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IDBI Federal Life Insurance is one of the fastest growing Insurance companies in India. It offers a wide variety of life cover, retirement options, and Capital management solutions to both individuals and corporate clients. IDBI Federal Life insurance is a joint endeavour of IDBI Bank – India’s premier industrial development bank – and Federal Bank – one of the major players in the commercial banking sector in India – and Aegas – a multinational Europe based insurance giant. In this venture, IDBI Bank owns 48% of share and Federal Bank and Aegas own 26% of share each.
IDBI Federal started its operations in 2008 and quickly settled well in the insurance Market. Most of the credit goes to the strong network of the founder banks, with over 3000 branches across the country. The Term Insurance plans of the IDBI Federal Life Insurance Co. Ltd. are regarded to be one of the best in the market and other products are also highly regarded.
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IDBI Federal has been able to achieve breakeven just within five years of its inception. It has sold over 8.23 lakh policies and with a great claim settlement ratio of 84.79%. IDBI Federal also offers insurance premium calculator on its website. It allows you to calculate the premium for all their policies.