Indiafirst Life Insurance

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About 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.

India First Life Insurance is one of the most trusted brands and works on the ethos of a "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 with the type of products that are in sync with their individual needs and life goals.

Let us explore more about the company:

Key Features of IndiaFirst Life Insurance

Below are some of the 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:

  • Solvency Ratio
    The solvency ratio of the company allows you to get an insight into the company's ability to settle long-term debts. As per the IRDAI Annual Report 2021-22, the Solvency Ratio of IndiaFirst is 1.7%. (Mandated to be 1.5 % by the IRDAI).
  • Claim Settlement Ratio
    A high claim settlement ratio ensures that your family receives the death benefits promised and is thus enabled to continue leading a life of their choice. As per the IRDAI Annual Report 2021-22, the CSR of IndiaFirst is 96.92%
  • Annual Premium
    The annual premium of the company allows the policyholder to get an insight into the company's growth and performance. As per the IRDAI Annual report 2021-22, the Annual Premium of IndiaFirst Life Insurance is 5,186.56 crore.
IndiaFirst Life Insurance Key Features

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.

  1. IndiaFirst Term Insurance Plans

    Perhaps the biggest worry a family provider has is their loved one's 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.

    Plan Entry Age Maximum Maturity Age Policy Tenure
    e-Term Plus Plan 18-65 years 80 years 40 Years for all coverage options.
    IndiaFirst Life Plan 18-60 years 70 years 5-40 years
    IndiaFirst Life Guaranteed Protection Plan 18-65 years NA 1 month to 81 years

    Know More About: IndiaFirst Term Insurance Plans

  2. 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 fulfill all your desires by investing wisely and monitoring the investments on a timely basis. Let's find out more about them.

    Plan Name Entry Age Minimum Annuity Maximum Annuity
    Guaranteed Pension Plan 45-80 years Rs. 1000 Rs. 12,000
    Guaranteed Retirement Plan 25-70 years NA NA
    Immediate Annuity Plan 0-80 years Rs. 1000 Rs. 12,500
    Guaranteed Annuity Plan 40-80 years Rs. 1000 Rs. 12,500
  3. IndiaFirst Child Plans

    You can fulfill 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.

    Plan Name Entry Age Maturity Age Premium Payment Tenure
    Guaranteed Pension Plan 21-45 years 65-70 years 7-14 years
  4. IndiaFirst Investment Plans

    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:

    Plan Name Entry Age Maturity Age Policy Tenure
    Life Wealth Maximizer Plan 5-65 years 18-75 years 10-70 years
    Money Balance Plan 5-65 years 18-90 years 10/15/20 years
    Smart Save Plan 0-65 years 18-99 years 10/15/20/25 & 30 years
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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 Claims:

1800 209 8700 (toll-free)

IndiaFirst Life Insurance: FAQ's

1. Can I surrender my IndiaFirst Life Plan? If yes, is there any surrender value applicable?

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.

2. I have not been able to pay my premiums regularly. Can I revive my IndiaFirst Life Plan?

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.

3. Will partial withdrawals made under the IndiaFirst Money Balance Plan impact death benefit?

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).

4. What happens if the life assured under IndiaFirst Term Rider commits suicide?

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.

5. What if I miss the premium payment date of IndiaFirst Life Cash Back Plan insurance policy?

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.

6. Can I avail loan under IndiaFirst Life Cash Back Plan?

No, a loan facility is not provided under this life insurance policy.

7. Will I get any refund if I cancel my IndiaFirst Maha Jeevan plan?

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).

8. Can I opt for any Riders with IndiaFirst Life Guaranteed Benefit plan?

Yes, you can opt for IndiaFirst Life Waiver of Premium Rider if your premium paying term is of 6 and 7 years.

9. Is there any death benefit under the IndiaFirst Immediate Annuity Plan?

In case of the death of the annuitant, the nominee will receive the purchase price amount under the Return of Purchase Price option.

10. Can I increase my annuity payments under the IndiaFirst Life Guaranteed Annuity Plan?

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.

11. How I can pay the premium of the India First Life Insurance plan?

You can pay the premium of the India First Life Insurance plan online as well as offline.

12. What are the payment modes offered by India First Insurance?

India First Life Insurance company offers the following payment mode for paying the policy premium:

Online Mode

  • Netbanking
  • Debit Card
  • Credit Card
  • Electronic Clearing System (ECS)

Offline Mode

  • Cash/Cheque at the nearest branch of the company

13. How I can check the status of my India First Insurance plan?

To check the status of the policy, follow the below-mentioned steps:

  • Login to the IndiaFirst account with your user ID and password.
  • Enter the policy number and other required information.
  • The next tab will show you all the relevant details related to your policy.

14. What types of insurance plans are offered by India First Life Insurance company?

India First Life Insurance company offers a wide range of insurance plans such as term insurance plans, investment plans, savings plans, retirement plans to meet every requirement of the customers.

15. How do I revive a lapsed policy by India First Insurance company?

you can revive your India First Life Insurance policy by paying your pending premiums. The policy can be revived within 6 months of the last unpaid premium.

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