IDBI Federal Life Insurance Company
IDBI Federal Life Insurance Formed in 2008 which is a joint venture between IDBI Bank- India's premier industrial development bank, Federal Bank- a major Indian commercial bank and Ageas an European multinational Insurance Company. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. Now is one of India's growing life insurance companies with a partnered network of 2137 branches over the country the Company offers a wide range of capital management solution, protection and retirement to the to individual as well as corporate customers as well as individual. The bank also offers ingenious technological solution to its customers. To be eligible for IDBI Federal Life Insurance one should have a minimum age limit of 18 years to maximum age limit of 55 years. The Company has a record of maximum grievances over a short period of time and provide a claim settlement ratio of 84.79% for a year.
In 2009, the Company received the PMAA Awards for best Dealer/ Sales force Activity, EFFIE Award for effective advertising in 2011 and the status of 'Master Brand 2012-13' by the CMO Council USA and CMO Asia. IBDI Federal was recognized as the 'Best Insurance Company in the Private Sector' for the year 2013 -2014 at the Lokmat Banking, Financial Services & Insurance Awards.