Idbi Federal.pptx

SUBALAKSHMI.V

Company Name:

IDBI Federal Life Insurance Co Ltd Type

Joint Venture

Sector/Industry

Insurance

Founded

March 2008

Headquarters

Headquarters in Mumbai,Ind ia

Chief Executive Officer

Vignesh Shahane since March 2014

Chief Operating Officer

Lalitha Bhatia

Number of employees

1,941 employees on-roll; over 10,000 agents

Website

www.idbifederal.com

 IDBI

Federal Life Insurance Co Ltd.is a jointventure of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of the india’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.  In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.  Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies by garnering Rs.100 Cr in premiums.

 Through

a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer.  The company offers its services through a vast nationwide 2,308 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31st December 2013, the company has issued nearly 5.5 lakh policies with a sum assured of over Rs.32,110.48 crores.

 IDBI

Federal today is recognized as a customer-centric brand, with an array of awards to their credit.  They have been awarded the PMAA Awards (2009) for best Dealer/sales force activity, EFFIE Awards (2011) for effective advertising, and conferred with the status of ‘Master Brand 2012-13’ by the CMO Council USA and CMO Asia.

 IDBI

Bank Ltd continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance.  Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 689 Branches 1140 ATMs.

 The

Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal & technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients.  As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.

 Federal

Bank is a scheduled commercial bank founded in 1931.  Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 612 Branches, 617 ATMs spread across India.  The Bank provides over four million retail customers with a wide variety of financial products.  Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network.

 The

Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round-the-clock banking convenience to its customers.  The Bank has been a pioneer in providing innovative technological solutions to its customers, having won several awards like the award for Best Use of IT in Retail Banking by IBA, TFCI and Infosys.

Ageas ranks among Europe’s top 20 financial institutions and is a reputed international brand in financial services.  European financial services provider engaged in banking and insurance with a presence in over 50 countries.  Ageas has subsidiaries in France, Germany and Hong Kong.  Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 13,000 people and has annual inflows of almost EUR 18 billion. 

Milestones:

Top 10 most Trusted Life Insurance of India In The Economics Time’s Brand Equity Survey

Life Insurance Company Of The Year 2017 At The India Insurance Summit And Awards

Insurance Company Of The Year 2017 At Assocham Insurance Excellence Awards

SAVE TODAY, BE A SUPERHERO TOMORROW

 IDBI

Federal Lifesurance Savings Plan is a fixed term non-linked participating plan that provides twin benefits of long-term savings and life cover.  With Lifesurance Savings, customers’ small savings will help them realise their big dreams that they have for their selves and their family.This plan also offers the benefit of the cover that will provide financial security to their family in their absence.  CONCEPT: It is Bonus-Oriented Policy. Very useful for Long-Term investment.The customer always opts for longer duration for getting a higher amount of Sum Assured.

 AGE

must be between 18 to 55 years.  POLICY TERM ranges from 15 to 25 years.  PREMIUM PAYMENT TERM ranges from 10-25 years and both(PT & PPT) can be altered by the client.  SUM ASSURED can also be altered.  For example, if same SA is kept then PT or PPT or both will change. And, if same PPT or PT is kept then, SA will change.  PREMIUM amount should be atleast Rs.25,000 plus GST (4.5% for 1st year and 2.25% from 2nd year onwards)and there is NO LIMIT for maximum premium.

 MATURITY

BENEFITS=MSA+SRB+TB+IB(if any)  DEATH BENEFITS= SA+Bonus {SRB (till death date)+IB(if any)}.  For Bonus, For first 5 years, rat for bonus is fixed i.e.,5% on SA. From 6th till end of the policy, rate for bonus depends on Profit/Loss of the company. From profit, the company gives bonuses on certain percentage which remains same for every customer. This bonus percentage is made on SA of every customer. And in times of loss, no bonuses would be given for that year.

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IDBI FEDERAL CHILDSURANCE SAVINGS PLAN is a nonlinked participating endownment plan that ensures a child’s future. Childsurance Savings is designed to give the customers, guaranteed annual payouts and also aid the important milestone in their child’s life. In the unfortunate event of the parent not being around, the policy will continue exactly as they had planned it, without any further premiums being paid.

 In

other words, this plan ensures that their child gets to live his/her dream exactly as they have planned, whether or not their parents around.

CONCEPT: This plan also termed as “Life Guardian Benefit Rider”, as even if either of the parents get died, the child receives will receive all the payouts annually (preceding last 5 years of maturity) plus the lumpsum amount at the end of the tenure and also the child would not be able to pay any remaining premium.

 AGE

must be between 18 to 40 yrs(for regular paying term)-PT(20yrs)=PPT(20yrs).  50 yrs (for limited paying term)PT(25yrs)=PPT(20yrs).  PREMIUM should be atleast Rs.25,000 plus GST (4.5% for 1st year and 2.25% from 2nd year onwards) and there is NO LIMIT for maximum premium.  PT and PPT can be altered.  DEDUCTIONS under law:  80C- Income Tax Benefit upto Rs.1,50,000.  10(10d)- When the SA is or more than 10 times of premium amount, then the maturity amount would be non-taxable which mainly happens in the plans of atleast 5years.

To understand customer purpose for life policy, what are their reasons to buy IDBI Federal life policy, what type of policy they will buy, which are the insurance company in market and to know the consumer behavior and consumer preference towards various insurance products offered by IDBI Federal life insurance company ltd. Generally marketing strategies are set in order to achieve the overall organizational goal. IDBI Federal life insurance has very good marketing strategies to satisfy the customer needs. In IDBI Federal the marketing strategy is focused on creating awareness about insurance to customers.