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 Settlement Ratio

92.82%

Customer Assistance

24*7

Assets Under Management

INR 14,723 crore

**Last Updated on 25-08-2020

IndiaFirst Life Insurance Plans

1. IndiaFirst Term Insurance Plans

Perhaps the biggest worry a family provider has is their loved ones' financial stability in 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.

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.

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.

Features:

  • Enjoy a life cover benefit for a period of up to around 40 years.
  • Enjoy the benefits of high cover at affordable rates.
  • 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:

Minimum Entry Age (in years)

18

Maximum Entry Age (in years)

60

Maximum age at Maturity (in years)

70

Policy Tenure (in years)

5-40

**Last Updated on 25-08-2020

2. IndiaFirst Investment Plans (Unit Linked Insurance Policy)

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:

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.

Eligibility:

Parameters

Minimum

Maximum

Entry Age

5 Years

  • 55 years (In case of 5 year Premium Paying Term(PPT))
  • 65 years (In case of 10/15/20 year PPT)
  • 65 years (In case of Single/ Regular Premium)

Age at Maturity

18 Years

  • 70 years (In case of 5 year PPT)
  • 90 years (In case of 10/15/20 year PPT)
  • 90 years (In case of Single/ Regular Premium)

Policy tenure

Regular Pay - 10 years to 85 years

Single Pay - 5 years to 30 years

**Last Updated on 25-08-2020

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.

Eligibility:

Parameters

Minimum

Maximum

Entry Age

5 Years

65 Years

Maturity Age

18 Years

75 Years

Policy Term

Regular Premium - 10-70 years

Limited Premium - 10 years to 25 years

Single Premium - 5 years to 20 years

**Last Updated on 25-08-2020

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.

Eligibility:

Parameters

Minimum

Maximum

Entry Age

5 Years

65 years

Age at Maturity

18 Years

75 years

Policy tenure

Regular Premium - 10 years to 70 years

Limited Premium - 10 years to 25 years

Single Premium - 5 years to 20 years

Sum Assured

Regular and Limited Premium: 7* Annualized Premium

Single Premium: 125% of Single Premium

**Last Updated on 25-08-2020

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. Let's find out more about the plan.

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. 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.
  • You can choose from the range of 8 payout options.

Eligibility:

Entry Age

Minimum

21 Years

Maximum

45 Years

Age at Maturity

Maximum

65-70 Years

Premium Paying Term

7-14 Years

Premium (INR)

Monthly - 1,349

Quarterly -4,015

Half Yearly- 7,934

Yearly- 15,500

**Last Updated on 25-08-2020

4. IndiaFirst Point of Sale Policy(POS)

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 from IRDAI, allowing them to do so. Hence, the policy that is sold by a PoS agent falls under this category.

i) IndiaFirst Life POS CashBack Plan

Life is not only about planning for the future but also about living in the 'here and now'. IndiaFirst Life POS Cash Back Plan will ensure that you are always able to fund those special moments of your life while protecting your loved ones from any unfortunate events.

Features:

  • Pay only for a limited period and enjoy periodical payback every 3rd, 4th or 5th policy year as per the chosen policy term
  • You can avail tax benefits on the premiums and benefits as per the Income Tax Act, 1961.

Parameters

9 Years

12 Years

15 Years

Minimum Age at Entry (in years)

15

Maximum Age at Entry (in years)

45

50

Maximum Maturity Age (in years)

65

**Last Updated on 25-08-2020

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

This plan ensures payouts at regular intervals to meet immediate needs and an assured maturity payout to secure your future.

Features:

  • You only need to pay for a limited period under the policy and enjoy payback throughout the policy tenure.
  • Enjoy the best moments of your life with the help of guaranteed payouts that will be released at regular intervals throughout the policy tenure.

Eligibility:

Entry Age

15 years to 55 years

Maximum Maturity Age

70 years

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 25-08-2020

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 the assured amount (anytime between 15 years to 25 years).
  • Avail terminal bonus at the end of the policy term.
  • 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 25-08-2020

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 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.
  • You can access your money with ease at the time of emergency by availing a loan of up to 90% of the surrender value.

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 25-08-2020

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 and offers monthly guaranteed payouts post completion of your premium payment term & gap year (if opted).

Features:

  • You will receive between 105% to 125% of your insurance premiums annually along with monthly regular payouts.
  • 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

Premium(INR)

Yearly - 24,000

Half Yearly - 12,286

Quarterly - 6,216

Monthly - 2,088

Sum Assured

Minimum of Rs. 75,000

**Last Updated on 25-08-2020

v) IndiaFirst Life Smart Pay Plan

You will be able to plan your dreams and aspirations for your family 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.
  • Add Waiver of Premium Rider to secure your loved ones at the time of unfortunate events.

Eligibility:

Entry Age

Minimum- 8 years for policy term of 10 years; 3 years for policy term of 15 years

Maximum - 50 years

Maximum Maturity Age

65 Years

Premium(INR)

Minimum:

Yearly:18,000

Half-yearly: 9,215

Quarterly: 4,662

Monthly: 1,566

Maximum: No limit; subject to board approved underwriting policy

**Last Updated on 25-08-2020

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 will get a return of total premiums paid at the income benefit period.

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

Minimum Sum Assured

Rs. 2,40,000

**Last Updated on 25-08-2020

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' financial protection.

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.

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: 23 years to 76 years

Minimum Sum Assured

Rs. 5,00,000

**Last Updated on 25-08-2020

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 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 guaranteed returns on your savings and investments. This can be equipped to build yourself a financial safety net to protect from undesirable obstacles of old age.

Features:

  • 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:

Parameters

Minimum

Maximum

Entry Age (as on last birthday)

  • For Regular/ Limited Premium: 25 years
  • Single Premium: 0 years
  • For Regular Premium - 55 years
  • For Limited Premium - 70 years
  • For Single Premium - 75 years as on the last birthday

Vesting Age (as on last birthday)

40 Years

80 Years

**Last Updated on 25-08-2020

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 and can reap the returns starting anytime between 40 and 80 years.
  • You can opt for the joint-life option to support your spouse.
  • Avail the Return of Purchase Price option to protect your nominee.

Eligibility:

Entry Age

40 years to 80 years

Premium

Rs. 3,00,000

Annuity Amount

Rs. 1,000 to Rs. 12,500

**Last Updated on 25-08-2020

iii) IndiaFirst Life Guaranteed Annuity Plan

The plan is designed to assure regular income throughout your life so that you can enjoy your retirement life without worrying about the expenses.

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 delay your annuity instalments.

Eligibility:

Entry Age40 years to 80 years
Premium

Minimum of Rs. 100,000

Annuity Amount

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

**Last Updated on 25-08-2020

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 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 check out its plan.

i) IndiaFirst CSC Shubhlabh Plan

The plan lets you enjoy the convenience of smaller savings that too at a low premium insurance plan and protects your family from life's uncertainties while growing your investment year on year.

Features:

  • Easy to understand and requires minimal support.
  • 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.

Eligibility:

Minimum age at the time of applying for the plan

18 years years as on last birthday

Maximum age at the time of applying for the plan

55 years as on last birthday

Maximum cover ceasing age

65 years as on the last birthday

**Last Updated on 25-08-2020

8. Micro Life Insurance Plans

With IndiaFirst Micro Life Insurance Plans, fulfil all your dreams and turn them to reality. With fairly priced, flexible, and simplistic plan options, ensure you strike the right cord between what you want and what you have. Let's take a look at these plans.

i) IndiaFirst Micro Bachat Plan

This is a non-linked, participating, limited pay and micro-life insurance plan that is specially designed to provide you with disciplined savings for your future goals. The plan will also ensure that your loved ones are safeguarded (in case of eventualities) with a life cover.

Features:

  • Continue to enjoy life cover benefits for one full year even if you miss to pay one premium.
  • Choose to receive the death benefit as a one-time payment or in instalments over a period of 5 years.

Eligibility:

Entry Age

  • Minimum 18 years for policy term of 10 and 15 years.
  • Maximum 45 years for policy term 10 years
  • 50 years for policy term of 15 years

Maximum Age at Maturity

  • 55 years for policy term 10 years

  • 65 years for policy term 15 years

Premium Payment Term

5 Years

**Last Updated on 25-08-2020

ii) IndiaFirst Life "INSURANCE KHATA" Plan (Micro Insurance Product)

IndiaFirst Life "INSURANCE KHATA" Plan is a micro-life insurance endowment plan that caters to your family's needs in case of your untimely demise. Not just this, it also offers decent returns if no unfortunate event takes place.

Features:

  • Pay through a single premium and get coverage for 5/7/10 years.
  • At the end of the term, you get guaranteed assured benefit on maturity, as defined in the policy document.

Eligibility:

Entry Age

  • 18 years for all policy terms.
  • 45 years for policy term 5 years
  • 43 years for policy term 7 years
  • 40 years for policy term of 10 years

Maximum Age at Maturity

50 Years

**Last Updated on 25-08-2020

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

IndiaFirst Term Rider enhances the life cover of the base plan and provides additional protection to the family in case of the life assured's unfortunate demise.

Features:

  • 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)

1,00,000 to 20,00,00,000

Policy Tenure

5 years to 30 years

**Last Updated on 25-08-2020

2. IndiaFirst Life Waiver of Premium Rider

IndiaFirst Life Waiver of Premium Rider will support you/your family by waiving off the future premiums of your base policy in case of any unforeseen event such as you suffering from critical illness, accidental total permanent disability or death.

Features:

  • Flexibility to choose from 3 different coverage options.
  • Eligible for cover against 10 critical illnesses.

Eligibility:

Entry Age

18 years to 55 years

Premium

Minimum of Rs.500

Rider Term

Minimum of 5 Years

**Last Updated on 25-08-2020

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. Our 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. Just enter all the necessary details along with the submission of necessary documents at the time of purchase.

How To File a Claim Under IndiaFirst Life Insurance Policy?

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

  1. Register your claim online through their official website.
  2. Call their call centre on 1800-209-8700 to get immediate guidance.
  3. Courier the copy of all the mandatory documents to IndiaFirst head office.
  4. Email them at claims[dot]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 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 (if everything is in order).

The 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

Note- All the copies should be self-attested.

Frequently Asked Questions (FAQ's)

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.

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.

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).

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 frequency.

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 the 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 of the top-up option.

Last updated on 25-08-2020