IDBI Federal Life Insurance

IDBI Federal Life Insurance, which was previously referred to as the IDBI Fortis Life Insurance, is an amalgamation between three companies - IDBI Bank, Federal Bank, and Ageas, the European insurance company. The company was established in 2008 with IDBI bank holding 48% stake, Ageas and the Federal Bank holding 26% each in the company. The IDBI has more than 2,500 branches across the country. IDBI Bank Ltd is one of the top commercial banks of India offering a variety of financial products and services for retail and corporate customers. The Federal Bank is a renowned private sector bank in India with a prominent presence in Kerala. The bank offers multiple financial products and services to more than four million retail customers. The bank also provides intelligent technological solutions to its service users. Ageas is the international European insurance company, and it focuses on its business presence in Europe and Asia.

Types of Life Insurance Policies Provided by IDBI Federal Insurance

IDBI Federal offers multiple kinds of life insurance policies which are designed to meet the variety of financial goals such as retirement planning, planning for the future of the child, and maximizing the savings among various other purposes. It also provides group insurance plans which can facilitate employers to offer insurance coverage to their employees and also help them in building wealth. Following is the list of the plans mentioned.

Child Plans of IDBI Federal Life Insurance

Plan	Basic Amount Assured	Policy Tenure
IDBI Federal Life Childsurance Savings Protection Insurance Plan	Minimum: Subjected to minimum premium Maximum: No limit	Minimum: 10 yrs Maximum: 25 yrs

IDBI Federal Life Savings Child Protection Insurance Plan: It is an endowment plan which ensures the fulfillment of the financial needs of the child even in the unfortunate absence of the parents.

Endowment Plans of IDBI Federal Life Insurance

IDBI Federal Whole Life Savings Insurance Plan: It is an insurance plan that provides the life cover of up to 100 years of age. In this plan, the lump sum amount is paid at the end of the premium payment term or PPT, and payment is made again when the policyholder becomes 100 years old.
IDBI Federal Life Savings Insurance Plan: It is a traditional savings plan that offers bonuses to boost the savings of the insured.

Group Plans of IDBI Federal Life Insurance

The plans under its ambit ensure that the financial interests and needs of a group are fulfilled and protected by the insurer.
IDBI Federal Life Term Group Insurance Plan: It helps the employer in providing life cover insurance not only to employees but also to the customers, suppliers and affiliated groups.
IDBI Federal Life Group Microsurnace Plan: This plan is designed for the micro-financial institutions. It assists the institutions in providing life insurance to the group members and loan protection to their families.
IDBI Federal Life Term Sampoorn Suraksha Micro-Insurance Plan: It is a simple term-insurance plan and offers financial cover at a very minimal cost. One can opt for either a five year or 10-year policy term in this plan.
IDBI Federal LoanSurance Group Insurance Plan: This plan is for lending institutions. It helps the institutions to protect the savings and assets of the client.
IDBI Federal Life Retiresurance Group Insurance Plan: It is the non-linked, non-participating plan tailored for the employer-employee groups that will assist the employer in planning and managing funds for the retirement benefits of employees.

Money Back Plan of IDBI Federal Life Insurance:
IDBI Federal Life Guaranteed Income Money Back Insurance Plan: It is an endowment plan and a money back insurance plan in which the premium is just paid for the first five years of the policy term only. The insured person gets the guaranteed annual payments every year from the 6th year, in this plan.

Wealth Plan of IDBI Federal Life

Wealthsurance Suvidha Growth Insurance Plan SP: It is a single premium ULIP and a one-time investment plan where the premiums can be paid at once, and the benefits can be enjoyed by the insured for whole life. This plan also provides life cover.
Wealthsurance Growth Suvidha Insurance Plan: It is an investment and life cover plan where the insured person can either manage funds or opt for a systematic allocator that will ensure the equal balance between the growth of investment and safety of the insured.
IDBI Wealthsurance Growth Insurance Plan:  It offers nine fund options to its customers, among which they can choose to invest, depending on their risk appetite.

IDBI Life Term Plans

Plan	Sum Assured	Policy Term
i-Surance Flexi Term	Minimum: Rs 50,00,000 Maximum: Rs 30,00,00,000	Minimum – 10 yrs; Maximum – 62 years
i-Surance Online Term	-	Minimum – 10 yrs; Maximum – 25 yrs

Claim Insurance Process in IDBI Life Insurance
 

Raising a claim is the simple and hassle-free process in IDBI Federal Life. The customers need to follow a 3-step process to register the death claim.
Step 1 - Register the claim for death:
The claimant must register the death claim in writing, along with the submission of the required documents. These include

• Death Claim Form.
• Original Policy Document
• Original or Attested copy of 'death certificate' issued by the Municipal Corporation.
• Photo id of the nominee.
• Attested copy of Residential proof.
• Medical records of death and documents about any past illnesses which the insured may have suffered from, a canceled check from the bank account of the nominee(with the IFSC code). The company will register the claim, once the aforementioned documents will be received.

Step 2 – Processing of the claim:
Once the documents are received, the claim department of the company will look into the claim. If no further details or documents are be required regarding the request, the insurance company will settle down the death claim in a duration of a maximum of eight days.
Step 3 - Payout of claim:
Once the claim has been settled, the IDBI Federal will transfer the due amount to the bank account of nominee via National Electronic Fund Transfer (EFT). If the amount could not be transferred via NEFT, then the insurance company will send the payment via cheque to the registered mailing address of the nominee.

Documents required for purchasing IDBI Life Insurance:

There are certain documents which the applicant need to submit such as the proof of identity, age; proof of income, residence and a copy of the PAN Card. For knowing about the complete list of documents required for the application, please contact any IDBI Federal Life Insurance representative or visit any of the nearby branch offices.

Policy Status Check:
The status of IDBI Federal life insurance policy can be checked by visiting their website. For tracking the policy status and details, the policyholder will be required to provide policy-related information such as the policy number and date of birth. Once the required information is submitted, the page will immediately display the details and status of the policy.

Online Payment:
The premium payment process of the IDBI Federal Life Insurance policy is convenient. The customers can pay their premiums online through various channels: internet banking, credit cards; debit cards, e-wallets; cash cards, IMPS and even through secured EMI facility available on the selected cards.

Premium Calculator of IDBI Federal Life

Before making the purchase, it is better to check the price of the product to have an idea about the proximity of a product with the budget. The same theory applies to life insurance as well, as it is the substantial expense which gets added to the monthly budget. While planning to purchase an IDBI Federal Life Insurance policy, one can easily find out the cost of premiums with the help of an online tool called, 'Premium Calculator.' IDBI allows its customers to calculate the premium costs for each of the policies. For calculating the premium amount, one will be asked to provide the specific details about the policy chosen, such as the term, age and the total amount assured as selected by the applicant. Based on the provided information, the premium tool will calculate the premium amount which the person will be required to pay towards the insurance cover.

IDBI Federal Life Insurance Customer Care

Customer service is an integral part of services provided by IDBI Federal to its customers. To facilitate this, the IDBI has set up various channels through which the customers can get in touch with the support team in the company to get their queries and complaints resolved. The multiple channels via which customers can connect with the customer support team includes the helpline number for assistance and inquiries, an email ID of customer care, and the set complaint resolution matrix which has been established for the speedy resolution of all kinds of queries and grievances. Along with this, the customers can also make their policy premium payments online and track the application from the IDBI Federal website.

FAQs

Q1. Can I surrender the policy? What are the criteria for policy surrender?
Ans: Yes, you can surrender the policy after the completion of the lock-in period. The criteria for policy surrender is as follows:

• The policies that are in force, paid up and discontinued can be surrendered.
• The request must be received after the completion of the policy lock-in period.
• The application must be received form assignee, Karta, and the trustee under the consent of the policyholder if the policy has been assigned, for HUF and MWP.
• If the policy is a ULIP, then date and time stamp is mandatory.
• If the policyholder is a minor, then the request will be rejected.