IDBI Federal Life Insurance Plans with Benefits

IDBI Federal Life Insurance 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% 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

IDBI Federal Term Insurance Plans:

Term insurance plans are insurance-linked plans that require periodic premium payments and last for the specific tenure of five, ten, fifteen or twenty years, depending upon the choice of the policyholder.

IDBI Federal offers five-term insurance plans under specific five nomenclatures. These offer income protection, the flexibility of term, online purchase option, 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 cover up to the age of eighty
  • Death sum assured payout in case of cancer, stroke or heart attack

Also Read: Best Term Insurance Plans in India 2019

IDBI Federal Child Plans:

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

Features & Benefits

The child plans 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 benefit paid out in installments in case of death

IDBI Federal ULIP Plans:

IDBI Federal life insurance offers three variants of wealth or growth plans 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

IDBI Federal Savings Plans:

There are seven variants of IDBI Federal life insurance savings plan to suit the preferences of different investors. The savings plans have life insurance components as well as a wealth accrual component that gets paid out as a lump sum or periodic regular payouts. Savings plan are suited for people who are seeking retirement solutions or seeking an additional regular income payout.

Features & Benefits

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

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

IDBI Federal Group Plans:

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

Features & Benefits

The group plans by IDBI Federal includes:

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

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 plans can be purchased online:

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

IDBI Federal Life Insurance Plans Exclusions

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

In 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 about ensuring 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 upon the life insurance product opted.

Why Should Choose IDBI Federal Life insurance Plans?

IDBI Federal life insurance plans enjoy high customer loyalty. Subscribers of IDBI Federal plans attribute their loyalty to the company due 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 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 cover 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 FAQ’s

What is the eligibility for subscribing 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 for 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 is minimum and maximum age eligibility for IDBI microinsurance plan. For regular term insurance plans like IDBI income protect 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 concerning 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 subscriber can talk to IDBI Federal agent or seek policy purchase help online. On the online portal policy, the subscriber needs to provide basic details like age, income, employment, family members, financial goals and objectives, investment preference (short/mid/long term) and other details that will be required to suggest the policy suited for a particular subscriber. 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 objective which includes 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 yrs to 30 years. Sum assured flexibility ranging from Rs 5000 to over a crore. Additional benefits inclusion flexibility. Optional benefits include personal accident cover, critical illness cover. IDBI Federal flexibility benefit also includes options for choosing out of eight different types of funds when subscribing for ULIPs linked life insurance product and the flexibility to switch funds at a later stage.

Can IDBI Federal life insurance policy be assigned or nominated?

Ans- The assignment and nomination of IDBI Federal life insurance plans are governed by section 38 and 39 of IT act, and the provisions under the sections apply for the same.

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About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
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