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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.
This plan can be bought only through the website. The features of this plan are mentioned below:
The features of this plan are mentioned below:
The features of this plan are mentioned below:
This plan is mainly designed to offer protection to the employees. The features of this plan are mentioned below:
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:
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 firstname.lastname@example.org
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
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.
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.
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:
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
What would be reasons for my claim getting rejected?
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.
In an unfortunate event of your death, how can your nominee claim your IDBI Federal Term Insurance plan?