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India First Life Insurance company is a joint venture between Bank of Baroda (44% stake), Andhra Bank (30% stake) and UK`s leading risk, wealth and investment brand Legal & General group (26% stake). India First life insurance launched by President Pranab Mukherjee in 2010. An especially younger insurance company, India First Life has its headquarters in Mumbai. However, it has a huge reach, with branches in over a thousand towns in India. Together with their promoters, this joint venture combines over 360 years in the finance and insurance industry. It also has a community of more than 8000+ branches and greater than 50 million customers across India.
Their considerable experience in banking, wealth and financial control additionally includes a greater understanding of purchaser needs. As a result, India First Life Insurance offers an extensive variety of policies that include health, protection, retirement, financial savings and wealth. With a team such as the best and brightest minds in the area, India First Life Insurance gives its clients top class service.
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 family's 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 children 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 insurance 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 don't want to let your family get stuck with less amount in future. To secure your family's future after you, you can go for a term insurance policy.
Investment
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, don't 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.
Purchasing insurance online is convenient, fast and usually cost you lesser. The insurers know the potential of this distribution channel and therefore have the entire product range-from life to health, motor and travel-available on the net for you.
IndiaFirst Life "Insurance Khata" Plan
This micro insurance helps you make small investments towards protecting your family is future. You can pause, play, reduce or repeat the cover along the way. And most importantly, if you survive the policy term, you get your money back!
IndiaFirst Guaranteed Retirement Plan
IndiaFirst Guaranteed Retirement Plan is a guaranteed financial protection plan for your second innings. It offers you the option to earn guaranteed returns for the initial years in the plan and an opportunity to further build your retirement corpus through bonus, thereon.
IndiaFirst Anytime Plan
IndiaFirst Anytime Plan is an online pure term insurance plan that takes care of the financial needs of your loved ones in the event that you are not around.
A term insurance plan is the simplest form of financial protection that can help your family meet its financial needs in your absence. Term plans offer peace of mind with affordable premiums and a life cover that you can choose depending on your family's lifestyle and financial needs.
IndiaFirst Anytime Plan
IndiaFirst Anytime Plan is an online pure term insurance plan that takes care of the financial needs of your loved ones in the event that you are not around. Minimum age at entry is 18 years and maximum age at entry is 60 years.
IndiaFirst Life Plan
IndiaFirst Life Plan assures your family of a lump sum benefit in case of your untimely death. Your family also gets a tax break on the benefits they receive from your plan under Section 10(10D).
Star First Combi Plans
It ensures that no untoward event upsets the well-being of your loved ones not only in your absence but also in your presence. Your family can now benefit from the comprehensive health offering in the product, as well as from the life cover to which will protect them in case of an unfortunate demise of the policyholder. It offers a combination of Life and Health cover under a single roof with five options to choose from: Star First Optima, Star First Delite, Star First Care, Star First Comprehensive, Star First Classic.
1) Star First Optima
Provide a life cover for the policyholder and ensure that your loved ones are protected in times of need.
2) Star First Comprehensive
Protect your entire family with the health cover in the plan (Maximum 2 Adults and 3 Children). Benefit from various covers like - Out Patient, Dental, Ophthalmic and Bariatric in the plan.
3) Star First Classic
Benefit from automatic restoration of up to 200 % of your sum insured upon exhaustion of the limit of coverage.
4) Star First Care
Protect your entire family with the health cover in the plan (Maximum 2 Adults and 2 Children). Get tax benefits under Section 80 (D) and Section 80 (C).
5) Star First Delite
Get a Life and Health cover for yourself and ensure that your loved ones are protected financially in times of need. Protect your entire family with the health cover in the plan (Maximum 2 Adults and 2 Children.
A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure insurance policy, give investors both insurance and investment under a single integrated plan.
IndiaFirst Life Wealth Maximizer Plan
This plan gives you the flexibility to choose from seven different fund options as per your requirement. It also allows you to stay invested for a long term to grow with the market and beat inflation with exclusive add-on benefits - Loyalty Benefits, Profit Booster and Loyalty Advantage.
IndiaFirst Money Balance Plan
The IndiaFirst Money Balance Plan is a unit-linked insurance plan, it gives you the best of both world's investment and security. With this plan, your money is automatically transferred to safer funds. It diversifies your funds and reduces risks while building a secure future.
IndiaFirst Happy India Plan
IndiaFirst Happy India Plan is an investment as well as a life insurance plan. It allows you to receive funds when you need it the most. It also takes care of your family in the face of uncertainties.
IndiaFirst Smart Save Plan
The IndiaFirst Smart Save Plan combines the benefits of both an insurance cover as well as a wealth builder. Depending on your risk appetite, it uses market-linked investments to help you save systematically and build your wealth portfolio.
Savings plan provides the dual benefit of lumpsum payout for your goal along with protection from life's uncertainties. It also gives the flexibility to choose from a wide range of funds to suit your investment style and choice of the policy term.
IndiaFirst Life Cash Back Plan
Ensures your family's financial security in case of the life assured's unfortunate demise by paying higher of 10 times the annualized premium or sum assured on maturity along with accumulated guaranteed additions.
IndiaFirst Mahajeevan Plan
Accumulate your savings systematically, through regular premium contributions based on your income and needs. Avail tax benefits under Section 80 C and Section 10 (10D) as per prevailing Income Tax Laws.
IndiaFirst Simple Benefit Plan
It provides assurance of guaranteed payout. Access your money during emergencies by availing a loan of up to 90% of surrender value.
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments.
India First Guaranteed Retirement Plan
India First Guaranteed Retirement Plan is a guaranteed financial protection plan for your life after retirement. It offers you the option to earn guaranteed returns for the initial years in the plan and an opportunity to further build your retirement corpus through bonus, thereon.
IndiaFirst Immediate Annuity Plan
The Immediate Annuity Plan is designed to help you maintain your choice of lifestyle post-retirement. It helps you cope with your health-care costs and stay ahead of inflation.
This micro insurance helps you make small investments towards protecting your family is future. You can pause, play, reduce or repeat the cover along the way. And most importantly, if you survive the policy term, you get your money back!
IndiaFirst Life "Insurance Khata" Plan
It provides financial protection for your family.Flexibility to buy multiple single premium policies through your Insurance Khata and boost the benefits.
Child Plans offer you regular guaranteed payouts for financing your child's dream. Also secure child's future even in your absence with comprehensive financial protection.
IndiaFirst Happy India Plan
IndiaFirst Happy India Plan is an investment as well as a life insurance plan. It allows you to receive funds when you need it the most. It also takes care of your family in the face of uncertainties.
IndiaFirst Life Little Champ Plan
IndiaFirst Life Little Champ Plan offers you regular guaranteed payouts for financing your child's dream. Also secure child's future even in your absence with comprehensive financial protection.
Specially designed plans for your specific needs which will ensure savings as well as security for your family.
IndiaFirst Life POS Insurance Khata Plan
IndiaFirst Life POS INSURANCE KHATA Plan is a term assurance with return of premium plan. It takes care of both your family's needs in case of your untimely demise and returns your money if no untoward event takes place.
IndiaFirst Life POS CashBack Plan
IndiaFirst Life POS Cash Back Plan guarantees payouts at regular intervals to meet your immediate needs and an assured maturity payout to secure your future.
Specially designed, reasonably priced plans to cater to the savings and security needs of your loved ones.
IndiaFirst Life CSC "NSURANCE KHATA" Plan
IndiaFirst Life CSC "INSURANCE KHATA" Plan is a non-linked, non-participating, insurance term with return of premium plan. It takes care of both your family's needs in case of your untimely demise and returns your money if no untoward event takes place.
IndiaFirst CSC Shubhlabh Plan
CSC Shubhlabh Plan, a low premium insurance plan that protects your family from life's uncertainties while growing your investment year on year.
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 claim 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 ratio.
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 -
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)
Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA
November 13, 2017
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
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IndiaFirst Life Insurance launches Guaranteed Retirement Plan
February 10, 2016
IndiaFirst Life Insurance, a well-known general insurance company has announced the launch of IndiaFirst Guaranteed Retirement Plan-a non-linked, participating, endowment, deferred pension plan.
The plan guarantees return of 9% on total premiums paid during the early years, and the advantage of participating in the company’s profits in the later years.
“The current popular retirement plans available in the market are mostly unit-linked plans. The IndiaFirst plan is designed to address the needs of people who would want to create an assured pool for retirement,” said R M Vishakha MD and CEO India First Life Insurance.
Insured person can choose a policy term depending on their requirement and get the funds between 40-80 years of age to buy an annuity. The insured gets a tax advantage on the premiums paid, as per section 80(CCC) of Income Tax Act, 1961.
It provides insured flexibility in premium payment. A customer can decide to pay one time, under the single premium mode, or pay for a limited time period of 5 to 10 years for a plan term of 10 to 35 years, or select a payment and plan term.
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India First Life Insurance Assigns Balakrishnan As CFO
February 02, 2016
On Monday, India First Life Insurance appointed Satishwar Balakrishnan as its Chief Financial Officer. He is a chartered accountant by profession. According to the sources, Satishwar has experience of around 17 years in finance, information technology and operations management in start-ups and leading life insurance companies. He is a founding member of India First Life and has performed functions within the organization.
Commenting on his new assignment, Balakrihsnan said, “India First Life Insurance is a company with tremendous capabilities, talented people and market leadership position in a growing Insurance industry. I am excited to leverage my experience within the Insurance industry and India First to steer the critical finance function and contribute to the overall sustainable and profitable growth of the company.”
Currently, India First Life Insurance is amongst the leading best life insurance companies, having covered over 10.3 million lives. It is promoted by two of India’s largest public sector banks -Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General.
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