Ageas Federal Life Insurance

What Ageas Federal Life Insurance does

Ageas Federal Life Insurance is a private joint-venture life insurance company headquartered in Mumbai, India, operating under IRDAI Registration No. 135 since December 2007. The company is owned 70% by Belgium-based Ageas Group and 30% by Federal Bank (after Federal Bank increased its stake from 26% in November 2025), following a rebranding from IDBI Federal Life Insurance in January 2021. It serves over 2.1 million customers across India with a portfolio spanning term insurance, savings plans, ULIPs, child insurance, critical illness coverage, retirement/pension products, and group insurance, distributed through bancassurance, agency, digital, and microfinance channels.

The company operates a digital-first technology platform comprising a self-service customer portal (mypolicy.ageasfederal.com), mobile applications on Android and iOS, NACH/e-NACH electronic premium payment infrastructure, Digi Locker document integration, and an AI-powered virtual assistant named Rehan for customer query resolution. Its product portfolio includes over 30 named plans across categories, with notable offerings such as Super Protect Plus, Magic Savings Plan, Wealth Gain ULIP, Young Star Plus, Criti Care Plan, and Retire Smart Plan, supported by individual and group riders covering critical illness, accidents, and premium waiver scenarios.

The business model relies on diversified premium income streams, with 75% of premium income generated through Federal Bank's bancassurance network — a dependency the company is actively working to reduce to 60% over three years. Distribution diversification includes a 3x agency force expansion (7,000 to 21,000 agents), branch network doubling (75+ to 150+), digital partnerships with Policybazaar, microfinance-based distribution through Muthoot Microfin, and SME-focused bancassurance with CSB Bank. With ₹18,956 crore AUM, 13 consecutive years of profitability, first-year premium income of ₹1,338.28 crore (11.47% YoY growth), and a stated ₹4,000 crore premium income target by FY2028, the company is pursuing aggressive growth from its current 12th-rank position in India's competitive life insurance market.

Name

Ageas Federal Life Insurance

Legal name

Ageas Federal Life Insurance Co Ltd

Website

https://ageasfederal.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ageas Federal Life Insurance is a Mumbai-headquartered joint venture between Belgium's Ageas Group (70%) and Federal Bank (30%) providing term, savings, ULIP, health, retirement, and group life insurance products to over 2.1 million customers across India through bancassurance, agency, digital, and microfinance distribution channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311), Insurance Carriers, Nec (6399)

akta.pro primary industry

Level Term Life Insurance (FSAIAAAA)

akta.pro secondary industries

Universal Life (UL) Insurance (FSAIABAB), Basic Group Term Life (Employer-Paid) (FSAIADAA), Participating (Dividend) Whole Life Insurance (FSAIABAI)

Keywords

• Life insurance products
• Term insurance plans
• ULIP investment plans
• Retirement pension annuities
• Group insurance solutions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Term Insurance Premiums: First-year and renewal premiums from term life insurance products including Super Protect Plus, Super Protect, and iSecure plans offering pure protection and return of premium variants
2. Savings Insurance Premiums: Premiums from savings-oriented products like Magic Savings Plan, Guaranteed Wealth Plan, and Life Advantage Plus combining life cover with guaranteed returns
3. ULIP Fund Management: Unit-linked insurance plan premiums invested in policyholder-selected funds with management fees and fund-related charges including ProGrow, Wealth Gain, and Wealthsurance Growth plans
4. Annuity/Pension Premiums: Retirement and pension products including Retire Smart Plan, Golden Years Pension Plan, and Saral Pension Plan generating annuity income streams
5. Group Insurance Premiums: Group life and employee benefit products including Group Term Life, Group Credit Shield, and Group Home Secure sold through corporate and institutional clients
6. Health Insurance Premiums: Health and critical illness coverage through Criti Care Plan covering 30 critical illnesses with level cover throughout policy term
7. Agency and Broker Commissions: Commissions earned through agency force and broker partnerships including renewal commissions for ongoing policy servicing

Pricing tiers

Go-to-market motion6 records

Distribution channels8 records

Marketing channels9 records

Core offering

Ageas Federal Life Insurance is a private Indian life insurance company that sells individual and group life insurance products including term insurance, savings and endowment plans, unit-linked insurance plans (ULIPs), child insurance, health (critical illness) coverage, retirement and pension annuities, and group credit and employee benefit plans. It distributes these products through bancassurance (Federal Bank), an expanding agency force, digital platforms (Policybazaar, direct online), microfinance partnerships (Muthoot Microfin), and SME banking partnerships (CSB Bank). The company manages Rs 18,956 crore in assets and serves 2.1 million+ customers across India.

Product overview

Ageas Federal Life Insurance offers a comprehensive portfolio of life insurance products through a platform of multiple product categories. The company provides term insurance plans (Super Protect Plus, Super Protect, iSecure, Saral Jeevan Bima), savings insurance plans (Magic Savings Plan with 5 variants, Life Advantage Plus, Guaranteed Wealth, Super Cash), ULIP plans (Wealth Gain, ProGrow, Platinum Wealth Builder, Smart Growth, Wealthsurance Growth SP II), child insurance (Young Star Plus), health insurance (Criti Care), retirement/pension plans (Retire Smart, Saral Pension, Golden Years), group insurance products (Home Secure, Credit Shield, Loan Secure, Term Life, Employee Benefit, Microsurance), and individual/group riders. The products span protection, savings, investment, annuity, and health coverage, distributed through online, agency, and bancassurance channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Super Protect Plus Plan Non-linked, non-participating term insurance policy offering extended life coverage up to 85 years with pure protection and Return of Premium variants, 12-month Cover Continuance Benefit, and Special Exit Value returning 100% of premiums paid. Designed for families with fluctuating incomes.
• Super Protect Plan Term insurance plan providing comprehensive financial protection with Life Cover and Return of Premium options, coverage up to age 85, spouse cover under single policy, and Girl Child Empowerment benefit. Starting premium Rs 510/month for 18-year-old non-smoker.
• iSecure Plan Term insurance plan offering flexible policy term and premium payment options for life protection.
• Saral Jeevan Bima Standard term insurance plan providing basic life coverage in line with IRDAI's standardized product guidelines.
• Termsurance Life Protection Insurance Plan Term life protection insurance plan providing basic life coverage to individuals.
• Magic Savings Plan Non-linked, non-participating individual savings life insurance plan offering five variants (Mega Lump Sum, Absolute Income, Guaranteed Income with Lump Sum, Immediate Income, Consistent Money Back) with flexible income periods and payout frequencies. Minimum single premium Rs 75,000.
• Life Advantage Plus Plan Non-linked, participating individual life savings insurance plan with maturity boosters, bonuses, and choice of policy terms. Provides life cover combined with enhanced savings corpus.
• Guaranteed Wealth Plan Savings plan with flexibility to choose premium paying term and policy term, providing guaranteed returns and life cover for 14 or 20+ years.
• Super Cash Plan Savings plan offering lumpsum maturity benefit combined with life cover protection.
• Super Cash Supreme Savings insurance plan offering guaranteed returns combined with life cover.
• Guaranteed Income Plan Savings plan offering guaranteed income benefits as a regular payout stream with life cover.
• Easy Save Plan Simple savings insurance plan offering accumulation with life cover.
• Assured Income Plan Savings plan offering flexible plan variants and guaranteed regular income options with life cover.
• Wealth Gain Insurance Plan Unit-linked non-participating individual life insurance plan with 11 fund options, guaranteed loyalty additions, unlimited switches, and flexibility to manage investments. Minimum monthly premium Rs 2,500.
• Wealthsurance Growth Insurance Plan SP II Single premium unit-linked non-participating individual life insurance plan with 8 fund options, loyalty additions, and adjustable life cover. Starting at Rs 50,000 single premium.
• ProGrow Plan ULIP plan with customizable Life Cover Multiple, 11 fund options with unlimited switches, and rider options for enhanced protection.
• Platinum Wealth Builder Plan ULIP plan designed for wealth building with investment flexibility across multiple fund options.
• Smart Growth Plan ULIP plan designed for wealth accumulation with growth potential through investment in market-linked funds.
• Young Star Plus Plan Child insurance plan offering 125% of maturity sum assured as guaranteed annual payouts, guaranteed additions up to 10% every five years, with continued policy benefits if parent passes away.
• Criti Care Plan Health insurance plan covering 30 critical illnesses with flexible policy term and premium paying term options, providing level critical illness cover throughout the policy term.
• Retire Smart Plan Retirement/pension plan offering immediate life annuity, immediate life annuity with return of purchase price, and deferred life annuity options with return of purchase price.
• Saral Pension Plan Standard pension plan issued under IRDAI's standardized product guidelines offering annuity income.
• Golden Years Pension Plan Pension plan providing retirement savings accumulation and lifetime annuity income.
• Group Home Secure Group insurance providing life cover for borrowers of home loans, plot loans, and loans against property with flexible cover options including top-up loans.
• Group Credit Shield Plan II Group credit protection insurance designed to cover outstanding loan balances of borrowers in case of death.
• Group Loan Secure Plan II Group loan protection insurance covering loan outstanding for institutional lending portfolios.
• Group Term Life Plan II Group term life insurance product for employers and institutions providing coverage to groups of employees or members.
• Group Employee Benefit Plan Group employee benefit insurance plan providing comprehensive life and health coverage for employee groups.
• Group Microsurance Plan II Micro insurance group plan offering affordable life insurance coverage to low-income and underserved market customers.
• Pradhan Mantri Jeevan Jyoti Bima Yojana Government-backed life insurance scheme offered under India's social security programs for mass-market coverage.
• Linked Critical Shield Rider Linked rider covering up to 50 critical illnesses with guaranteed annuity payout, attachable to base life insurance plans.
• Waiver of Premium Rider Individual rider providing waiver of premium benefits in case of disability or critical illness of the life insured.
• Accident Care Rider Individual accident rider providing additional coverage in case of accidental death or disability, attachable to base life insurance plans.
• Critical Shield Rider Individual critical illness rider providing payout on diagnosis of covered critical illnesses, attachable to base life insurance plans.
• Linked Accident Care Rider Linked accident care rider for ULIP base plans providing accident-related benefits and additional payouts.
• Group Accidental Rider Group rider providing protection against accidental death and accident-related benefits including double benefit for airplane accidents and partial/total permanent disability coverage.
• IndiGenius Fund (ULIP Fund) Thematic equity ULIP fund with diversified multi-cap investment approach (80-100% equity allocation), benchmarked to BSE 500 Index, focused on three structural themes: India Growth, Indigenisation, and Ingenuity.
• Large-Cap Quality Fund (ULIP Fund) Open-ended index ULIP fund tracking the BSE Large Cap 100 Quality 30 Index, targeting long-term retail investors seeking exposure to financially stable Indian companies. NFO price Rs 10 per unit.

Quantifiable outcome

• 99.82% Individual Claim Settlement Ratio - ranked #1 in India's life insurance industry for FY2025-26
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered major, strategic and minor.

• PolicybazaarmajorChannel Partner/ Reseller/ Distributor · 29 May 2026Digital distribution partnership enabling Ageas Federal Life Insurance products including term insurance, savings plans, and ULIPs to be sold through Policybazaar's online platform. Collaboration aims to strengthen digital presence and reach digitally savvy consumers across India.
• Muthoot MicrofinstrategicChannel Partner/ Reseller/ Distributor · 11 November 2025Partnership to expand life insurance coverage in India focusing on underserved markets and small business owners. Collaboration leverages Muthoot Microfin's branch network to reach entrepreneurs and SMEs, addressing India's insurance protection gap.
• CSB BankstrategicChannel Partner/ Reseller/ Distributor · 16 October 2025SME Bancassurance partnership integrating life insurance with CSB Bank's banking products like loans and credit lines. Provides tailored financial solutions to SMEs and entrepreneurs across India, enhancing CSB Bank's service offering.
• RevSportzminorGTM or Marketing PartnerSports journalism sponsorship supporting RevSportz's multi-sport coverage philosophy including women's hockey and Paralympic sports as a matter of national importance. Demonstrates brand's commitment to diverse sports coverage beyond mainstream cricket.
• Pullela Gopichand Badminton AcademyminorGTM or Marketing PartnerPartnership since December 2016 with Indian badminton legend Pullela Gopichand's academy for sports development and brand visibility.
• Raj Kumari FoundationminorOthersCSR partnership providing healthcare and nutrition support to underprivileged communities. Initiatives include home-based nutrition care for girls, 'Clinic on Wheels' for rural populations, adolescent health programs, and telemedicine services.
• TRY OrganizationminorOthersPartnership empowering adolescent girls from backward and rural communities through health, hygiene, and education initiatives.
• GARV FoundationminorOthersCSR partnership empowering differently abled girls through para badminton. Supports nationwide outreach, talent identification from underprivileged backgrounds, residential training program, and mental/hygiene health programs.
• V Care FoundationminorOthersCSR partnership providing free help, hope, awareness, and education to cancer patients and families. Current project supports oral/head and neck cancer patients with surgery, radiation, chemotherapy, and nutritional assistance.
• GSBS Medical TrustminorOthersCSR partnership supporting charitable diagnostic services and treatment for needy patients in Central Mumbai at reasonable rates. Supports procurement of diagnostic equipment and operation of four diagnostic centres.
• Dilip Vengsarkar FoundationminorOthersCSR partnership supporting budding cricketers aged 8-18 from disadvantaged backgrounds. Covers coaching, kit, clothing, food, and tournament participation. Includes environmental initiatives like tree plantation.
• Abhinav Bindra Foundation TrustminorOthersCSR partnership for athlete mental wellness (AMW) with workshops and sessions for athletes, coaches, and administrations. Benefits 200+ athletes aged 12-25 across Karnataka, Maharashtra, Odisha, Punjab, and Delhi.

Scale indicators23 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• SBI Life Insurance: Among India's top 3 life insurers with a bancassurance-led model leveraging State Bank of India's massive branch network. Directly comparable on bancassurance concentration, mass-market product strategy, and multi-channel expansion into agency and digital.
• PNB MetLife: JV between Punjab National Bank and MetLife offering term, savings, ULIP, and group life products. Comparable to Ageas Federal on bank-led distribution dependency, JV ownership (foreign + Indian PSU bank), and pan-India presence targeting mass and middle-class customers.
• Tata AIA Life Insurance: JV between Tata Group and AIA Group offering comprehensive life insurance including ULIPs, term, savings, and pension products. Closely comparable to Ageas Federal on JV structure, product breadth, agency-led distribution expansion, and brand-driven customer acquisition in India.
• Kotak Mahindra Life Insurance: Private Indian life insurer with Kotak Mahindra Bank-backed bancassurance plus agency and digital distribution. Comparable to Ageas Federal on bancassurance leverage, ULIP/savings product emphasis, and target market of urban and semi-urban Indian consumers.
• Bajaj Allianz Life Insurance: Private life insurance JV between Bajaj Finserv and Allianz. Comparable to Ageas Federal as a foreign-Indian JV offering term, ULIP, savings, and retirement products through bancassurance, agency, and digital channels targeting mass-affluent Indian consumers.
• Aditya Birla Sun Life Insurance: JV between Aditya Birla Group and Sun Life Financial offering term, savings, ULIP, and group life products. Comparable to Ageas Federal on JV architecture (foreign insurance major + Indian conglomerate), bancassurance + agency distribution, and mid-market customer focus.
• Canara HSBC Life Insurance: JV between Canara Bank and HSBC offering term, savings, retirement, and group life products. Directly comparable to Ageas Federal as a bank-foreign insurer JV with bancassurance as the dominant channel, similar product mix, and PSU-bank partnership dynamics.
• Max Life Insurance: Private Indian life insurer with strong bancassurance (Axis Bank), agency, and digital distribution. Comparable to Ageas Federal on product mix (term, savings, retirement), JV-style ownership structure, and stated focus on claim settlement quality and customer experience.
• ICICI Prudential Life Insurance: Major Indian private life insurer and JV between ICICI Bank and Prudential plc. Closely comparable to Ageas Federal's JV structure (foreign insurance major + Indian bank), bancassurance-led distribution, and broad product portfolio across protection, savings, and retirement.
• HDFC Life Insurance: One of India's largest private life insurers offering term, ULIP, savings, pension, and group products through bancassurance (HDFC Bank), agency, and digital channels. Most directly comparable to Ageas Federal on product breadth, distribution model, and target customer segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AgeasFederal
• YouTubeyoutube.com/user/idbifederallife
• Facebookfacebook.com/AgeasFederal
• LinkedInlinkedin.com/company/ageas-federal-life-insurance
• Instagraminstagram.com/ageasfederal

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ageas Federal Life Insurance