IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. It is one of the fastest growing life insurance companies and offers a diverse range of wealth management, protection and retirement solutions to all its customers. It started its operations from 2008 and they were able to achieve breakeven in just 5 years.
Through a nationwide network of 2, 964 branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country. They wish to be the leading provider of wealth management and other services. The main mission is to continually strive to enhance customer experience through innovative products, efficient relationship management and excellent service delivery in a cost effective manner.
Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:
IDBI Federal Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by IDBI Federal Life and the features and benefits of each of them in details.
A traditional whole of life plan which covers the individual till 100 years of age and also provides saving facilities. The features and benefits of the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
55 years |
|
Maturity Age |
- |
100 years |
|
Policy Term |
100-age at entry |
|
|
Premium Payment Term |
12 years |
30 years |
|
Premium amount |
Rs.10, 000 |
No limit |
|
Sum Assured |
Depends on age, tenure and premium amount |
|
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly or monthly |
|
A traditional Endowment Assurance plan offered for a fixed tenure. The features and benefits of the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
55 years |
|
Maturity Age |
- |
75 years |
|
Policy Term |
10, 15, 20 and 25 years |
|
|
Premium Payment Term |
5 years |
Equal to plan tenure |
|
Premium amount |
Rs.10, 000 |
No limit |
|
Sum Assured |
Depends on age, tenure and premium amount |
|
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly or monthly |
|
A traditional money back plan which provides payouts at specific time intervals. The features and benefits under the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
55 years |
|
Maturity Age |
- |
65 years |
|
Policy Term |
10years |
|
|
Premium Payment Term |
5 years |
|
|
Premium amount |
Rs.20, 000 |
NA |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly or monthly |
|
Traditional money back child insurance plan to take care of the child’s future in the absence of the parent. Money backs are paid in the form of Guaranteed Annual payouts either in the last three years of the plan at 20%, 20% and 60% of the basic Sum Assured or in the last five years of the plan at 20% of the basic Sum Assured every year.On maturity, the last instalment of the Guaranteed Payout and accrued reversionary bonuses including any Terminal Bonus is paid to the policyholder.In case of death of the insured during the tenure of the plan, the death Sum Assured is paid which is higher of the maturity Sum Assured or 10 or 7 times the annual premium depending on the age of the policyholder. Future premiums are waived off and paid for by the company. The Guaranteed Annual Payouts will accrue as and when they fall due and on maturity, the vested reversionary bonuses including any Terminal Bonus is paid to the nominee
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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
For payment through online, policyholder must visit e-portal of company.
2. How can I check policy status for IDBI Federal Life traditional plans?
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 for IDBI Federal Life traditional plans?
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 for IDBI Federal Life traditional plans?
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 for IDBI Federal Life traditional plans?
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.
4.8 / 5 based on 2 User Reviews
The traditional plan of idbi federal insurance is great with big benefits. Policy coverage is good approx. 89% and claims are high. Service facilitate by the staff members is fantastic with good behaviour. Updates are mailed regularly to me and online portal makes easy renewals of the insurance policy.
I purchase idbi federal life traditional plan. The policy coverage is high and the permium is low. The service providers are doing very great job because the claims are easily sanctioned without any waiting and paperwork. Good future investment and it save my taxes too. Good job.