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.
Here are some key facts about the company which should be highlighted –
Choice of IDBI Federal Life Insurance Company as your insurance provider proves beneficial because of the following reasons –
As mentioned earlier, IDBI Federal Life Insurance offers a range of policies which are categorised below –
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 –
This is a pure term insurance plan which offers the following features and benefits –
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 |
This is a flexible term insurance plan with a comprehensive scope of coverage. The plan’s features are as follows –
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 |
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 –
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 |
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 –
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 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 –
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 –
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 |
This is a non-participating endowment plan which has the following features –
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 |
This is a non-participating endowment insurance plan which has the following salient features –
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 |
This is a participating endowment plan which offers a range of benefits. Such benefits are as follows –
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 |
This is a simple endowment plan which can be bought easily without any medical check-ups. The features include the following –
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 |
This is a single premium endowment plan which has the following features –
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 |
As the name suggests, this is a money back policy which has the following benefits –
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 |
This is also a money back insurance plan with the following benefits –
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 |
Another money back insurance plan, this plan requires premium payment for only eight years. Other features of the plan are as follows –
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 |
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 –
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 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 –
This is a unit linked policy which allows you the following benefits –
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 |
This is a comprehensive unit linked plan which offers the following features –
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 |
The plan allows you market-linked returns as well as a good scope of insurance coverage. Its features are as follows –
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 |
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 –
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 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 –
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 –
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 |
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 –
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 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 –
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 –
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 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 –
This is a health plan which covers heart-related ailments and cancer. The salient features of the plan are as follows –
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 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 –
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.
You can buy IDBI Federal life insurance policies in any of the below-mentioned ways –
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.
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.
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 –
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.
To pay the premiums for your IDBI Federal life insurance policy you can choose any of the following modes of payment –
The claim process for IDBI Federal life insurance plans is as follows –
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.
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.
To make a valid death claim, the following documents should be submitted –
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
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.
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.