IDBI Federal Life InsuranceClaim Settlement Ratio - 91.99%*
IDBI Federal Life Insurance is one of India’s growing life insurance companies and offers a wide range of protection, retirement, and capital management solutions to individual and corporate customers.
The Company is a joint venture of IDBI Bank, India’s premier industrial development bank, Federal Bank, a major Indian commercial bank and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
Commenced it operations in 2008, IDBI Federal was able to achieve breakeven within just 5 years, thanks to the vast nationwide network of 2137 partner bank branches of IDBI Bank and Federal Bank. Mr. Mahesh Keni is the CEO of IDBI Federal Life Insurance Company Ltd.
IBDI Federal was recognized as the ‘Best Insurance Company in the Private Sector’ for the year 2013 -2014 at the Lokmat Banking, Financial Services & Insurance Awards.
In 2009, the company received the PMAA Awards for best Dealer/Sales force Activity, conferred with the status of ‘Master Brand 2012-13’ by the CMO Council USA and CMO Asia and EFFIE Award for effective advertising in 2011.
These term insurance plans help you plan for financial protection for your family in case of an unfortunate event. These are cheapest form of life insurance plans.
- IDBI Federal Termsurance® Group Insurance Plan
- IDBI Federal Termsurance® Sampoorn Suraksha Micro-insurance Plan
These are wealth plans with life insurance benefits which ensure that your wealth-building efforts remain unaffected in unforeseen events and your financial goals can still be achieved.
- IDBI Federal Wealthsurance® Growth Insurance Plan Single Premium
These are low risk investment plans which provide you a guaranteed amount on maturity and help you plan for your life’s goals
- Incomesurance™ Guaranteed Money Back Insurance Plan (UIN No. 135N031V01)
- IDBI Federal Lifesurance® Savings Insurance Plan (UIN: 135N029V01)
- IDBI Federal Lifesurance® Whole Life Savings Insurance Plan (UIN 135N035V01)
- IDBI Federal Wealthsurance® Growth Insurance Plan (UIN:135L036V01)
- Wealthsurance® Suvidha Growth Insurance Plan
- IDBI Federal Wealthsurance® Future Star Insurance Plan
- Childsurance® Savings Protection Insurance Plan
- IDBI Federal Retiresurance® Group Insurance Plan
Compare all IDBI Federal life insurance plans from other life insurance companies in India to get the best insurance plan that suits you most.
IDBI Federal Life Insurance Distribution Network:
IDBI Federal Life Insurance Company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners.
IDBI Federal Life Insurance - FAQs
1. How to pay premium? What are the modes of payment available?
You can choose from ANY of the following premium modes from IDBI Life Insurance
- Online Payment
- Payment through IDBI & Federal Bank Branch
- Payment through Advisor
- Cheque facility
For payment through online, policyholder must visit e-portal of company.
- Enter your policy number and date of Birth
- Then verify your policy details
- Select payment options and pay payment.
2. How can I check policy status?
As a registered user, please visit the site
and provide the relevant policy information to enter the site and check the current status of your policy.
You can track you application from the above link in case you have recently applied.
3. What is the policy renewal process?
As an existing IDBI customer, you can convert all your paper policies into e-Policy to conveniently pay online premiums for renewals. You can fill the e-Policy Conversion Form and submit it to your nearest IDBI Federal branch. Once done, the renewal process remains the same as paying premium online.
4. What is the company’s process to settle claim?
IDBI Federal Insurance company guarantees to settle your claims within 8 working days, provided all your documents are in order. For every delay thereafter, the company will pay a penalty charge of 8% to the beneficiary.
The process is simple. Fill the suitable claims form and submit the medical bills and reports and other documents as requested by the company to the nearest branch. The claim amount will be directly deposited in your bank account.
5. What is the policy cancellation process?
It will take maximum 30 days for policy cancellation process. The IDBI policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. After receiving the documents and scrutinizing them, the refund is credited into the policyholder’s bank account as per the policy’s records, and the policy is cancelled.
IDBI Federal Life Insurance - Latest News
IDBI Federal Life Insurance has bought new office space worth over Rs. 111 Crore in Mumbai. The space of 62, 000 sq ft comprises two floors (22nd and 23rd) of the building that has 26 floors in total, located at Marathon Futurex Complex (nearby Lower Parel). The company has successfully made it to the deal, which was under process since last week. It can easily accommodate a sum of 450 employees. The operations will soon begin from the brand new office in Mumbai, which the company has already acquired in line with the growth strategy being implemented. The deal price stands at Rs. 18, 000 per sq ft, which remains within the current property rates for all immediate transactions. The current rates of property in the particular region of Lower Parel, Mumbai are ranging from Rs. 18, 000 to Rs. 20, 000, including all commercial facilities and profiles in the region.
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