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Knowledge Base Life Insurance Basics IDBI Federal Life Insurance
Tuesday, 25 January 2011 18:57

IDBI Federal Life Insurance

Written by  Yashish Dahiya
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IDBI Federal Life Insurance


Established in March 2008, IDBI Federal Life Life Insurance Company is a joint venture between three major companies- IDBI Bank- India’s premiere industrial bank, Federal bank – private sector bank and Ageas - international insurance company operating out of Europe. IDBI Bank holds 48% equity whereas Federal and Ageas hold 26% of equity each.

Product Portfolio:


Being a new entrant, IDBI is slowly increasing its portfolio which includes:

Retirement Plan: With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plan offered by IDBI Federal is Retiresurance.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. IDBI Federal Life term plan is Termsurance.

 

Investment Plan:  Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by IDBI Federal Life are Wealthsurance, Bondsurance and Incomesurance.

 

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Healthsurance is IDBI Federal Life’s health plan.

 

Distribution Network:


IDBI Federal Life Life Insurance Company leverages on the strong distribution network of its promoters and advisors.

 

Financial Information:


The total premium earned for the half year ended September 30, 2010 was Rs 3,427 million. The profit after tax for the same period is Rs 513 million. There have been 132 death claims reported during the period out of which 43 claims were settled and 19 claims were rejected.

 

Marketing Campaigns:


IDBI Federal Life recently launched television commercials focusing on its frontline products – Wealthsurance and Incomesurance. The campaign taglines are “Jisne bhi suna khareed liya” and “Guaranteed Income ki Bhavishavani…” Whereas the first advertisement reflects that the product is so great that whoever hears about it, buys it instantly, the second advertisement promises to be clear and transparent on the issue of returns in the investment product. IDBI Federal has also introduced two animation characters by the name of Happy and Lucky to promote the brand.

Management:


GV Nageswara Rao is the MD & CEO of IDBI Federal Life Insurance.

Aneesh Srivastava is the CIO of IDBI Federal Life Insurance.

Michael J Wood is the appointed actuary of IDBI Federal Life Insurance.

Reach IDBI Federal Life:


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Telephone: 1800 22 1120 (Toll free)

SMS “LIFE” to 5757515


IDBI Federal Life Insurance Product Table:


 

Retirement/Pension Plan

Retiresurance

Term Plan

Termsurance

Savings & Investment Plan

Wealthsurance

Savings & Investment Plan

Bondsurance

Savings & Investment Plan

Incomesurance

Health Plan

Healthsurance

 


Source:


IDBI Federal Website

 

Compare Life Insurance Plans from All Insurance Companies

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2 comments
  • Comment Link NAVANEETH KRISHNAN.J Saturday, 01 October 2011 21:34 posted by NAVANEETH KRISHNAN.J

    i want full details of IDBI insurance and fortis insurance details ,sent in my mail id ,immediately.......
    ./.....thank u

  • Comment Link RAJ VEER Friday, 07 December 2012 00:07 posted by RAJ VEER

    IDBI FEDERAL LIFE IS A CHOR COMPANY....I INVEST 5LACS 3YRS AND THEY GIVE ME ONLY 5K AFTER THREE YRS....

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