Life Insurance
Ageas Federal Life Insurance
Ageas Federal Life Insurance, earlier known as IDBI Federal Life Insurance (until 2021), is a private life insurer in India. The company started operations in 2008 and is now a joint venture between Ageas, a European insurance group (70%), and Federal Bank (30%). Ageas became the first foreign insurer to hold a major stake in an Indian life insurance company, while Federal Bank has also moved to increase its stake in the insurer from 26% to 30% by acquiring an additional 4% stake from Ageas, subject to applicable approvals.
| Annual Business | ₹1373 cr |
| Claims Settled | 98.52% (avg. of last 3 years) |
| Claims settled within 30 days | 98.70% |
Term Insurance offered by Ageas Federal Life Insurance
iSecure Plan
It is a non-linked, non-participating, individual term insurance plan with two base options: Life Cover (pure protection) and Life Cover With Return of Premium.
Inbuilt Benefits Under the Policy:
- Life Cover Option::
This works like a regular term cover. If the life insured passes away during the policy term, the nominee receives the death benefit. If the life insured survives till the end of the policy term, no maturity benefit is paid.
- Life Cover With Return of Premium Option: :
This option gives death cover during the policy term and a maturity benefit if the life insured survives till the end of the policy term. The maturity benefit is based on the total base premiums paid, rider premiums, extra premiums, and any other additional charges mentioned in the policy terms.
- Flexible Premium Payment Options::
The plan offers single-pay, limited-pay (7,10, 15, 20 years), and regular-pay options.
Add-ons You Can Select With This Plan:
- Accidental Death Benefit Cover::
This add-on pays an additional amount if the life insured dies due to an accident during the add-on coverage term. This payout is in addition to the base death benefit.
- Life Stage Cover::
This add-on lets you increase your life cover after key life events, such as your first marriage, the birth of your first or second child, or taking out your first home loan. It must be selected at policy inception and is available only under the regular pay option. The cover can increase by 20% and 25% of the base sum assured for certain life events.
Super Protect Plan
It is a non-linked, non-participating, individual term life insurance plan. It offers two base options: Life Cover and Life Cover With Return of Premium.
Inbuilt Benefits Under the Policy:
- Life Cover Option (Pure Protection)::
If the life insured passes away during the policy term, the death benefit is paid as per the payout option. If the life insured survives till the end of the policy term, no survival or maturity benefit is paid.
- Life Cover With Return of Premium Option::
If the life insured survives till maturity, the plan pays 100% of total premiums paid, rider premiums, extra premiums, and any other additional charges mentioned in the policy terms.
- Extended Cover::
Available only under the Life Cover With Return of Premium option. If the policyholder survives the original policy term, the plan can continue the life cover for an extra 5 years without additional premiums, subject to conditions. During this extended period, the death benefit is capped at ₹1 crore.
- Special Exit Value::
Available only under the Life Cover option. From the 30th policy year onward, the policyholder may voluntarily exit the plan and receive 100% of the total premiums paid, including add-on premiums. This is available only if the policy term is at least 40 years and cannot be used in the last 5 policy years.
- Flexi Grace Period::
After 5 full years of premiums being paid, the plan allows an extended grace period of up to 2 years or the outstanding revival period, whichever is shorter. During this period, the policy continues with full risk cover, but unpaid premiums will be deducted from the claim payout (if made).
- Girl Child Empowerment Benefit::
If the life insured or covered spouse passes away and has a surviving girl child below 21 years of age, the plan pays an additional annual income equal to 0.5% of the sum assured, capped at ₹1 lakh per year. This is paid for up to 5 years or until the girl child turns 21, whichever is earlier.
Add-ons You Can Select With This Plan:
- Spouse Cover::
This add-on lets the policyholder cover their spouse under the same policy, subject to underwriting and policy conditions. The spouse can have a separate sum assured, up to 100% of the life insured’s sum assured.
- Global Indian Benefit::
This add-on is available only under the Life Cover option. It allows an increase in cover if the policyholder relocates abroad for work in eligible countries. The cover can increase by up to 50% of the sum assured, subject to underwriting and additional premium.
Termsurance Life
Termsurance is a non-linked, non-participating term plan that comes in two flavours: a Pure Protection option (large cover, low premium) and a Return of Premium on Maturity option (premiums refunded if you outlive the term). It's a flexible but older product, sum assured starts at just ₹5 lakh, cover runs only up to age 70, and it carries no riders, so it works as a straightforward term cover but lacks the customization of newer plans.
Benefits under the policy
- Two Plan Options::
Choose Pure Protection (death cover only, lowest cost) or Return of Premium on Maturity (death cover plus a refund of all premiums if you survive the term).
- Flexible Cover and Term::
Sum assured from ₹5 lakh upward (no cap, per underwriting), with policy terms of 10–30 years. Entry age 18–60, maturity capped at 70.
- Built-in Discounts: :
An "Advantage Women" rate (females priced as a male 3 years younger) and a High Sum Assured Discount for cover of ₹10 lakh and above.
No riders are offered under this plan.
Ageas Federal Life Insurance Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
iSecure Plan | 21 to 65 years | ₹50 lakh to No Limit (subject to underwriting) | Yearly, half-yearly, or monthly |
Super Protect Plan | 18 to 65 years | ₹50 lakh to No limit (subject to underwriting) | Yearly, half-yearly, quarterly, or monthly |
Termsurance Life | 18 years to 60 years | ₹5 lakh to No limit (subject to underwriting) | Annual, Half-yearly, Quarterly and Monthly |
ULIP Plans
Unit Linked Insurance Plans (ULIPs) combine life insurance with market-linked investments. A portion of your premium goes toward life cover, while the rest is invested in funds such as equity, debt, balanced, or other ULIP fund options. Broadly, ULIPs may also be positioned as wealth creation plans, child plans, retirement plans, or goal-based savings plans.
Let’s understand this with an example. Say you buy a ULIP with a ₹10 lakh life cover and keep paying premiums for 20 years. In many ULIPs, the nominee receives the higher of the sum assured and the fund value, subject to the policy terms. So, if your fund value is ₹13 lakh, your nominee gets ₹13 lakh. If your fund value is only ₹8 lakh, your nominee still gets ₹10 lakh. Some ULIPs, however, pay both the sum assured plus the fund value to the nominee. If you survive the policy term, you usually get the fund value at maturity, whatever it is then.
But ULIPs are not as simple as pure term insurance. They come with market risk, fund choices, 5-year lock-in rules, and charges for premium allocation, policy administration, fund management, and mortality. So, if your main goal is high life cover at a low cost, a pure term plan usually works better. If your goal is investment, separate products such as low-cost mutual funds, NPS, or FDs may offer greater flexibility, transparency, and cost efficiency.
ULIP Plans offered by Ageas Federal Life Insurance
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| ProGrow Plan | 91 days to 60 years | Total:11
Equity: 6
Debt/Income: 2
Asset Allocator/ Hybrid: 3
|
| Wealth Gain Plan | 5 years to 60 years | Total: 8
Equity: 3
Debt/Income: 2
Asset Allocator/Hybrid: 3
|
| Platinum Wealth Builder Plan | 91 days to 60 years | Total: 6
Equity: 3
Debt/Income: 1
Asset Allocator/Hybrid: 2
|
| Smart Growth Plan | 30 days to the maximum limit as per the variant | Total: 6
Equity: 3
Debt/Income: 1
Asset Allocator/Hybrid: 2
|
| Wealthsurance Growth Plan SP II | 30 days to 70 years | Total: 6
Equity: 3
Debt/Income: 1
Asset Allocator/Hybrid: 2
|