Ageas Federal Life Insurance Company Limited
Ageas Federal Life Insurance (formerly known as IDBI Federal Life Insurance) is one of India’s fastest-growing life insurance companies. It was started in the year 2008 as a joint venture between two Indian banks – IDBI Bank and Federal Bank and Ageas Insurance International, a multinational insurance company based in Brussels.
Started as IDBI Federal Life Insurance company, it quickly climbed the ladder to reach break-even by March 2013, which is one of the fastest growth recorded by any company in the industry. In December 2020, the JV partner Aegas bought 23 percent holding from IDBI bank, taking its total shareholding to 49 percent, resulting in the change of name to Ageas Federal Life Insurance.
Why choose Ageas Federal Life Insurance?
- Ageas Federal Life Insurance is backed by stalwarts in the financial industry such as IDBI Bank, Federal Bank & Ageas Insurance. They possess sound operational capabilities and management skills in the banking and insurance sectors.
- The focus on human relationships has helped the company make a positive difference in people’s lives, thereby getting ranked among the top 10 most trusted life insurance brands in India.
- A whole bouquet of services is available with Ageas Federal Life Insurance for each life stage based on an individual’s risk-taking appetite, helping a person choose the desired insurance policy that is best aligned to their goals.
Facts about Ageas Federal Life Insurance
- The claim settlement ratio of Ageas Federal Life Insurance is 96.4% (IRDA Annual report 19-20)
- Their total premium collection reached Rs.1843 crores in 2019-20.
- The company registered a profit of 162 crores in 2019-20. It has been recording profits for eight consecutive years
- Ageas Federal Life Insurance was awarded India’s Best Workplaces in BFSI 2020 – Top 25′ by the Great Place to Work Institute.
Types of Insurance products offered by Ageas Federal Life Insurance:
- Term Plans: A term insurance policy provides life coverage, and in case the policyholder encounters death, the coverage amount is paid to the nominee to help them lead a better future.
- Child Plans: These policies ensure a secure future for your child in the form of maturity payout while providing insurance coverage for life term. Ageas Federal Life’s child plans guarantee loyalty additions at the end of the policy term and tax benefits.
- Savings Plans: Ageas federal life savings insurance plans assure good returns on investment along with life insurance cover. Choose from a monthly income or yearly income payout plan in addition to securing the plan financially in case of death, disability, or illness.
- ULIP Plans: The ability to enjoy life protection along with market-linked returns is made possible by Unit Linked Insurance Plans (ULIP). Ageas Federal Life has different products that offer a choice to invest in desired funds, as per your risk appetite.
- Retirement Plans: These policies provide a regular income stream for life after retirement that assists in maintaining the same lifestyle without any compromise and still get life insurance coverage. You may opt to receive an immediate or deferred annuity based on the requirement.
- Health Plans: The need to take care of one’s health is of utmost importance now. Ageas Federal Life’s health insurance plan does exactly that by providing comprehensive coverage against heart and cancer ailments. It also includes income benefits, waiver of premiums, and tax benefits for the policyholder.
- Group Plans: Employers can avail a single insurance group plan for all their employees and cover them for life term. Ageas federal life also has group plans for microfinance institutions, self-help groups, and NGOs.
Ageas Federal Life Insurance’s products can be explored more in detail by visiting iiflinsurance.com.