All About Ageas Federal Life Insurance Policies

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Ageas Federal Life Insurance (formerly known as IDBI Federal Life Insurance) is one of leading life insurance players in India. The company is a joint venture between Ageas, an international insurance company based out of Europe, Federal Bank, one of India’s leading private sector banks.

Ageas Federal Life Insurance offers a comprehensive range of life insurance policies which helps you to protect your family, build wealth over a long-period of time and helps you to get regular income to serve your long-term financial goals such as children’s education, retirement planning or other life goals.

Let’s dig deeper to understand more about the offerings of Ageas Federal Life Insurance along with their key features.

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Highlights
Types of Ageas Federal Life Insurance Plans
Why Should I Choose Ageas Federal Life Insurance?
How to Buy Ageas Federal Life Insurance Policies Online?
What is the Claim Settlement Process of Ageas Federal Life Insurance?
Whom to Connect with for Ageas Federal Life Insurance Policies?

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Claim Settlement Ratio (2023-24)

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Highlights

Claim Settlement Ratio: 97.03% (FY 2021-22)
Coverage: High sum assured coverage; Death caused due to Covid-19
Benefits: Discount on high sum assured and female policyholders, Flexibility to choose policy terms.
Entry age: 18 years to 65 years.
Extra Features: Live chat box, waiver of premium.
Branches: 3,200+

Types of Ageas Federal Life Insurance Plans

Ageas Federal Life Insurance Term Plans

Income Protect Plan

Entry age is 25 years to 70 years.
Death benefit in the form of lump sum and monthly income.
Minimum guaranteed sum assured on maturity as death benefit.
No maturity benefit as this is a pure term plan.
Flexibility to choose premium payment terms.

iSecure Plan

Entry age is 21 years to 65 years.
Sum assured is INR 2 crores.
Life coverage with return of premium option.
Flexibility to choose premium payment terms.
Add-on rider option of accidental death benefit.
Less premium quotes for non-smokers and female policyholders.

Saral Jeevan Bima

Entry age is 18 years to 65 years.
Low cost premium amount starts from minimum INR 1,391.
Policy term is five to 40 years.
Death benefit in the form of lump sum and monthly income.
Flexibility to choose premium payment terms.
No maturity benefit as this is a pure term plan.

Termsurance Life Protection Insurance Plan

Entry age is 18 years to 60 years.
Minimum sum assured is INR 5 lakh.
Policy term is 10 to 30 years.
Option of single and regular premium.
Receive death benefit under pure protection option and return of premium option.
The plan has the option of returning 100% of total premium paid upon maturity.

Ageas Federal Life Insurance Child Plans

Young Star Plus Plan

Entry age is 18 years to 65 years.
Guaranteed additions up to 10% in every five years.
Receive 125% of the sum assured upon maturity.
Minimum yearly premium is INR 18,000.
Policy offers maturity sum assured along with guaranteed additions and interim or terminal bonus, if any.

Dream Builder Plan

Entry age is 21 years to 50 years.
Minimum sum assured is INR 2,15,000.
Premium payment term is eight years with annual premium payment frequency.
Option of paying only for the first eight years of the policy.
Policy term is 10 years to 22 years.
Guaranteed annual payouts in the last three years of the policy term.

Wealthsurance Future Star Insurance Plan

Entry age is 18 years to 54 years.
Premiums can be paid fixed or annual.
Provides life coverage as lump sum payout upon death of the insured parent.
Option of policy continuance with waiver of future premiums.
Option to invest in a mix of eight investment funds.
Guaranteed loyalty additions which enhances savings.
Policy term is 10 years to 25 years.

Ageas Federal Life Insurance ULIP Plans

Platinum Wealth Builder Plan

Life coverage and long-term investment returns.
Receive loyalty additions and wealth boosters as maturity benefits.
Option to cover your spouse.
No charges on policy administration.
Option to invest in a mix of six investment funds.
Allows unlimited switches.
Allows partial withdrawal via smart withdrawal option.

Smart Growth Plan

Entry age is one month to 55 years.
Life coverage and long-term investment returns.
Choice to pay premium at one go or via regular and limited term.
Option to invest in a mix of six investment funds.
Receive loyalty additions and wealth boosters as maturity benefit.
Death benefit under two plan options such as Prime and Plus.
Upon maturity, the policy offers fund value including loyalty additions.
Minimum annual premium amount is INR 50,000.

Wealth Plus Critical Protection Plan

Entry age is 18 years and 52 years.
Life coverage and long-term investment returns.
More protection via critical illness benefit. Sum assured for the same is
INR 5 lakh to INR 20 lakh.
Receive both death and maturity benefits.
Unlimited free switches.
Minimum premium is INR 1 lakh.
Option to use partial withdrawal post five years.

Wealth Gain Insurance Plan

Entry age is 5 years to 60 years.
Option to invest in a mix of eight investment funds.
Maturity benefit is payable in the form of guaranteed sum assured + loyalty additions.
Flexibility of paying premiums monthly or annually.
Premium payment frequency is monthly and annually.
Waiver of premium option on total and permanent disability of the life assured.

Wealthsurance Growth Insurance Plan SP II

Entry age is one month to 70 years.
Option to invest in a mix of six investment funds.
Maturity benefit is payable in the form of guaranteed sum assured + loyalty additions.
Flexibility to increase or decrease the life coverage amount.
Option to receive maturity proceeds in periodic installments but within the time of five years from the maturity date.
Minimum single annual premium is INR 50,000.

Ageas Federal Life Insurance Retirement Plans

Saral Pension Plan

Entry age is 40 years to 80 years.
Policy term is whole of life.
Minimum purchase price is INR 1,50,000, depending upon annuity amount.
Minimum annuity payout is INR 1,000 per month.
Pure retirement plan at affordable cost.
Offers guaranteed payout for long-term.
Plan offers both survival and death benefits.
Single premium payment option.

Guaranteed Lifetime Income Plan

Entry age is 45 years to 85 years.
Minimum purchase price is INR 1, 50,000.
Offers guaranteed income for long-term.
Flexibility to receive payouts monthly, quarterly, half-yearly or yearly.
Option to receive immediate or deferred annuity.
Plan offers both survival and death benefits.
Premium payment term is single premium.

Ageas Federal Life Insurance Saving Plans

Young Star Plus Plan

Entry age is 18 years to 45 years.
Premium payment frequency is yearly and half-yearly.
Minimum annual premium is INR 18,000.
Plan offers both maturity and death benefit.
Offers 125% of the sum assured in the form of guaranteed annual payouts.
Up to 10% of guaranteed additions for every five years.
Option to waive future premiums.

Assured Income Plan

Entry age is five years to 60 years.
Offers both death and maturity benefits.
Get maturity benefits in the form of “Guaranteed Maturity Booster”.
Guaranteed Maturity Booster is the total of all the premiums paid.
Death benefit is paid in lump sum.
Minimum yearly premium is INR 30,000.
Premium payment mode is yearly.

Life Advantage Plus Plan

Entry age is 0 years to 55 years.
Offers both death and maturity benefits.
Get maturity benefits in the form of guaranteed maturity booster and bonuses, if declared.
Offers bonuses such as – Vested Simple Reversionary Bonus, Interim Bonus or Terminal Bonus (if any)
Death benefit is paid in lump sum.
Minimum yearly premium is INR 18,000.
Premium frequency is annual and half-yearly.

Guaranteed Lifetime Income Plan

Entry age is eight years to 50 years.
Minimum premium is INR 15,000.
Plan has both income and endowment options.
Income option pays guaranteed annual payouts for five years from end of sixth policy year till end of 10th year.
Endowment option pays maturity sum assured (MSA) upon maturity. Here, Maturity Sum Assured = Maturity Factor x
Annualized premium* x PPT
Flexibility to choose premium payment terms and policy terms.
Payouts can be received as both lump sum or as a regular basis.

Guaranteed Savings Plan

Entry age is two years to 45 years.
Single premium policy.
Minimum premium is INR 50,000.
Life coverage and long-term investment returns.
Plan offers both maturity and death benefits.

Dream Builder Plan

Entry age is 21 years to 50 years.
Minimum sum assured on maturity is INR 2,15,000.
Premium to be paid for the first eight years of the policy.
Offers guaranteed annual payouts in the last three years of policy term.
Waiver of premium on disability of the policyholder.

Guaranteed Wealth Plan

Entry age is 10 years to 55 years.
Minimum premium amount is INR 35,000.
Premium to be paid for the first seven or 10 years of the policy.
Offers life coverage for 14 years or 20 years.
Offers guaranteed annual payouts as maturity benefits.

Ageas Federal Life Insurance Health Plans

Criti Care Plan

Offers coverage to 30 critical illnesses.
Flexibility of choosing policy terms and premium paying term options.
Offers lump sum payout on the first-time diagnosis of illness.
Plan offers no death, maturity and paid-up benefit.
No loans available under this plan.

Heart & Cancer Shield Plan

Entry age is 18 years to 65 years.
Minimum sum assured is INR 10 lakh.
Policy term is five years to 20 years.
Provides comprehensive coverage to heart and cancer ailments.
Offers lump sum payout on the first-time diagnosis of such ailments.
Benefits can be received as a lump sum amount and income benefit.

Ageas Federal Life Insurance Group Plans

The Ageas Federal life insurance offers various kinds of group plans which offers financial protection at comparatively very low cost. These plans include:

Group Credit Shield Plan
Group Loan Secure Plan
Group Term Life Plan
Group Employee Benefit Plan
Group Microinsurance Plan

Why Should I Choose Ageas Federal Life Insurance?

Offers a huge variety of life insurance products ranging from term plans, savings and endowment plans, child plans, ULIPs, retirement plans and group protection plans.
The company has a robust customer centric approach with new digitized features such as responsive customer support and live chat box.
All the processes ranging from renewal of policies, premium payment and most importantly claim settlement ratio can be done easily and via online mode.
It has one of the highest claim settlement ratios in India. The claim settlement ratio of Ageas Federal life insurance is 97.03% for the current fiscal year.

How to Buy Ageas Federal Life Insurance Policies Online?

Step 1: Visit the official website of Ageas Federal Life Insurance.
Step 2: Click on the tab “buy online” to move ahead with the process.
Step 3: Select the policy you wish to buy and select “buy now”.
Step 4: Fill in the basic details, your contact information, and select the coverage which you want to opt for.
Step 5: After submitting all the relevant details, click on “get quote”.
Step 6: Once you are okay with the given quote, proceed to buy it online by various payment modes.

What is the Claim Settlement Process of Ageas Federal Life Insurance?

Ageas Federal Life Insurance offers a fast claim settlement process like any other leading life insurance providers. Let’s see how the policyholder can file a claim via easy and convenient process:

Step1: Register the death claim and submit all the relevant documents such as:

Death claim form.
Original policy document.
Original or attested copy of death certificate issued by Municipal Corporation
Attested copy of nominee’s photo ID and Residential proof.
Medical records at the time of death.

Step 2: As soon as you submit all the relevant documents, the company processes your claim request within the next eight days.

Step 3: Once the claim gets settled, the company transfers the claim amount to the registered bank account via electronic fund transfer.

Note: The policyholder can also check the status of their Ageas Life insurance policies, by simply logging on to the site and clicking on the “Claim Status” tab.

Whom to Connect with for Ageas Federal Life Insurance Policies?

As we have already mentioned the online process of buying a policy, you can also buy or renew your policy by directly connecting with the company. Following are the details of their respective customer care:

Month-Year 2 Helpline Number 1800 209 0502
(10:00 AM to 6:00 PM) E-mail support@ageasfederal.com and grievance@ageasfederal.com Head Office Address Ageas Federal Life Insurance Co Ltd.
22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India Head Office Number 022 – 2302 9200

Max Life Insurance

Claim Settlement Ratio (2023-24)

Income Tax Benefits

Save up to INR 54,600 on taxes

20% lower term insurance premiums for women, zero-cost terminal illness coverage

On Max life insurance’s secure website

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

FAQs How We Work

What are the best policies of Ageas Federal Life Insurance?

Ageas Federal Life Insurance proves a huge range of life insurance policies which provides a perfect dual combination of wealth accumulation and life protection coverage via its various policies. However, Income Protect Plan, Wealthsurance Growth Insurance plan and online plans such as iSecure plan and Life advantage plans are some of the highest selling offerings by the company.

What is the claim settlement ratio of Ageas Federal Life Insurance?

As per the latest figures, the claim settlement ratio of Ageas Federal life insurance is 97.03% for the financial year 2021-22.

How can I make any changes to my existing Ageas Federal Life Insurance plans?

You can visit the customer portal and can put a request of any alteration requests.

What is maturity value in life insurance plans?

Maturity value is offered to the policyholder if they purchase a whole life insurance policy. It is generally derived as the total sum of premium paid up to the maturity of the policy and the other additions which the insurance company gives to the policyholder.

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