IDBI Federal Term Insurance

Life is full of uncertainties for which one should always remain prepared. Though we cannot avoid unpleasant and unfortunate events, we can always be prepared for them and plan ahead for whatever unfortunate event is to come. Ageas Federal Life Insurance Company (formerly known as IDBI Federal Life Insurance) offers a unique term insurance plan with flexible premium payment and policy terms to secure your family from the financial burden in future. 

Most popular Ageas Federal Term Insurance Plans

Term insurance plans are the most basic form of life insurance policy which is not only very easy to understand but also very affordable. It offers life cover for a specific tenure and pays the death benefit to the beneficiary in the event of unfortunate death of the life assured. Ageas Federal Term Insurance plan also offers an option to avail return of premium in which all the premiums paid shall be returned if the life assured survives till the expiry of the plan. 

Ageas Federal Life Insurance My Life Protection Plan

My Life Protection plan provides extensive life insurance cover for relatively small premiums with flexible premium payment and policy terms. The plan comes with a coverage booster in which the sum assured on death increases by 10% every three years subject to a maximum of 50% of the basic sum assured without any requirement of medical and additional premium requirements. 

Highlighting Features of the Plan

• You have the option to pay the premium just once, for limited pay throughout the tenure of the policy
• The plan offers a smart coverage option in which the sum assured on death shall be equal to the basic sum assured which remains level up to the policy until the following 60th birthday of the life assured. At search policy anniversary the sum assured reduces by 50% and remains at this level till the expiry of the policy term.
• The plan offers reduced premium rates for non-tobacco users, female policyholders and marathon runners.

Eligibility Conditions

Ageas Federal Life Insurance Income Protect Plan

Income Protect plan assures your family's financial security with life protection cover and pays a lump sum benefit to the nominee for taking care of the immediate expenses. It also offers increasing monthly income benefits to help the family to meet the regular expenses in the absence of the breadwinner. 

Highlighting Features of the Plan

• It offers a flexible premium payment term of 10 years, 15 years or 20 years to choose from as per your convenience.
• You can opt for any policy term under the plan between 10 to 30 years
• Tax benefits as per section 80C and 10 (10D) under the Income Tax Act.

Eligibility Conditions

Ageas Federal Life Insurance Term insurance Life Protection Insurance Plan

Term insurance Life Protection Insurance Plan provides dual options to choose between pure protection in which you get the life protection throughout the tenure and return of premium option in which you get the life protection throughout the policy term and return of premiums on survival by the life assured till maturity of the plan. 

Highlighting Features of the Plan

• The plan offers flexible policy term and premium payment term to choose from as per your insurance requirements and convenience
• It offers an exclusive premium discount for women policyholders and a high sum assured under the plan.
• Avail tax benefits as per relevant Income Tax norms.

Eligibility Conditions

Ageas Federal Life Insurance also offers the following group term insurance plans: 

• Ageas Federal Life Insurance Group Term Life plan
• Ageas Federal Life Insurance Group Microsurance plan
• Ageas Federal Life Insurance Group Loan Secure plan

Benefits of buying Ageas Federal Term Insurance 

Apart from the basic life protection, Ageas Federal term plans also provide the following benefits: 

1. Affordable Plans
   Ageas Federal term plans are cost-effective. They are very low on the premiums despite the wide coverage that they offer.
2. Return of Premium Benefit
   Ageas Federal Term Insurance Life Protection Insurance plan offers a return of premium benefit in which all the premiums are returned on expiry of the plan. This helps you to be sure of receiving guaranteed returns of the premiums you have invested in the plan.
3. Flexible Options
   All the term insurance plans offered by the Ageas Federal Life Insurance (formerly known as IDBI Federal Life Insurance) offer flexible policy term, premium payment term and premium payment frequency. The flexible options help you to choose a plan which best suits your needs and requirements.
4. Simple Procedures
   From applying for a term plan to making a claim, Ageas Federal ensures that all the processes are really simple and easy to understand. It helps you to complete the process of buying, renewing and claiming a term plan in a hassle-free manner.
5. Availability of Riders
   Ageas Federal term plans come with optional riders. These riders can be opted by paying a little extra premium. You have the option to add riders either at the time of applying for the plan or at the time of renewing it.
6. Premium Discount and Rebate
   Discounts and rebates are added advantage to the term insurance plan. You can avail of a discount on the rates of premium if you are a female policyholder as well as a premium rebate for a high sum assured under the plan. It also offers a low premium rate for maintaining a healthy lifestyle.
7. Riders
   Different individuals have different requirements. Riders are optional benefits which can be added to a plan to customise it and make it comprehensive. Ageas Federal Life insurance offers various riders to be added to a term plan in order to enhance the coverage and get added advantage.
8. Tags Benefits
   The premium paid for the term insurance plan is tax-deductible. You are eligible to claim up to INR 1.5 Lakh on an annual basis under section 80C of the Income Tax Act. In addition, the death benefit received from the term plan can also be claimed as exempted income under section 10 (10D) of the Income Tax Act subject to relevant Income Tax norms.

What is Covered in Ageas Federal Term Insurance plan? 

Ageas Federal term insurance plan covers the following: 

1. Death Benefit
   The death benefit is the payout which is received by the appointed beneficiary in case the life assured expires. As explained earlier, with the pay-out your family can get help during the financial loss caused by unfortunate death. Depending on the term plan that you choose, you can decide if you want your nominee to receive the amount in a lump sum or in the form of a monthly income.
2. Survival Benefit
   Survival benefit means benefit received by the policyholder on surviving till the expiry of the policy tenure. In such a benefit, all the premiums paid for the plan and return to the policyholder on the maturity of the plan.
3. Your Liabilities
   All the liabilities and loans that you owe becomes a burden to your family. With a term insurance plan, you can ensure that all your liabilities and loans are paid off without creating financial stress in your absence

What is not Covered in Ageas Federal Term Insurance plan? 

Every term insurance plan has a set of exclusions. Exclusions are those situations that are not covered under the term policy. Despite the wide coverage, term insurance policies offered by Ageas Federal Life Insurance (formerly known as IDBI Federal Life Insurance) the sum assured on death would not be paid if the cause of death is as follows: 

• Self-injected Injury
  Death or illness suffered by the life assured due to self-injected injury or suicide within one year of risk management under the plan.
• War or Terrorism
  Death due to war, any act of foreign enemy, terrorism or strike.
• Pre-existing Diseases
  Death due to pre-existing conditions or diseases.
• Substance Abuse
  Death due to excessive alcohol or drug abuse.
• Intoxication 
  The accidental death of the life assured while driving the vehicle under the influence of drugs or alcohol.
• Waiting Period
  Death suffered by the life assured within a waiting period as prescribed from the commencement of risk under the plan.
• Participation in Illegal or Hazardous Activities
  Death due to participation in criminal offence, illegal activity or any hazardous activities such as mountaineering, bungee jumping is not covered.

If case of unfortunate demise of the life assured due to suicide within 12 months of commencement of risk under the plan or from the date of revival, whichever is earlier, the beneficiary of the plan will be entitled to 80% of the premiums paid until the date of death or the surrender value as on the date of death of the life assured, whichever is higher.

The above-mentioned exclusions are exhaustive and not exclusive. Different term insurance plans have different exclusions which should be kept in mind at the time of making a claim of a term insurance policy. For a detailed list of exclusions, you can visit the official website of the insurance company.

How to Apply for Ageas Federal Term Insurance plan? 

To buy a term insurance plan, the very first thing you are required to do is to select a plan which best suits your requirements keeping in mind the various criteria such as the cover that you want, premium paying term, their frequency, eligibility conditions and the payout that you want to receive. After comparing the plans online along with the premiums, you can select a plan which best suits your requirements and then opt for buying it online. 

Ageas Federal term insurance plan can be brought online by following the below stated simple steps: 

1. Get the Quote
   Visit the company’s website and click on ‘buy online’ or simply click on the given link https://www.ageasfederal.com/buy-online. You will be redirected to an available term insurance plan that can be purchased online. You can select from the range of options available as per your requirement and click on ‘buy now.’
2. Fill in the Details
   Fill in the details such as your name, gender, date of birth, mobile number and email ID to enable the insurance company to offer you a premium quote according to the parameters selected by you.
3. Complete the Paperwork
   Apart from the application form, you are also required to submit certain basic documents at the time of purchase. The documents include:

• Age proof
• Identity proof
• Proof of income
• Proof of address
• Bank proof
• Passport size photograph

It is necessary to have these documents.

 4. Pay the Premium
After submitting the documents and application form, the last step is to check the premium and pay it online. You can pay the premium through any of the payment modes offered by the insurance company such as net banking, debit/credit card, UPI, various wallets, etc.

Ageas Federal Term Insurance Claim Process

You can file your claim for Ageas Federal term insurance by following three easy steps which are discussed as follows: 

• Register Your Death Claim
  In the event of death of the life assured, a claim can be raised. To notify the claim you are required to get in touch with customer care using the details given below. To register your claim download the claim form by visiting the website of the company or by just clicking on https://www.ageasfederal.com/claims#how-claims. Along with the claim form, there are other documents that are required to be submitted to register your death claim. The documents required as follows:

For Natural Death of the Life Assured

• Duly filled and signed death claim form
• Original policy document
• Original death certificate issued by the municipal corporation
• The claimant’s ID proof and address proof (attested copy)
• Medical records of the life assured at the time of the death and the documents related to past illness if any.
• Claimant’s cancelled cheque or bank account passbook copy containing the IFSC code.

The death claim will be registered by the insurance company on the date of receipt of the written intimation along with relevant documents at the head office of Ageas Federal term insurance. 

1. Claim Processing
   After the submission of the documents and the claim form, the insurance company will settle your claim within 8 working days. However, in case the insurance company requires further documents and investigation, it will inform you within a reasonable time. 
    
2. Claim Payout
   After confirmation of the claim, the insurance company will transfer the amount to the bank account of the claimant through NEFT. In case of failure of transfer through NEFT, the cheque will be issued to the mailing address of the claimant.

For any assistance and query, you can call on the toll-free number of the Ageas Federal Life Insurance at 1800 2090 502 or drop a mail at claims@ageasfederal.com. 

Ageas Federal Term Insurance Customer Care Details

Ageas Federal Term Insurance Review

Ageas Federal Life Insurance formerly known as IDBI Federal Life Insurance is a reputed multinational company offering a wide range of options and benefits with its term insurance plans. Ageas Federal Life Insurance has been ranked among the Top 10 most trusted Life Insurance plans in India by ET Brand Equity Study. Ageas Federal Life Insurance was also awarded the best service provider of the Year 2019 at the Assocham Insurance Excellence Award 2019 and is a reputed name in the Insurance sector of India. If you are looking for a trusted and customer-centric insurer, then Ageas Federal term insurance is an ideal option for you.