Get covered at unbelievably low premiums for high sums. It can't get any better.

IndiaFirst Life Term 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 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.

Benefits of IndiaFirst Life Term Insurance

  • Cost: IndiaFirst Term insurance plans are quite cheap. They are pocket-friendly rates for every product under the term insurance category which makes them one of the preferred term insurance company.
  • Term: This policy offers protection for 30 years with in turn provides you ample security
  • 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 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 Term Insurance Plans

1. 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.

2. 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

3. 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

Claim Process of IndiaFirst Life Term Insurance

.

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. You can register the claim online. You can contact 1800-209-8700 or courier the hard copies to the head office or can email on claims.support@indiafirstlife.com. 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 term 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.

Exclusions of IndiaFirst Life Term Insurance

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.

Review of IndiaFirst Life Term Insurance

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.

FAQ's on IndiaFirst Life Term Insurance

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:

  • Financial security- It offers financial security to your loved ones once you are gone and gives them an opportunity to lead a life without compromising the gestures of life.
  • Low premium- It offers attractive premiums for a higher sum assured
  • Rebate- Certain term insurance plans offers rebate on premiums for a higher sum assured
  • Smokers included- Even those with tobacco-chewing and smoking habits can opt for term plan. No one discriminates or judges that way. But, also the premium would differ as per your category of smokers, non-smokers, healthy non-smokers etc.
  • Tax exemption- The premium paid is also exempted from taxation up to a maximum of Rs.1 lakh under Section 80C of the Income Tax Act, 1961.
  • Choice of plan- It offers tailor-made term insurance plans as per your requirements.
  • Death benefit- The beneficiary receives a lump sum amount on the demise of the policyholder incase death during the policy period.

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:

  • The number of dependents
  • The type of lifestyle you wish to give your family in your absence
  • The investments that you have
  • Your budget to buy a term plan
  • The amount that you require for your child's education and to pay the tuition fees
  • Your loans and liabilities It is advisable to buy a term insurance that is 10 times your annual income.

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:

  • Costs such as distribution, paperwork, commission are all saved by the insurance companies if you buy a term insurance plan online. Such benefits are further passed on to the customers by reducing the premium costs.
  • There is less physical movement if you go online to buy a term insurance plan. For instance, if you visit any branch of IndiaFirst Term Insurance Company to buy a plan, you will have to fill the form physically which further travels to the local hubs, post which the policies are underwritten. Then there would be a decision taken whether the policy would be approved or denied. If you buy a policy online, the rules are applied as you fill the details and most of the times the screening happens then and there. These savings are further transferred to the customers by offering a lower premium.

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.

Leave a rating!
1.0 (0 votes)