IndiaFirst Life Insurance Company started out as a joint venture between two public sector banks of India - Bank of Baroda and Andhra Bank, and one of the UK's financial and investment companies Legal & General. With its incorporation in November 2009, IndiaFirst Life established its headquarters in Mumbai. The life insurance provider made more than Rs. 2 billion in turnover within only 4 and half months since its inception. Today, IndiaFirst Life Insurance follows the Bank Insurance Model called the Bancassurance using the existing customer base of the banks that promote this brand. These promoters are none other than Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited.
Highlights:
Claim Settlement Ratio | 92.82% |
Customer Assistance | 24*7 |
Assets Under Management | INR 14,723 crore |
**Last Updated on 04-12-2020
Perhaps the biggest worry a family provider has is their loved ones' financial stability in his/her absence. Term Insurance plans are designed as a saviour for such situations, where the insured person will be covered for a certain duration, wherein if (s)he dies, the nominee will receive the death benefit along with other benefits as per the insurance plan.
Some of IndiaFirst Life Insurance's term plans are:
Even though death is certain, life will go on for others around them. So, even if the policyholder passes away, the life of their loved ones will go on and they need the necessary protection to stay financially stable. Whether the cause of death is an illness or an accident, this plan will support your family financially even when you are not around.
Features:
You can protect your family from life adversities with the help of this term plan so that their well-being is not hampered for any reason.
Features:
Eligibility:
Minimum Entry Age (in years) | 18 |
Maximum Entry Age (in years) | 60 |
Maximum age at Maturity (in years) | 70 |
Policy Tenure (in years) | 5-40 |
**Last Updated on 04-12-2020
If you want a financial cover that gives insurance for life along with endless returns, then this is your saviour. With investment plans, you can invest in your choice of funds and get market-linked returns. Some of the plans under this policy are:
With the endless count of dreams you have, you need financial planning for the worst-case scenario and most of all, to protect your loved ones. Purchasing this life insurance will enhance your corpus and ensure you achieve your financial goals along with market-linked returns.
Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age | 5 Years |
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Age at Maturity | 18 Years |
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Policy tenure | Regular Pay - 10 years to 85 years Single Pay - 5 years to 30 years |
**Last Updated on 04-12-2020
With the amount of hard work you invest in fulfilling your dreams, you can also invest your wealth to make that happen. You can protect the dreams of your loved ones with IndiaFirst's wealth creation plan that can help you earn and secure returns on the money you invest with them. With IndiaFirst's automatic trigger-based investment strategy, you will earn on your investment and save systematically.
Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age | 5 Years | 65 Years |
Maturity Age | 18 Years | 75 Years |
Policy Term | Regular Premium - 10-70 years Limited Premium - 10 years to 25 years Single Premium - 5 years to 20 years |
**Last Updated on 04-12-2020
You can fulfil the wishes of your family and all the aspirations of owning a house, having exotic vacations, and a lot more with the IndiaFirst Smart Save Plan. It helps you grow a corpus with the help of market-linked investments. You will be able to save systematically and invest in various fund options with flexibility, based on your level of risk.
Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age | 5 Years | 65 years |
Age at Maturity | 18 Years | 75 years |
Policy tenure | Regular Premium - 10 years to 70 years Limited Premium - 10 years to 25 years Single Premium - 5 years to 20 years | |
Sum Assured | Regular and Limited Premium: 7* Annualized Premium Single Premium: 125% of Single Premium |
**Last Updated on 04-12-2020
You can fulfil your child's dream with the help of child plans. These plans offer you regular guaranteed payouts that will help you secure your child's future even in your absence. This comprehensive financial protection will help them achieve the key milestones of their lives without any financial burden. Let's find out more about the plan.
Every child has a dream and every parent wants to ensure that their children live their lives to the fullest. You can free your child from unexpected financial hurdles with the help of this plan. This will help you coincide your plan with your child's milestones by offering regular guaranteed payouts.
Features:
Eligibility:
Entry Age | Minimum | 21 Years |
Maximum | 45 Years | |
Age at Maturity | Maximum | 65-70 Years |
Premium Paying Term | 7-14 Years | |
Premium (INR) | Monthly - 1,349 Quarterly -4,015 Half Yearly- 7,934 Yearly- 15,500 |
**Last Updated on 04-12-2020
Introduced by IRDAI, the Point of Sale (PoS) initiative was brought into the insurance industry to increase insurance penetration in India. That means a PoS agent can sell an insurance policy once they have a certificate from IRDAI, allowing them to do so. Hence, the policy that is sold by a PoS agent falls under this category.
Life is not only about planning for the future but also about living in the 'here and now'. IndiaFirst Life POS Cash Back Plan will ensure that you are always able to fund those special moments of your life while protecting your loved ones from any unfortunate events.
Features:
Parameters | 9 Years | 12 Years | 15 Years |
Minimum Age at Entry (in years) | 15 | ||
Maximum Age at Entry (in years) | 45 | 50 | |
Maximum Maturity Age (in years) | 65 |
**Last Updated on 04-12-2020
If you want the best of both savings and insurance in one, then the Traditional Money Savings Plans are suitable for you. It helps you generate a corpus to meet the financial goals that you and your family has set for the future. These plans are no less than a safety blanket for the financial stability of your loved ones. Let's find out more about them.
This plan ensures payouts at regular intervals to meet immediate needs and an assured maturity payout to secure your future.
Features:
Eligibility:
Entry Age | 15 years to 55 years |
Maximum Maturity Age | 70 years |
Premium(INR) | Monthly: 522 Quarterly:1,554 Half Yearly:3,071 Yearly: 6,000 |
Policy tenure | 9 years, 12 years or 15 years |
**Last Updated on 04-12-2020
IndiaFirst understands your dilemma when it comes to making important financial decisions. With this plan, you can ensure that your family is not financially deprived by creating wealth and prosperity.
Features:
Eligibility:
Entry Age | 5 years to 55 years |
Maturity Age | 20 years to 70 years |
Premium(INR) | Monthly - 522 Half Yearly - 3,071 Yearly - 6000 |
Sum Assured | Rs. 50,000 to Rs. 20,00,00,000 |
**Last Updated on 04-12-2020
You can enjoy the dual benefits of saving with IndiaFirst Simple Benefit plan. It does not just pay the sum assured but also gives out bonuses on predefined events such as maturity or death. All you need to ensure is that you save regularly.
Features:
Eligibility:
Entry Age | 18 years to 50 years |
Maturity Age | Maximum of 70 years |
Premium(INR) | Monthly - 174 to 2,814 Half Yearly - 1024 to 16,555 Yearly - 2000 to 32,340 |
Sum Assured | Rs. 20,000 to Rs. 5,00,000 |
**Last Updated on 04-12-2020
You will receive regular and guaranteed monetary support from IndiaFirst. This plan is specially designed to be an additional backup for your financial plans and offers monthly guaranteed payouts post completion of your premium payment term & gap year (if opted).
Features:
Eligibility:
Entry Age | 18 years to 50 years |
Maturity Age | 34 years to 75 years |
Premium(INR) | Yearly - 24,000 Half Yearly - 12,286 Quarterly - 6,216 Monthly - 2,088 |
Sum Assured | Minimum of Rs. 75,000 |
**Last Updated on 04-12-2020
You will be able to plan your dreams and aspirations for your family with the help of this plan. It does not just provide you with liquidity to meet your interim requirements but also ensures that you get life cover even if you miss paying your premium for one year.
Features:
Eligibility:
Entry Age | Minimum- 8 years for policy term of 10 years; 3 years for policy term of 15 years Maximum - 50 years |
Maximum Maturity Age | 65 Years |
Premium(INR) | Minimum: Yearly:18,000 Half-yearly: 9,215 Quarterly: 4,662 Monthly: 1,566 Maximum: No limit; subject to board approved underwriting policy |
**Last Updated on 04-12-2020
This non-linked and non-participating plan comes with a limited premium and is an endowment life insurance plan. It supports you and your family at all stages of life by providing life cover throughout the policy term along with an assured income benefit.
Features:
Eligibility:
Entry Age | Definite Income Option: 8 years to 29 years Whole Life Income Option:30 years to 60 years |
Maturity Age | Definite Income Option: 18 years to 39 years Whole Life Income Option: 40 years to 70 years |
Minimum Sum Assured | Rs. 2,40,000 |
**Last Updated on 04-12-2020
With a multitude of options to choose from, you can secure your life with this plan. You will be able to accrue savings for your goals with the help of lump sum benefit and ensure your loved ones' financial protection.
Features:
Eligibility:
Entry Age | Lump Sum Benefit Option: 8 years to 60 years Income Benefit Option: 4 years to 55 years |
Maturity Age | Lump Sum Benefit Option: 18 years to 76 years |
Minimum Sum Assured | Rs. 5,00,000 |
**Last Updated on 04-12-2020
You can continue to live a carefree life even after your retirement with pension plans to back up your living expenses. This will not just help you maintain your living standards but will also allow you to fulfil all your desires by investing wisely and monitoring the investments on a timely basis. Let's find out more about them.
If you want full protection for your second innings, then this plan offers guaranteed returns on your savings and investments. This can be equipped to build yourself a financial safety net to protect from undesirable obstacles of old age.
Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age (as on last birthday) |
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Vesting Age (as on last birthday) | 40 Years | 80 Years |
**Last Updated on 04-12-2020
You can empower yourself even during your retirement years (with this plan) by receiving steady retirement income for as long as you can live. With this, you can enjoy the golden days of your life without any worry.
Features:
Eligibility:
Entry Age | 40 years to 80 years |
Premium | Rs. 3,00,000 |
Annuity Amount | Rs. 1,000 to Rs. 12,500 |
**Last Updated on 04-12-2020
The plan is designed to assure regular income throughout your life so that you can enjoy your retirement life without worrying about the expenses.
Features:
Choice of selecting from 12 different annuity options.
You can pick joint life or family income options to support your loved ones.
You can delay your annuity instalments.
Eligibility:
Entry Age | 40 years to 80 years |
Premium | Minimum of Rs. 100,000 |
Annuity Amount | Minimum of Rs. 1,000 per month or Rs. 12,500 per annum |
**Last Updated on 04-12-2020
In order to open the sales channel and increase the penetration of technology in rural areas, Common Service Centres were opened across the country. These centres are opened to provide services, where computers and internet services are negligible or completely absent in parts of India. IRDAI has given permission to utilise the CSC network for selling insurance products, provided the insurance providers follow a set of guidelines. Let's check out its plan.
The plan lets you enjoy the convenience of smaller savings that too at a low premium insurance plan and protects your family from life's uncertainties while growing your investment year on year.
Features:
Eligibility:
Minimum age at the time of applying for the plan | 18 years years as on last birthday |
Maximum age at the time of applying for the plan | 55 years as on last birthday |
Maximum cover ceasing age | 65 years as on the last birthday |
**Last Updated on 04-12-2020
With IndiaFirst Micro Life Insurance Plans, fulfil all your dreams and turn them to reality. With fairly priced, flexible, and simplistic plan options, ensure you strike the right cord between what you want and what you have. Let's take a look at these plans.
This is a non-linked, participating, limited pay and micro-life insurance plan that is specially designed to provide you with disciplined savings for your future goals. The plan will also ensure that your loved ones are safeguarded (in case of eventualities) with a life cover.
Features:
Eligibility:
Entry Age |
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Maximum Age at Maturity |
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Premium Payment Term | 5 Years |
**Last Updated on 04-12-2020
IndiaFirst Life "INSURANCE KHATA" Plan is a micro-life insurance endowment plan that caters to your family's needs in case of your untimely demise. Not just this, it also offers decent returns if no unfortunate event takes place.
Features:
Eligibility:
Entry Age |
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Maximum Age at Maturity | 50 Years |
**Last Updated on 04-12-2020
With the uncertainties that come in life, it is imperative to have protection in place. This protection comes in handy during retirement, for savings and to meet your wealth needs. With IndiaFirst Life Riders, you can live your life on your terms and choose to invest your money based on your risk appetite.
IndiaFirst Term Rider enhances the life cover of the base plan and provides additional protection to the family in case of the life assured's unfortunate demise.
Features:
Eligibility:
Entry Age | 18 years to 65 years |
Sum Assured (INR) | 1,00,000 to 20,00,00,000 |
Policy Tenure | 5 years to 30 years |
**Last Updated on 04-12-2020
IndiaFirst Life Waiver of Premium Rider will support you/your family by waiving off the future premiums of your base policy in case of any unforeseen event such as you suffering from critical illness, accidental total permanent disability or death.
Features:
Eligibility:
Entry Age | 18 years to 55 years |
Premium | Minimum of Rs.500 |
Rider Term | Minimum of 5 Years |
**Last Updated on 04-12-2020
If you are all set to purchase life insurance from IndiaFirst Life Insurance Company, then PolicyX.com provides you with a perfect platform, to begin with. Here's why:
In order to make a claim, you can contact the company via any of the subsequent channels:
The claim process is as follows:
The documents required to process Individual Life Claims are:
Note- All the copies should be self-attested.
Yes, you have the flexibility to surrender your IndiaFirst Life Plan. For policyholders paying a regular premium, there is no surrender value payable. However, for the policyholders who have paid a single premium, the surrender value is only applicable if you surrender after the second policy year and before the end of your policy tenure.
Yes, you can revive your plan within a specified period of 5 years. This can be done by simply paying the pending premium amount or by beginning to make regular payment of premiums.
Yes, the sum assured paid as death benefit will be reduced by the amount equal to the partial withdrawals (only if the partial withdrawals were made 24 months prior to the death of the life assured).
If the life assured has committed suicide within the first 12 months of the policy, the beneficiary will receive at least 80% of the premiums paid or the surrender value, whichever is higher.
IndiaFirst Life Insurance Company provides you with a grace period if you have missed the payment on the due date. The grace period is of 30 days for yearly, half-yearly, and quarterly frequencies of payment and 15 days for monthly frequency.
No, a loan facility is not provided under this life insurance policy.
Yes, you will receive a refund if you cancel your insurance policy. However, the amount refunded will deduct pro-rata risk premium for the time of the policy, any stamp duty paid, and expenses that were incurred on medical examination (if any).
Yes, you can opt for IndiaFirst Life Waiver of Premium Rider if your premium paying term is of 6 and 7 years.
In case of the death of the annuitant, the nominee will receive the purchase price amount under the Return of Purchase Price option.
Yes, you can increase your annuity amount with the help of the top-up option. However, the annuity rate will be based on the age of the life assured at the time of availing of the top-up option.
Last updated on 04-12-2020