IndiaFirst Life Insurance

IndiaFirst Life Insurance Company started out as a joint venture between two public sector banks of India - Bank of Baroda and Andhra Bank (now Union Bank Of India), 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.

India First Insurance Company offers several products that are designed to cater to the various needs of every individual and also provides various investment options. A diversified suite of over 42 need-based products (as of 31st March 2021) catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health, and Group Funds for Employee Liabilities. The company continues to be one of the fastest-growing private insurance players in the industry with a 5-year-CAGR of 32% (individual new business APE) which is approximately 2.8 times that of the overall life insurance industry in India.

Let us explore more about the company:

Key Features of IndiaFirst Life Insurance

Most of us are aware of the importance of having a life insurance policy however, very few know the importance of choosing the plan as per your needs and requirements. India First Life Insurance is one of the most trusted brands and works on the ethos of "Customer first philosophy". Some of the key features that make India First Life Insurance Policies a first choice are stated below:

• India First encompasses a great legacy, being promoted by two large public-sector banks, Bank of Baroda (44.00% stake) and Union Bank of India (30.00% stake).
• Technology is integrated across the pre-purchase, purchase, and post-purchase cycle, which in turn results in a seamless experience for all our stakeholders.
• India First Life follows the ‘Customer First’ principle.
• India First provides all consumers the type of products that are in sync with their individual needs and life goals.

At PolicyX.com, we have enlisted some essential parameters like Claim Settlement Ratio, Solvency Ratio, Annual Premium, etc. to help make you an informed decision before investing in insurance plans. Read along to find out about those parameters:

1. IndiaFirst Life Insurance Claim Settlement Ratio

   Before investing in any life insurance plan, do not forget to check the company's claim settlement ratio. The ratio helps you to understand claim settling ability of the company.

   As per the IRDAI Annual Report 2020-21, the Claim Settlement Ratio of the company stands at 96.81%.

   Claim Settlement Ratio of India First Life Insurance

   

   **Data from IRDAI Annual Reports

2. IndiaFirst Life Insurance Solvency Ratio

   Solvency ratio of a company helps you to analyse its ability to meet its debt obligations and other financial commitments. As per the Insurance Regulatory And Development Authority of India (IRDAI), it is mandatory for every life insurance company to maintain a solvency ratio of 1.5.

   At present, the solvency ratio of India First Life Insurance company is 1.76

   To help you understand better, we've created here a chart that illustrates the solvency ratio of India First Life Insurance Company.

   Solvency Ratio Of IndiaFirst Life Insurance

   

   **Data from IRDAI Annual Reports

3. IndiaFirst Life Insurance Annual Premium

   By looking at the annual premium of the company, you can analyze the growth of the company

   Take a look at the below graph that showcases the change of annual premium in IndiaFirst Life Insurance in the last few years.

   Annual Premium of India First Life Insurance

   

   **Data from IRDAI Annual Reports

Types Of Plans Offered By IndiaFirst Life Insurance

The company offers multiple plans that take care of your family in your absence or look after your needs in the golden years of your life.

Take a look at the below table to explore all the plans offered by the company.

**Last Updated on August, 2021

How To File a Claim Under IndiaFirst Life Insurance Policy?

With IndiaFIRST Life Insurance, one has the option to register for a claim via any of the subsequent channels:

• Register your claim online through the official website.
• Or you can avail for offline ways such as visiting the nearest branch along with copies of all the required documents.

The claim process is as follows:

• Claim Registration
• Claim assessment, where all your details will be scrutinised and you will receive an acknowledgement letter with a unique claim number to track the status.
• Claim Settlement within 15 calendar days

Documents required to process Individual Life Claims are:

• The policy document(s)
• Claim form
• The original death certificate or the attested copy of the death certificate
• Copy of the ID and address proof
• Copy of bank passbook plus cancelled cheque
• Copies of age and identity proof of the life assured
• Copies of FIR, Post mortem report, Panchnama attested by police in case of unnatural death of the life assured
• Copy of the hospitalization documents in case of death due to critical illness

How To Contact IndiaFirst Life Insurance Company

For Customer Service, call the experts at 1800 209 8700 (toll-free)

Monday to Saturday- 9 am to 7 pm.

WhatsApp Number: 022-62749898

Email Address:

For Service Requests

customer.first@indiafirstlife.com

For Claims

claims.support@indiafirstlife.com