Cancelable biometric system is a transformation technique for securing biometric templates. This work proposes application of bi-level template securing technique at feature-level, and generates revocable templates. The bi-level transformation includes Discrete Fourier Transform and partial Hadamard based transformations on iris features, using user-specific key. The proposed bi-level transformation applied at feature-level provides better robustness and security against correlation attacks. A comprehensive analysis has been performed on the proposed approach to study the non-invertibility, diversity, revocability and matching performance on iris samples. The experimental results show that the proposed approach is promising, and deliver good performance. © 2017 Association for Computing Machinery.