Ageas Federal Life Insurance Co Ltd is a joint-venture of Ageas 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.
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Through a nationwide network of 2, 964 branches of Ageas Bank and Federal Bank, and a sizeable network of advisors and partners, Ageas 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:
Ageas 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 Ageas 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.