IDBI Federal Life Insurance Company is a reputed name in the life insurance industry. The company has been formed as a joint venture between IDBI Bank, Federal Bank and Ageas. IDBI 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, IDBI Federal Life Insurance Company has a good market share and it offers a range of life insurance products for its customers.

Important facts about IDBI Federal Life Insurance Company

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

  1. Within seven years of its formation, IDBI Federal Life Insurance Company crossed the record of INR 1000 crore of total business in March 2015
  2. In March 2017 IDBI 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 IDBI Federal Life Insurance?

Choice of IDBI 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 IDBI Federal Life Insurance Company

As mentioned earlier, IDBI 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 IDBI Federal is as follows –

1. IDBI Federal 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
  6. Eligibility conditions of IDBI Federal Life Insurance Income Protect Plan

    Entry age

    25 years to 60 years

    Maximum maturity age

    70 years

    Term of the plan

    10 years to 30 years

    Premium paying term

    Regular pay – equal to the term of the policy

    Limited pay – 10 or 15 years

    Monthly income

    Minimum – INR 15,000

    Maximum – no limit

    Premium

    Depends on age, monthly income selected and policy tenure

2. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance iSurance Flexi Term Plan

    Entry age

    18 years to 60 years

    Maturity age

    28 years to 80 years

    Term of the plan

    10 years to 62 years

    Premium paying term

    Equal to the term of the plan

    Sum Assured

    Minimum – INR 50 lakhs

    Maximum – INR 30 crores

    Premium

    Depends on age, the sum assured selected and policy tenure

3. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Termsurance Sampoorn Suraksha Micro-insurance Plan

    Entry age

    18 years to 55 years

    Maturity age

    23 years to 60 years

    Term of the plan

    5 years or 10 years

    Premium paying term

    Equal to the term of the plan

    Sum Assured

    Minimum – INR 5000

    Maximum – INR 50,000

    Premium amount

    Regular premium:

    Minimum – INR 100

    Maximum – INR 5200

    Single premium:

    Minimum – INR 400

    Maximum – INR 5200

IDBI Federal 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
  4. Eligibility conditions of IDBI Federal Life Insurance Termsurance Life Protection Insurance Plan

    Entry age

    18 years to 60 years

    Maximum maturity age

    70 years

    Term of the plan

    10 years to 30 years

    Premium paying term

    Regular premium – Equal to the term of the plan

    Single premium – once

    Sum Assured

    Minimum – INR 5 lakhs

    Maximum – no limit

    Premium amount

    Depends 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 IDBI Federal Life Insurance Company is as follows –

1. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Dream Builder Plan

    Entry age

    21 years to 50 years

    Maturity age

    31 years to 72 years

    Term of the plan

    10 years to 22 years

    Premium paying term

    8 years

    Maturity sum assured

    Minimum – INR 215,000

    Maximum – no limit

    Premium amount

    Depends on maturity sum assured, age and term

2. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Guaranteed Savings Plan

    Entry age

    2 years to 45 years

    Maximum maturity age

    55 years

    Term of the plan

    7 years or 10 years

    Premium paying term

    Single premium

    Maturity sum assured

    Depends on premium paid, age and term

    Premium amount

    Minimum – INR 50,000

    Maximum – no limit

3. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Guaranteed Wealth Plan

    Entry age

    10 years to 55 years

    Maximum maturity age

    69 years

    Term of the plan

    14 years

    Premium paying term

    7 years

    Maturity sum assured

    Depends on premium paid, age and term

    Premium amount

    Minimum – INR 35,000

    Maximum – no limit

4. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Life Advantage Plan

    Entry age

    18 years to 55 years

    Maximum maturity age

    75 years

    Term of the plan

    10 years, 15 years, 20 years or 25 years

    Premium paying term

    5 years, 10 years or 15 years

    Maturity sum assured

    Depends on premium paid, age and term

    Premium amount

    Minimum – INR 15,000

    Maximum – no limit

5. IDBI 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
  3. Eligibility conditions of IDBI Federal Life Insurance Guaranteed Income Plan

    Entry age

    8 years to 50 years

    Maximum maturity age

    60 years

    Term of the plan

    10 years

    Premium paying term

    5 years

    Premium amount

    Minimum – INR 25,000

    Maximum – INR 1 lakh

    Sum assured

    Depends on age and premium amount

6. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance POS Guaranteed Plan

    Entry age

    11 years to 43 years

    Maximum maturity age

    50 years

    Term of the plan

    7 years

    Premium paying term

    Single premium

    Premium amount

    Minimum – INR 50,000

    Maximum – INR 1 lakh

    Maturity sum assured

    Depends on premium paid and age

7. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan

    Entry age

    18 years to 55 years

    Maximum maturity age

    65 years

    Term of the plan

    10 years

    Premium paying term

    5 years

    Premium amount

    Minimum – INR 20,000

    Maximum – no limit

    Maturity sum assured

    Depends on premium paid and age

8. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 6 Pay

    Entry age

    10 years to 50 years

    Maturity age

    23 years to 63 years

    Term of the plan

    13 years

    Premium paying term

    6 years

    Premium amount

    Minimum – INR 35,000

    Maximum – INR 20 lakhs

    Maturity sum assured

    Depends on premium paid and age

9. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Incomesurance Guaranteed Money Back Insurance Plan 7 Pay

    Entry age

    10 years to 50 years

    Maturity age

    24 years to 64 years

    Term of the plan

    14 years

    Premium paying term

    7 years

    Premium amount

    Minimum – INR 35,000

    Maximum – INR 20 lakhs

10. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Secured Income Plan

    Entry age

    8 years to 50 years

    Maximum maturity age

    70 years

    Term of the plan

    20 years

    Premium paying term

    10 years

    Premium amount

    Minimum – INR 30,000

    Maximum – 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.

IDBI Federal sells the following types of ULIPs –

1. IDBI 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.
  5. Eligibility conditions of IDBI Federal Life Insurance Smart Growth Plan

    Entry age

    1 month to 55 years

    Maturity age

    18 years to 70 years

    Term of the plan

    10 years, 15 years, 20 years and 25 years

    Premium paying term

    Regular premium – equal to plan term

    Limited premium – 5 years, 10 years, 15 years or 20 years

    Premium amount

    Premium paying term 5 years:

    Minimum – INR 50,000

    Maximum – no limit

    All other premium paying terms:

    Minimum – INR 35,000

    Maximum – no limit

2. IDBI 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
  4. Eligibility conditions of IDBI Federal Life Insurance Wealth Plus Critical Protection Plan

    Entry age

    18 years to 52 years

    Maturity age

    28 years to 70 years

    Term of the plan

    10 years, 15 years, 20 years and 25 years

    Premium paying term

    Regular premium – equal to plan term

    Limited premium – 10 years and 15 years

    Premium amount

    Minimum – INR 1 lakh

    Maximum – no limit

    Sum assured

    10 times the annualised premium or 0.5 times annualised premium, whichever is higher

    Critical illness benefit sum insured

    Minimum – INR 5 lakhs

    Maximum – INR 20 lakhs

3. IDBI 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
  3. Eligibility conditions of IDBI Federal Life Insurance Wealth Gain Insurance Plan

    Entry age

    5 years to 60 years

    Maturity age

    18 years to 74 years

    Term of the plan

    5 years, 10 years, 15 years and 20 years

    Premium paying term

    If 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 amount

    Minimum – INR 30,000

    Maximum – INR 10 lakhs

4. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Wealthsurance Growth Insurance Plan SP

    Entry age

    1 month to 70 years

    Maturity age

    18 years to 75 years

    Term of the plan

    5 years, 10 years, 15 years, 20 years and 25 years

    Premium paying term

    Single premium

    Premium amount

    Minimum – INR 25,000

    Maximum – no limit

    Sum assured

    Minimum – 1.10 or 1.25 times the single premium depending on age

    Maximum – 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.

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

1. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Young Star Advantage Plan

    Entry age

    18 years to 45 years

    Maturity age

    29 years to 65 years

    Term of the plan

    11 years, 15 years and 20 years

    Premium paying term

    Regular premium – Equal to the term of the policy

    Limited premium – term – 5 years

    Premium amount

    Minimum – INR 18,000

    Maximum – no limit

    Sum assured

    Depends on premium, term and age

2. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Wealthsurance Future Star Insurance Plan

    Entry age

    18 years to 54 years

    Maturity age

    28 years to 70 years

    Term of the plan

    10 years to 25 years

    Premium paying term

    Equal to the term of the policy

    Premium amount

    Minimum – INR 25,000

    Maximum – 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 IDBI Federal is as follows –

1. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Guaranteed Lifetime Income Plan

    Entry age

    45 years to 85 years

    Premium amount

    Minimum – INR 1.5 lakhs

    Maximum – No limit

    Annuity amount

    Minimum – INR 1000/month

    Maximum – no limit

    Premium paying term

    Single 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.

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

1. IDBI 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
  5. Eligibility conditions of IDBI Federal Life Insurance Heart and Cancer Shield

    Entry age

    18 years to 65 years

    Maximum maturity age

    70 years

    Term of the plan

    5 years to 20 years

    Premium paying term

    Equal to the plan term selected

    Sum assured

    Heart care – INR 10 lakhs to INR 30 lakhs

    Cancer care – INR 10 lakhs to INR 30 lakhs

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

Exclusions under IDBI Federal life insurance plans

Suicides are excluded under all IDBI 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 IDBI Federal life insurance plans?

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

  1. From the branch office of the company

    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 IDBI Federal insurance agent

    There are a lot of individuals who are licensed by IDBI 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

    IDBI 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.

    Turtlemint also allows you to buy IDBI 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.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 IDBI Federal life insurance policies?

To renew IDBI 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 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 IDBI Federal

To pay the premiums for your IDBI 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 IDBI Federal life insurance plans?

The claim process for IDBI Federal life insurance plans 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 IDBI 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 IDBI Federal

Address and contact details of IDBI Federal

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

Address – IDBI 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 IDBI Federal Life Insurance Company

IDBI Federal 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 IDBI 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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