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IDBI Federal Life Insurance – Compare Plans, Features & Benefits

Ageas Federal Life Insurance Company is a reputed name in the life insurance industry. The company has been formed as a joint venture between Ageas Bank, Federal Bank and Ageas. Ageas Federal Life Insurance Company received its life insurance license from IRDA in the year 2007 and was established in 2008. Since its launch, the company has been successful in making good profits and it broke even within five years of its formation. Even today, Ageas Federal Life Insurance Company has a good market share and it offers a range of life insurance products for its customers.

Important facts about Ageas Federal Life Insurance Company

 Here are some key facts about the company which should be highlighted –

  1. Within seven years of its formation, Ageas Federal Life Insurance Company crossed the record of INR 1000 crore of total business in March 2015
  2. In March 2017 Ageas Federal clocked 27% growth in the premium collected in that financial year
  3. The company has received the Service Provider of the Year 2018 Award conferred by the ASSOCHAM Insurance Excellence Awards 2019
  4. Moreover, the company’s annual report for the financial year 2017-18 was also recognized at the ‘Best Annual and CR Report of the Year’ at the Corporate Communication and PR Summit 2019

Why choose Ageas Federal Life Insurance?

Choice of Ageas Federal Life Insurance Company as your insurance provider proves beneficial because of the following reasons –

  1. The company has a range of life insurance plans which suits the different financial needs that you might have
  2. Over the financial year 2018, the company’s total premium collected stood at INR 1933 crores which were 8% higher than the last year’s premium collection. This shows that the company’s policies are quite popular
  3. The company has been earning profits since the last seven years thereby promising bonuses in participating in traditional policies that it issues. These bonus additions increase your benefits
  4. The company has a strong financial position with Assets under Management of INR 9107 crores

Life insurance plans offered by Ageas Federal Life Insurance Company

As mentioned earlier, Ageas Federal Life Insurance offers a range of policies which are categorised below –

Term insurance plans

Term insurance plans are basic insurance plans which cover the risk of premature death. These plans usually pay a death benefit and have very low premiums. Term plans, therefore, help you create a security corpus for your family in case of your untimely death.

The list of term plans offered by AgeasFederal is as follows –

AgeasFederal Life Insurance Saral Jeevan Bima Plan

This is a non-linked and non-participating pure risk individual premium life insurance plan. A simple and affordable pan, it can help you secure the future of your loved ones even in your absence. Following are the features of this plan:

  1. Your family receives a lump sum amount as a death benefit in case of your unfortunate demise
  2. You can choose your preferred policy term and premium payment term
  3. You may also receive tax benefits under the current tax laws on the premium paid by you
  4. No pre-policy medical tests required to purchase the policy

Eligibility conditions of AgeasFederal Life Insurance Saral Jeevan Bima Plan

Entry age18 years to 65 years
Maturity age70 years
Term of the plan5 years to 40 years
Basic Sum AssuredMinimum: INR 5,00,000 Maximum: INR 25,00, 000
Premium amountMinimum: INR 1,391Maximum: INR 5,04,085

AgeasFederal Life Insurance Income Protect Plan

This is a pure term insurance plan which offers the following features and benefits –

  1. Monthly incomes are paid to the family if the insured dies during the policy tenure
  2. 12 times the monthly income is also paid in a lump sum on death of the insured for immediate financial needs of the family
  3. The monthly incomes are paid up to the remaining policy duration subject to a minimum of 5 years
  4. The monthly incomes increase every year at a rate of 5% simple interest
  5. Premiums can be paid regularly or for a limited period

Eligibility conditions of Ageas Federal Life Insurance Income Protect Plan

Entry age25 years to 60 years
Maximum maturity age70 years
Term of the plan10 years to 30 years
Premium paying termRegular pay – equal to the term of the policyLimited pay – 10 or 15 years
Monthly incomeMinimum – INR 15,000Maximum – no limit
PremiumDepends on age, monthly income selected and policy tenure

Ageas Federal Life Insurance iSurance Flexi Term Plan

This is a flexible term insurance plan with a comprehensive scope of coverage. The plan’s features are as follows –

  1. a) The plan has a conversion feature wherein on the diagnosis of cancer or on the occurrence of stroke or heart attack, the death benefit can be availed
  2. b) 50% or 71% of the sum assured would be converted and paid in case of any of the afore-mentioned illnesses
  3. c) In case of death, the sum assured is paid in a lump sum

Eligibility conditions of Ageas Federal Life Insurance iSurance Flexi Term Plan

Entry age18 years to 60 years
Maturity age28 years to 80 years
Term of the plan10 years to 62 years
Premium paying termEqual to the term of the plan
Sum AssuredMinimum – INR 50 lakhsMaximum – INR 30 crores
PremiumDepends on age, the sum assured selected and policy tenure

Ageas Federal Life Insurance Termsurance Sampoorn Suraksha Micro-insurance Plan

This is a micro-insurance policy which provides term insurance coverage for individuals living in the rural areas of India. The features of this plan are as follows –

  1. Premiums can be paid either throughout the policy tenure or at once
  2. No medical check-ups are required to buy the policy
  3. An additional sum assured is payable in case of accidental death

Eligibility conditions of Ageas Federal Life Insurance Termsurance Sampoorn Suraksha Micro-insurance Plan

Entry age18 years to 55 years
Maturity age23 years to 60 years
Term of the plan5 years or 10 years
Premium paying termEqual to the term of the plan
Sum AssuredMinimum – INR 5000Maximum – INR 50,000
Premium amountRegular premium:Minimum – INR 100Maximum – INR 5200Single premium:Minimum – INR 400Maximum – INR 5200

My Life Protection Plan

My Life Protection Plan, offered by IDBI Federal Insurance Company, is a non-linked, non-participating, individual life pure risk insurance plan that provides you financial support in times of need.

  1. By paying a small premium amount, you get an extensive life cover
  2. You have the freedom to choose your preferred policy term and premium paying term
  3. There are three different life cover options to choose from
  4. You can choose to pay a regular premium or pay once under a limited premium payment option
  5. For females, athletes (marathon runners), and non-tobacco users, the company offers discounted premium rates.

Eligibility conditions of IDBI Federal My Life Protection Plan

Entry age21 years to 65 years
Maturity ageMinimum 31 yearsMaximum 85 years
Term of the plan10 years to 85 years (from age at entry)
Premium paying term Minimum Maximum Regular- 10Regular- 85Limited- 07Limited- 25Single- single paySingle- single pay
Maturity sum assuredMinimum: INR 50,00,000Maximum: No limit

AgeasFederal Life Insurance Termsurance Life Protection Insurance Plan

This is a return of premium term insurance plan which returns the premiums if the insured survives the policy duration. Other features of the plan are as follows –

  1. There are two premium payment options allowed under the plan – regular premium payment or single premium payment
  2. Women can avail premium discounts
  3. If you choose a high sum assured level, there is a discount on the premium

Eligibility conditions of Ageas Federal Life Insurance Termsurance Life Protection Insurance Plan

Entry age18 years to 60 years
Maximum maturity age70 years
Term of the plan10 years to 30 years
Premium paying termRegular premium – Equal to the term of the planSingle premium – once
Sum AssuredMinimum – INR 5 lakhsMaximum – no limit
Premium amountDepends on age, term, the sum assured and premium paying term

Savings Plans

Savings plans are savings oriented life insurance plans. These plans provide dual benefits of wealth creation as well as insurance protection. Savings plans are traditional endowment or money back insurance plans which provide guaranteed benefits.

The list of savings plans offered by AgeasFederal Life Insurance Company is as follows –

AgeasFederal Guaranteed Lifetime Income Plan

AgeasFederal Guaranteed Lifetime Income Plan guarantees you a regular income even after retirement. Guaranteed Lifetime Income Plan is provided to help with a handsome income post-retirement to help out the retired individuals financially.

  1. You get a regular and guaranteed income for lifelong
  2. You can choose payout frequency- monthly, quarterly, half-yearly, or yearly.
  3. You can choose between immediate or deferred annuity options
  4. You can make a one-time premium payment depending upon your convenience.
  5. 110% of the purchase price is returned to the family of the insured person in case of the unfortunate death of the insured.

Eligibility conditions of IDBI Federal Guaranteed Lifetime Income Plan

Entry age45 years to 85 years
Maturity ageLifelong
Annuity Payout Per InstallmentINR 1,000/payoutINR 3,000/payoutINR 6,000/payoutINR 12,000/payout
Premium paying termSingle 
Annuity payoutMonthly, quarterly, half-yearly, or yearly
Purchase priceMinimum: INR 1,50,000Maximum: no limit

1. Ageas Federal Life Insurance Dream Builder Plan

This is a limited premium money back policy which pays annual pay-outs in the last three policy years. The features of the policy are as follows –

  1. Premiums are payable only for the first eight policy years
  2. 20%, 20% and 30% of the maturity sum assured is paid as annual pay-outs in the last three years
  3. Even if the insured dies, the policy does not terminate. The death benefit is paid immediately and then the annual pay-outs occur as promised
  4. No premiums are required to be paid if the insured dies or becomes disabled during the policy tenure

Eligibility conditions of Ageas Federal Life Insurance Dream Builder Plan

Entry age21 years to 50 years
Maturity age31 years to 72 years
Term of the plan10 years to 22 years
Premium paying term8 years
Maturity sum assuredMinimum – INR 215,000Maximum – no limit
Premium amountDepends on maturity sum assured, age and term

2. Ageas Federal Life Insurance Guaranteed Savings Plan

This is a non-participating endowment plan which has the following features –

  1. The premium for the policy is payable only at once when buying the plan
  2. The maturity benefit is guaranteed under the policy
  3. In case of death, 10 times the single premium is paid

Eligibility conditions of Ageas Federal Life Insurance Guaranteed Savings Plan

Entry age2 years to 45 years
Maximum maturity age55 years
Term of the plan7 years or 10 years
Premium paying termSingle premium
Maturity sum assuredDepends on premium paid, age and term
Premium amountMinimum – INR 50,000Maximum – no limit

3. Ageas Federal Life Insurance Guaranteed Wealth Plan

This is a non-participating endowment insurance plan which has the following salient features –

  1. Premiums are payable only for a limited period
  2. The maturity benefit can be availed in lump sum or in annual instalments
  3. If the maturity benefit is taken in instalments, the annual incomes would be paid for seven years after maturity

Eligibility conditions of Ageas Federal Life Insurance Guaranteed Wealth Plan

Entry age10 years to 55 years
Maximum maturity age69 years
Term of the plan14 years
Premium paying term7 years
Maturity sum assuredDepends on premium paid, age and term
Premium amountMinimum – INR 35,000Maximum – no limit

4. Ageas Federal Life Insurance Life Advantage Plan

This is a participating endowment plan which offers a range of benefits. Such benefits are as follows –

  1. Guaranteed additions are added to the sum assured to enhance it
  2. The plan also participates in bonus declarations which further enhance the plan benefits
  3. The maturity benefit can be taken in lump sum or in annual instalments
  4. Limited premiums are payable for the plan

Eligibility conditions of Ageas Federal Life Insurance Life Advantage Plan

Entry age18 years to 55 years
Maximum maturity age75 years
Term of the plan10 years, 15 years, 20 years or 25 years
Premium paying term5 years, 10 years or 15 years
Maturity sum assuredDepends on premium paid, age and term
Premium amountMinimum – INR 15,000Maximum – no limit

5. Ageas Federal Life Insurance Guaranteed Income Plan

This is a simple endowment plan which can be bought easily without any medical check-ups. The features include the following –

  1. Limited premiums are payable under the policy
  2. The death or maturity benefit can be taken in lump sum or in instalments as per your needs

Eligibility conditions of Ageas Federal Life Insurance Guaranteed Income Plan

Entry age8 years to 50 years
Maximum maturity age60 years
Term of the plan10 years
Premium paying term5 years
Premium amountMinimum – INR 25,000Maximum – INR 1 lakh
Sum assuredDepends on age and premium amount

6. Ageas Federal Life Insurance POS Guaranteed Plan

This is a single premium endowment plan which has the following features –

  1. This is a short term plan where coverage is available till 7 years
  2. A guaranteed percentage of the single premium paid would be paid as maturity benefit
  3. Up to 10 times the single premium paid would be paid on death

Eligibility conditions of Ageas Federal Life Insurance POS Guaranteed Plan

Entry age11 years to 43 years
Maximum maturity age50 years
Term of the plan7 years
Premium paying termSingle premium
Premium amountMinimum – INR 50,000Maximum – INR 1 lakh
Maturity sum assuredDepends on premium paid and age

7. Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan

As the name suggests, this is a money back policy which has the following benefits –

  1. Premiums are payable only for a limited period of 5 years
  2. Money back benefits are paid annually after the completion of the premium payment term till the end of the policy tenure
  3. In case of death, the full maturity sum assured would be paid irrespective of the money back benefits already received

Eligibility conditions of Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan

Entry age18 years to 55 years
Maximum maturity age65 years
Term of the plan10 years
Premium paying term5 years
Premium amountMinimum – INR 20,000Maximum – no limit
Maturity sum assuredDepends on premium paid and age

8. Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

This is also a money back insurance plan with the following benefits –

  1. This is a limited premium plan which does not need you to pay premiums throughout the policy tenure
  2. Money back benefits are paid annually once the premium payment term is over
  3. There is a critical illness benefit under the plan which pays the sum assured if the insured suffers from any covered illness

Eligibility conditions of Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

Entry age10 years to 50 years
Maturity age23 years to 63 years
Term of the plan13 years
Premium paying term6 years
Premium amountMinimum – INR 35,000Maximum – INR 20 lakhs
Maturity sum assuredDepends on premium paid and age

9. Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

Another money back insurance plan, this plan requires premium payment for only eight years. Other features of the plan are as follows –

  1. The sum assured is not reduced by the money back benefits already paid under the policy
  2. The policy covers specified critical illnesses and pays a lump sum if the insured suffers from any such illness during the policy tenure
  3. Annual survival benefits are paid after the completion of the premium paying term

Eligibility conditions of Ageas Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

Entry age10 years to 50 years
Maturity age24 years to 64 years
Term of the plan14 years
Premium paying term7 years
Premium amountMinimum – INR 35,000Maximum – INR 20 lakhs

10. Ageas Federal Life Insurance Secured Income Plan

This is a limited premium money back policy which allows a long term coverage even though premiums are payable only for half of the policy tenure. The features of the plan are as follows –

  1. Guaranteed additions are added to the plan benefits to enhance them
  2. Total and permanent disability benefit rider is inbuilt under the policy. it waives the premiums payable and pays 1% of the sum assured as income till the completion of the policy tenure
  3. If you pay a high amount of premium, you get additional sum assured
  4. Annual survival benefits are paid for ten years

Eligibility conditions of Ageas Federal Life Insurance Secured Income Plan

Entry age8 years to 50 years
Maximum maturity age70 years
Term of the plan20 years
Premium paying term10 years
Premium amountMinimum – INR 30,000Maximum – no limit

Unit Linked Insurance Plans (ULIPs)

Unit linked insurance plans are market linked plans which allow you to earn market-linked returns as well as enjoy life insurance coverage. ULIPs are flexible and allow you to withdraw from the fund value during the policy tenure. You can invest in different types of funds available under the plan depending on your risk appetite and generate good returns.

Ageas Federal sells the following types of ULIPs –

1. Ageas Federal Life Insurance Smart Growth Plan

 This is a unit linked policy which allows you the following benefits –

  1. You can choose to pay your premiums in two modes – regular premiums or limited premiums
  2. There are six different types of investment funds offered by the plan
  3. Loyalty additions are also added to the fund value at specified intervals. These additions boost the fund value in addition to market linked returns
  4. There are two death benefit options of Prime and Plus. Under the Prime Option, higher of the sum assured or fund value is paid. However, under the Plus Option, both the sum assured and fund value are paid on death.

Eligibility conditions of Ageas Federal Life Insurance Smart Growth Plan

Entry age1 month to 55 years
Maturity age18 years to 70 years
Term of the plan10 years, 15 years, 20 years and 25 years
Premium paying termRegular premium – equal to plan termLimited premium – 5 years, 10 years, 15 years or 20 years
Premium amountPremium paying term 5 years:Minimum – INR 50,000Maximum – no limitAll other premium paying terms:Minimum – INR 35,000Maximum – no limit

2. Ageas Federal Life Insurance Wealth Plus Critical Protection Plan

This is a comprehensive unit linked plan which offers the following features –

  1. The plan has a critical illness benefit. This benefit covers 9 critical illnesses and pays a benefit if you are diagnosed with any covered illness over the policy duration
  2. You can switch or redirect your premiums free of cost unlimited number of times
  3. Both limited and regular premium payment options are available under the policy

Eligibility conditions of Ageas Federal Life Insurance Wealth Plus Critical Protection Plan

Entry age18 years to 52 years
Maturity age28 years to 70 years
Term of the plan10 years, 15 years, 20 years and 25 years
Premium paying termRegular premium – equal to plan termLimited premium – 10 years and 15 years
Premium amountMinimum – INR 1 lakhMaximum – no limit
Sum assured10 times the annualised premium or 0.5 times annualised premium, whichever is higher
Critical illness benefit sum insuredMinimum – INR 5 lakhsMaximum – INR 20 lakhs

3. Ageas Federal Life Insurance Wealth Gain Insurance Plan

The plan allows you market-linked returns as well as a good scope of insurance coverage. Its features are as follows –

  1. There are a variety of eight investment funds to choose from
  2. Guaranteed loyalty additions are added at specified durations over the policy tenure

Eligibility conditions of Ageas Federal Life Insurance Wealth Gain Insurance Plan

Entry age5 years to 60 years
Maturity age18 years to 74 years
Term of the plan5 years, 10 years, 15 years and 20 years
Premium paying termIf age is below 50 years – 5 years, 10 years, 15 years and 20 years If age is more than 50 years – 10 years, 15 years and 20 years
Premium amountMinimum – INR 30,000Maximum – INR 10 lakhs

4. Ageas Federal Life Insurance Wealthsurance Growth Insurance Plan SP

As the name suggests, this is a unit-linked plan which requires only a single premium payment while coverage can be enjoyed for the entire policy duration. The plan’s features are as follows –

  1. You can choose any of the eight available funds for investments
  2. Switching and partial withdrawals are allowed under the plan
  3. Guaranteed loyalty additions are added to the fund value which helps in increasing the benefit payable under the policy
  4. A settlement option is available under the policy wherein you can choose to receive the maturity benefit in annual instalments over 5 years post maturity

Eligibility conditions of Ageas Federal Life Insurance Wealthsurance Growth Insurance Plan SP

Entry age1 month to 70 years
Maturity age18 years to 75 years
Term of the plan5 years, 10 years, 15 years, 20 years and 25 years
Premium paying termSingle premium
Premium amountMinimum – INR 25,000Maximum – no limit
Sum assuredMinimum – 1.10 or 1.25 times the single premium depending on ageMaximum – up to 10 times the single premium

Child plans

Child plans are insurance plans which are designed to create a secured corpus for a child even if the parent dies during the policy tenure. Child plans can be guaranteed return policies or unit-linked plans and they have an inbuilt premium waiver rider. This rider waives the premiums payable under the policy if the parent dies. The plan, however, continues and the company contributes the premiums. On maturity, the promised maturity benefit is paid which can be used for fulfilling your child’s dream.

Ageas Federal offers two types of child insurance plans which are as follows –

Wealthsurance Future Star Insurance Plan

This insurance plan is to help you save for your kid’s future without any hassle. This is a unit-linked insurance plan that lets you plan for your kid’s future without any compromise.

  1. You get a life cover with a triple benefit feature
  2. You get guaranteed loyalty additional that helps you boost the savings
  3. You may get tax benefit on the premium paid
  4. You can also opt for Wealthcare switcher benefit
  5. Your child gets education support benefit

Eligibility conditions of AgeasFederal Future Star Insurance Plan

Entry age18 years to 54 years
Maturity ageMinimum: 28 yearsMaximum: 70 years
Term of the planMinimum: 10 yearsMaximum: 25 years
Premium FrequencyFixed or Annual

1. Ageas Federal Life Insurance Young Star Advantage Plan

This is a traditional money back policy which gives guaranteed annual pay-outs for meeting the financial needs of your child. The features of the plan are as follows –

  1. Guaranteed annual payouts are given either in the last three policy years or in the last five policy years depending on your policy tenure
  2. This is a participating policy which earns simple reversionary bonuses from the first policy year itself
  3. Guaranteed additions are also added to the sum assured in the first three policy years
  4. The sum assured is paid in lump sum if the insured parent dies during the tenure. Premiums are paid by the company and the plan continues till maturity wherein the guaranteed pay-outs are given

Eligibility conditions of Ageas Federal Life Insurance Young Star Advantage Plan

Entry age18 years to 45 years
Maturity age29 years to 65 years
Term of the plan11 years, 15 years and 20 years
Premium paying termRegular premium – Equal to the term of the policyLimited premium – term – 5 years
Premium amountMinimum – INR 18,000Maximum – no limit
Sum assuredDepends on premium, term and age

2. Ageas Federal Life Insurance Wealthsurance Future Star Insurance Plan

This is a child-oriented unit-linked policy which allows you to build a secured corpus for your child. The features of the plan are as follows –

  1. The plan has an inbuilt premium waiver rider. On death, the sum assured is paid and the plan continues. Future premiums are paid by the insurance company. On maturity, the fund value is paid
  2. The wealth care switcher benefit protects your fund from market volatility after death
  3. Optional education support benefit can be opted. If the benefit is opted, the maturity benefit is paid in annual instalments over the last 5 policy years
  4. Guaranteed rate of loyalty additions are added from the end of the 10th policy year and 5 years thereafter

Eligibility conditions of Ageas Federal Life Insurance Wealthsurance Future Star Insurance Plan

Entry age18 years to 54 years
Maturity age28 years to 70 years
Term of the plan10 years to 25 years
Premium paying termEqual to the term of the policy
Premium amountMinimum – INR 25,000Maximum – INR 95,000

Retirement plans

Retirement plans are those which help you meet the financial needs of your retired life easily. Retirement plans are also called pension plans and they come in two variants of deferred annuity plans and immediate annuity plans. While deferred annuity plans allow you to create a retirement corpus, immediate annuity plans give you lifelong incomes right from the time you buy the plan.

Retirement plan offered by Ageas Federal is as follows –

1. Ageas Federal Life Insurance Guaranteed Lifetime Income Plan

This is an immediate annuity plan which offers immediate pay-outs. Moreover, the plan also allows deferment option is you need. The features of the plan are as follows –

  1. You can choose immediate annuity for life or immediate annuity for life with return of purchase price
  2. If you have selected return of purchase price, the premium that you pay would be refunded in case of death
  3. You can defer your annuity payments by 5 years
  4. The plan requires one-time premium payment only

Eligibility conditions of Ageas Federal Life Insurance Guaranteed Lifetime Income Plan

Entry age45 years to 85 years
Premium amountMinimum – INR 1.5 lakhsMaximum – No limit
Annuity amountMinimum – INR 1000/monthMaximum – no limit
Premium paying termSingle premium

Health plans

Health plans are those life insurance plans which cover specific health-related contingencies and pay a lump sum benefit if the covered contingency occurs. Health plans prove useful in providing you with financial assistance in times of medical emergencies.

Ageas Federal offers one type of health plan which is as follows –

1. Ageas Federal Life Insurance Heart and Cancer Shield

This is a health plan which covers heart-related ailments and cancer. The salient features of the plan are as follows –

  1. There are three plan options – Heart Care, Cancer Care and Heart and Cancer Care. You can choose any option as per your coverage requirements
  2. You can opt for an income benefit option for receiving guaranteed incomes in case of a claim
  3. If a minor stage claim is paid, future premiums would be waived off for up to 5 years
  4. The claim is paid in lump sum irrespective of the actual medical costs incurred

Eligibility conditions of Ageas Federal Life Insurance Heart and Cancer Shield

Entry age18 years to 65 years
Maximum maturity age70 years
Term of the plan5 years to 20 years
Premium paying termEqual to the plan term selected
Sum assuredHeart care – INR 10 lakhs to INR 30 lakhsCancer care – INR 10 lakhs to INR 30 lakhsHeart and Cancer Care – INR 20 lakhs to INR 60 lakhs

Group insurance plans

Group insurance plans are those which are offered to a recognized group for covering its members. IDBI Federal offers a range of group insurance plans which are as follows –

  1. Ageas Federal Life Insurance Group Loan Suraksha Plan
  2. Ageas Federal Life Insurance Group Employee Benefit Plan
  3. Ageas Federal Life Insurance Group Micro Insurance Plan
  4. Ageas Federal Life Insurance Retiresurance Group Insurance Plan
  5. Ageas Federal Life Insurance Termsurance Group Insurance Plan
  6. Ageas Federal Life Insurance Group Protection Insurance Plan
  7. Ageas Federal Life Insurance Loansurance Group Insurance Plan
  8. Ageas Federal Life Insurance Group Loan Secure Plan

Exclusions under Ageas Federal life insurance plans

Suicides are excluded under all Ageas Federal life insurance policies. If the insured commits suicide, whether sane or insane, within a year of buying the policy, such death would not be covered. In such cases, 80% of the premiums paid are refunded back.

Moreover, if the insured commits suicide within a year of reviving a lapsed policy, such death would also not be covered. In that case, higher of 80% of the premiums paid till death or the acquired surrender value in the policy would be refunded back.

How to buy Ageas Federal life insurance plans?

You can buy Ageas Federal life insurance policies in any of the below-mentioned ways –

  1. From the branch office of the company
    AgeasFederal, earlier known as IDBI Federal, has a network of branches spread in most cities of India. You can approach any of the nearest branches of the company and apply for the policy from there. You should fill up an application form and apply for the policy by paying the premium. After the application is done, the company would assess the proposal form and then issue the policy.
  2. From an Ageas Federal insurance agent
    There are a lot of individuals who are licensed by Ageas Federal to act as insurance agents of the company. You can approach any agent of the company and then the agent would help you buy the policy. You would have to fill up an application form and submit it. The premium and the relevant documents would have to be furnished to apply for the policy.
  3. Online
    Ageas Federal earlier known as Ageas Federal offers a range of insurance policies online. You can visit the website of the company https://www.idbifederal.com/ and choose the policy that you need. Click on ‘Buy Now’ and proceed to provide your details. Based on the details provided, the premium would be calculated and displayed. You would have to pay the premium online and the policy would be issued.
  4. Turtlemint also allows you to buy Ageas Federal life insurance policies online as Turtlemint is tied-up with the company. You can buy a suitable policy through Turtlemint through some simple steps which are as follows –
    1. Visit https://www.turtlemint.sanity.turtle-feature.com/life-insurance and choose the financial need for which you need to buy a life insurance policy
    2. Provide your details like age, gender, marital status, income, smoking habit, etc.
    3. Based on the details entered, the sum assured would be recommended
    4. You would also be shown a list of available life insurance plans offered by leading insurance companies
    5. You can compare the plans on their coverage details and premium rates
    6. Choose the most suitable policy that you need and buy it on Turtlemint’s platform by paying the premium online

How to renew Ageas Federal life insurance policies?

To renew Ageas Federal life insurance plans you would have to pay a renewal premium if you have selected the limited or regular mode of premium payment. For single premium plans, there is no need to pay renewal premiums.

Renewal premiums can be paid at the branch of the insurance company, through an insurance agent or online. To pay online, you can visit the website of the company https://www.idbifederal.com/ and choose ‘Services’. Under the ‘Services’ tab choose ‘Pay Premium’. A new page would open wherein you would have to enter your policy number and date of birth and pay the premium online to renew the policy instantly.

Turtlemint also allows you easy renewal of your Ageas Federal earlier known as IDBI Federal life insurance plans if you have bought the policy from Turtlemint. To renew you would have to log into your Turtlemint account, choose the policy and click ‘Renew’. Pay the renewal premium online and the policy would be renewed instantly.

Premium payment modes allowed by Ageas Federal

To pay the premiums for your Ageas Federal life insurance policy you can choose any of the following modes of payment –

  • Cash payment up to INR 49,999
  • Payment through cheques
  • Payment through demand draft
  • Payment through credit cards or debit cards
  • Payment through UPI interface
  • Payment through NEFT, RTGS or IMPS
  • Payment through auto-debit from a bank account
  • Payment through mobile wallets

How to make a claim under Ageas Federal life insurance plans?

The claim process for IDBI Federal Life Insurance, earlier known as Ageas Federal Life Insurance is as follows –

  1. Maturity and survival claims
    Maturity claims occur when the term comes to an end and the insured is alive. Survival benefits are those which are paid in a money-back policy and they accrue when the insured survives till the payment period. In case of maturity or survival claims, the insurance company sends a claim discharge voucher. You have to fill this voucher and submit it to the company to get the maturity or survival claim paid.
  2. Death claim
    In case of death of the insured, a death claim occurs. In such cases, the nominee should inform the insurance company of the death. The company would then process the death claim after the nominee submits the claim form and the relevant documents. Once the claim is processed, it would be paid to the nominee.

If you have bought your Ageas Federal life insurance policy from Turtlemint, you can intimate about your claim to the company. Turtlemint would, then, take the necessary steps and get your claims settled quickly. You would have to call Turtlemint at 1800 266 0101 or send an email to claims@turtlemint.com to inform the company so that the company can start your claim process.

Documents required for death claims

To make a valid death claim, the following documents should be submitted –

  • Claim form
  • Death certificate
  • Policy bond
  • Identity proof of the claimant
  • Police FIR, coroner’s report, inquest report, panchnama, etc. in case of accidental death
  • Hospital and medical records in case of death due to illnesses
  • Other documents as required by Ageas Federal

Address and contact details of Ageas Federal

If you want to contact the company for any queries or grievances, here’s the address and contact details –

Address – Ageas Federal Life Insurance Co Limited, 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India

Email address – support@idbifederal.com

Toll-free customer care number – 1800 209 0502

Review of Ageas Federal Life Insurance Company

IDBI Federal life Insurance, now known as AgeasFederal Life Insurance Company offers different types of life insurance plans. These plans are simple enough to understand and offer a range of coverage benefits. The premiums charged by the company are also affordable. Moreover, the company provides complete online assistance for customers’ queries and feedbacks. So, if you are looking for any type of life insurance policy for your financial needs, you can choose to buy Ageas Federal life insurance policies and they would definitely fulfil your requirements.

FAQ’s

To buy any IDBI Federal life insurance policy you would need to submit your identity proof, proof of age, proof of address, income proof, photographs, PAN Card, Aadhar Card and a filled-in proposal form.

Yes, riders are available under many IDBI Federal life insurance policies which help you to increase the coverage of a base policy. You can read the benefit structure of the policy that you choose to find the riders allowed under the plan.

The premium payment frequencies depend on the policy that you choose. Some policies allow only annual premium payments while under some plans you can pay premiums half-yearly, quarterly and monthly too besides the regular annual premium payment frequency.

Yes, some common changes are allowed by the insurance company after you have bought the policy. These changes include changing the premium payment frequency, changing the nominee, change of address, etc. Changes like change in sum assured, change in premium payment tenure of the policy tenure, however, are not allowed under IDBI Federal life insurance plans.

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