IndiaFirst Life Insurance

Mr.Pranab Mukherjee, the President of India launched IndiaFirst Life Insurance Co.Ltd in the year 2010 and is based in Mumbai. This is India’s youngest life insurance company. It is a collaboration between Bank of Baroda, Andhra Bank and UK’s investment brand Legal & General group. This company is headed by the MD & CEO Ms.R.M.Vishakha.

Insured more than 5 million lives since 2010.

IndiaFirst Life Insurance Company sells life insurance, group policies and investment funds. Their extensive knowledge makes their customers meet their requirements and are also satisfied by their services.

Interesting Facts About IndiaFirst Life Insurance Company

IndiaFirst Life Insurance Company insured more than 5 million lives since 2010
The claim settlement ratio of the company is 89.83% in 2017-2018
This company has over 8000 plus network of branches across India
This is India’s youngest life insurance company
This company made more than 2 billion in turnover in just four and a half months since its inception

Benefits of IndiaFirst Life Insurance Company

Cost: IndiaFirst Life insurance plans are quite cheap.
Flexibility: Offers flexibility to make the premium payments and also offers grace period to make the premium payment in case you forget to do so.
Online plans: The term insurance plans offered by this company are easily available. Intermediaries are not required therefore. You can buy the policies online at your convenience with the click of the mouse.
Variety: This company offers variety of online as well as offline plans
Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of IndiaFirst Life Insurance Plans

1. Investment Plans (ULIP)

a.) IndiaFirst Money Balance Plan

The features of this plan are mentioned below:

The minimum entry ages 5 years and maximum age is 65 years
Helps to optimize your investments with their automatic trigger-based investment strategy
Offers flexibility to make the premium payments either regularly for a limited period or through a single payment
Helps in transferring your investments for regular returns
Offers partial withdrawal of funds
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
Offers sum assured to the nominee in case of death of the life assured

b.) IndiaFirst Happy India Plan

The features of this plan are mentioned below:

The minimum entry ages 18 years and maximum age is 50 years
The maximum age at maturity is 60 years
The plan terms are 10, 15, 20 or 25 years
This is a combination of investment as well as life insurance plan
Offers you to receive funds during important milestones in life
Offers lump sum benefit to the nominee in case of death of the life assured
Offers partial withdrawal of funds
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers option to switch funds

c.) IndiaFirst Smart Save Plan

The features of this plan are mentioned below:

The minimum entry ages 5 years and maximum age is 65 years
The maximum age at maturity is 75 years
Offers flexibility to make premium payments monthly, half-yearly and yearly
This plan is a combination of both insurance and wealth builder
Helps to build your savings systematically through investments in various funds
Offers life cover in case of untimely death of the life assured
Offers partial withdrawal of funds
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
You can invest in 4 funds across different asset classes
Offers protection to your savings by transferring your investments into a liquid fund over last 3 years of the plan
Offers optimization of investments by switching your premiums from one fund to another

2. Term Insurance Plans

a.) IndiaFirst Any time Plan

This plan can be bought only through the website. The features of this plan are mentioned below:

The minimum entry age is 18 years and maximum age is 60 and the maturity age is 70 years
The minimum sum assured is 10 Lakhs and the maximum sum assured is 50 crores
This plan provides higher sum assured at a lower premium
The minimum policy term is 5 years and maximum is 40 years
Offers differential premium rates for choosing a healthy lifestyle
Offers flexibility to make the premium payments yearly, half-yearly or monthly. Under the single pay option you can make lump sum payment at the inception of the policy. Under the regular pay option, you can pay the premium for the entire duration of the plan
Since this is an online term insurance plan, you can save a lot on your premiums. Also offers convenience to buy the plan at just the click of the mouse
The company pays the nominee the sum assured in case of death of the insured
Doesn’t offer any surrender value for regular pay policies. Offers 40% of the premium paid as surrender value in the single pay option, if you have regularly paid the premiums for 3 policy years.
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

b.) IndiaFirst Life Plan

The features of this plan are mentioned below:

The minimum entry age is 18 years and maximum age is 60 and the maturity age is 70 years
The minimum sum assured is 1 Lakh and the maximum sum assured is 50 crores
This plan provides considerable coverage options at a lower premium
The minimum policy term is 5 years and maximum is 40 years
Offers flexibility to make the premium payments yearly, half-yearly or monthly. Under the single pay option you can make lump sum payment at the inception of the policy. Under the regular pay option, you can pay the premium for the entire duration of the plan
Doesn’t offer any surrender value for regular pay policies. Offers 40% of the premium paid as surrender value in the single pay option, if you have regularly paid the premiums for 3 policy years.
Offers Inter Consultation Services for reviewing the medicals of their customers by medical experts
Offers differential premium pricing for smokers and non-smokers, in case of opting for 50 lakhs and above sum assured
The company pays the nominee the sum assured to the nominee in case of death of the insured
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) IndiaFirst Simple Life Plan

The features of this plan are mentioned below:

The minimum entry age is 18 years and maximum age is 60 and the maturity age is 60 years
The minimum sum assured is Rs.5, 000 and the maximum sum assured is Rs.50, 000
This plan provides higher sum assured at a lower premium
The minimum policy term is 5 years and maximum is 10 years
Offers differential premium rates for choosing a healthy lifestyle
Offers life cover of 5 or 10 years
Offers flexibility in choosing the sum assured
The company pays the nominee the sum assured in case of death of the insured
Offers the option to surrender your policy if you have paid the premiums regularly for 3 policy years. The surrender value is 40% of the premiums paid
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

3. Savings Plans

a.) IndiaFirst Cash Back Plan

The features of this plan are mentioned below:

The minimum entry age is 15 years and maximum age is 45 and the maturity age is 70 years for a 9 year plan. The minimum entry age is 15 years and maximum age is 50 for a 12 year plan. The minimum entry age is 15 years and maximum age is 55 for a 15 year plan.
Offers regular assured payouts to meet short and medium term financial goals
Offers guaranteed additions by boosting your investments
Offers long term investments by simply paying for a limited period
Offers higher of 10 times the annualized premiums or sum assured on maturity along with accumulated guaranteed additions in case of death of the life assured
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) IndiaFirst Mahajeevan Plan

The features of this plan are mentioned below:

The minimum entry age is 5 years and maximum is 55 years
Offers accumulation of your savings in a systematic way, through regular premium contributions based on your income and needs
Offers terminal bonus (if any)
You can opt for a IndiaFirst Term Rider to get death benefit equal to the rider sum assured in case of death of the life assured
Enjoy sum assured plus bonus if any
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) IndiaFirst Simple Benefit Plan

The features of this plan are mentioned below:

The minimum entry age is 18 years and maximum is 50 years and maturity age is 70 years
Offers guaranteed assurance of payouts
Offers flexibility to save for your future
Offers loan facility during emergencies of up to 90% of the surrender value
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

4. Retirement Plans

a.) IndiaFirst Guaranteed Retirement Plan

The features of this plan are mentioned below:

The minimum entry age is 40 years and maximum is 80 years
The minimum age for regular premiums is 25 years and the maximum age is 55 years
The minimum age for limited premiums is 25 years and the maximum age is 70 years
The minimum age for single premiums is 0 and the maximum age is 75 years
Offers you to earn guaranteed returns at the beginning of the plan and also an opportunity to earn retirement corpus through bonus
Offers guaranteed peace of mind by allowing you to earn assured returns and by helping you to strengthen your finances
You can start early here and can easily build a corpus for the future
Offers tax free death benefits under Section 10 (10D) of the Income Tax Act, 1961
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers convenience to maximize your retirement pool, up to a term of 40 years

b.) IndiaFirst Immediate Annuity Plan

The features of the plan are mentioned below:

The minimum age for first annuitant is 40 years for new members and 0 years for existing pension members
The minimum age for second annuitant is 18 years
The maximum age for both the first as well as second annuitant is 80 years
Offers you empowerment to let you choose your retirement between 40 and 80 years
Helps you to maintain your lifestyle even post retirement
You can choose the joint life option to support your spouse via annuity proceeds after your death
You can choose the return of purchase price option to protect your nominees so that they can get back your investment amount
Offers definite monthly, quarterly, half-yearly and yearly income throughout your retirement years
Offers you with the choice of 4 annuity options, life annuity, life annuity with return of purchase price, joint life last survivor annuity for life and annuity certain for 5/10/15 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Claim Process of IndiaFirst Life Insurance Plans

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

1. Claim Registration:

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. The nominee needs to ensure that the form is filled based on the type of claim and submitted to the IndiaFirst Term Insurance office along with the other documents.

The insurance company registers the claim and provides an acknowledgement to the claimant with a set of other claims documents for further processing of the term claim.

2. Documents submission:

The nominee can either visit the IndiaFirst Term Insurance head office or any of its branch to register a life insurance claim. The below documents would be required

Intimation form
Original Death certificate/attested copy of death certificate
KYC of the nominee
Bank details of the nominee along with cancelled cheque
Copies of identity proof and age proof of the life insured
FIR copy, post mortem report, panchnama, duly attested by police officials, in case of unnatural death that includes suicide, murder, accidents etc.
Copies of hospitalization documents including the discharge letter, diagnosis report
Original Policy bond

3. Claim scrutiny and decision:

The insurance company communicates the claimant the other requirement. A dedicated claims team follows up and help the claimants. This team further understands the genuineness of the claims, scrutinizes the claim and further takes a decision for claim payments.

4. Fund value payment:

After scrutinizing the claim, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

5. Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee's favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy. The company claims to settle the payment within 15 calendar days, if all the document has been submitted as per the requirement.

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.

Review of IndiaFirst Life Insurance Plans

IndiaFirst Term insurance offers wide-ranging term coverage that takes care of your overheads associated with liabilities and offers a peace of mind by making arrangements for a financially secured life for your loved ones. The variety of plans offered by this company would enhance your insurance policies at a very minimal rate. It is one of the fastest growing insurance company. IndiaFirst Term Insurance is a well-known company claims of user-friendliness and unswerving customer service. With diverse coverage plans suiting every individual, this company undeniably has a potential to be ranked as one of the best insurance companies of India. This company has a highly committed sales force with a touch of customer delight.