Ageas Federal Life Insurance Company Limited

Ageas Federal Life Insurance Company Limited

Ageas Federal Life Insurance (previously known as IDBI Federal Life Insurance), founded in 2008, is a leading player in the Indian life insurance industry. It is an alliance of -

  1. Ageas, a leading international insurance provider based out of Europe

  2. Federal Bank, a top private-sector bank in India
  3. IDBI Bank, one of India’s development financial entities.

With a strong focus on creating value for its stakeholders, it is dedicated to empowering individuals to shape their desired life. By offering comprehensive life insurance solutions, Ageas Federal Life Insurance Company Limited helps people plan for the future and secure their financial well-being.

This unwavering focus on human relationships has been the driving force behind its remarkable growth and success. By prioritising the needs and aspirations of its stakeholders, including customers, employees, shareholders, and the community at large, Ageas Federal Life Insurance Company Limited has been able to make a tangible and positive impact on countless lives.

In the face of adversity, it has shown remarkable resilience and determination. Despite encountering difficult situations, its unwavering commitment to preparation, execution, and resilience has enabled them to overcome any obstacles that have come their way on their journey towards success.

In the financial year 2022-23, Ageas Federal Life Insurance Company Limited issued 1,23,072 policies and received 1719 claims.

Awards & Recognition

Ageas Federal Life Insurance Company Limited has been recognised with several prestigious accolades and awards -

  • It has been recognised as one of ‘India’s Top 3 Best Workplaces’ across the insurance sector by Great Place To Work in the year 2021 for its amicable and collaborative work culture.

  • Ageas Federal Life Insurance Company Limited was awarded ‘Special Recognition - Sports Development Initiatives For Youth’ under the social development category by the Bombay Chamber of Commerce & Industry at the Civic Awards 2018-19.

  • It was conferred with the ‘Service Provider of the Year’ Award by the Assocham Insurance Excellence Awards for its outstanding service in the insurance sector in the year 2019.

  • In 2018, it was listed in the ‘Top 10 Most Trusted Life Insurance Brands of India’ by Brand Equity for the trust it has developed in customers and stakeholders.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) is a crucial indicator of an insurance company's proficiency in efficiently managing and resolving claims. Ageas Federal Life Insurance Company Limited accomplished an outstanding Claim Settlement Ratio of 97.03% in the fiscal year 2021-22. This remarkable achievement demonstrates its commitment to efficiently resolving a significant number of claims.

Moreover, Ageas Federal Life Insurance Company Limited achieved a Claim Amount Settlement Ratio of 91.02% during the same period. This ratio represents the proportion of the claim amount they received that they have paid.

By examining an insurance company's claim settlement ratio, you can gauge its efficiency and promptness in handling claims. Additionally, it is crucial to assess their Claim Settlement Ratio (CSR) performance over the past few years. An insurance company that has consistently maintained a high CSR indicates its reliability and trustworthiness in terms of claim settlements.

Solvency Ratio

The solvency ratio plays a critical role in assessing the financial strength and stability of an insurance company. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have enough financial resources to meet their claim obligations and honour their financial commitments.

As of March 31, 2023, Ageas Federal Life Insurance Company Limited holds an impressive solvency ratio of 324%. This outstanding figure is a testament to its strong financial position, far exceeding the minimum requirement. You can have complete peace of mind knowing that Ageas Federal Life Insurance Company Limited is fully prepared to effortlessly fulfil all claim payments and meet its other obligations with utmost ease.

Important Links

Customer Service

  • Toll-free Number
    If you need assistance with your insurance policies or have any questions, you can contact Ageas Federal Life Insurance Company Limited’s customer support team by calling their toll-free number 1800-209-0502.

  • E-mail
    You can reach out to Ageas Federal Life Insurance Company Limited by sending an email to support@ageasfederal.comfor any queries, concerns, etc.

For any doubts, issues, etc. Ageas Federal Life Insurance Company Limited provides alternative contact options to connect with them as well -

Other Important Links