IDBI Federal Life insurance Review
Life insurance of IDBI Federal Life insurance is the growing life insurance companies that are providing an array of wealth management, retirement solutions and protection to corporate customers and individuals. IDBI Federal life insurance is an IDBI Bank joint-venture, with the development and commercial bank, Federal Bank, that is a leading private sector bank in India and Ageas, a multinational insurance giant located out of Europe.
Expansion and network
The operations started in 2008 and IDBI Federal could attain a breakeven within just 5 years. This has promoted the passion for growth and innovation in the company and has helped achieve this act. There is a network nationwide featuring a number of 2964 branches of IDBI and Federal Bank and the networks of partners and advisors is sizeable and the IDBI Federal life insurance has accomplished presence. The company on 31st March, 2015 has issues policies worth 7.88 lakh and the sum assure is more that Rs. 41,856 crore. It has a robust capital base and the total assets under the management of IDBI Federal life insurance is around 4,087 crore.
IDBI Federal Life Insurance is the growing life insurance companies offering an array of wealth management, retirement and protection solutions to individual and corporate customers. IDBI Federal offers products addressing the customers various life-stage needs. The products trademarked names assist in defining the benefit as well as the value they give the customer.
Types of insurances
- Termsurance provides financial protection to the life insured’s family in case of unfortunate events of the life insured.
- Lifesurance provides a plethora of endowment plans and they are designed to give long-term savings in association with life cover.
- Wealthsurance helps life insured to amass wealth and also offer the life cover protection.
- Homesurance offers insurance cover keeping in balance the outstanding balance for the insured’s home loan, thus the life insured’s family can enjoy living in their home and there is a cover for the life insured.
- Incomesurance offers regular income in association with a life cover.
- Bondsurance gives life cover in association with guaranteed return with a one-time premium payment.
- Loansurance is an insurance plan that is cost-effective and covers the outstanding debt of the life insured.
- Childsurance provides solutions for ascertaining funding the childs future of the life insured and fulfills needs such as marriage, higher education, vocational training, etc.
- Healthsurance assures the life insured is never short of funds to get quality treatment if required as medical emergencies.
- Retiresurance gives plans to help the life insured create a corpus so that it is lasting throughout his retired life and he can have the best years.
- Microsurance provides effective insurance services even for the groups with low-income and promotes financial inclusion for the entire community.
IDBI Federal Life insurance has crystal clear communication that the transparency is apparent to stakeholders and partners. They value their customers and offer the services and products perceiving the right value. They translate all the delivery on promise and as they are financially strong, they have clarity in their claims and never delay in paying as they are robust in operations. Their priced values also include the customer friendly approach and the profit to stakeholders such that the interests of partners, customers, shareholders, employees and community is at large receiving a good profit.
Investing in IDBI Federal Life Insurance is the most important decisions. This is a long term product that offers several benefits and ascertains the loved ones are taken good care. The decisions are made easier for the customers to operate and the policy is such that it meets the financial liabilities.
The hassle free enrolment is the advantage as there is no lengthy documentation or medical tests. The revisionary bonuses are offered on life insurance policies after the 4th policy anniversary. This is given with a terminal bonus at the maturity time as an addition or even on unavoidable and unfortunate events such as earlier death.
- Tax benefits are assured with life insurance plans under section 80C.
- The health insurance plans are also eligible under Section 80D.
- Specified Pension plans are eligible under Section 89 CCC
- Proceeds of withdrawal are exempted under Sec 10(10D)
All these are subject to norms of the IDBI Federal Life insurance.