are required to invest for the initial 10 years and then receive regular annual income for the next 10 years. Enjoy life cover for 20 years. Additionally, you can boost your savings with guaranteed additions and bonuses. Receive enhanced protection with total and permanent disability feature wherein if the insured suffers from total and permanent disability due to illness or accident, he/she receives financial aid to overcome the financial contingencies and all the future premiums shall be waived off.
IDBI Federal Life Unit Linked Insurance Plan
Unit-linked Insurance plans are a type of insurance product designed to offer insurance cover along with wealth creation opportunities. By investing in a ULIP, the premium amount is extended to cover the risk of premature death along with investing it in the market instruments. The premium is invested in funds of the insured choice where the returns received are based upon the performance of these funds in the market. The choice of the fund depends on the risk-bearing appetite of the investors.
Unit-linked Insurance Plans Offered by IDBI Federal Life Insurance -
|Smart Growth Plan
|A unique unit-linked insurance plan that offers insurance coverage to protect your loved ones in your absence along with wealth creation opportunities. The plan offers market-linked returns depending upon the type of fund opted by the insured. The plan offers the option to choose from 6 fund options. You can either pay premiums regularly or can opt for limited premium payment tenure.
|Wealthsurance Growth Insurance Plan SP
|This is a single premium unit-linked insurance plan that helps you to maximise your returns along with insurance coverage. The plan offers flexibility to choose any of the 8 funds available under the plan depending upon their risk appetite. Further, the insured can switch their investments from one fund to another to maximise the potential of their returns. In the event of survival of the insured maturity benefit is paid equivalent to the fund value. Additionally, the insured has the flexibility to withdraw the maturity amount in instalments within 5 years commencing from the date of policy maturity. While in the event of the death of the insured during the policy tenure, the nominee receives the death benefit.
|Wealth Plus Critical Protection Plan
|This is a unit-linked insurance plan that offers benefits like insurance coverage, wealth creation opportunity, and insurance protection in event of diagnosis of critical illness. Unlimited fund switching facility and premium redirection facility. Flexibility to choose premium payment terms at your convenience.
|Wealth Gain Insurance Plan
|A unique unit-linked insurance plan that offers a wide range of 8 fund options to invest premium to maximise savings and create wealth. Under this plan, the insured will receive guaranteed loyalty additions at the end of the 10th policy year and on every 5th year thereafter. Maturity benefit and Death Benefit is also offered under the plan.
IDBI Federal Life Retirement Insurance Plans
A retirement plan as the name suggests is a type of life insurance policy designed to meet financial needs arising during the post-retirement phase. The plan is designed to provide financial independence to retired individuals so that they can enjoy their retirement on their own terms and without any financial stress. A retirement life insurance plan helps to build a financial corpus that is paid to them at the time of their retirement as per the discretion provided by the insured.
Retirement Plans Offered by IDBI Federal Life Insurance -
|Guaranteed Lifetime Income Plan
|This plan is best suited for creating a retirement corpus that helps in being financially independent after retirement. The corpus created will help in enjoying the golden years of life and make it stress-free. The plan offers guaranteed regular income to the insured for life. You can also avail of the regular income pay-outs as per your convenience i.e., monthly, quarterly, half-yearly, or annually. You can also decide the manner of receiving annuity i.e., either an immediate annuity or deferred annuity. The plan also offers an option of return of purchase price under both the annuity option.
IDBI Federal Life Child Insurance Plan
Child insurance plan as the name suggests is a type of life insurance product designed specially to provide financial security and build a corpus to help your child achieve their dreams and goals. A child insurance plan ensures that financial corpus through systematic investment is created that will be received at an important milestone.
Child Plans Offered by IDBI Federal Life Insurance -
|Young Star Plus Plan
|A traditional non-market-linked, profit-participating child insurance plan designed to safeguard the future of your children. The plan is designed to offer 125% of the maturity sum assured as guaranteed annual pay-outs at important milestone events. Guaranteed additions are paid every 5 years depending upon the tenure of the policy. Insurance coverage ensuring financial security to your loved ones in the event of your untimely and unfortunate demise. In this case, the future premiums shall be waived off.
|Dream Builder Plan
|A unit-linked insurance plan that offers insurance protection along with an opportunity to plan for your dreams. Under this plan, you have to pay the premium amount for the initial 8 policy years and stay insured for the entire policy tenure. The benefits of this plan are guaranteed. So, receive and enjoy guaranteed pay-out in the last 3 years of the policy term. In the event of death or disability of the life assured all future premium amount is waived off.
|Wealthsurance Future Star Insurance Plan
|This is a unit-linked child insurance plan that enables you to create savings to safeguard your child’s dreams and aspirations. The plan offers insurance coverage along with triple benefits like life cover to cover the risk of death, while in the event of the death of the insured the future premiums are waived off and an equal amount is invested by the insurance company, the policy continues and lastly on the date of policy maturity the maturity benefit is paid.
IDBI Federal Life Health Insurance Plan
The rising cost of medical treatments makes it important to avail of a health insurance plan. A health insurance plan is designed to cover the cost of medical expenses and treatment in times of medical emergencies. A health insurance plan will ensure you and your family have financial aid available in times of medical emergencies.
Health Insurance Plan Offered by IDBI Federal Life Insurance -
|Heart and Cancer Shield Plan
|This is a health insurance plan that offers comprehensive coverage to cover the treatment of heart and cancer ailments. Under this plan, in the event of diagnosis of the ailment, the insurance company provides fixed benefit on the predefined medical conditions irrespective of the actual cost of treatment incurred. The plan also allows multiple minor claims for both heart and cancer care.
Benefits of Buying IDBI Federal Life Insurance Plans
IDBI Federal Life Insurance Company is a reputed and fastest-growing life insurance companies in India. The company offers innovative insurance products that are helpful to customers for their systematic insurance planning and sound financial planning. The company has a wide insurance portfolio that offers all types of insurance products offering savings solutions, retirement planning, and insurance coverage. The following are the benefits offered by IDBI Federal Life Insurance Plans
- Financial Stability and Security-
A life insurance plan is a key instrument in sound financial planning. IDBI Federal Life Insurance Company offers a huge range of insurance products that not only offer insurance protection but are designed to offer wealth creation solutions that are helpful in planning for important milestones of life like a child’s education, retirement planning, etc. Additionally, the life insurance plans also offer financial security to your loved ones in your absence. By investing in IDBI Federal Life Insurance Company you can rest assured that the financial needs of your family are taken care of.
- Wealth Creation and Future Financial Planning-
A life insurance plan is an investment tool that is designed to provide solutions for financial planning and wealth creation. IDBI Federal Life Insurance Company offers a wide range of insurance products like the ULIP, Child Plan, Retirement Plan, etc. that are tools used for future financial planning and wealth creation. By investing in these plans, you can do effective financial planning for your short-term and long-term goals like buying your dream car, going on a foreign family trip, etc.
- Financial Security Instrument-
IDBI Life Insurance Plans are designed to offer financial security and provide liquidity solutions. Life Insurance plans of IDBI Federal Life Insurance Company offer facilities like loan against the policy, surrender benefit, partial withdrawal of funds, etc. these facilities help insured to take care of their immediate financial needs. Thus, in this manner, IDBI Life Insurance Company ensures that proper financial liquidity is available to the insured whenever they are in need. Offering such financial security ensures that the insured and their families are stress-free, financially secured, and are insured all at the same time.
- Tax Benefits-
IDBI Life Insurance Company policies can be used as instruments to save tax. The insurance policies offer tax relief to the premium payer under various sections of the Income Tax Act. The Income Tax relief is given as per the prevailing tax laws.
IDBI Federal Life Insurance Claim Settlement Process
IDBI Federal Life Insurance Company has a quick and hassle-free claim settlement process. The company focuses on delivering timely payment of registered claims thereby lessening the trouble of the family during times of contingency. The following is the claim settlement process undertaken by the IDBI Federal Life Insurance Company:
- Death Claim
A death claim is registered in the event of the death of the insured. A death claim has to be intimated and registered by the nominee. There are three main steps in the claim settlement process as under:
- Register claim
The first step in the claim settlement process is the registration of the claim. The nominee is required to intimate the insurance company about the death of the insured by filing a claim form. The claim form of IDBI Federal Life Insurance Company can be downloaded from the official website of the company or can be taken from the insurance company’s office or branch. By submitting the duly filled claim form the nominee can successfully register the claim.
- Claim Processing
The next step in the claim settlement process is claim processing. Claim processing refers to the step where the nominee is required to attach the relevant documents to the claim form and submit it to the insurance company. On the receipt of these forms, the insurance company verifies the received documents.
- Claim Settlement Pay-out
Once all the required relevant documents are received by the insurance company they are first verified and on successful verification of the received documents the insurance company shall credit the claim amount to the nominee’s account.
- Register claim
- Maturity Claim
A maturity claim is also a part of the claim settlement process. The maturity claim settlement arises in the event of the survival of the insured till the end of the policy tenure. Once the policy reaches the maturity date, the insured has to submit the relevant required documents to the insurance company to avail of the maturity benefit payable under the policy.
Thus, in this manner, IDBI Federal Life Insurance Company has a transparent, fair, and hassle-free claim settlement process. Furthermore, if the nominee or the insured (as the case may be) requires any assistance then they can contact the IDBI Federal Claim Settlement Team and get their queries resolved quickly.
Documents Required for Death Claim
For registering the death claim with IDBI Federal Life Insurance Company, the nominee is required to submit the following documents:
- Original life insurance policy document
- Duly filled Death Claim Form
- Duly attested Death Certificate of the insured
- Medical Summary, in case of death due to illness
- FIR copy, in case of death due to accident
- Nominee Bank Account details
- ID Proof of the Nominee
- Any additional documentation as per the request of the insurance company.
Documents Required for Maturity Claim
For registering the maturity claim the insured has to submit the following documents to the insurance company. Submission of the following documents will ensure faster maturity claim settlement:
- Original life insurance policy document
- Duly filled Discharge Form
- ID Proof of the insured
- Address Proof of the Insured
- Bank details of the insured
- Any additional documentation as requested by the insurance company.
IDBI Federal Life Insurance Tax Benefit
Tax benefit on the insurance premium paid is one of the biggest advantages offered by the IDBI Federal Life Insurance Company. The insurance company has designed the insurance policies in such a manner that it offers numerous benefits to the insured, tax benefit being one of them. The following table shows the income tax relief that can be availed by the insured by investing in IDBI Federal Life Insurance Plans:
|Income Tax Act Sections
|Tax Benefit Available
|Under this section, the insured can enjoy tax relief up to 10% of the sum assured (subject to a maximum of Rs 1.50 Lakhs) on the premium amounts paid for IDBI Federal Life Insurance plans.
|Under this section, the insured can avail a tax relief up to Rs 25000 (for individuals) and Rs 50000 (for a senior citizen) on the premium amount paid per financial year for IDBI Federal Life Health Insurance plans.
|Section 10 (10D)
This section states that the death benefit received by the nominee in the event of the death of the insured is completely tax-free.
Similarly, the Maturity benefit received can also be tax-free provided the premium amount does not exceed 10% of the sum insured. Additionally, the survival benefits received can also be tax-free provided the premium amount does not exceed 10% of the sum insured.
|This section states that all the premium amounts paid towards the annuity plan are eligible to tax deductions.
IDBI Federal Life Insurance Customer Care Details
The following table illustrates the customer care details of IDBI Federal Life Insurance Company. The Company has a dedicated customer care department dedicated to resolving the queries of the customers. The details of the Customer Care Department are as follows:
|1800 209 0502
|22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India
IDBI Federal Life Insurance Review
Some of the interesting details about IDBI Federal Life Insurance Company are as follows:
- In March 2015, the company achieved a record-breaking INR 1000 crore insurance business i.e., this record was achieved within 7 years of its formation
- While in the year 2017, the insurance company has seen a growth of 27% in a premium collection
- Claim Settlement Ratio of IDBI Federal Life Insurance is 95.79% for the financial year 2018-19
- IDBI Federal Life Insurance has a tie-up with 10000+ financial planning advisors
- The company offers a swift and hassle-free claim settlement procedure that aims to resolve and settle the claim within 30 days of receipt of all the required documents
Thus, the above statistics tell us that IDBI Federal Life Insurance company is a reputed and preferred insurance company in India.
IDBI Federal Life Insurance FAQs
1. Can I take a policy loan on the IDBI Federal Life Insurance plan?
Yes, you can avail of policy loans on certain IDBI Federal Life Insurance Policies. It is recommended to check whether your policy type allows policy loans or not.
2. How can I revive my policy which has been lapsed?
To revive your lapsed life insurance policy, you are required to pay the unpaid premium amount along with late fees. Additionally, if the insurance company asks for any additional document the insured must submit the same to revive the life insurance policy.
3. Which premium paying frequencies are allowed under IDBI Federal Life Insurance Plans?
You can pay the premium amount of IDBI Federal Life Insurance Plans as per their convenience. The company offers premium paying frequencies such as Annually, Semi-Annually, Quarterly, Monthly, and Single Premium.
4. Can I delete or add riders with IDBI Federal Life Insurance plans?
Yes, addition and deletion of rider facility can be done on the policy anniversary date.
5. Can I cancel my insurance plan if I am not satisfied with the terms and conditions of the plan?
Yes, if you are unsatisfied with the terms and conditions of your life insurance policy you can cancel it during the free-look period.
6. What are the payment modes for IDBI Federal Life insurance policies?
You can pay the premium of IDBI Federal Life Insurance Plans via online mode or offline mode. Under Online Mode you can pay the premium using Net Banking Facility, NEFT, and RTGS. While under offline mode you can pay the premium by cheque.
7. How will I receive my claim amount from IDBI Federal Life Insurance plan?
The claim amount shall be received by the nominee or the insured (as the case may be) in the manner they mentioned in the claim form or discharge form.
8. How can I check the policy status of the IDBI Federal Life Insurance Plan?
You can check the status of your life insurance plan by visiting the official website of IDBI Federal Life Insurance Company or can contact the customer care department or can visit the nearest branch office.
9. How can I track the performance of the policy funds in case of unit-linked insurance plans?
You can track the performance of the policy funds of your unit-linked insurance plan on the official website of IDBI Federal Life Insurance Company. Alternatively, the performance report is sent by the insurance company to you.
10. How many riders can I choose under IDBI Federal Life Insurance plans?
You can choose as many riders as you want under IDBI Federal Life Insurance Plans depending upon their availability under the given insurance plan.
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