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IDBI Federal Life

IDBI Federal MyLife Protection Insurance

IDBI Federal MyLife Protection Insurance plan offers extensive financial security at optimum rates. It comes with options and features to suit different needs and preferences. And it can be bought easily through a simple and quick online process
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IDBI Federal Life insurance review

IDBI Federal Life Insurance plans
Distribution - Number of branches pan India (March 2019)
65
Entry Age Minimum/Maximum (Years) - Term Plans
21/65
Sum Assured Minimum / Maximum - Term Plans
50 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/64
Solvency Ratio (FY 2018-19) *
3.34
Number of Policies Sold (Ind+Group) *
47,520
Number of Lives Covered (Ind+Group) **
115,816
Claims Settlement Ratio (Ind+Group) ***
97.45%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

IDBI Federal MyLife Protection Insurance plan Overview

  • Key features
  • Eligibility

Key features of IDBI Federal MyLife Protection Term Insurance plan

  • Extensive life cover for a relatively small premium.
  • Flexibility to choose policy term and premium payment term.
  • Option to pay premium just once or for a limited period or throughout the policy term.
  • Three life cover options to suit individual needs.
  • Option to enhance protection with Accidental Death Benefit.
  • Discounted premium rates for females, marathon runners and non-tobacco users.
  • Tax benefits may be available on premiums paid and benefits received as per prevailing tax laws

Eligibility Criteria of IDBI Federal MyLife Protection Term Insurance plan

Parameters Minimum Maximum
Age at entry For all cover options : 21 years
For Accidental Death Benefit : 21 years		 For Regular Coverage and Coverage Booster: 65 years
For Smart Coverage
Single Pay - 55 years
Limited Pay - 60 years minus
Premium Paying Term
For Accidental Death Benefit : 60 years
Age at maturity For Regular Coverage and Coverage Booster: 31 years
For Smart Coverage - 65 years
For Accidental Death Benefit : 31 years		 For all cover options : 85 years
For Accidental Death Benefit : 75 years
Sum assured Rs.50,00,000
Notes : Sum Assured (SA) will be in multiples of Rs.5 lakhs till Rs.1crore, post which it will be in multiples of Rs.25 lakhs.		 No Limit
Premium payment term Yearly and monthly

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    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

  • 080-41101026
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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025