Overview
Ageas Federal Life Insurance (AFLI), formerly known as IDBI Federal Life Insurance, is one of the prominent life insurance companies in India. The company offers a comprehensive product range for wealth management, savings, retirement plans, child plans, individual, and group protection solutions. Ageas Federal life insurance policies empower individuals to create their lifestyle of choice and secure their future. Customers seeking good insurance products can easily compare and buy life insurance plans that perfectly complement their financial goals.
Background of Ageas Federal Life Insurance
Starting its operations in 2008, Ageas Federal Life Insurance Company Limited achieved the break-even (no profit, no loss) in just 5 years. Ageas Federal is a joint venture between Ageas (74%) and Federal Bank (26%) and became the first life insurance company in India to have the biggest stake held by a foreign partner. Being a leading life insurer in India, AgeasFederal offers online and offline insurance products to protect customers nationwide.
Ageas Federal Life Insurance Co. Ltd. has a strong network of around 3,200 branches of own and partnered banks equipped with professional advisors. The company is passionate about creating innovative and affordable different types of life insurance products, including child plans, term plans, ULIP plans, health plans, and online life insurance options for individuals and groups. The sole objective of Ageas Federal Life Insurance plans is to provide excellent services to clients in the moment of difficulty.
Ageas Federal Life Insurance Awards and Accolades
The passion and innovation of Ageas Federal Life Insurance have led the company to achieve new milestones and secure many awards over the years. Some of the awards and recognitions won by Ageas Federal are mentioned as
- Ageas Federal Life Insurance is recognized as one of ‘India’s Top 3 Workspaces’ across the insurance sector in 2021.
- Ageas Federal Life Insurance won the ‘Best Life Insurance Company- Work Culture’ Award in 2019.
- Ageas Federal Life Insurance won the ‘Service Provider of the Year 2019’ at the Assocham Insurance Excellence Awards 2019.
- Ageas Federal Life Insurance was awarded as ‘Top 10 Most Trusted Life Insurance Brands in India’ in 2018.
- Ageas Federal Life Insurance won the ‘Life Insurance Company of the Year 2017’ at the India Insurance Summit and Awards.
Ageas Federal Life Insurance Company Specifications
Mentioned are the key specifications of Ageas Federal Life Insurance Company.
|
Particulars |
Specifications |
|---|---|
|
Claim Settlement Ratio (FY 2022-23) |
96.06% |
|
Solvency Ratio (March 2022) |
3.12 |
|
Branches in India |
3200+ |
|
Asset Under Management (FY 2021-22) |
13,514.58 Cr. |
* Data has been sourced from the official website of Ageas Federal com and IRDAI annual report 2021-22.
Key Features of Ageas Federal Life Insurance
Ageas Federal Life Insurance is committed to providing trusted financial products to customers and ensuring the maximum protection of their dependents. Let’s look at some of the prime features of Ageas Federal policies, making it one of the most widely trusted insurance companies in India.
Claim Settlement Ratio
The claim settlement ratio explains the efficiency and capability of a life insurance company in settling claims during a financial year. Ageas Federal has reported a claim settlement ratio of 97.03% during the FY 2021-22.
Solvency Ratio
The solvency ratio of a life insurance company helps identify the financial strength of the company and its ability to meet its long-term debt obligations. Also, the solvency ratio ensures the company can pay its claims without any trouble when the time really comes. Ageas Federal reported a solvency ratio of 3.12 in March 2022, which shows that the company is financially stable enough to bear its liabilities.
Hassle-free Claim Process
Ageas Federal Life Insurance follows an excellent and transparent claim settlement procedure. The customers can easily download the forms available on the official website at www.ageasfederal.com, visit the list of required documents, and submit them to the nearest AgeasFederal branch. Customers can also track the claim status online on the official website.
Customizable Cover
Ageas Federal Life Insurance Company offer various riders to add to the base policy and enhance coverage. These riders can be issued at the time of the policy issuance or the policy anniversary by paying additional premiums.
Affordable Plans
Ageas Federal is known for its customer-centricity and varied life insurance product range. Depending on the financial suitability of the customers, Ageas Federal Life Insurance offers various life insurance policies at affordable premiums providing high benefits. The plans provide comprehensive coverage to help the customers plan various life stages.
Single Click Instant Assistance
Ageas Federal provides top-notch customer support whenever required. The dedicated customer support desk is highly professional while taking queries related to policy or claim issues and providing true information. Customers can easily reach the branches nearby with their queries or can use the chat service available on www.ageasfederal.com.
Renewal Premium in Advance
Some Ageas Federal life insurance policies allow renewal premium collection in advance in the same financial year. A policyholder can pay the earlier premium of a maximum of three months in advance of the due date of the premium.
Benefits of Ageas Federal Life Insurance
You can get the following benefits when you buy a life insurance plan from Ageas Federal Life Insurance Company.
Financial Protection
The major benefit Ageas Federal Life Insurance Co. Ltd. offers is comprehensive life cover to secure the life assured and their loved ones. On an uncertain event with life assured, Ageas Federal offers financial protection to their loved ones as promised under the policy.
Flexible and Secured Payment
Ageas Federal Life Insurance offers multiple premium payment options to pay policy premiums in 2 minutes using Credit cards, Debit cards, Net Banking, wallets, Cash cards, Instapay, EMI, UPI, and BharatQR. Customers can also pay through branches, advisors, at common service centre outlets, or by using the auto debit facility.
Liability Protection
With an Ageas Federal Life Insurance policy, the policyholder can fulfil their short-term and long-term financial goals depending upon their needs. Some policies allow the option to avail of loans, policy surrender, and partial withdrawals to use the fund and repay the liabilities.
Wealth Creation and Investment Opportunities
Ageas Federal offers policyholders multiple savings and wealth creation opportunities over time. While the policies offer a life cover to safeguard against any uncertain event, they also help you save a good amount of money or invest in the market to secure wealth that helps achieve your financial goals.
Tax Benefits
Ageas Federal Life Insurance Company Limited allows the policyholder to save on taxes and reduce tax liabilities. Under Section 80C of the Income Tax Act, the policyholder can avail tax benefits of upto Rs. 1.5 lakh on the premiums paid. Additionally, the maturity or death benefits received are tax-free as per Section 10 (10D) of the Income Tax Act.
Online Policy Management
Ageas Federal offers online services for customers to enhance convenience and increase transparency in policy management. Customers can visit the official website to pay premiums, download forms, track claims, fund switches, and link PAN.
Life Insurance Plans Offered by Ageas Federal Life Insurance
Ageas Federal Life Insurance offers various life insurance plans to cover the financial needs of different individuals and groups comprehensively. Here are some of the major life insurance plans offered by Ageas Federal.
Online Plans
 |
Ageas Federal iSecure Plan |
Coverage Benefits
- Life cover
- 2 plan options
- Tax benefits
Eligibility Criteria
Entry age: 21 years to 65 years
|
Ageas Federal Life Advantage Plus Plan |
Coverage Benefits
- Maturity boosters
- Life cover
- Tax benefits
Eligibility Criteria
Entry age: 0 years to 55 years
|
Ageas Federal Guaranteed Income Plan |
Coverage Benefits
- Guaranteed benefits
- Flexible premium payment
- Tax benefits
Eligibility Criteria
Entry age: 8 years to 50 years
|
Ageas Federal Wealth Gain Insurance Plan |
Coverage Benefits
- 8 fund options
- Loyalty additions
- Life cover
Eligibility Criteria
Entry age: 5 years to 60 years
|
Ageas Federal Wealthsurance Growth Insurance Plan SP II |
Coverage Benefits
- One-time investment
- 6 fund options
- Loyalty additions
Eligibility Criteria
Entry age: 1 month to 70 years
|
Ageas Federal Guaranteed Wealth Plan |
Coverage Benefits
- Guaranteed benefits
- Regular income benefit
- Tax benefits
Eligibility Criteria
Entry age: 10 years to 55 years
Child Plans
|
Ageas Federal Young Star Plus Plan |
Coverage Benefits
- Guaranteed benefits
- 125% of maturity sum assured
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 45 years
|
Ageas Federal Dream Builder Plan |
Coverage Benefits
- Guaranteed annual payouts
- Flexible policy term
- Tax benefits
Eligibility Criteria
Entry age: 21 years to 50 years
|
Ageas Federal Wealthsurance Future Star Insurance Plan |
Coverage Benefits
- Life cover
- 8 fund options
- Guaranteed loyalty additions
Eligibility Criteria
Entry age: 18 years to 54 years
Savings Plans
|
Ageas Federal Young Star Plus Plan |
Coverage Benefits
- Guaranteed benefits
- 125% of maturity sum assured
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 45 years
|
Ageas Federal Assured Income Plan |
Coverage Benefits
- Life Cover
- 3 plan options
- Guaranteed regular income
Eligibility Criteria
Entry age: 5 years to 60 years
|
Ageas Federal Life Advantage Plus Plan |
Coverage Benefits
- Maturity boosters
- Life cover
- Tax benefits
Eligibility Criteria
Entry age: 0 years to 55 years
|
Ageas Federal Guaranteed Lifetime Income Plan |
Coverage Benefits
- Immediate Life Annuity
- One time payment
- Return of purchase price
Eligibility Criteria
Entry age: 45 years to 50 years
|
Ageas Federal Guaranteed Savings Plan |
Coverage Benefits
- One time payment
- Life cover
- Guaranteed returns
Eligibility Criteria
Entry age: 2 years to 45 years
|
Ageas Federal Dream Builder Plan |
Coverage Benefits
- Guaranteed annual payouts
- Flexible policy term
- Tax benefits
Eligibility Criteria
Entry age: 21 years to 50 years
|
Ageas Federal Guaranteed Income Plan |
Coverage Benefits
- Guaranteed benefits
- Flexible premium payment
- Tax benefits
Eligibility Criteria
Entry age: 8 years to 50 years
|
Ageas Federal Guaranteed Wealth Plan |
Coverage Benefits
- Guaranteed benefits
- Regular income benefit
- Tax benefits
Eligibility Criteria
Entry age: 10 years to 55 years
|
Ageas Federal Wealthsurance Future Star Insurance Plan |
Coverage Benefits
- Life cover
- 8 fund options
- Guaranteed loyalty additions
Eligibility Criteria
Entry age: 18 years to 54 years
|
Ageas Federal Secured Income Plan |
Coverage Benefits
- Regular annual income
- Life cover
- Guaranteed bonus additions
Eligibility Criteria
Entry age: 8 years to 50 years
|
Ageas Federal Super Cash Plan |
Coverage Benefits
- Life cover
- Guaranteed boosters
- Tax benefits
Eligibility Criteria
Entry age: 91 days to 60 years
Term Plans
|
Ageas Federal iSecure Plan |
Coverage Benefits
- Life cover
- 2 plan options
- Tax benefits
Eligibility Criteria
Entry age: 21 years to 65 year
|
Ageas Federal Saral Jeevan Bima |
Coverage Benefits
- Death benefit
- No medical
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 65 years
|
Ageas Federal Income Protect Plan |
Coverage Benefits
- Life cover
- Monthly income benefit
- Flexible premium payment
Eligibility Criteria
Entry age: 25 years to 60 years
|
Ageas Federal Termsurance Life Protection Insurance Plan |
Coverage Benefits
- Multiple cover options
- Discounts available
- Death benefit
Eligibility Criteria
Entry age: 18 years to 60 years
ULIP Plans
|
Ageas Federal Platinum Wealth Builder Plan |
Coverage Benefits
- Life protection
- Spouse cover
- Wealth boosters
Eligibility Criteria
Entry age: 0 years to 60 years
|
Ageas Federal Smart Growth Plan |
Coverage Benefits
- 6 fund options
- Loyalty additions
- Tax benefits
Eligibility Criteria
Entry age: 1 month to 55 years
|
Ageas Federal Wealth Plus Critical Protection Plan |
Coverage Benefits
- Critical illness benefit
- Life cover
- Long term investment returns
Eligibility Criteria
Entry age: 18 years to 52 years
|
Ageas Federal Wealth Gain Insurance Plan |
Coverage Benefits
- 8 fund options
- Loyalty additions
- Life cover
Eligibility Criteria
Entry age: 5 years to 60 years
|
Ageas Federal Wealthsurance Growth Insurance Plan SP II |
Coverage Benefits
- One-time investment
- 6 fund options
- Loyalty additions
Eligibility Criteria
Entry age: 1 month to 70 years
Health Plans
|
Ageas Federal Criti Care Plan |
Coverage Benefits
- 30 critical illnesses covered
- Tax benefits
- Sum assured on diagnosis
Eligibility Criteria
Entry age: 18 years to 99 years
|
Ageas Federal Heart And Cancer Shield Plan |
Coverage Benefits
- Income benefit
- Waiver of premium
- Tax benefit
Eligibility Criteria
Entry age: 18 years to 65 years
Retirement Plans
|
Ageas Federal Saral Pension Plan |
Coverage Benefits
- Joint life annuity
- Option to surrender
- Guaranteed annuity
Eligibility Criteria
Entry age: 40 years to 80 years
|
Ageas Federal Guaranteed Lifetime Income Plan |
Coverage Benefits
- Immediate Life Annuity
- One time payment
- Return of purchase price
Eligibility Criteria
Entry age: 45 years to 50 years
Group Plans
|
Ageas Federal Group Credit Shield Plan II |
Coverage Benefits
- One time payment
- Loan facility
- Single / Joint / Proportionate Life Cover
Eligibility Criteria
Entry age: 15 years to 65 years
|
Ageas Federal Group Loan Secure Plan II |
Coverage Benefits
- Two death benefit
- One time payment
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 65 years
|
Ageas Federal Group Term Life Plan II |
Coverage Benefits
- Spouse cover
- 3 variants
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 79 years
|
Ageas Federal Group Employee Benefit Plan |
Coverage Benefits
- Investment option
- 2 fund options
- Life cover
Eligibility Criteria
Entry age: 18 years to 79 years
|
Ageas Federal Group Microsurance Plan II |
Coverage Benefits
- Joint life option
- 2 variants
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 65 years
|
Ageas Federal Pradhan Mantri Jeevan Jyoti Bima Yojana |
Coverage Benefits
- Affordable cost
- Easy enrolment process
- Tax benefits
Eligibility Criteria
Entry age: 18 years to 50 years
Exclusions Under Ageas Federal Life Insurance
We have discussed various features and benefits provided by Ageas Federal Life Insurance Company Limited that safeguard thae financial aspects of customers. Certain conditions restrict the customers from filing the claim and enjoying the benefits defined in the policy documents. It is important to be aware of the inclusions and exclusions to gain the maximum cover benefits. Let’s understand the exclusions offered by Ageas Federal Life Insurance.
Suicide Exclusion
If the death is caused by suicide within 12 months from the date of commencement of risk or policy revival, in such case, only 80% of the total premium paid till the date of death or the surrender value (whichever is higher) is payable to the nominee or beneficiaries.
Accidental Death Benefit Exclusion
The accidental death caused under the following circumstances is not eligible to gain any benefit (either directly or indirectly, voluntarily or involuntarily).
- Under the influence of drugs, alcohol, narcotics, or any other substance.
- Injuries resulting from war, invasion, riots, revolution, or warlike operations.
- Participation in a criminal or unlawful act.
- Participation in the flying activity.
- Participating in professional sports, including diving, riding, underwater activities, martial arts, hunting, mountaineering, bungee jumping, parachuting, and others.
- The radioactive, explosive, or hazardous nature of fuel.
- Intended self-inflicted injury.
Why Should You Consider Ageas Federal Life Insurance?
Ageas Federal has earned a good reputation in the insurance industry among other life insurance companies in India. Below are the key factors that endorse why you should consider Ageas Federal to buy a life insurance policy.
Consistent Value
Ageas Federal identifies rising insurance needs in the market and brings innovative products to fulfil them. The company continuously upgrade their insurance products so that the policy buyer can get high-quality coverage at an affordable price. Ageas Federal prioritize quality and customer satisfaction over price.
Personalized Service
Ageas Federal Life Insurance Company understands that their customers want to feel appreciated and understood. Hence AgeasFederal allows the customers to compare life insurance plans online in India and buy a plan that perfectly fulfils their needs. Customers can also customize their life insurance products with riders.
Efficient Claim Process
Ageas Federal Life Insurance ensures a smooth claim processing by offering exceptional customer support. Ageas Federal keeps communication transparent and hassle-free so that the nominees can get the benefits in times of urgent need. They can track the claim status and contact the company for any claim-related queries.
Strong Customer Trust
Ageas Federal was ranked among the Top 10 Most Trusted Life Insurance Brands in India by ET-Brand Equity Study. This embarks the trust of its loyal customers in the Ageas Federal and their satisfaction with its services.
Strong Foundation
Ageas Federal Life Insurance is backed by its strong partner company Ageas, the major life insurance provider in Europe and Federal Bank, the leading bank in India. AgeasFederal uses its strong network to expand its reach and serve customers better.
Buy Life Insurance Online from Ageas Federal Life Insurance
The insurance seeker can buy Ageas Federal online at www.ageasfederal.com or offline by visiting the nearest branch. Follow the given step-by-step guide to buy Ageas Federal life insurance or buy a term insurance plan online.
Buy from the Official Ageas Federal Life Insurance Website
- Visit the official website of Ageas Federal Life Insurance at www.ageasfederal.com.
- Go to the ‘All Plans’ option on the top menu bar.
- Select the suitable plan from the different types of life insurance plan options.
- Provide the required information and click ‘Submit’.
- The Ageas Federal team will contact you and help you decide on premiums and coverage.
- After successful payment, the policy documents are sent to your registered email.
Buy from RenewBuy
- Visit the official website of RenewBuy.
- Hover over the ‘Insurance’ tab on the top menu bar.
- Select the ‘Best Life Insurance Companies in India’ tab.
- Select ‘Ageas Federal Life Insurance’ from the list of life insurance companies.
- Select the desired Ageas Federal Life Insurance plan.
- Provide the required information and click on "Buy Now".
- Proceed with the payment.
Ageas Federal Life Insurance Policy Status
You can directly visit the nearest AgeasFederal branch office or follow the given steps to check the Ageas Federal life insurance policy status online.
- Visit the official website of Ageas Federal Life Insurance.
- Go to the ‘Services’ option on the top menu bar.
- Click on the ‘Track Your Application’ option.
- Login with a registered mobile number or by policy number and date of birth.
- You will get the information regarding your Ageas Federal life insurance policy.
Ageas Federal Life Insurance Claim Process
Ageas Federal Life Insurance Company Limited offers policyholders and nominees an efficient offline claim process. Follow the given steps below to file a death or maturity claim to AgeasFederal.
Claim Intimation
The primary step is to inform Ageas Federal about the claim on time. For this, the claimant can directly contact Ageas Federal at the nearest branch office, Ageas office, or the Federal Branch office. Or, the claimant can directly download and fill out the claim form available on the official website www.ageasfederal.com.
Document Submission
Prepare the following document to support and verify the Ageas Federal Life Insurance Company claim.
Documents Required for Natural Death Claim
- Death Claim Form
- Original Policy Document
- Copy of Death Certificate issued by Govt / Relevant Authority
- Cancelled cheque/Bank Statement/Bank Passbook of the nominee’s bank account (containing IFSC code)
- Attested copy of the nominee’s photo ID, Relationship Proof and Residential proof
- Medical records at the time of death and documents related to any past illnesses of the insured person
- Physician Statement
- Employer's Certificate, if employed
Documents Required for Un-natural Death (Accidental/ Murder/ Suicide) Claim
- Death Claim Form
- Original Policy Document
- Copy of Death Certificate issued by Govt. / Relevant Authority
- Cancelled cheque/Bank Statement/Bank Passbook of the nominee’s bank account (containing IFSC code)
- Attested copy of the nominee’s photo ID, Relationship proof and Residential proof
- First Information Report, Inquest / Panchanama and Post mortem report (in case of accidental death)
- Physician Statement
- Employer's Certificate, if employed
Reach the Branch
The claimant can reach the nearest Ageas Federal Life Insurance Company branch with all the supported documents mentioned above.
Claim Evaluation & Settlement
The company starts the verification process. During the process, they can reach out to the claimant for any additional information. After the successful claim verification, Ageas Federal evaluates and reimburses the claim amount to the provided bank account details.
Ageas Federal Life Insurance Contact Details
The policyholder can reach out to a nearby branch of Ageas Federal Life Insurance Company Limited, IDBI Bank, or Federal Bank, according to their convenience. You can easily locate the nearest branch using https://www.ageasfederal.com/locate-us. For other policy-related concerns or claim-related issues, you can contact Ageas Federal customer care at the following details.
|
Toll-free number |
1800 209 0502 (Monday to Saturday at any time between 8 am to 8 pm) |
|
Address |
Ageas Federal Life Insurance Company Limited 22ndFloor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel - East, Mumbai – 400013 |
|
Write at |
Conclusion
With the features and benefits provided by Ageas Federal Life Insurance Company, you can achieve your financial and protection goals to safeguard you and your family against any uncertainty of life. You can buy a term plan, ULIP plan, or retirement plan to plan different stages of your life and stay stress-free. In case of any mishappening, you can follow the simple four-step claim process to raise and get the claim processed.
In case you want expert assistance while comparing and selecting the right Ageas life insurance plan for you, look for an Ageas Federal Life Insurance agent nearby or search for a life insurance agent near you. For professional and hassle-free consultation, connect with a RenewBuy Partners or directly explore Advisor Connect.
Moreover, you can also choose to become an insurance agent, which gives your career a new direction. So, start earning today and progress your professional journey with zero investment. Click here to check how to become a life insurance agent.
