- About Coverfox
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 has over 8000 plus network of branches across India and is headed by the MD & CEO Ms.R.M.Vishakha.
IndiaFirst Life Insurance Company 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. This company covers major insurance market covering health, retirement, savings, protection and wealth.
This plan can be bought only through the website. The features of this plan are mentioned below:
The features of this plan are mentioned below:
The features of this plan are mentioned below:
The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:
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.
Like any other insurance, term insurance too has its limitations for specific circumstances. Mentioned here are some common exclusions that a term insurance would not cover.
Suicide- This is one of the common exclusion that most of the insurer’s would not cover. The dependents would not get any compensation if the insured commits suicide in the first year of the policy. But, suicide won’t be compensated at all in a group insurance policy. However, if the life insured commits suicide within the first 12 months of the policy inception, the nominee would receive the surrender value of the policy till date.
Dangerous activities- Death due to race car driving, SCUBA diving, rock climbing etc. are not covered under a term plan. In simple terms, if you are involved with these dangerous activities, then your beneficiary would not get any compensation during any uncertainties.
Act of war- Any death occurred due to acts of war or due to natural calamities like drought, floods, earthquake etc. are not covered under a term plan.
Drugs abuse or alcoholism- Any death occurred due to consumption of alcohol or drugs is not covered under a term plan. The insurance company would not be liable for any compensation to the dependents.
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. They have around 5 million trusted policy holders since 2010. 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. This company has a network of more than 8000 branches. It has made a turnover of more than Rs.2 billion in just four and half months since its inception.
Why should I buy IndiaFirst Term Insurance Plan?
You should buy IndiaFirst Term Insurance Plan because of the hosts of the benefits it offers. Some of them are mentioned below:
How should I decide on the sum assured if I wish to buy the IndiaFirst term insurance plan?
The sum assured is the amount that you are covered for. This is the amount that IndiaFirst Term Insurance Company would pay your nominee in case of your untimely death. The sum assured depends on the below factors:
Why do I find a difference in premiums for the online and offline term insurance plans of IndiaFirst Term Insurance Company?
The benefits offered by the online and offline term plans by IndiaFirst Term Insurance Company are no different. However, the plans bought online are much cheaper that those bought offline due to some of the reasons mentioned below:
What if I wish to cancel my IndiaFirst Term Insurance Plan?
If you wish to cancel your IndiaFirst Term Insurance Plan, you would first have to fill up the cancellation form and then submit the same to the nearest IndiaFirst Term Insurance branch office. The surrender charges too have to be paid. If you are a new user, the company offers 15 days period to surrender your term plan in case you wish to cancel the same.
Will I get any maturity benefit if I survive the policy term of the term insurance plan?
The basic motive of the term insurance plan is to provide financial security to your beloved family in your absence. But, if you outlive the policy, no lump-sum amount is paid on survival of the insured.