About IDBI Federal Life Insurance
As the name suggests, IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank, and Ageas, a multinational insurance company. Established in March 2008, IDBI Federal Life Insurance (IFLI) is one of the top life insurance providers in India. The company's primary focus is on providing innovative and customised life insurance solutions to cater to everyone's needs. IDBI Federal life insurance premium can now be paid online. You can either visit the Bajaj Finserv BBPS platform or the company’s official website. The BBPS platform on Bajaj Finserv allows you to pay the premium for your insurance from the comfort of your home. Visit the Bajaj Finserv website or app to make the payment and use from the various payment modes available for your convenience.
Features and benefits of IDBI Federal Life Insurance premium payment on Bajaj Finserv
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Quick and hassle-free
With Bajaj Finserv's BBPS platform, you can pay your IDBI Federal Life Insurance Premium quickly and effortlessly.
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Safe and secure
Bajaj Finserv provides a safe and secure payment platform on BBPS. Your payment details are secure with the platform’s robust security measures.
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Multiple payment options
Bajaj Finserv offers multiple payment options, including debit card, credit card, net banking, and UPI. This allows you to choose the payment method that suits you best.
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Instant confirmation
After making the payment, the platform immediately confirms the payment through an email and SMS.
How to do IDBI Federal Life Insurance premium payment on Bajaj Finserv
You can easily pay your IDBI Federal Life Insurance premium online using the Bajaj Finserv BBPS platform by following these steps:
- 1 Click on 'DOWNLOAD APP' to open the Google Play Store
- 2 Login through the email ID registered with your mobile
- 3 Click on ‘INSTALL’
- 4 Open the app on your mobile phone
- 5 Enter your 10-digit mobile number to 'GENERATE OTP'
- 6 Enter the OTP and click on 'PROCEED'
- 7 Under the ‘FINANCIAL SERVICES AND TAXES’ section tap on ‘INSURANCE’
- 8 Choose ‘IDBI FEDERAL LIFE INSURANCE’ from the drop-down menu
- 9 Enter your registered mobile number and click on ‘PROCEED’
- 10 Choose your preferred payment mode and complete the payment
IDBI Federal Life Insurance premium plans
IDBI Federal offers four different online life insurance plans and customers can select either one based on their needs. Below is the table with all the details about online life insurance plans by Canara HSBC OBC:
Plan |
Entry Age |
Policy Tenure |
Sum Assured |
Saral Jeevan Bima |
Minimum Age:- 18 years |
5 to 40 years |
Rs. 5 lakh to 25 lakh |
MyLife Protection Plan |
Minimum Age:- 21 years |
NA |
Rs. 5 lakh to No limit |
Income Protect Plan |
Minimum Age:- 25 years |
10 - 30 years |
NA |
Termsurance Life Protection Insurance Plan |
Minimum Age:- 18 years |
10 - 30 years |
Rs. 5 lakh to No limit. |
Fees and charges
The following charges are applicable on mobile recharges and bill payments:
Payment |
Charges (Rs.) |
Payment for bills and recharges |
Convenience fee up to 2% per transaction (inclusive of applicable taxes)* |
Payment of rent using credit card as a payment mode |
2% per transaction (inclusive of applicable taxes)* |
Platform fee |
Up to Rs. 5/- for each prepaid mobile recharge |
*Convenience fee is applicable on specific payment instrument and subject to revision from time to time
Note - For failed transactions, the total amount including charges except taxes are reversed
Conclusion
IDBI Federal Life Insurance offers a range of life insurance plans to cater to everyone's needs. With flexible premium payment options, auto-debit facility, and a grace period of 30 days, it makes paying premiums hassle-free for customers. The company charges minimal fees and offers tax benefits on premium payments under Section 80C of the Income Tax Act. For any customer queries or assistance, IDBI Federal Life Insurance has a dedicated customer care team to ensure that customers have a seamless experience.
Frequently asked questions
IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank, and Ageas, a multinational insurance company. The company provides innovative and customised life insurance solutions.
The premium amount for IDBI Federal Life Insurance depends on the type of insurance plan and the sum assured. Premiums can be paid monthly, quarterly, half-yearly, or annually.
Your IDBI Federal Life Insurance policy number is mentioned on the policy document provided by the company. You can also find it on the company's website by logging in to your account.
IDBI Federal Life Insurance payments can be done on the BBPS platform on Bajaj Finserv.
You can contact IDBI Federal Life Insurance customer care by calling their toll-free number 1800 209 0502 or by writing an email to support@idbifederal.com. You can also visit their website and click on the 'Contact Us' section for more details.
