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IndiaFirst Life Insurance
IndiaFirst Life Insurance Company Limited is one of India's fastest-growing private life insurers, with a share capital of ₹754.37 crores. Since its establishment in 2009, IndiaFirst has been catering to customers' protection, savings, and retirement needs with its pocket-friendly and easy-to-understand products. IndiaFirst Life Insurance holds an impressive Claim Settlement Ratio of 97.04% as of March 31, FY 2022-23. The insurer's shareholders are the Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited. As of April 1, 2024, the insurer offered 29 life insurance products and 6 riders under the following categories: Participating, Non-Participating, Savings, Protection, ULIPs, Group Protection, and Corporate Funds plans. IndiaFirst has received many awards and accolades throughout its journey. For instance, in the Fest Leadership Awards 2023, they were awarded "Best Customer-centric Company" and "Economic Times's Best Brands" in 2021.
IndiaFirst Life Insurance Company ensures to look after your insurance needs by offering:
- Customer-centric plans
- Pocket-friendly premiums
- Tailor-made plans for every customer
- Online available plans
Features of IndiaFirst Life Insurance
IndiaFirst Life Insurance plans offer several key features:
- Solvency Ratio: A company's solvency ratio indicates its ability to settle long-term debts. As per the IRDAI Annual Report 2022-23, IndiaFirst's Solvency Ratio is 2% (against the IRDAI mandate of 1.5%).
- Claim Settlement Ratio: A high claim settlement ratio ensures that your family receives the promised death benefits. IndiaFirst Life Insurance holds an impressive Claim Settlement Ratio of 97.04% as of March 31, FY 2022-23.
- Assets Under Management: A higher AUM indicates financial stability and reliability, meaning the insurer is better equipped to meet its future obligations to policyholders. As of March 31, 2023, IndiaFirst has an AUM of INR 21,683 crores.
Exclusions of IndiaFirst Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease that was not declared at the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive only the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of IndiaFirst Life Insurance Plans
IndiaFirst Life Insurance plans offer a plethora of advantages:
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, IndiaFirst Life Insurance pays the death benefit, which is the highest of the following: 1.105% of the total premiums paid, or a guaranteed death benefit of 3.10 times the annual premiums.
Maturity Benefit
Some IndiaFirst Life Insurance plans offer maturity benefits for surviving the entire policy tenure.
Tax Benefits
All premiums paid for IndiaFirst Life Insurance can be claimed for tax benefits up to ₹1.5 Lakhs under Section 80C and up to ₹2.5 Lakhs under Section 10(10D) as per the Income Tax Act, 1961.
20% Instant Discount
IndiaFirst Life Insurance offers a 20% instant discount for purchasing their life insurance policies online.
No Restrictions on Travel/Occupation
IndiaFirst Life Insurance plans do not restrict travel anywhere in the world or future occupation changes; all eligible claims will be settled after submitting all the necessary documents.
Riders You Can Avail With IndiaFirst Life Insurance Plans
| Name of the Rider | Benefits |
|---|---|
| IndiaFirst Term Rider | This rider enhances your life cover with extra coverage at affordable prices. In case of the policyholder's demise during the policy tenure, additional benefits are paid to their nominee. |
Documents Required to Purchase IndiaFirst Life Insurance Policy
Here is the list of documents required to buy IndiaFirst Life Insurance plans:
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Photo ID Proof
Any one of the following: Passport, Aadhaar Card, PAN Card, Driving License.
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Age Proof
Any one of the following: Passport, Aadhaar Card, PAN Card, Driving License.
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Address Proof
Any one of the following: Utility Bill, Passport, Voter ID, Ration Card.
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Medical Records
Medical records of the policyholder, if requested.
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Income Proof
Any one of the following: Bank statement, last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Visit the IndiaFirst official website and select a plan.
- Share basic details like name, Date of Birth, contact number, gender, or email ID.
- Share life cover, investment, or annuity details.
- Generate a quote to estimate premiums and returns.
- Pay through UPI or debit card online, or contact an IndiaFirst salesperson for more information. Once the payment is made, you will get a payment confirmation at your registered email address.
How to File IndiaFirst Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim settlement process at IndiaFirst Life Insurance involves the following three steps:
Online Process
- Claim Intimation
Inform the company about the incident via various channels: either by writing an email to IndiaFirst Life at [email protected], calling the toll-free number (1800-209-8700), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim. - Document Submission
The policyholder needs to submit the documents requested by the insurer to process the claim. In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee. In case of an accidental death: the same documents with two additional ones: FIR and post-mortem report. - Claim Settlement
After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details, they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account, and the same will be communicated to him/her over a call or an email.
Offline Process
IndiaFirst Life insurance claim settlement procedure can be reported by visiting the local IndiaFirst Life Branch Office. For details of IndiaFirst Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
- Fill out the form given at the top of this page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.
Conclusion
IndiaFirst Life Insurance is among the prominent players in the life insurance sector. It offers a range of life insurance products designed to meet the diverse financial needs of individuals. With its customer-centric approach, it has established a reputation for providing affordable, flexible, and comprehensive insurance solutions. If you want to learn more about IndiaFirst life insurance plans, you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
