Ageas Federal Life Insurance

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. 

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 are 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.

Top Plans Offered by Ageas Federal Life Insurance 

• Term Plans: iSecure plan, Super Protect Plan, Termurance 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.

Note: Coverage till age 70, 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

01

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.

02

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.

03

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

Note: Ageas Federal doesn’t feature in the top 10. Its CSR of 97.51% 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 amount settlement ratio at 91.53% 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.