IDBI Federal Life Insurance Company?is one of the up and coming life insurance companies in India. The company has a strong product line-up with various plans including term plans, endowment plans, child plans, ULIPs, retirement plans, group plans, etc. With this diverse range of products, the company serves to customers who have different preferences. The products offered by the company are developed in such a way that the dependents of the insured are protected from financial uncertainties. The company was established in the year 2007 and has witnessed decent growth over the last decade. Let’s take a detailed look at various aspects of the company and the different products in its line-up.
|Percentage of Grievances Solved||100%|
|Claim Settlement Ratio||91.99%|
|Group Death Claims||99.38%|
|Percentage of Claims Rejected||0.62%|
|Solvency Ratio||3.71 (for the quarter ended March 2018)|
IDBI Federal Life Insurance Company's product portfolio includes a broad variety of child plans, endowment plan, group plans, money back plans, wealth plans, and term plans. Depending on the specific needs of the customer, the following plans can be considered for various benefits and reasons. The plans that are being offered by?IDBI Federal Life Insurance Company?are categorized with their details in the following table:
|Child Plans||Endowment Plans||Group Plans||Money Back Plans||Wealth Plans||Term Plans|
|Childsurance® Savings Protection Insurance Plan||Lifesurance® Savings Insurance Plan||Termsurance® Group Protection Insurance Plan||IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 pay||IDBI Federal Life Insurance Guaranteed Wealth Plan||IDBI Federal iSurance Flexi Term Insurance Plan|
|IDBI Federal Termsurance® Group Insurance Plan||Incomesurance™ Guaranteed Money Back Insurance Plan||IDBI Federal Wealthsurance® Future Star Insurance Plan||IDBI Federal Isurance Online Term Insurance Plan|
|IDBI Federal Group Microsurance® Plan||IDBI Federal Wealthsurance® Growth Insurance Plan|
|IDBI Federal Termsurance® Sampoorn Suraksha Micro-insurance Plan||IDBI Federal Wealthsurance® Growth Insurance Plan Single Premium|
|IDBI Federal Wealth Gain Insurance Plan - A unit linked insurance plan|
IDBI Federal Life Insurance Company's offering includes a diverse range of?life insurance plans?that are designed to benefit the customers at different stages of life. Each of the plan offers unique benefits to fulfil the customer's insurance, protection, savings and wealth building needs. Both individuals, as well as, corporate customers can consider buying a life insurance policy from IDBI Federal Life Insurance Company for various types of benefits. Listed here are some of the reasons why you should opt for a life insurance policy from IDBI Federal:
IDBI Federal Life Insurance Company offers 15 types of life insurance plans under the following six categories:
The plans under each category are listed in the following table with their names and key features:
|Plan name||Key features|
|Childsurance® Savings Protection Insurance Plan||
This plan is a non-linked participating endowment plan that protects your child’s future and ensures that he/she receives guaranteed annual payouts to achieve important milestones. In the unfortunate event of your death, all the future premiums will be waived off and the policy will continue as per what you had planned. The key features of this plan include:
|Plan name||Key features|
|IDBI Federal Lifesurance® Savings Insurance Plan||
This plan is a fixed term non-linked participating plan that offers dual benefits of long-term savings and insurance coverage. The regular savings under this plan returns various types of benefits with a life cover. This policy can help you achieve your financial goals through sum assured, bonuses, guaranteed payouts, etc. Few of the key features of this plan are listed below:
|Plan name||Key features|
|IDBI Federal Termsurance® Group Protection Insurance Plan||
This is a pure term plan that is designed for groups from various types of establishments involving employer and employees, professionals, suppliers, and other groups with common economic goals and interests. Under this plan, the policyholder receives a single policy document that provides insurance benefits to all the members listed under the plan. The IDBI Federal Termsurance® Group Protection Insurance Plan entitles the policyholder to various types of benefits. Following are few of the key features of this plan:
|IDBI Federal Termsurance® Group Insurance Plan||
This is a pure group term plan that is made available to all types of formal and informal group. The groups such as the employer-employee,bank-depositor, customer-supplier, professionals, and others can take this policy for basic life insurance coverage. The benefits of this plan include:
|IDBI Federal Group Microsurance® Plan||
This is a non-linked non-participating group term plan that provides affordable life insurance cover to various types of groups. The plan is designed to suit Micro Finance Institutions, NGOs, and Self Help Groups. The members of these groups are provided with a life cover that protects their family in the event of the member’s unfortunate death.The key features and benefits of this plan are listed below:
|IDBI Federal Termsurance® Sampoorn Suraksha Micro-insurance Plan||
This is a pure term insurance plan that offers life Insurance coverage to the members of a group. In case the policyholder encounters unfortunate death during the policy term, his/her family will be provided with an assured lump sum amount as the death benefits. Moreover, the plan offers the following additional benefits and features to the life insured:
|Plan name||Key features|
|IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 pay||
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 6 pay is a non-linked non-participating money back plan that offers assured guaranteed income to secure the future of the policyholder’s family. Even after the unfortunate event of the policyholder’s death, the family will continue to receive the benefits. The policyholder is required to pay the premiums until the 6th policy year, after which, the policyholder is allowed to withdraw benefits up to a certain limit. The key features of this plan are listed below:
|Incomesurance™ Guaranteed Money Back Insurance Plan||
This plan is a non-linked non-participating money back plan that offers guaranteed returns on investment. The plan helps the policyholders in securing the future or their family even when they are not around. The key features of this plan are listed below:
|Plan name||Key features|
|IDBI Federal Life Insurance Guaranteed Wealth Plan||
This is a non-linked, non-participating life insurance plan that allows the policyholders to enjoy dual benefits. Apart from the benefits of a life cover, the policyholder is also benefited through guaranteed returns on savings. Based on the financial goal, the policyholder can choose to receive the benefit either as a lump sum or as regular income.
|IDBI Federal Wealthsurance® Future Star Insurance Plan||
This policy is a unit-linked insurance plan that enables the policyholders to fulfill their child’s dreams. In the event of the policyholder's unfortunate death, all the future premiums are waived off and the child continues to receive all the benefits including the maturity benefits as planned by the policyholder. Upon the death of the policyholder, the nominee/beneficiary/family is not required to pay an additional premium to be eligible for the death benefits. The plan offers the following important feature which includes, but not limited to:
|IDBI Federal Wealth Gain Insurance Plan - A unit linked insurance plan||
IDBI Federal Wealth Gain Insurance Plan is a unit linked insurance plan that provides dual benefits of life cover as well as wealth gain features. The customers who are looking for a long-term wealth gain policy that provides the protection of a life cover should consider this plan for various benefits and reasons. Based on the financial goal of the policyholder and the risk appetite, he/she can choose from eight different investment funds, he/she can choose to invest in more than one unit linked fund. The key features of this plan include:
|IDBI Federal Wealthsurance® Growth Insurance Plan||
This is a regular premium unit-linked insurance plan that allows the policyholder to decide how much he/she wants to invest and the duration for the investment as well. The policyholder can choose from 9 different investment funds and decide to invest in one or more funds. Based on the financial goal and risk appetite, the policyholder can choose one or more suitable fund options. Moreover, the life cover protects the family of the policyholder from financial uncertainties in case of the unfortunate death of the life insured. Few of the key features from this plans are listed below:
|IDBI Federal Wealthsurance® Growth Insurance Plan Single Premium||
It is a single premium unit-linked insurance plan that can be purchased with a single premium. This plan is suitable for customers who don’t have a steady income to rely on but they can afford a lump sum to get a life cover with an option to boost their savings. The one-time premium payment provides unit linked returns from various investment funds while providing protection to the policyholder’s family through a life cover. The plan comes with the following features:
|Plan name||Key features|
|IDBI Federal iSurance Flexi Term Insurance Plan||
This is a non linkednon participating term life insurance plan that can be bought online instantly. Based on the requirements and benefits, the customers can get a customized quote from the insurer. With the flexibility of paying the premium in yearly, half-yearly quarterly, and monthly basis, the plan provides protection to the policyholder’s family against accidental and nonaccidental death along witha cover for terminal medical conditions. The key features of this plan include:
IDBI Federal comes with a diverse range of offering for its customers in the life insurance industry. With a decent claim settlement record, the company ensures easy access to the claim amount within the shortest possible time. Its claim settlement ratio for the fiscal year 2017-18 is as follows:
|No. of claims received||No. of claims approved||Claim settlement ratio|
Claim settlement ratio trend over the years:
The company offers a hassle-free claim settlement process for the benefit of its customers. The procedure for filing death and maturity claims are listed as follows:
Following the unfortunate death of the insured person, the nominee can file a claim request to the company. All the necessary forms associated with the filing process can be downloaded online. The following list of documents must be submitted to IDBI Federal Life Insurance to initiate the claim:
Once these documents are submitted, the company will verify the validity of the claim and settle the claim amount after verification. In the case of rejection, the company will provide a valid reason for rejection
During the time of maturity, the company will send an intimation to the insured regarding the maturity of the policy. The insured may visit the company and provide the policy details to initiate the claim settlement process. The company will verify the details of the insured person before providing the settlement amount.
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Despite there being a dispute and confusion surrounding IDBI Bank as the bank has now been bought over by Life Insurance Corporation (LIC) with the largest general insurer in the country acquiring a 51% stake in the company, the Central Bank of India has cleared the air and said that IDBI Bank will be categorised as a private lender against the speculation that it will become a public lender following the acquisition by LIC. In a statement, the Central Bank of India said, IDBI Bank has been categorised as a 'private sector bank' for regulatory purposes by Reserve Bank of India with effect from January 21, 2019 consequent upon LIC acquiring 51 per cent of the total paid-up equity share capital of the bank. IDBI has been one of the private lender banks that have been put under Prompt Corrective Action (PCA) by the Reserve Bank of India for posting net losses and rising bad loans for 2 consecutive financial years. However, with LIC taking over the bank with a majority stake, the future of the bank might improve over the current financial year. As of 31 December 2018, IDBI Bank net losses was standing at 29.67% as compared to 24.72% exactly a year ago – on 31 December 2017.
15 March 2019
IDBI Federal Life Insurance is considering initial public offering (IPO) as one of the options to help IDBI Bank sell its 48% stakes in the life insurance company.
Federal, along with Ageas which is a Belgium based insurance company holds a 26% stake in the IDBI Federal Life Insurance company. As per the regulations, a bank cannot own stakes in two insurance companies. IDBI Bank was acquired by Life Insurance Corporation (LIC) of India, and thus is required to sell its stake in the IDBI Federal Life Insurance company.
15 March 2019
In what is a change of guard for IDBI Bank, they have appointed the chairman of Life Insurance Corporation, Hemant Bhargava as their non-executive chairman. The move comes after Life Insurance Corporation is the majority shareholder in the bank, with a 51% stake in the bank. According to IDBI Bank, Hemant will hold the position for a minimum of 3 years or till LIC holds a majority stake in the bank. In addition to the change of non-executive chairman, Life Insurance Corporation is looking to change the name of IDBI Bank to LIC IDBI Bank or just LIC Bank. The change in name will be followed if the Insurance Regulatory Development Authority of India (IRDAI) issues a no objection for the name change. The takeover of IDBI Bank by Life Insurance Corporation was subject to a lot of opposition as an insurer can hold a maximum of 15% stake in a bank, but with LIC holding a 51% stake in the bank, the rules seems to have been bent and approved by the IRDAI. The takeover of IDBI Bank by LIC was approved in January 2019.
28 February 2019
With the motive to spread awareness on the need to be physically fit and financially fit, IDBI Federal and brand ambassador and cricket legend Sanchin Tendulkar are all set to launch the new campaign of the company called #Keep Moving. According to the Master Blaster, we see that most Indians who aspire to lead a healthy lifestyle tend to focus largely on physical fitness, while financial fitness is far lower on their list of priorities. Through the #KeepMoving movement, we aspire to change the mindsets of Indians by redefining their idea of fitness. We hope to create awareness among them that in order to truly live the lifestyle of their choice, they need to focus on both – physical fitness and financial fitness. On the launch of their new campaign, IDBI said that the motive behind the campaign #Keep Moving was to promote a healthy lifestlye amongst the citizens of the country. The company added by saying that in order to have a healthy lifestyle, citizens need to have the two most important aspects of life – financial fitness and physical fitness. They concluded by saying that this campaign will help to build a better tomorrow, not only for the individual, but for the country as a whole.
25 January 2019
IDBI Federal Life Insurance, along with their brand ambassador, Sachin Tendulkar, has launched a new initiative by the name ‘Keep Moving’ that will focus on the idea of fitness. The aim of the company is to make people understand that physical fitness, as well as financial fitness, are equally important to achieve a healthy lifestyle. The programme will be taken forward with the launch of short films featuring Tendulkar. The films will encourage people to visit the micro-website of the initiative. On the website, one can take tests to assess their physical and financial fitness levels. Along with the results for the test, tips and suggestions to improve the score will be given. Speaking about the initiative, Tendulkar said that Indians currently focus primarily on physical fitness but are ignorant to the fact that financial fitness is also crucial to lead a healthy lifestyle. He hopes that the initiative creates enough awareness towards their goal. The MD and CEO of IDBI Federal, Vighnesh Shahane, said that people need to understand that accomplishing financial fitness along with physical fitness is not a choice. The idea is to create a better tomorrow for every individual in the country.
10 January 2019
IDBI Bank, whose majority stake is set to be purchased by the Life Insurance Corporation (LIC) of India will receive Rs.20,000 crore from the open offer in the month of December.
The amount will be a capital infusion from the insurance company to the lender which the latter hopes to receive it in this quarter itself.
LIC had proposed to acquire the bank by purchasing 51% majority stake through an open offer of equity shares.
LIC had offered to acquire shares worth Rs. 204.15 crore, which would represent 26% of the paid-up capital of IDBI bank.
15 November 2018
The IDBI Federal Life Insurance Spice Coast Marathon organised by IDBI Federal Life Insurance and Soles of Cochin will be held on November 11 2018. More than 30,000 runners have registered for this marathon which includes 150 runners from Kerala police and defence forces. There are more than 600 runners working for corporate bodies such as Tata Consultancy Services, Cognizant, etc.
Almost 200 registrations received are from school children along with their parents and teachers.
The marathon which is certified by AIMS allows runners to qualify for international marathons such as the New York City Marathon, the Boston Marathon, etc.
The marathon will take place on the Willingdon Island and will have four different categories - Full Marathon (42.2 Km), Half Marathon (21.1 Km), Half Marathon Corporate Relay (21.1K), and Family Run (8 Km).
7 November 2018
Senior banker Rakesh Sharma has been appointed as the Managing Director (MD) and Chief Executive Office (CEO) of IDBI Bank. The government has appointed Sharma to oversee the ownership transfer of IDBI to the Life Insurance Corporation of India (LIC). Sharma will function in this role for about six months or until further notice from the government.
Sharma will take over the role from B. Sriram, who has held this position for the last three months. Sharma is currently the MD and CEO of Canara Bank. He was one of the private bankers to be hired by the government in 2015 to lead public-sector banks in the country.
LIC has already made a formal offer to acquire 26% stake in IDBI Bank at a price of Rs.12,000 crore. This takeover has been criticized by various entities for the use of public money to bail out a loss-making bank. For the previous financial year ended March 31, 2018, IDBI Bank reported a loss of Rs.8,237.92 crore.
9 October 2018
Till date, one of the top players in the Life Insurance sector has not had a brand ambassador, but it almost looks like the company was waiting patiently to catch the big fish and they have. A few days back, the life insurer announced that the legendary batsman that took the world by storm in his playing days, Sachin Tendulkar will be the face and the brand ambassador of IDBI Federal Life Insurance. Having already had Sachin Tendulkar on board for their IDBI Federal Marathons, the insurer decided that Tendulkar should be the face of their brand and announced him as the brand ambassador on Wednesday. Commenting on the fact that he has been made the brand ambassador of IDBI Federal Life Insurance, Tendulkar told asianag that he has witnessed over the last couple of years how IDBI Federal has been driving the fitness agenda through promoting healthy living and more specifically through marathons across Mumbai, Delhi, Kolkata, and Kochi. This approach towards building a nation’s physical fitness along with financial fitness is a vision that he identifies with completely. He concluded by saying that to take this partnership with IDBI Federal to the next level, he will be endorsing the brand beyond being a face for the marathons and it is an exciting journey to look forward to.
20 September 2018