Ageas Federal Life Insurance
Ageas Federal Life Insurance (Previously IDBI Federal Life Insurance Co Ltd.) is a joint venture between Federal Bank, one of India’s largest private sector banks, and Ageas, a European global insurance conglomerate. Due to the sale of IDBI Bank’s part to Ageas, the company has been renamed AGEAS Federal Life Insurance Company. The Insurance Regulatory and Development Authority of India (IRDAI) granted the company its license in December 2007.
The company’s main goal is to give people the tools they need to live the life and lifestyle they want. It accomplishes this by assisting people in making future plans through various life insurance products.
Key Highlights Of The Company
| Premium Underwritten | Rs. 1842.51 Crores (2019-20) |
| Equity Share Capital | 800 (As On March 31, 2020) |
| Solvency Ratio | 2.98 (March 2020) |
| Claim Settlement Ratio | 95.79% (FY 2018-19) |
| Recent Awards & Accolades |
|
What Types Of Life Insurance Plans Does Ageas Federal Offer?
The life insurance products offered by Ageas Federal can provide you with the financial assurance that your family will be financially secure in the event of your death. The company offers a wide range of life insurance plans, including term plans, child plans, ULIP plans, savings plans, retirement plans, health plans, and group plans.
1. Ageas Federal Term Life Insurance Plans
Ageas Federal offers the following term plans to its customers:
| Name Of The Plan | Entry Age | Coverage Amount |
| Saral Jeevan Bima | 18 To 65 Years | Rs. 5 Lakhs To Rs. 25 Lakhs |
| MyLife Protection Plan | 21 To 65 Years | Rs. 50 Lakhs To No Limit |
| Income Protect Plan | 25 To 60 Years | Maturity Sum Assured |
| Termsurance Life Protection Insurance Plan | 18 To 60 Years | Rs. 5 Lakhs To No Limit |
- Saral Jeevan Bima: Saral Jeevan Bima is an individual pure risk premium life insurance plan that is non-linked and non-participating. This means that if the life assured dies within the policy term, a lump sum payment will be made to the beneficiary as a death benefit, as long as the policy is in place. This plan does not provide a maturity benefit.
- MyLife Protection Plan: MyLife Protection Plan has a variety of options and features to help you provide financial protection for your loved ones based on your specific preferences and needs. The plan provides extensive life cover in lieu of a relatively small premium.
- Income Protect Plan: It is a non-linked and non-participating term insurance plan that safeguards your family’s financial future in case of your absence. The plan provides life cover with the flexibility to choose a premium payment term.
- Termsurance Life Protection Insurance Plan: It’s a term insurance policy that gives you the freedom to select the type of coverage that’s best for you. Termsurance is built with a variety of perks and alternatives to meet your every need. The plan includes convenient insurance coverage options, flexible premium payment periods, a choice of policy duration, and much more.
2. Ageas Federal Child Insurance Plans
With Ageas Federal’s Child Plans, you can secure your child’s future by fulfilling your child’s higher education and various other needs. Let’s discuss the following child plans from Ageas Federal:
| Name Of The Plan | Entry Age | Coverage Amount |
| Young Star Plus Plan | 18 To 45 Years | Maturity Sum Assured: Rs. 5,00,000 Death Sum Assured: Rs. 5,46,490 |
| Dream Builder Plan | 21 To 50 Years | Rs. 2, 15,000 To No Limit |
| Wealthsurance Future Star Insurance Plan | 18 To 54 Years | Below 45 Years
Equal To & Above 45 Years Premium Payment Term Less Than 8: • Higher Of 7 Times Annual Premium • (0.25 x Policy Term x Annual Premium) Premium Payment Term Equal To Or Greater Than 8: • Higher Of 10 Times Annual Premium • (0.25 x Policy Term x Annual Premium) |
- Young Star Plus Plan: This is a well-thought-out life insurance plan that assists you in directing your savings toward financially ensuring and sustaining the future of a loved one. It offers guaranteed payouts within a specified duration to assist you in funding important milestones in your child’s life.
- Dream Builder Plan: It’s a life insurance policy that assures your aspirations come true no matter what happens. You just have to pay for the first eight years of the policy under the plan.
- Wealthsurance Future Star Insurance Plan: It is a unit-linked insurance plan that assists you in fulfilling your child’s dreams. The plan offers life cover along with triple benefits and guaranteed loyalty additions in order to boost savings.
3. Ageas Federal ULIP Plans
Ageas Federal offers the following ULIP plans to its customers:
| Name Of The Plan | Entry Age | Coverage Amount |
| Smart Growth Plan | 1 Month To 55 Years | 10 Times The Annualized Premium OR 0.5 X PT X Annualized Premium |
| Wealth Plus Critical Protection Plan | 18 To 52 Years | Higher Of 10 Times Of Annualized Premium OR 0.5 x Annualized Premium |
| Wealth Gain Insurance Plan | 5 To 60 Years | 10 X Annualized Premium OR 0.5 x Policy Term x Annualized Premium |
| Wealthsurance Growth Insurance Plan SP | 1 Month To 70 Years | 1.25 X Single Premium To 10 X Single Premium |
| Wealthsurance Future Star Insurance Plan | 18 To 54 Years | For Insured Person Of Age Below 45 Years: Higher Of • 10 X Annual Premium • 0.5 x Policy Term x Annual Premium For Insured Person Of Age 45 Years & Above: Premium Payment Term Less Than 8: • Higher Of 7 Times Annual Premium • (0.25 x Policy Term x Annual Premium) Premium Payment Term Equal OR Greater Than 8: • Higher Of 10 Times Annual Premium • (0.25 x Policy Term x Annual Premium) |
- Smart Growth Plan: It’s a life insurance solution with a variety of options to provide you with complete flexibility in how you want to live your life, as well as a life cover benefit to provide financial stability for your loved ones. Based on your risk appetite, the plan also gives the option to choose from 6 fund options.
- Wealth Plus Critical Protection Plan: It’s a unit-linked insurance plan with a critical illness benefit that lets you find the right balance between wealth building and protection. This plan, which includes a life insurance component, assists you in staying on top of market fluctuations.
- Wealth Gain Insurance Plan: It is a comprehensive financial solution that provides life insurance and assists in the long-term accumulation of wealth to ensure that you and your family may achieve all of your goals. It also includes a premium waiver on disability insurance, ensuring financial security for your aspirations.
- Wealthsurance Growth Insurance Plan SP: This plan is a one-time investment plan in which you pay a single premium and then watch your money increase. The plan also includes life insurance, which protects your loved ones financially in the event of an unexpected occurrence.
- Wealthsurance Future Star Insurance Plan: It is a unit-linked insurance plan that allows you to fulfill your child’s dreams. In order to boost savings, the plan also offers guaranteed loyalty additions.
4. Ageas Federal Savings Plans
Ageas Federal’s savings plans offer a twofold benefit: life insurance coverage and strong investment returns. The company offers the following savings plans:
| Name Of The Plan | Entry Age | Coverage Amount |
| Young Star Plus Plan | 18 To 45 Years | Highest Of:
|
| Life Advantage Plus Plan | 0 To 55 Years | Highest Of:
|
| Guaranteed Lifetime Income Plan | Up To 85 Years | 100% Of Purchase Price |
| Guaranteed Savings Plan | 2 To 45 Years | 10 X Single Premium |
| Dream Builder Plan | 21 To 50 Years | Rs. 2,15,000 To No Limit |
| Guaranteed Income Plan | 8 To 50 Years | Highest Of:
|
| Secured Income Plan | 8 To 50 Years | Highest Of:
|
- Young Star Plus Plan: The plan is a carefully crafted life insurance policy that assists you in directing your money toward financially ensuring and sustaining the future of a loved one. The plan encourages you to save regularly and increases your savings with guaranteed additions and bonus contributions.
- Life Advantage Plus Plan: It’s a participating, non-linked individual life savings insurance plan. The plan includes a life cover since it understands that protecting your family’s happiness is of essential significance to you, and thus assists you in carrying out your responsibilities even when you are not present.
- Guaranteed Lifetime Income Plan: It’s a non-linked, non-participating individual general annuity plan that offers to deliver a steady income for the rest of your life in exchange for a one-time premium. The plan also allows you to receive income payments on a monthly, quarterly, half-yearly, or annual basis.
- Guaranteed Savings Plan: The Guaranteed Savings Plan from IDBI Federal is a single premium, non-linked, non-participating endowment plan that allows you to make a one-time contribution and then sit back and enjoy the rewards. The plan offers you life insurance for the policy period you choose, which is either 7 or 10 years, as well as a guaranteed maturity lump payout at the end of the term.
- Dream Builder Plan: It is a life insurance policy that ensures that your ambitions are fulfilled regardless of the circumstances. You only have to pay for the first eight years of the policy, and you can choose your own policy term to fit your financial goals.
- Guaranteed Income Plan: The Guaranteed Income Plan from Ageas Federal Life Insurance is a non-linked, non-participating life insurance plan. Customers can select their preferred Premium Payment Term and Policy Term based on their needs. Customers will have two plan options to pick from at the start: Income Option and Endowment Option.
- Secured Income Plan: This is a basic plan in which you pay for ten years and then receive consistent, secure income for the next ten years. It also protects you and your family against life’s uncertainties, such as disability or death.
5. Ageas Federal’s Retirement Plans
Ageas Federal’s Retirement Plans will provide you with financial security without compromising on your standards of living.
| Name Of The Plan | Entry Age | Purchasing Price |
| Saral Pension Plan | 40 To 80 Years | Rs. 1,50,000 To No Limit |
| Guaranteed Lifetime Income Plan | Up To 85 Years | Rs. 1,50,000 To No Limit |
- Saral Pension Plan: IDBI Federal’s Saral Pension Plan can assist you in creating a personal annuity plan for both you and your spouse. It provides a single life and joint life instant annuity with a premium refund option.
- Guaranteed Lifetime Income Plan: IDBI Federal’s Guaranteed Lifetime Income Plan assists you in creating a customized annuity plan for a pleasant retirement. The plan allows you to choose between immediate and deferred annuities.
6. Ageas Federal’s Health Plans
IDBI Federal offers only one type of health plan under the category of life insurance.
| Name Of The Plan | Entry Age | Coverage Amount |
| Heart & Cancer Shield Plan | 18 To 65 Years | Rs. 10 Lakhs To Rs. 60 Lakhs |
- Heart & Cancer Shield Plan: The Heart and Cancer Shield Plan is a non-linked, non-participating health plan that covers a variety of heart and cancer illnesses and includes a premium waiver. The lump-sum payment will assist in covering a variety of health-related expenses.
7. Ageas Federal’s Group Plans
IDBI Federal offers a wide range of group plans to secure your employees. They are as follows:
| Name Of The Plan | Entry Age | Coverage Amount |
| Group Term Life Plan | 18 To 79 Years | Rs. 5000 Per Member To No Limit |
| Group Loan Suraksha Plan | 15 To 65 Years | Rs. 50,000 To Rs.30,00,00,000 |
| Group Employee Benefit Plan | 18 To 79 Years | Rs. 5000 Per Member |
| Group Microsurance Plan | 18 To 60 Years | Rs. 5000 To Rs. 50,000 Per Member |
| Group Loan Secure Plan | 18 To 65 Years | Rs. 5,00,000 Per Member To No Limit |
- Group Term Life Plan: A group insurance plan that provides basic life insurance coverage to members of a wide range of affinity groups. Employees/members can get low-cost life insurance through the plan.
- Group Loan Suraksha Plan: It is a single premium, group credit life insurance plan that is non-linked and non-participating. There are two types of coverage available under the plan: level cover and reducing cover.
- Group Employee Benefit Plan: IDBI Federal’s Group Employee Benefit Plan is a unit-linked plan for employer-employee groups with ten or more employees. Employers can outsource the management of their employees’ gratuity and leave encashment monies through this scheme.
- Group Microsurance Plan: IDBI Federal’s Group Microsurance Plan offers groups economical life insurance coverage. Microfinance institutions, self-help groups, and non-governmental organizations can use the plan to insure the lives of their group members and so offer security to their families.
- Group Loan Secure Plan: The Group Loan Secure Plan from IDBI Federal is a non-participating, non-linked group credit life insurance plan. It is a cost-effective technique to ensure that the loan is safeguarded in the event of the insured members’ death.
Why Should You Buy Life Insurance From Ageas Federal?
Clients benefit from a variety of services provided by the company. Here are a few reasons why you should go with Ageas Federal Life Insurance:
- Higher Claim Settlement Ratio
Ageas Federal Life Insurance has one of the best claim settlement ratios in the country. For the fiscal year 2018-19, Ageas Federal’s claims settlement ratio was 95.79 percent.
- Wide Range Of Products
Ageas Federal Life Insurance offers a wide range of products and services across the country, with insurance for people from all walks of life. This is reflected in the company’s goals, which include rules that address a variety of issues.
- Customer-Centric Approach
Ageas Federal Life Insurance has a very customer-friendly approach, and its services are centered on providing a better experience for the customer.
- A Good Solvency Ratio
A solvency ratio evaluates a company’s ability to meet its financial obligations. Every insurer must maintain a health solvency ratio of 1.5, according to the IRDAI. With a solid solvency ratio of 2.98, IDBI Federal Life Insurance meets the IRDAI standards.
- Online Policy Renewal
Ageas Federal Life Insurance offers an online option for renewing policies. There is the usual offline payment approach, which entails paying through your advisor, paying in a branch, and paying at a Common Service Centre outlet. Card payment, InstaPay, online wallets, UPI, and cash cards are just a few of the alternatives available in the online form.
How Do You Calculate Ageas Federal Life Insurance Premiums?
Go to the company’s official website to find out the exact premium amount for Ageas Federal Life Insurance Plans. Let’s look at some instances to help you understand!
| Name | Age (In Years) | Gender | Name Of The Plan | Sum Assured | Premium (Per Annum) |
| Priyanka | 28 | Female | Life Advantage Plus Plan | Rs. 5,00,000 | Rs. 92,938 |
| Rakesh | 31 | Male | Life Advantage Plus Plan | Rs. 10,00,000 | Rs. 1,81,353 |
| Srishti | 42 | Female | Life Advantage Plus Plan | Rs. 15,00,000 | Rs. 2,79,125 |
| Karan | 50 | Male | Life Advantage Plus Plan | Rs. 20,00,000 | Rs. 3,94,585 |
What Is The Ageas Federal Life Insurance Purchasing Process?
For purchasing Ageas Federal Life Insurance, you need to follow the below-mentioned steps:
ONLINE METHOD
- Visit the official website of the company.
- Click on the “Our Plans” tab and select the plan you wish to purchase.
- Click on “Buy Now”, fill up your basic details, such as first name, last name, date of birth, etc. and click on “Next”.
- A page will appear on the screen asking for more details. Fill in all the essential details and press “Get Quote”.
- The premium details will be displayed on the screen. Pay for the premium and your policy details will be sent to you at your registered mail address.
OFFLINE METHOD
If you prefer to buy the policy in person, go to your nearest IDBI Federal branch. When you arrive at the location, you will be given all of the necessary insurance information.
However, if you continue to encounter problems, you can seek help from Probus Insurance.
What Is The Ageas Federal Life Insurance Claim Procedure?
The claim must first be registered. It entails either downloading the claim form from the internet or going to the nearest branch and completely filling it out. The nominee/claimant must submit all required documentation. When Ageas Federal Life Insurance receives the documents, it processes them. The claim settlement process takes eight working days if all of the documentation is in order. If the company believes that more investigation is required, it will notify the appropriate authorities. The final step in this procedure is claim settlement. Through Electronic Funds Transfer (EFT), Ageas Federal Life Insurance credits the claim amount to the nominee/bank claimant’s account. If the EFT fails, the funds are sent to the nominee’s mailing address via check.
Basic Documents Required
- Death claim form
- Photo ID and residence proof
- Original policy document
- Attested copy of death certificate
- Physician’s statement stating the cause of death
- Employer’s certificate
Frequently Asked Questions
The following service touchpoints are where the company can be reached:
- Rehan, your Virtual Assistant, can be reached at https://www.idbifederal.com.
- Visit the company’s “Customer Portal” for self-service options: https://mypolicy.idbifederal.com
- Using the company’s mobile app, you can stay in touch with the company: http://Onelink.to/idbifederal
- Support@idbifederal.com is the company’s email address.
Under Section 39 of the Insurance Act of 1938, as amended from time to time, the life assured should nominate someone else in place of the deceased nominee.
Premium payments for Ageas Federal Life Insurance can be made monthly, quarterly, half-yearly, or annually.
The request for inforce/lapse/ paid-up/discontinued policy status can be accepted.
Child insurance policies from Ageas Federal Life Insurance are meant to protect your child not only in the event of your death but also in the event of your survival, by assisting your child financially with critical milestones.
Yes, Ageas Federal Life Insurance provides tax benefits according to Sec 10 and Sec 80C of the Income Tax Act.
Life Insurers
- Aditya Birla Sun Life Insurance
- Aegon Life Insurance
- Aviva Life Insurance
- Bajaj Allianz Life Insurance
- Bharti Axa Life Insurance
- Canara HSBC Life Insurance
- Edelweiss Tokio life Insurance
- Exide Life Insurance
- Future Generali Life Insurance
- HDFC Life Insurance
- ICICI Prudential Life Insurance
- Ageas Federal Life Insurance
- Indiafirst life Insurance
- Kotak Mahindra Life Insurance
- Life Insurance Corporation of India
- Max Life Insurance
- PNBMetlife India Insurance
- Pramerica Life Insurance
- Reliance Nippon Life Insurance
- SBI Life Insurance
- TATA AIA Life Insurance
