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IDBI Federal Term Insurance

IDBI Federal Life Insurance Company is India’s one of the fastest growing life insurance companies. This company offers a variety of products that include wealth management, retirement and protection to corporates as well as individuals.

Customer delight is the guiding principle at IDBI Federal Life Insurance Company

IDBI Federal Life Insurance Co.Ltd is a collaboration between IDBI Bank which is India’s premier development and commercial bank and Federal Bank, which happens to be one of the leading private sector banks in India’s and Ageas which is a multinational insurance in Europe. IDBI Federal Life Insurance Co.Ltd started its operation in the year 2008 and is growing because of its passion for innovation and growth. IDBI Federal Life Insurance Co.Ltd has a good network of around 2,964 branches together of IDBI and Federal Bank. Huge size of partners and advisors offers good services. This has made them reach in all corners of the country.

Benefits of IDBI Federal Term Insurance

  • Loan facility: It doesn’t offer loan facilities
  • Discounts: Offers discount if you choose a higher sum assured
  • Specific discounts: Offers extra discount to the women life assured
  • Flexibility: Offers flexibility in premium payment terms
  • Variety: IDBI Federal Term Insurance offers huge variety of online and offline term insurance plans
  • Accidental death: Apart from the life cover, this company offers an option to opt for accidental death benefit.
  • Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of IDBI Federal Term Insurance Plans

iSurance Online Term Plan

This plan can be bought only through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 50
  • The minimum sum assured is 50 Lakhs and maximum sum assured is 30 crore
  • The policy term can be minimum 10 years and maximum 25 years
  • The premium payment frequency is annual
  • This plan can be purchased by Indian resident, Non Resident Indian, Person of Indian origin, Overseas Citizenship of India and an Indian person with dual citizenship may also apply
  • Offers 3 options in death benefits: In the 1st option in case of the death of the sum assured, the company pays the nominee/beneficiary, the entire life cover as per the policy schedule. In the 2nd option in case of the death of the sum assured, 105% of the premiums are paid to the nominee till the death of the insured. In the 3rd option, if the insured is less than 45 years, then after his death, 10 times of the annual premium or 7 times the annual premium (if the insured is above 45 years) to the nominee/beneficiary.
  • This plan can be bought online at the click of your mouse
  • Offers accidental death benefit option, so that your family receives an extra payout apart from the life cover post your demise. This however happens only in case of accidental death only during the policy term
  • Offers special discounts for women life assured
  • Offers medical test at your door step post confirming the date, timings and venue
  • Offers rebate in premiums for choosing sum assured 75 lakhs and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
  • Offers higher sum assured with a lower premium

Termsurance Life Protection

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 60 and the maturity age is 70 years maximum
  • The minimum sum assured is 5 Lakhs and maximum sum assured doesn’t have any limit
  • The policy term can be minimum 10 years and maximum 30 years
  • The premium payment frequency is annual, half-yearly, quarterly and monthly
  • The premium payment term is single and regular payment.
  • The premium amount is however based on the age of the life assured and the type of plan chosen
  • There are 2 types of plan options. 1st is pure protection plan and the 2nd is return of premium on maturity. 1.) In the pure protection plan, if the insured dies within the policy period, the death benefit is paid to the nominee and the policy terminates. This option is better for people who are looking for a higher insurance cover at a lower premium.
  • In the return of premium option, in case of the death of the insured with less than 45 years, highest of - the sum assured or 125% of the single premium is paid or minimum guaranteed sum assured on maturity is paid. If the insured dies after 45 years of age, highest of – sum assured, 110% of the single premium, minimum guaranteed sum assured is paid on maturity
  • Offers special discounts for women life assured
  • Offers rebate in premiums for choosing sum assured 10 lakhs and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Termsurance Sampoorn Suraksha

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 60 years maximum
  • The minimum sum assured is Rs.5000 and maximum sum assured is Rs.50, 000
  • The policy term can be minimum 5 years and maximum 10 years
  • Offers flexibility of premium payment in single and regular premium option
  • The premium payment frequency is annually only for regular premium option
  • Offers sum assured inbuilt with accidental death benefit
  • Doesn’t offer the loan facility option
  • In case of death of the insured during the policy period, death benefit is paid to the nominee which is highest of – 10 times of annualized premium (7 times for ages more than 45) or 105% of all the premiums paid till the death of the insured, sum assured
  • If the insured suffers an accidental death, an amount that is equal to the sum assured is pad apart from the sum assured
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Group Termsurance Plan

This plan is mainly designed to offer protection to the employees. The features of this plan are mentioned below:

  • The minimum entry age is 18 years in case of employer-employee groups and accidental death benefit and 15 years in case of non-employer-employee group. The maximum age is 69.
  • The minimum sum assured is Rs.5000 and maximum sum assured has no limits
  • The minimum accidental death sum assured is Rs.5000 and maximum sum assured is 50 lakh
  • The minimum terminal illness sum assured is Rs.5000 and maximum sum assured is 50 lakh
  • Here policy term needs to be renewed every year
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
  • Offers accidental death benefit option, so that your family receives an extra payout apart from the life cover post your demise. This however happens only in case of accidental death only during the policy term
  • In case of terminal illness, the terminal illness benefit is paid if the insured is expected to live for not more than 6 months. This diagnosis has to be done by a specialized medical practitioners approved by the insurance company
  • In the event of the death of the insured, the sum assured to the maximum of 50 Lakh is paid to the nominee

Exclusions of IDBI Federal Term Insurance Plans

The claims would not be admitted under the below exclusions:

  • Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

  • Accidental death due to:

  • Suicide or attempted suicide or any self-inflicted injury whether the life assured is medically sane or insane
  • War, terrorism, invasion, martial law, civil war, revolution, military or usurper power, civil commotion
  • Service in the armed forces, or any police organization, of any country of war or service in any force of an international body
  • Alcohol, drugs, narcotics or psychotropic substances
  • The insured taking part in any strike, industrial dispute, riot, war, civil commotion, invasion, terrorism, hostilities, nuclear reaction, biological or chemical contamination, etc. is not covered.
  • Any partial or total disability because of taking part in any dangerous sport or other activities like hunting, mountaineering, racing, bungee jumping, etc. is not covered.

Claim Process of IDBI Federal Term Insurance

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

Claim Registration: The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. The nominee needs to ensure that the form is filled based on the type of claim and submitted to the IDBI Federal Life Insurance office along with the other documents. The insurance company registers the claim and provides an acknowledgement to the claimant with a set of other claims documents for further processing of the term claim. In case of any queries, you can contact on 1800 209 0502 or email at support@idbifederal.com

Documents submission: The nominee has to either visit the IDBI Federal Life Insurance head office or any of its branch to register a term insurance claim. The below documents would be required

  • Intimation letter
  • Death claim form
  • Attested copies of the nominees photo id and residential proof
  • Death certificate in original or attested copies issued by Municipality
  • Bank details of the nominee
  • Original Policy bond
  • Medical records at the time of death and documents related to any past illnesses of the insured person
  • Cancelled cheque of the nominees bank account that contains the IFSC code

Claim scrutiny and decision: The insurance company communicates the claimant the other requirement. A dedicated claims team follows up and help the claimants. This team further understands the genuineness of the claims, scrutinizes the claim and further takes a decision for claim payments.

Fund value payment: After scrutinizing the claim, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

Settlement payout: The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor. The company claims to settle the proceeds within 8 working days from the date of receipt of all the required documents. The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy. In case of NEFT failure, the insurance company would send a cheque at the residence of the nominee

Note: If the claim is delayed (which is very rare with IDBI Federal Life Insurance) beyond 8 working days, they pay their customers a good interest @8% for every day’s delay.

Review of IDBI Federal Term Insurance

IDBI Federal Insurance offers wide-ranging term coverage that takes care of your overheads associated with liabilities and offers a peace of mind by making arrangements for a financially secured life for your loved ones. Their vision is to be number one in providing products of wealth management, retirement and protection plans to meet the requirements of their customers in their need of hour. This company believes in crystal clear communication with their partners and stakeholders. They are well known for offering delivery as promised and rock solid clarity in claims settlement. IDBI Federal Insurance is a well-known company claims of user-friendliness and unswerving customer service. With diverse coverage plans suiting every individual, IDBI Federal Life Insurance undeniably has a potential to be ranked as one of the best insurance companies of India. This company has a highly committed sales force with a touch of customer delight. Their commitments about stringent response times for service delivery and claims undeniably reserves one of the top slots for them in insurance domain in India.

FAQ's on IDBI Federal Term Insurance

What are the documents required if you wish to surrender your IDBI Federal term insurance plan?

The below documents are required if you wish to surrender your term insurance plan bought from IDBI Federal Insurance:

  • Surrender Request Form duly filled and signed.
  • Policy Document / Indemnity Bond in lieu of Policy Document
  • Cancelled cheque or bank statement/pass book copy duly attested by bank and Policyholder.
  • If ‘NEW ACCOUNT’ is mentioned on the cheque then we require the bank statement / passbook.
  • For NRE / NRI Account we require confirmation from the bank, which should state that all premiums are paid from NRI account
  • Self-attested Pan Card copy
  • NOC from the bank (In case assigned to the bank)
  • Fund transfer to new application letter i. If customer is a NRI then:
  • He/she will have to provide the copies of his/her Passport with entry and exit dates. Declaration (for change in residential status NRI – Indian)

What is IDBI Federal Claim Guarantee?

At IDBI Federal Life Insurance, the Claim settlement process is made to make the settlement experience simple, quick and hassle-free. They have the ‘8 Day Claim Guarantee’ service is an initiative to offer the best-in class claims experience to their customers. The Claim settlement is done in just 8 working days or IDBI Federal Insurance will pay 8 % p.a. interest for each day of delay. All Death Claims are eligible for this service. There are few important points you should remember

  • 8% interest would be paid on death claim amount for delay beyond 8 working days;
  • 8 working days will be calculated from date of receipt of all documents required by the company;
  • This guarantee will not apply to (i) death claims within 3 years of issuance/commencement/revival of policy or addition/deletion of any rider, (ii) death claims which require investigation in our opinion.

What would be reasons for my claim getting rejected?

  • If the policy gets lapsed on the date of the incidence of the claim.
  • If a particular loss is not covered as mentioned in the policy terms and conditions,
  • If the loss doesn’t really qualify as a loss whether it be marginally or total loss as per the meaning of coverage.
  • Any incident falling under the exclusion category won’t be approved for claim.

What are the documents required to buy an online term plan from IDBI Federal?

A list of documents are required to purchase term insurance online. They are listed below.

  • Proof of income/ employment
  • Proof of age
  • Proof of education
  • Proof of address - residence and correspondence
  • Proof of identity
  • Photograph
  • PAN Card copy

In an unfortunate event of your death, how can your nominee claim your IDBI Federal Term Insurance plan?

  • If you have invested in a Term Plan, it is advisable to keep your nominee aware of the situation so that if and when the time comes, he/she can claim the policy for which you have been shelling premium every year. To make the claim, the following steps need to be taken:
  • Every insurance company has a pre-set procedure defined for making a claim. Hence, following your death (and yeah, even though it sounds scary!), your nominee has to intimate the insurance company of the same.
  • All necessary documents including Claim Form, Death Certificate, original policy documents, hospital and medical records and bank account details of the nominee, etc. are to be submitted to the insurance company for further processing.
  • Always prefer to communicate with the insurance company through written medium like an email to maintain a track of your conversation. You never know when it might come in handy (though we hope it doesn't).

IDBI Federal Term Insurance