IndiaFirst Life Insurance
IndiaFirst Life Insurance
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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, 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 Ratio

94.23%

Lives Insured

5.5+ million

Customer Assistance

24*7

Assets Under Management

Rs. 9061 crores

**Last Updated on 13-07-2020

IndiaFirst Life Insurance Plans

1. IndiaFirst Term Insurance Plans

Perhaps the biggest worry a family provider has is their loved ones' financial stability in their 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 they die, 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:

i) Online Term Plan

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

  • Enhance your cover at key life stages by opting for various options.
  • Opt for coverage against major critical illness as well as accidental death and disability.
  • Receive monthly income in instalments to tackle the financial burden of your family.
  • Secure your family even when you are not around with a policy term that goes up to 40 years.
  • Save on your earnings by availing tax benefits under the Income Tax Act, 1961.

ii) IndiaFirst Life Plan

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. In this fast-paced world, having this insurance policy hand is the smartest way to meet your needs even during your absence.

Features

  • Enjoy a life cover benefit for a period of up to around 40 years.
  • Enjoy the benefits of high cover at affordable rates.
  • Your loved ones will get an assured lump sum benefit right away in case of the life assured's untimely death.
  • You will be eligible for tax benefits for the premiums that you pay and the benefits that you will receive as per Income Tax Act, 1961.

Eligibility

Entry age

18 years to 60 years

Maturity age

Maximum of 70 years

Life cover

Rs. 1,00,000 to Rs. 50,00,00,000

Policy tenure

5 to 40 years

**Last Updated on 13-07-2020

2. IndiaFirst Investment Plans (Unit Linked Insurance Policy)

If you want a financial cover that does not just give you insurance for your life but also gives you 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:

i) IndiaFirst Life Wealth Maximizer Plan

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

  • You will have the flexibility to choose from 7 different fund options.
  • You can choose any investment strategy - Automatic Trigger Based Investment Strategy, Fund Transfer Strategy and Age Based Investment Strategy.
  • Beat Inflation with Loyalty Benefits, Loyalty Advantage and Profit Booster.
  • Avail death benefit upon unforeseen death of the life assured.
  • Make unlimited switches between funds without any additional charges.

Eligibility

Entry age

5 years to 65 years

Maturity age

18 years to 90 years

Premium (INR)

Monthly - 20,833

Quarterly - 62,500

Half Yearly - 1,25,000

Yearly - 2,50,000

Single Premium - 5,00,000

Policy tenure

Regular Pay - 10 years to 85 years

Single Pay - 5 years to 30 years

**Last Updated on 13-07-2020

ii) IndiaFirst Money Balance Plan

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

  • Pay premium as per your convenience- single premium, limited premium or regular premium.
  • Avail life cover in case of the life assured's unforeseen demise.
  • Access your money by making partial withdrawals in case of any financial emergency.
  • Avail tax benefits.

Eligibility

Entry age

5 years to 65 years

Maturity age

18 years to 75 years

Premium Term

Regular Premium - 10 years to 70 years

Limited Premium - 5,7 years

Single Premium - One time payment

Policy tenure

Regular Premium - Equal to premium term

Limited Premium - 10 years to 25 years

Single Premium - 5 years to 20 years

**Last Updated on 13-07-2020

iii) IndiaFirst Smart Save Plan

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

  • Avail the benefits of life cover in case of the life assured's untimely death.
  • Choose from the 4 funds options across various asset classes.
  • Flexibly switch between various fund options to suit your risk appetite.
  • Access your money by making partial withdrawals after a certain lock-in period.
  • Avail tax benefits.

Eligibility

Entry age

5 years to 65 years

Maturity age

18 years to 75 years

Sum Assured

7 * Annualized Premium or 125% of Single Premium, whichever is higher

Policy tenure

Regular Premium - 10 years to 70 years

Limited Premium - 10 years to 25 years

Single Premium - 5 years to 20 years

**Last Updated on 13-07-2020

3. IndiaFirst Child Plans

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.

i) IndiaFirst Life Little Champ Plan

Every child has a dream and every parent wants to ensure that their children live their lives to the fullest and achieve those dreams. 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

  • Flexibility to choose the type of coverage you need- Death with Accidental Benefit or Accidental Total Permanent Disability or both
  • Waiver of premium in case of death of the life assured or in case of Accidental Total Permanent Disability. The guaranteed payouts will be paid as scheduled and the policy will continue to earn bonuses
  • Avail death benefit as lump sum payout or as regular income.
  • You can choose from the range of 8 payout options.
  • Avail tax benefits.

Eligibility

Entry age

21 years to 45 years

Maturity age

65 years to 70 years

Premium Term

7 years to 14 years

Premium (INR)

Monthly - 1,349

Quarterly - 4,015

Half Yearly - 7,934

Yearly -15,500

**Last Updated on 13-07-2020

4. IndiaFirst Point of Sale Policy

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 by IRDAI that allows them to do so. Hence, the policies that are sold by a PoS agent fall under this category.

i) IndiaFirst Life POS CashBack Plan

Life is not simple. However, IndiaFirst Life POS CashBack Plan will help you simplify your life by assuring you upfront benefits. They are not just handy but also easy to understand and buy.

Features

  • You will receive the much-needed assurance even before buying the plan.
  • You will receive a dual benefit of savings and protection all in one plan.
  • You can easily purchase as the process is quick and automated
  • You can avail tax benefits on the premiums and benefits as per the Income Tax Act, 1961.

5. IndiaFirst Traditional Money Savings Plans

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.

i) IndiaFirst Life Cash Back Plan

Life is better if you plan for the future ahead. However, it is also about living the present and meeting the immediate milestones. You can be mind free with the help of this plan by IndiaFirst that will protect your financial goals along with the dreams and aspirations of your loved ones.

Features

  • You only need to pay for a limited period under the policy and enjoy payback throughout the policy tenure.
  • Pay only during your earning years and stay invested for longer- be it 9, 12 or 15 years, it's your choice.
  • You can enjoy the best moments of your life with the help of guaranteed payouts that will be released at regular intervals throughout the policy tenure.
  • You can enjoy the boost of guaranteed additions that are added to your policy after every policy anniversary.
  • You can avail a Risk Cover which is equal to either 10 times of the annualized premium or sum assured on maturity + accumulated guaranteed additions.

Eligibility

Entry age

15 years to 55 years

Sum Assured

Minimum of Rs. 50,000

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 13-07-2020

ii) IndiaFirst Maha Jeevan Plan

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

  • Flexibility to choose when you need the assured amount - anytime between 15 years to 24 years.
  • Avail terminal bonus at the end of the policy term.
  • Systematically accumulate your savings.
  • Avail tax benefits.
  • Enhance your life cover and support with the help of Waiver of Premium Rider in this policy.

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 13-07-2020

iii) IndiaFirst Simple Benefit Plan

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

  • You can decide when you want your sum assured - it can be anytime between 15 to 25 years.
  • You can enjoy Over the Counter policy issuance with simplified underwriting for a sum assured value of up to Rs. 2,00,000.
  • You can avail death benefit as the sum assured in case of untimely demise.
  • Guaranteed Maturity Sum Assured will be paid out along with simple reversionary and terminal bonus at the end of the policy.
  • You can access your money with ease at the time of emergency by availing a loan of up to 90% of the surrender value.
  • You can avail tax benefits as per the Income Tax Act, 1961.

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 13-07-2020

iv) IndiaFirst Life Guaranteed Monthly Income Plan

You will receive regular and guaranteed monetary support from IndiaFirst. This plan is specially designed to be an additional backup for your financial plans. It is known to be a perfect blend of financial protection and income for your family.

Features

  • You will receive between 105% to 125% of your insurance premiums annually along with monthly regular payouts.
  • Get the income as per your choice whether you want it monthly after premium payment years or you want to wait for a few years.
  • You can customize your plan to suit your needs.
  • Get life cover for your loved ones in case of your untimely demise.
  • Get tax benefits under the Income Tax Act, 1961.

Eligibility

Entry age

18 years to 50 years

Maturity age

34 years to 75 years

Sum Assured

Minimum of Rs. 75,000

Premium (INR)

Yearly - 24,000

Half Yearly - 12,286

Quarterly - 6,216

Monthly - 2,088

**Last Updated on 13-07-2020

v) IndiaFirst Life Smart Pay Plan

You will be able to plan your dreams and aspirations for your family smartly 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

  • Pay for a short period and fulfil long-term goals.
  • Enjoy 103% of your one annual premium as survival benefit.
  • Enhance your earnings with bonuses when earned.
  • Enjoy sum assured upon maturity along with accrued bonuses.
  • Add Waiver of Premium Rider to secure your loved ones at the time of unfortunate events.
  • Enjoy tax benefits.

Eligibility

Entry age

10 Policy Years - 8 years to 50 years

15 Policy Years - 3 years to 50 years

Maturity age

Maximum of 65 years

Premium (INR)

Yearly - 18,000

Half-yearly - 9,215

Quarterly - 4,662

Monthly - 1,566

Policy tenure

10 years or 15 years

**Last Updated on 13-07-2020

vi) IndiaFirst Life Long Guaranteed Income Plan

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

  • You only have to pay for a short period and enjoy long-term benefits.
  • You are guaranteed to receive income to fulfil your financial goals.
  • You can give a boost to your lifestyle with Definite Income Option which will give you a fixed income for a period of 20 years.
  • You can avail Whole of Life Income Option.
  • You will get a return of total premiums paid at the income benefit period.
  • You can choose your death benefit to be a lump sum or as regular income.

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

Sum Assured

Minimum of Rs. 2,40,000

Policy tenure

10 years

**Last Updated on 13-07-2020

vii) IndiaFirst Life Guaranteed Benefit Plan

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 stay protected.

Features

  • You can choose between an Income Benefit or Lump sum Benefit option.
  • You can customize your plan by choosing from 4 options under the Income Benefit option.
  • You can get a 3-way boost on your Income Benefit.
  • You only need to pay a premium for a limited amount of time and can enjoy benefits for an entire term.
  • You can enjoy life cover for one full year even if you miss the premium payment date of one premium.
  • You can support your family via death benefit with the choice of lump sum payout or instalments.

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

Income Benefit Option - 76 years

Sum Assured

Minimum of Rs. 5,00,000

Policy tenure

LumpSum Benefit Option - 10 years to 16 years

Income Benefit Option - 15 years to 21 years

**Last Updated on 13-07-2020

6. IndiaFirst Pension Plans

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 just investing wisely and monitoring the investments on a timely basis. Let's find out more about them.

i) IndiaFirst Guaranteed Retirement Plan

If you want full protection for your second innings, then this plan offers you to earn guaranteed returns on your savings and investments. This can be equipped to build yourself a financial safety net and protect you from undesirable obstacles of old age.

Features

  • You can enjoy guaranteed additions of 9% on all your premiums paid during the first 2, 4 or 6 policy years.
  • You can maximize your retirement pool by investing up to a policy term of 40 years.
  • You can pay your premiums as per your choice of frequency.
  • You can enjoy tax benefits as per the Income Tax Act, 1961.

Eligibility

Entry age

Regular Premium - 25 years to 55 years

Limited Premium - 25 years to 70 years

Single Premium - 0 years to 75 years

Maturity age

40 years to 80 years

Sum Assured

Minimum of

Regular/Limited Premium - Rs. 5,00,000

Single Premium - Rs. 1,00,000

Policy tenure

5 years to 40 years

**Last Updated on 13-07-2020

ii) IndiaFirst Immediate Annuity Plan

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

  • You can choose your retirement age as per your wish.
  • You can opt for the joint-life option to support your spouse.
  • You can avail the Return of Purchase Price options and protect your nominee.
  • You can enjoy the comforts of retirement under the Annuity Certain option.

Eligibility

Entry age

40 years to 80 years

Premium

Minimum of Rs. 3,00,000

Annuity Amount

Rs. 1,000 to Rs. 12,500

**Last Updated on 13-07-2020

iii) IndiaFirst Life Guaranteed Annuity Plan

You can enjoy your retirement life with the assurance of receiving guaranteed regular income throughout your life.

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 protect your family even in case of an unfortunate death.
  • You can delay your annuity instalments.
  • You can opt for the Escalating Life Annuity to receive an annuity amount that is constantly growing.
  • You can stay protected from critical illness as you will get the amount of the purchase price which you can utilize for your treatment.

Eligibility

Entry age

40 years to 80 years

Maturity age

LumpSum Benefit Option - 18 years to 76 years

Income Benefit Option - 76 years

Premium

Minimum of Rs. 100,000

Annuity amount

Minimum of Rs. 1,000 per month or 12,500 per annum

**Last Updated on 13-07-2020

7. IndiaFirst Common Service Center Plan

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 some 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 checkout its plan.

i) IndiaFirst CSC Shubhlabh Plan

With the help of the Customer Service Center plan, you can help your family reach their goals and protect them at an affordable cost.

Features

  • Easy to understand and requires minimal support.
  • You can purchase it with ease with the help of a quick process.
  • You can avail the dual benefit of savings and protection.
  • You can avail tax benefits on both premiums and the benefits under Income Tax Act, 1961.

IndiaFirst Life Insurance Riders

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.

1. IndiaFirst Term Rider

You have aspirations and prosper in those. However, you also desire to protect your family from the adversities of life. With this plan, you can ensure your family is taken care of even in your absence.

Features

  • Enjoy extra life cover along with death benefit for a period of 5 to 30 years.
  • Avail death benefit as the sum assured lump sum upon the unforeseen death of the life assured.
  • Avail tax benefits.

Eligibility

Entry age

18 years to 65 years

Sum Assured (INR)

10,00,000 to 20,00,00,000

Policy tenure

5 years to 30 years

**Last Updated on 13-07-2020

2. IndiaFirst Life Waiver of Premium Rider

This non-linked rider will help you take care of your family's financial needs in case of any unforeseen event. It will waive off all your future premiums of the base policy in case the rider suffers from critical illness, death or accidental total permanent disability.

Features

  • Flexibility to choose from 3 different coverage options.
  • Waiver of future premiums.
  • Eligible for cover against 10 critical illnesses.
  • Eligible to avail tax benefits.

Eligibility

Entry age

18 years to 55 years

Premium

Minimum of Rs. 500

Rider term

Minimum of 5 years

Premium Term

Same as Rider term

**Last Updated on 13-07-2020

Why Should You Purchase IndiaFirst Life Insurance Through PolicyX.com?

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:

IRDAI Approved

PolicyX.com has been approved to operate in the insurance industry by the Insurance Regulatory and Development Authority. Their license number is IRDA/WBA/17/14.

Compare Quotes

You can compare the quotes from different insurance providers on a single webpage on PolicyX.com's online portal. It is built with the latest technologies to quicken your search and help you find the best insurance plan to suit your needs.

Hassle-free Documentation

You can keep your worries about the paperwork aside as purchasing the life insurance on PolicyX.com does not require any. All you need to make sure is that you enter all the necessary details (along with the submission of necessary documents) at the time of purchase.

End-to-End Support

Our customer service will have your back at all times with their endless support. They will answer all your queries up until you receive a satisfactory response from them.

How To File a Claim Under IndiaFirst Life Insurance Policy?

In order to make a claim, you can contact for support via any of the subsequent channels:

  1. Register your claim online on their official website.
  2. Call their call centre on 1800-209-8700 to get immediate guidance through the claim registration process.
  3. Courier the copy of all the mandatory documents to IndiaFirst head office.
  4. Email them at claims.support[at]indiafirstlife[dot]com with all the soft copies of the required documents.
  5. Visit the nearest branch along with copies of all the required documents.

The claim process is as follows:

  1. Claim Registration using the above channels.
  2. Claim assessment where all your claim details will be scrutinised and you will receive an acknowledgement letter with a unique claim number to track the status.
  3. Your claim will be processed and settled within 15 calendar days.

The documents required to process Individual Life Claims are:

  1. The policy document(s).
  2. Claim form
  3. The original death certificate or the attested copy of the death certificate.
  4. Copy of the ID and address proof.
  5. Copy of bank passbook plus cancelled cheque.
  6. Copies of age and identity proof of the life assured.
  7. Copies of FIR, Post mort, Panchnama, attested by police in case of unnatural death of the life assured.
  8. Copy of the hospitalization documents in case of death due to critical illness.

Note- All the copies should be self-attested.

Frequently Asked Questions (FAQ's)

Yes, you will 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 review 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. This is the case 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.

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 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 the top-up option.

Last updated on 13-07-2020