Ageas Federal Life Insurance: Review & CSR

Overview

Ageas Federal Life Insurance is a major Indian private life insurance company. It operates as a joint venture between Ageas, a multinational insurance giant based in Europe, and The Federal Bank, one of India's leading private sector banks. Formerly IDBI Federal Life Insurance, the company was founded in 2008, rebranded in 2020, and is headquartered in Mumbai.

Corporate Performance Indicators (FY 2024-26)

Claim Settlement Ratio: Recorded a 98.52% individual claim settlement ratio, marginally below the industry average of 99%.
Amount Settlement Ratio (FY 2023-25): Stood at 91.78%, also trailing the industry average of 94.83%.
Complaint Volume: Averaged 45 complaints, well above the industry median of 13.10.
Solvency Ratio: Strong at 2x, comfortably ahead of the IRDAI's 1.5x minimum requirement.

Core Insurance Offerings

Term Plans: iSecure and Super Protect Plan, offering coverage up to age 85.
Unit Linked Insurance Plans (ULIPs): Wealth Gain Insurance Plan and Wealthsurance Growth Insurance Plan SP II.
Savings Plans: Super Cash Supreme and Guaranteed Wealth Plan.
Retirement Plans: Golden Years Pension Plan and Guaranteed Lifetime Income Plan.

Ageas Federal Life Insurance is a joint venture between European insurance major Ageas and Federal Bank. The company has seen some key changes with Federal Bank increasing its stake to 30%, and a tie-up with PhonePe to expand its digital reach. They recently announced a strategic shift towards term and annuity products, signaling a greater focus on protection.

In this Ageas Federal Life Insurance review, we will cover the company’s performance metrics, flagship plans, riders, and whether its plans are a good fit.

Ageas Federal Life Insurance Performance Metrics

Metrics (FY 20242-26)	Ageas Federal	Industry Average
CSR	98.52%	99% (Mean)
ASR (FY 2023-25)	91.78%	94.83% (Mean)
Average Complaints	45	13.10 (Median)
Annual Business / Gross Written Premium (crores)	₹1,373.28	₹3778.58 (Median)
Solvency Ratio	2x	2.53x (Median)

Key Insights:

Claim Settlement Ratio (CSR): Ageas Federal settles most claims, but falls slightly below the industry average. That gap may look small, but it matters at the time of claims.
Amount Settlement Ratio (ASR): The company consistently pays out a lower share of the claimed amount than the industry average. On large claims, that difference adds up.
Complaints per 10,000 Claims: The number of complaints is significantly higher than the industry average. This indicates delays in claim processing and communication gaps.
Annual Business Volume: The annual business volume is below the industry median, which suggests a smaller scale of business than many larger insurers.
Solvency Ratio: This is where Ageas Federal stands out. The company has a strong solvency ratio, well above the IRDAI regulatory minimum of 1.5x, which means it is well-equipped to pay claims even in a difficult year.

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Top Plans Offered by Ageas Federal Life Insurance

Term Plans: iSecure plan, Super Protect Plan, Termsurance Life Protection Insurance Plan, and the IRDAI-mandated Saral Jeevan Bima Yojana.
Unit Linked Insurance Plans (ULIPs): Wealth Gain Insurance Plan and Wealthsurance Growth Insurance Plan SP II.
Savings plans: Super Cash Supreme and Guaranteed Wealth Plan.
Retirement Plans: Golden Years Pension Plan and Guaranteed Lifetime Income Plan.

Let’s look at the features of its top term plans: iSecure and Super Protect.

iSecure Plan

iSecure plan offers two base options: Life Cover and Life Cover with Return of Premium.

Entry Age:
Minimum: 21 years.
Maximum: 65 years (for base plan option), 60 years (for accidental death benefit cover).

Maturity Age:
Minimum: 31 years (for regular and single pay), 33 years to 51 years (for limited pay).
Maximum: Base plan option, 85 years, accidental death benefit cover: 75 years.

Sum Assured:
Minimum: ₹50 lakh.
Maximum: No limits (subject to board’s underwriting), accidental sum assured: ₹2 crores.

For complete details of the benefit illustration and coverage, you can refer to iSecure plan brochure.

Premiums of iSecure vs Ditto’s Recommendations

Profiles	Ageas Federal iSecure	HDFC Life C2P Supreme Plus	Axis Max Life Smart Term Plan Plus	ICICI Iprotect Smart Plus
25-year-old, Male	₹20,116	₹19,719	₹17,222	₹16,111
25-year-old, Female	₹ 17,371	₹16,761	₹14,640	₹13,694
35-year-old, Male	₹ 31,136	₹31,118	₹26,552	₹26,030
35-year-old, Female	₹25,036	₹26,451	₹22,570	₹22,126

Note: Coverage is calculated for a ₹2 crore cover till age 65, premiums for non-smoker profiles (male and female), 2nd-year premiums, residing in Delhi (110010). The premiums vary based on factors such as pincode, occupation, income, and education.

Super Protect Plan

The plan offers two options: Life Cover and Life Cover with Return of Premium (ROP).

Entry Age:
Minimum: 18 years.
Maximum: 55 years (for pay till age 60), 60 years (for 20 Pay), and 65 years (for others).
Maturity Age:
Minimum: 28 years (for regular and single pay), 33-65 years (for limited pay).
Maximum: 85 years
Sum Assured: ₹50 lakh to no limit (subject to board-approved underwriting).
Offers unique built-in features, such as the girl child empowerment benefit, which provides additional cover to support your girl child's education in your absence and offers 5 years of additional cover under the life cover with ROP option.

Riders Available in Ageas Federal Plans

Accident Care Rider

In case of an accident, your family gets an additional payout on top of the regular death benefit. The base and the accident cover start together. In the iSecure plan, this is called the accidental death benefit. The additional cover can go up to ₹ 2 crore, and covers up to 75 years.

Global Indian Benefit (Super Protect Plan)

This benefit increases your sum assured by up to 50% if you relocate abroad for work. This must be selected at the time of buying the policy and can be used once. Available with regular pay policies, this must be exercised within 12 months of relocating. The increased coverage takes effect at the next policy anniversary, and you will need to submit documents such as an appointment letter, work visa, and recent salary slips.

Life Stage Cover

In the iSecure plan, the life stage cover option lets you increase your sum assured at key milestones, including first marriage, birth of first and second child, and first home loan. This must be selected at the time of purchase. If the policyholder passes away, the additional sum assured is paid as a lump sum in addition to the regular death benefit.

Top 10 Life Insurance Companies in India by Claim Settlement Ratio

Company Name	CSR (FY 2023-24)	CSR (FY 2024-25)	CSR (FY 2025-26)	CSR (FY 2024- 2026)
Axis Max Life Insurance	99.65%	99.70%	99.78%	99.71%
HDFC Life Insurance	99.54%	99.71%	99.72%	99.66%
PNB MetLife India Insurance	99.20%	99.57%	99.81%	99.53%
Canara HSBC Life Insurance	99.31%	99.43%	99.52%	99.42%
Tata AIA Life Insurance	99.16%	99.43%	99.48%	99.36%
Bajaj Life Insurance	99.26%	99.32%	99.38%	99.32%
Pramerica Life Insurance	99.19%	99.31%	99.41%	99.30%
Edelweiss Tokio Life Insurance	99.23%	99.29%	99.31%	99.28%
Bandhan Life Insurance (Formerly Aegon Life Insurance)	99.66%	99.73%	98.15%	99.18%
Bharti AXA Life Insurance	99.01%	99.18%	99.21%	99.13%

Note: Ageas Federal doesn’t feature in the top 10. Its CSR of 98.52% falls below the industry average, so it is worth comparing other insurers before making a decision.

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Conclusion

Ageas Federal Life Insurance has some notable benefits. The solvency ratio is strong, the iSecure Plan offers coverage up to age 85 with useful features like the Life Stage Cover, and the company is now strategically moving toward protection and annuity products, which is a good sign for the long term.

But there are some concerns. The complaint volume is high, and the settlement ratio of 91.78% is also consistently below the industry average. These are not disqualifying factors, but they are reasons to compare carefully before deciding.

If you want coverage from an insurer with a stronger track record on complaints and claim amounts, names like HDFC Life and Axis Max Life have consistently performed better across these metrics. For a smooth start, you can explore our guide on the best term insurance companies in India.

Frequently Asked Questions

Are the premiums the same for smokers and non-smokers in Ageas Federal?

No. Smokers are typically charged 30%-40% higher premiums because they carry a greater health risk. Insurers charge more due to the increased risk of tobacco-related health issues, such as cancer, heart disease, and respiratory illnesses.

What if I want to cancel my Ageas Federal term policy after a few years?

Canceling a term insurance policy means the policy lapses, and your coverage stops. This results in no refunds, as standard term plans offer no surrender value. Exceptions include Return of Premium (ROP) plans and specific exit options, which may refund a portion of the base premium.

Can NRIs buy Ageas Federal term plans?

Yes, Non-Resident Indians (NRIs) can purchase Ageas Federal term plans. NRIs can choose from various term insurance products designed to offer high sum assured coverage. However, eligibility is subject to underwriting. Check directly with the insurer before applying.

What is the Global Indian Benefit under the Super Protect Plan?

It's a feature that lets you boost your sum assured by up to 50% if you relocate abroad for work. You must opt in at policy purchase and exercise it within 12 months of relocating, submitting documents like your work visa and salary slips, with the increased cover starting from the next anniversary.

How has Federal Bank's involvement with the insurer changed recently?

Federal Bank has increased its stake in the company to 30%, alongside a new tie-up with PhonePe to expand digital access to term insurance. Ageas Federal has also signaled a strategic shift toward term and annuity products, suggesting a sharper focus on protection-first offerings going forward.

Why does Ageas Federal have a higher complaint volume than other insurers?

Its average of 45 complaints is well above the industry median of 13.10, which often points to delays in claim processing or gaps in customer communication. This is a key reason to weigh Ageas Federal carefully against insurers with cleaner service track records before buying a long-term policy.

Is Ageas Federal's business scale comparable to larger insurers like HDFC Life?

No, its annual gross written premium of ₹1,373.28 crores is well below the industry median of ₹3,778.58 crores, indicating a smaller scale of operations. This doesn't affect claim-paying ability given its strong solvency ratio, but it does mean less market presence than larger, more established competitors.

Should I choose Ageas Federal over HDFC Life or Axis Max Life for term insurance?

Ageas Federal offers slightly lower premiums and a strong solvency ratio, but HDFC Life and Axis Max Life have consistently outperformed it on claim settlement ratio, amount settlement ratio, and complaint volumes. If a smoother claims experience matters more to you than saving on premium, the latter two may be safer picks.

Last updated on: 12 Aug, 2026