Indiafirst Term Insurance

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About IndiaFirst Term Insurance

IndiaFirst Life Insurance Company, a joint venture between Bank of Baroda, Union Bank Of India), and Legal & General was incorporated in November 2009. The company has been introducing several need-based products.

Term insurance plans are designed to establish a strong financial net against inflation and potential future capital-related exigencies. In the following sections, we will discuss the term products offered by IndiaFirst Life Insurance Company in detail.

Features of IndiaFirst Term Plans

  • Policyholders can equip their families and themselves against the demise of the primary earning member, accidental total permanent disability and critical/terminal illnesses.
  • Most term plans offered by IndiaFirst Life provide flexible premium payment, viz. Single, Regular or Limited Pay.
  • With the online purchase option, buyers can opt for comprehensive and personalized plans in an instant.
  • The death benefit payable by the insurance company is either done as lump-sum payouts or as monthly income for the family, depending on the plan option chosen by the policyholder at the time of inception.

Benefits of IndiaFirst Term Insurance

  • Return of premium on maturity
  • Protection against the listed critical illnesses
  • Increase in Life Cover every year
  • Coverage till 99 years
  • Joint-life insurance

Claim Settlement Ratio of IndiaFirst Life Insurance

You must check the Claim Settlement Ratio of the Insurance provider before buying the plan. A high claim settlement ratio ensures that your family receives the death benefits promised and are thus enabled to continue leading a life of their choice.

The figure below illustrates how the company has been doing in terms of its CSR in the past four financial years.

Yearly Trend in the CSR of IndiaFirst Life Insurance

Yearly Trend in the CSR of IndiaFirst Life Insurance

**Data from IRDAI Annual Reports

IndiaFirst Life Insurance Term Plans in India

The term plans offered by the company help policyholders and their families to fulfil their short-term and long-term aspirations. These plans allow benefactors to lead their lives even in the absence of an earning member. The term insurance plans of IndiaFirst Life are as follows:

S. No. Names of Plans Who should buy it?
1 IndiaFirst Life Guaranteed Protection Plan The plan comes with several features, so, those looking to personalize should find this suitable.
2 IndiaFirst Life Plan A standard term plan, it is ideal for people looking for less complicated and affordable policies.
3 Online Term Plan Those looking for convenient, instant cover at competitive prices should choose this option.
4 IndiaFirst Life Saral Jeevan Bima Plan Business owners, salaried employees, and low-income workers can opt for this plan for financially protecting their families.

IndiaFirst Term Plans - An Overview

  1. IndiaFirst Life Guaranteed Protection Plan

    The plan is a comprehensive term cover option that comes with several features and offers financial security to your family in the unfortunate event of your death.

    Key Features

    • It offers term insurance with maturity benefits in the form of Return of Premiums.
    • Policyholders can enjoy insurance coverage till the age of 100.
    • The plan comes with 7 different cover choices to pick from, viz. Life option, Life plus option, Incidence coverage option, Long-term care option, Return of premium option, Dual protect option and COVID-19 Cover
    • Policyholders can cover their spouses under the same plan.
    • The plan also offers flexibility to increase sums assured at important milestones.
    • The company is liable to pay back the premiums paid on surviving maturity.
  2. IndiaFirst Life Plan

    IndiaFirst Life Plan is a pure protection plan which offers an insurance cover on your life. The plan secures your family members/ loved ones in case of the life assured's demise.

    Key Features

    • Policyholders can get cover for a term of up to 40 years.
    • The death benefit is paid in lump sum immediately after the death of the insured.
    • Tax benefits can be availed on premiums paid as per prevailing tax laws in the country.
    • A freelook period of 15-30 days is applicable, during which policyholders can choose to terminate the policy.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 60 years
    Maximum Age at Maturity 70 years
    Policy Term Minimum: 5 years
    Maximum: 40 years
    Premium Payment Option Single Pay, Regular Pay
    Minimum Premium Payable Yearly: Rs. 1,000
    Half-yearly: Rs. 500
    Monthly: Rs. 100
    Sum Assured Minimum: Rs. 1,00,000
    Maximum: Rs. 50,00,00,000
  3. IndiaFirst Life Online Term Plan

    The plan is available online which makes it easier for the consumer to purchase at his/ her convenience. Buyers can invest in this plan at the click of a button and tailor it according to their needs with the choice of 8 different coverage options.

    Coverage options are:

    • Life Benefit Option
    • Disability Shield Option
    • Accidental Shield Benefit Option
    • Income Benefit Option
    • Income Plus Benefit Option
    • Income Replacement Benefit Option
    • Critical Illness Protector Option
    • Comprehensive Benefit Option

    Key Features

    • The death benefit can be availed as a lump sum amount or as monthly income.
    • It offers additional protection against Accidental Total Permanent Disability, Critical / Terminal Illness, and Accidental Death.
    • The policy comes with the option to increase the sum assured under the following coverage options - Life Benefit, Income Benefit, Income Plus Benefit, and Accident Shield Benefit.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 55 years
    Policy Term* Minimum: 10 years
    Maximum: 40 years
    Premium Payment Mode Monthly, Quarterly, Half-yearly, Yearly
    Minimum Premium Amount Monthly: Rs. 261
    Quarterly: Rs. 777
    Half-yearly: Rs. 1,536
    Yearly: Rs. 3,000

    * Policy Term can vary for different plan options

  4. IndiaFirst Life Saral Jeevan Bima Plan

    The Saral Jeevan Bima Plan offered by IndiaFirst is a pure term insurance plan that financially protects your loved ones in case of your demise and helps them deal with untoward capital expenses in the future.

    Key Features

    • The plan protects financially and offers life cover at low premium rates.
    • It offers the option to remain protected for 40 years.
    • The plan comes with flexibility in premium payment.
    • The plan offers a lump sum payout in case of death due to COVID-19.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 65 years
    Age at Maturity Minimum: 23 years
    Maximum: 70 years
    Policy Term Minimum: 5 years
    Maximum: 40 years
    Premium Payment Option Single Pay, Regular Pay, Limited Pay (5 years / 10 years)
    Basic Sum Assured Minimum: Rs. 5,00,000
    Maximum: Rs. 50,00,000
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How to Buy an IndiaFirst Term Insurance Plan?

Let's take a look at your options to invest in a term insurance plan offered by the company.

Buy via IndiaFirst Life Insurance Company

  • Visit the official website of the IndiaFrist Life Insurance Company.
  • Click on the tab 'Buy Online'.
  • Choose your occupation, annual income and desired premium payment duration.
  • Fill in the requested details on Date of Birth, smoking Habits and Gender.
  • Choose sum assured, policy term and premium payment term.
  • Scroll down and click on 'Buy Policy Now'.
  • Fill in the required details and click on the tab 'Proceed'.
  • Confirm details and make the payment.

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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

FAQ's

Yes, two of its term plans, viz. IndiaFirst Life Guaranteed Protection Plan and IndiaFirst Life Saral Jeevan Bima cover death claims arising out of COVID-19.

The minimum age for applying is 18 years and the maximum age for applying is 60 years*
The maximum age at the end of the plan is 99 years#
Minimum Sum Assured: Rs. 1,00,000. Maximum Sum Assured: Rs. 5,00,00,000

The company maintained a CSR of 96.65% in the year 2019-20.

No, the current IndiaFirst Term Plans does not offer any maturity benefit. However, IndiaFirst Life Guaranteed Protection Plan offers a 'Return of Premium' option on surviving the policy term.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (21 Total Rating)

September 21, 2021

Nitish Kumar

Bengaluru

I bought term insurance from IndiaFirst. The premiums are very affordable, and the company is very nice.

September 20, 2021

Devender

Delhi

Its a good company. They have a good customer support team. Happy with my decision of buying this policy.

September 16, 2021

Rashmi Sharma

Guwahati

I am very impressed with the features of the plans, and the customer support team, they helped me alot.

September 16, 2021

Raman Sharma

Coimbatore

Nice company, I bought life insurance from IndiaFirst, and it is the best plan for me that fulfills my every requirement.

September 14, 2021

tejasvi shivpuriya

Chandigarh

I added an accident rider to my plan on the suggestion of the salesperson. I m thankful for the support

Last updated on August, 2021

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