IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda (44%), Andhra Bank (30%) and UK's financial and investment company Legal & General(26%). It was built-in in November, 2009. It has its headquarters in Mumbai. India First Life made more than Rs. 2 billion in revenue in four and half months since it became operational. The company is headed by the MD & CEO Dr. P. Nandagopal. It caters into insurance plans, including life insurance, investment funds, and group policies as well. The company's product range covers protection (term insurance), savings, education and retirement. It has a wide range of insurance products in forms of credit, life, term and employee liability (gratuity and leave encashment) plans as well.
Life Insurance pays out the money either on the death of the policyholder or after a specific time frame. Life Insurance refers to be the most prominent and helpful insurance policy that helps you in securing your familyís future and gaining ultimate returns with your investment, Under Life insurance, there are several plans that you will love to have and are highly useful in their own terms. Like if you go for a child insurance plan, then it will secure the future of your child like the expense of their education, marriage and much more, If you move to a retirement plan then it will secure your post-retirement reeds and much more. You can even go for term plan that will provide security to your family and loved ones when you are not around to take care of them.
Life Insurance is basically a financial instrument which can help your family in reducing their financial burden when you are not around or able to take care of them. It helps your family in living their normal lifestyle and can also attain the financial goal which you have planned together.
Here are a few reasons that will help you in understanding the concept of life insurance and its importance.Financial coverage for your family and loved ones
Your dependants including beneficiary will receive an amount or monthly income in case of your demise when no one is around to take care of them. It is true that nothing can provide relief from the emotional loss, but an effective life insurance will help your family in dealing with the financial burden through which they would be able to maintain their standard of living. They will be able to live a comfortable life.
It is very important to know that how much life inside amount will you and your family will require. The appropriate amount is very important to fix an appropriate amount for your life insurance as you donít want to let your family get stuck with less amount in future. To secure your familyís future after you, you can go for a term insurance policy.
Apart from the basic term plan, there are several insurance plans that will act like an amazing investment option. Investment plans that lie under life insurance category will double your systematic savings. It is advisable to choose the best insurance policy as per your needs, there are several plans that will assist you with long-term wealth. Some insurance plans are market linked underwhich you can choose the right fund in which you will invest on your own as per your financial risk appetite.Tax Savings - An Added Benefit
Well, this should not be the single reason to buy a life insurance policy for yourself, donít forget that you will also serve tax with life insurance. Life insurance premiums (up to Rs. 150,000 per annum) will be liable to get the tax benefit under Section 80C of the Income Tax Act, 1961. In addition, section D will also be applicable. Apart from the basic benefits that you get with life insurance, you will also get the peace of mind under the same. With you will be sure that your family needs will be taken care of after you.
Claim, the most important term in the industry of life insurance. It is basically the amount of which you have invested so far. Everyone wants an easy filing system so there will be no issue when it comes to getting claim assistance. It is advisable for all people that you must read your policy's documents so that you will not miss any important term when filing the claim. Moreover, India First Life Insurance is one the best insurance company when it comes to claiming settlement. The company is offering easy claim settlement service through which you will be able to get the claim amount asap. If you check the ratios of the company regarding claim settlement process, then you must be happy to know that this company carries a good claim ration.
When it comes to the filing claim, you may have several doubts about required documents. When you file your claim donít forget to carry the needful documents with you. Here is a short description of the documents that you require for filing claim-
- The death certificate (In case of death)
- Original policy documents
- ID proof of the beneficiary
- Age proof of insured
- Discharge form (executed and witnessed)
- Medical certificate (as proof for cause of death)
- Police FIR (in case of unnatural death)
When it comes to the filing claim, you may have several doubts about required documents. When you file your claim don't forget to carry the needful documents with you. Here is a short description of the documents that you require for filing claim-
- Indiafirst Education Plan
- IndiaFirst Future Plan
- Saving Plan
- IndiaFirst Group Credit Life Plan
- IndiaFirst Group Term Plan
- IndiaFirst Young India Plan
- IndiaFirstMediclaim Plan
- IndiaFirst Money Back Health Insurance Plan
- IndiaFirst Term Rider
- IndiaFirst Corporate Benefit Plan
- IndiaFirst Group Superannuation Plan
- IndiaFirst Life Plan
- IndiaFirst MahaJeevan Plan
- IndiaFirst Money Balance Plan
- IndiaFirst Simple Benefit Plan
- IndiaFirst Smart Save Plan
- Indiafirst Any Time Plan
- IndiaFirst Retirement Benefit Plan
- IndiaFirst Employee Benefit Plan
- IndiaFirst High Life Plan
- IndiaFirst Secure Save Plan
- IndiaFirst Simple Life Plan
301, 'B' Wing, The Qube, Infinity Park,
Dindoshi - Film City Road, Malad (East), Mumbai - 400 097.
Phone: 022 39418700Fax: 022 33259500
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