idbi federal life insurance

IDBI Federal Life Insurance Plans with Benefits

Life Insurance
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IDBI Federal Life Insurance Plans Company is an insurance company backed by banking sector stalwarts. The insurance company received a license from IRDA in December 2007 and within ten years of operation has registered 27 % growth.

The company is offering several life insurance products that meet the different preferences of the customers. The company ranks high in customer satisfaction and claim settlement ratio. In FY 2016-17, the insurance company settled 90.33% of claims.

IDBI Federal life insurance plans feature several extra benefits that have made plans popular among its customers.

Types of IDBI Federal Life Insurance Plans

The following are the types of IDBI Federal Life Insurance Plans:

1. IDBI Federal Term Insurance Plans

Insurance-linked plans, termed term insurance plans, require policyholders to make periodic premium payments and last for a specific tenure of five, ten, fifteen, or twenty years, depending on the choice of the policyholder.

IDBI Federal offers five-term insurance plans under specific five nomenclatures. These offer income protection, the flexibility of terms, online purchase options, micro insurance, and pure life insurance.

Features & Benefits

IDBI Federal life insurance term plans include the features below:

  • Pure life insurance
  • Life insurance with minimum premium
  • Maturity benefit
  • Life insurance and maturity benefit
  • Lump sum benefits
  • Regular income payout benefits
  • Tax benefits under applicable sections
  • Personal accident cover
  • Life covers up to the age of eighty
  • Death sum assured payout in case of cancer, stroke, or heart attack

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2. IDBI Federal Child Plans

IDBI federal life insurance offers two variants of child insurance plans one aiming for savings protection and the other for wealth creation.

Features & Benefits

The child plans to offer the following features and benefits:

  • The guaranteed payout for important milestones
  • Death benefit
  • Maturity benefit
  • Bonus additions
  • Loyalty additions benefit
  • Flexible fund-switching option
  • Child education payout benefit
  • Tax benefits under section 80 C and 10 D
  • Maturity benefits are paid out in installments in case of death

3. IDBI Federal ULIP Plans

IDBI Federal life insurance and ULIP plans offer three variants of wealth or growth under different nomenclatures.

Features & Benefits

These are unit-linked plans and include the following features and benefits:

  • Life insurance and ULIP option
  • Choice of eight types of funds
  • The flexibility of fund-switching
  • Tax benefits on premiums
  • Tax benefits on plans
  • Guaranteed loyalty additions

4. IDBI Federal Savings Plans

There are seven variants of IDBI Federal life insurance savings plans to suit the preferences of different investors. Savings plans suit individuals seeking retirement solutions or an additional regular income payout, as they comprise both a life insurance component and a wealth accrual component that pays out as either a lump sum or periodic regular payouts.

Features & Benefits

The following comprise the salient features and benefits of IDBI Federal life insurance savings plans:

  • Policyholders need to pay only for the first eight years of the policy
  • Guaranteed yearly payouts in the last three policy years
  • In the event of the death/disability of a policyholder, further premiums are waived
  • Tax benefits as applicable under IT Act 1961 sections
  • Loyalty additions and bonus

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5. IDBI Federal Group Plans

Besides the personal and family life insurance plans, IDBI Federal Life Insurance also offers group plans for corporations. With IDBI Federal group insurance plans employers can take up umbrella plans for company employees.

Features & Benefits

The group plans by IDBI Federal include:

  • Plans for employee benefit
  • Plans for loan insurance
  • Microinsurance plans
  • Group retirement plans
  • Group protection insurance plans

6. IDBI Federal Life Insurance Online Plans

IDBI Federal Life Insurance has made several of its plans included in the above categories completely online. Life insurance policy subscribers can review the details of these plans online and complete the whole subscription procedure online.

The following IDBI Federal life insurance plan can be purchased online:

  • Wealth gain insurance plan
  • Wealthsurance growth insurance plan SP
  • insurance flex term plan
  • an insurance online term insurance plan

IDBI Federal Life Insurance Plans Exclusions

IDBI Federal life insurance policy documents spell out the exclusion conditions. In case the policyholder commits suicide within twelve months of the commencement of the policy, then the beneficiaries don’t have to suffer a total loss. The insurance company returns to the beneficiary 80 % of the premium paid amount or the policy surrender value whichever is higher.

In the case of combined life insurance products like term life insurance products which offer additional components like wealth creation, accident benefits, and other riders there are several other exclusions included to ensure a fair settlement of claims. All product variants of the life insurance company provide detailed and specific brochures with all the terms explained lucidly.

Documents Required for Subscribing IDBI Federal Life Insurance Plans

The following documents need to be attached to the plan subscription form:

  • Proof of age (birth/matriculation certificate)
  • Proof of identity (Aadhaar/Pan/Passport)
  • Proof of address (Aadhaar/gas bill/passport)
  • Pan card
  • Bank account statement
  • Premium cheque
  • Proof of income

All the above documents may not be required for specific IDBI Federal products, though age/identity/address proof can be compulsory. The documents required will depend upon the IDBI Federal plan purchased. Certain additional documents may also be required depending on the life insurance product opted for.

Why Should Choose IDBI Federal Life Insurance Plans?

IDBI Federal life insurance plan enjoys high customer loyalty. Subscribers of IDBI Federal plans attribute their loyalty to the company to the following company and product features:

  • IRDA Authorized insurance company
  • Backed by banking sector stalwarts
  • Sound financial base
  • High claim settlement ratio (above 90%)
  • Proven expertise in asset management
  • Well-established company in operation for over ten years
  • Detailed and updated online portal
  • Transparent online disclosures
  • Online purchase facilities
  • A complete assortment of life insurance products
  • Life insurance products with additional benefits
  • Life covers up to eighty years of age
  • Tax benefits under section 80 C and 10 D
  • Life insurance plans with maturity benefit
  • Policies can acquire paid-up value and surrender value
  • Customer online account and log-in
  • All-time customer support
  • Fast claim settlement procedures
  • Online claim settlement
  • Policy grace period up to 30 days
  • Policy free look period up to 15 days

IDBI Federal Life Insurance Plans – FAQs

What is the eligibility for subscribing to an IDBI Federal life insurance policy?

Ans: To subscribe to life insurance plans by IDBI, the subscriber must be at least eighteen years of age. The maximum age to subscribe to the IDBI Federal Life Insurance scheme is 55 years. The minimum and maximum eligibility age may vary with the type of plan for example 18 and 55 years are the minimum and maximum age eligibility for an IDBI microinsurance plan.

For regular term insurance plans like the IDBI income protection plan the minimum and maximum age is 25 and 60 years respectively.

What are the extra benefits associated with IDBI Federal Life Insurance Plans?

Ans: IDBI Federal life insurance plans are associated with extra benefits offering a choice between pure life insurance and combined benefits life insurance products. Combined benefits life insurance products include life insurance cover and other benefits like lump sum payout, wealth creation, savings buildup, child education, and other features.

IDBI Federal life insurance also offers extra benefits associated with policy term flexibility; policy sum assured flexibility and premium payment flexibility.

The long-term life cover is also an extra benefit feature of IDBI Federal policies. IDBI Federal life insurance offers life cover till eighty years of age.

How to select an appropriate IDBI Federal Life insurance plan?

Ans: Policy subscribers can talk to an IDBI Federal agent or seek policy purchase help online. The subscriber needs to provide basic details such as age, income, employment status, family members, financial goals and objectives, investment preferences (short/mid/long term), and other necessary information to suggest the policy suited for them on the online portal policy.

The policy subscriber can seek online help by pressing the ‘Help me buy’ tab. The subscriber will be guided into further details but will have first to specify objectives which include family protection, wealth building, child education, regular income, and retirement planning.

What are the flexibility features offered by IDBI Federal Life Insurance?

Ans: IDBI Federal life insurance products are well assorted along all dimensions. Flexibility features include policy term flexibility ranging from 5 years to 30 years. Sum assured flexibility ranging from Rs 5000 to over a crore. Additional benefits include flexibility.

Optional benefits include personal accident cover, and critical illness cover. IDBI Federal flexibility benefit also includes options for choosing out of eight different types of funds when subscribing to ULIPs linked life insurance products and the flexibility to switch funds at a later stage.

Can IDBI Federal life insurance policy be assigned or nominated?

Ans: Sections 38 and 39 of the IT Act govern the assignment and nomination of the IDBI Federal life insurance plan, and the provisions under these sections apply to it.

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