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CHAPTER 1-
ABOUT IDBI
FEDERAL LIFE
INSURANCE


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1.1 COMPANYS INFORMATION
Full name: IDBI Federal Life Insurance Co Ltd.
Legal Address: 1st Floor, Trade view Building, Oasis Complex, Kamala
City, Pandurang Budhkar Marg, Lower Parel ( W ); Mumbai; Maharashtra; 400013
Telephone number: +91 22 2490 8109-10
Industry: Life Insurance
Type: Joint Venture
Headquarters: Headquarters in Mumbai, India
Founded: March,2008
Status: Non-Listed
Legal Form: Other non-liability limited
Operational Status: Operational
Financial Auditors: Dass Gupta & Associates (2010)
Employees: 1,000 on-roll employees and 7,500 agents
Website: www.idbifederal.com

1.2 ROUGHLY IDBI FEDERAL LIFE INSURANCE
IDBI Federal Life Insurance Co Ltd. is a joint-venture of IDBI Bank, India's premier
development and commercial bank, Federal Bank, one of 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
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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 network 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 sumassured of over
Rs. 32,110.48 crores.


1.3 THE SPONSORS OF IDBI FEDERAL LIFE INSURANCE CO LTD
1.3.1 IDBI Bank Ltd. continues to be, since its inception, India's premier industrial
development bank. It came into being as on July 01, 1964 to support India's industrial
backbone. 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 1201 branches and 2156 ATMs. The Bank offers its
customers an extensive range of diversified services including project finance, term
lending, working capital facilities, lease finance, venture capital, loan syndication,
corporate advisory services and legal and 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 - National Stock
Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL
(Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

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1.3.2 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 1,142 branches and 1,312 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. In addition to interconnected
branches and ATMs, 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 center 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 and the Bank has won several awards and recommendations.


1.3.3 AGEAS is an international insurance group with a heritage spanning more than 180
years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to
concentrate its business activities in Europe and Asia, which together make up the
largest share of the global insurance market. These are grouped around four segments:
Belgium, United Kingdom, Continental Europe and Asia and served through a
combination of wholly owned subsidiaries and partnerships with strong financial
institutions and key distributors around the world. Ageas operates successful
partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia,
India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the
market leader in Belgium for individual life and employee benefits, as well as a leading
non-life player through AG Insurance. In the UK, Ageas has a strong presence as the
fourth largest player in private car insurance and the over 50's market. Ageas employs
more than 13,000 people and has annual inflows of more than EUR 21 billion.
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1.4 ABOUT THE PRODUCTS
1.4.1 Childsurance
IDBI Federal Childsurance Savings Protection Insurance Plan

Fig 1.1: figure showing Childsrurance scheme.
Being a good parent means making sure your child gets good education so that her future stays
secure. The cost of education has shot up significantly and is expected to rise further. Add to that
the cost of your childs marriage or giving her a head start in career. It is therefore important for
you to stay prepared. Presenting, IDBI Federal Childsurance Savings Protection Insurance
Plan; a non-linked participating endowment plan that ensures your childs future financial needs
are fulfilled. Childsurance Savings is designed to give you guaranteed annual payouts and aid the
important milestones in your childs life. Whats more, this plan also provides financial
protection to your childs future by ensuring plan continuity with waiver.

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1.4.2 Incomesurance
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan

Fig 1.2: figure showing Incomesurance scheme.
Life is full of uncertainties, as a result of which we always try and predict what lies in store for
the future, so that we are prepared. However, our minds are full of doubts as there is no way to
guarantee the future. Incomesurance Guaranteed Money Back is a plan which will enable you to
stop predicting the future, and guarantee it instead! IDBI Federal Incomesurance Guaranteed
Money Back Insurance Plan is a non-linked non-participating money back plan which gives
you guaranteed returns on your investment, so that you stop worrying about the future. With
Incomesurance, you can guarantee a secure future for your family even when you are not around.
1.4.3 Lifesurance
IDBI Federal Lifesurance

Savings Insurance Plan

Fig 1.3: figure showing Lifesrurance scheme.
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Often, the first step towards a long and arduous journey is the toughest. However, once you have
taken that first stride, the rest of the journey seems easier and more enjoyable. With your
investments, it is the same approach that will ensure you build the right corpus to fulfill your
dreams for yourself and your family start small, save big! IDBI Federal Lifesurance Savings
Insurance Plan is a fixed term non-linked participating plan that provides you the twin benefits
of long-term savings and life cover. With Lifesurance Savings, your small savings will help you
realise the big dreams that you have for yourself and your family. This plan also offers you the
benefit of life cover that will provide financial security to your family in your absence.

1.4.4 Loansurance
IDBI Federal Loansurance Group Insurance Plan

Fig 1.4: figure showing Loansurance scheme.
Showing that you care can go a long way in building strong bonds and customer loyalty. As a
lending institution, you have been providing individuals with much-needed funds to fulfill their
dreams and helping them build assets for themselves and their loved-ones. You have supported
them in building homes, provided for their childrens education and offered other attractive
credit options. Now you can go a step further and help borrowers ensure that their dreams are not
disrupted by the vagaries of life. Presenting, IDBI Federal Loansurance Group Insurance Plan
(UIN: 135N028V01), hereafter referred to as Loansurance, a group credit protection plan that
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helps protect your borrowers assets and savings. Loansurance allows you to cover the persons
who are directly liable for loan repayment (and the partners, in case of a partnership) be it a loan
taken by individuals or by business. Furthermore, with this product, you gain competitive edge
while attracting new customers and retaining the existing ones. Loansurance, thus, extends
benefits to you as well as your valuable customers.

1.4.5 Termsurance
IDBI Federal Termsurance Group Insurance Plan

Fig 1.5: figure showing Termsurance scheme.
Employees are the most valuable assets for any organisation. A good way of showing your
employees you care is to offer them the cover of life insurance, which helps them provide a
secure foundation for their families future, in case of the unfortunate demise of the main wage-
earner. It creates the support to help your employees family continue to live comfortably should
something happen to your employee. You can ensure this by opting for IDBI Federal
Termsurance Group Insurance Plan, a pure group term plan designed to cater to a wide variety of
form a land in formal groups such as the employer-employee groups/ bank-deposit or groups/
customer-supplier groups/ professionals/ affinity groups, by providing them with basic life
insurance protection.
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1.4.6 Group Microsurance Plan
IDBI Federal Group Microsurance Plan






Fig 1.6: figure showing Microsurance scheme.

IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups.
The plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure
the lives of their group members and thus provide security to the group members families.
The plan can also be used for providing loan protection to the group members families.

1.4.7 Wealthsurance
IDBI Federal Wealthsurance Suvidha Growth Insurance Plan

Fig 1.7: figure showing Wealthsurance scheme.
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Creating, building and managing wealth has always been a time consuming process. Those who
have already built their wealth often describe the journey as time consuming and arduous. All of
us still dream to build personal wealth and manage it well. What if there is a plan that helps you
build wealth, yet keep it simple? Introducing IDBI Federal Wealthsurance Suvidha Growth
Insurance Plan (UIN: 135L033V01), a simple unit linked plan that helps you take your first step
towards wealth creation through an easy process. This plan helps to not only build wealth to
fulfill your future dreams but also protects your loved ones in case of any unfortunate incident.

1.4.8 Retiresurance
IDBI Federal Retiresurance Group Insurance Plan

Fig 1.8: figure showing Retiresurance scheme.
It is righty said that, The secret behind any organisations success is its satisfied employees. An
employee is the very reason for your existence and is critical to business success. It is your prime
responsibility to reward them as a gratitude for the services offered by them in the company.
Also, your employees have a responsibility towards their families. Hence, providing them with a
basic life cover also becomes your responsibility in case of their untimely demise.
IDBI Federal Retiresurance Group Insurance Plan is here to help you with the management of
funds that you have set aside for your employees retirement benefits - Gratuity, Superannuation
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and Leave Encashment. It ensures that your employees are rightfully rewarded for all their hard
work.

1.5 OUR VISION
To be the leading provider of wealth management, protection and retirement solutions that meets
the needs of our customers and adds value to their lives.

1.6 OUR MISSION
To continually strive to enhance customer experience through innovative product
offerings, dedicated relationship management and superior service delivery while striving
to interact with our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.

1.7 OUR VALUES
Transparency: Crystal Clear communication to our partners and stakeholders
Value to Customers: A product and service offering in which customers perceive value
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims
Customer-friendly: Advice and support in working with customers and partners
Profit to Stakeholders: Balance the interests of customers, partners, employees,
shareholders and the community at large.

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1.8 KEY PERSONS

Vighnesh Shahane CEO and Whole Time Director
Ajay Oberoi Chief People Officer & Head Administration
Aneesh Khanna Head e-Business, Marketing & Product Management
Arvind Shahi Chief Risk Officer
Ashley Kennedy National Head - Agency & Alliances
George John Chief Financial Officer
Lalitha Bhatia Chief Operating Officer
Mahesh Keni Vice President Internal Audit
Pournima Gupte Appointed Actuary
Rajesh Ajgaonkar Head - Legal, Compliance and Company Secretary
1.9 SIZE OF FIRM
It is this commitment that has helped us achieve break-even in just the 5 year of operation and
declare a maiden profit of ` 9.24 crore. We offer our services through a nationwide network of
2,186 bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of our
advisors. As on 31 March, 2013, IDBI Federal Life Insurance issued over 5 lakh policies with a
sum assured of more than ` 28,500 crore. Moreover, IDBI federal life insurance is a fast growing
insurance company as achieving a break-even in just 5 years is a great achievement for a
insurance company. It also raised 100crores in just 6 mounts, and thats something highlighting.
After declaring the maiden profit of RS.9.2 crores (approx.) (as on 31
st
march 2013), it took a
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huge jump in reference to profits and declared 80 crores (8.6 times profit of the last year, i.e.,
2013), in 2014 as profit.

1.10 ORGANISATIONAL STRUCTURE

1.10.1 Sales Organisational Structure


Fig 1.9: figure showing Sales organization structure.
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1.10.2 Human Resource Organization Structure



Fig 1.10: figure showing human resource organization structure.

There are no Zonal Heads in the Human Resource Department the area Human Resource
executive only acts as the Human Resource Manager and reports all the activities to the Head
Office that is in Mumbai.


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1.10.3 Operations Organisation Structure



Fig 1.11: figure showing operations organization structure.

The Zonal Managers are supported by Branch Support Executives and the Operations department
is present only in the Head Office which is in Mumbai.