IDBI Fortis is now IDBI Federal Life Insurance and with a different name, comes a different and more comprehensive policy ranges. Read on for a brief profile on IDBI Federal Life Insurance Co. Ltd
IDBI Federal Life Insurance
IDBI Federal is a life insurance plan and a joint venture of three organizations. IDBI Bank, a premier commercial bank of India, Federal Bank, India's leading private sector bank and Ageas, a Europe based insurance multinational giant. A major chunk of equity in this venture i.e., 48% is owned by IDBI Bank while Federal Bank and Ageas own 26% each. IDBI Federal Life Insurance Co. Ltd. was established in March 2008 and became one of the fastest growing new insurance companies by gathering Rs.100cr worth of premium in the first five months itself. The main vision that keeps IDBI Federal Life Insurance Co. Ltd. running is that they aim to deliver world-class wealth management, protection and retirement solutions to the customers and give them a sense of convenience and value. Through the years, IDBI has been striving to achieve newer product offering, relationship management and service delivery and all that by interacting with customers. Cost effective methods, transparency of work and building human capital are some of the most important aspects of their mission. Given below are a few insurance policies which are provided by IDBI Federal Life Insurance Co. Ltd.
These are unique plans which are developed for the purpose of meeting long-term financial goals and enable customers to save and build up their wealth. Several options with regard to investments and insurance are available. For individuals with a high net-worth, growth is facilitated under the protective cover of insurance and it has low premium charges too. There are two, namely:
- Milestone Plan
- Premier Insurance Plan
MRTA (Mortgage Reducing Term Assurance) plan is the basic concept which gives an insurance cover that is equal to the balance of your home loan. In case of death of the borrower, there is a repayment from the insurance companies that avoids burden on the family. There is also an option of a Single Premium. The plans are:
- Protection Plan
- Homesurance Plan
This insurance plan caters to the needs of different classes of individuals including the rural population. Some of them include covers at low costs and plans for various groups such as employer-employer, bank-depositor and customer-supplier. There are several tax benefits which accompany this scheme. The plans are as follows:
- Protection Plan
- Grameen Bachat Yojana
- Grameen Suraksha Yojana
- Group Life Plan
- Premier Insurance Plan
In case of death of an insured member, a 'Loansurance' ensures the debt is settled. The loan plan is directly provided to a person who is liable for its repayment even if means when two individuals are in a partnership. Here are some of the options which you can choose from:
- Reducing Cover
- Level Cover
This is an interesting scheme where customers do not get affected by the financial market conditions and get guaranteed returns on investments along with a life insurance cover. There is another choice of making a one-time investment and opting for a particular maturity period too. At the end of the term, you receive a maturity amount. Select from the options below:
- Bondsurance Plan
- Advantage Insurance Plan
The Incomesurance Endowment & Money Back Plan guarantees the customer an annual payout every time a premium is paid. Tax benefits and the flexibility of covering all important events like marriages, education, loans, retirement or simply financial security are provided with this plan.
The Pension Plan is a way of making money even after retirement - more like a return on investments and growth in wealth. For example, every time an individual pays a premium on an installment, a maturity value is attained and this is paid on survival to the vesting date of the policy.
Hospitalization and Surgical Plan helps in handling the extra burdens in a family. It holds good for people aged between 18-55 years and takes care of all the costs of hospital stay, treatment, household bills and travel expenses. It has several other benefits with aims to keep you out of tension.
There are many micro-finance groups like NGOs where its members need a cover on their finances and security of their families. Keeping in mind the profession, this comes at an affordable cost and takes into account accidental benefits too. In case of death of a group member, IDBI Federal pays the sum insured to the deceased's family, subject to some conditions.
IDBI Federal Life Insurance Co Ltd,
1st Floor, Tradeview, Oasis Complex, Kamala City,
P.B. Marg, Lower Parel (W),
Mumbai - 400013