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:
Eligibility Criteria
| Parameters | Minimum | Maximum |
|---|---|---|
| Sum Assured | Rs. 10 lakh | Rs. 50 lakh |
| Premium | Rs. 2,400 | No Upper Limit |
| Entry Age | 18 years | 60 years |
| Maturity Age | - | 70 years |
| Policy Tenure | 5 years | 30 years |
| Premium Payment Frequency | Regular payment - Annual, Half-yearly or Monthly, and Single Premium Payment | |
The features of this plan are mentioned below:
Eligibility Criteria
| Parameters | Minimum | Maximum |
|---|---|---|
| Sum Assured | Rs. 5 lakh | Rs. 20 lakh |
| Premium | Minimum monthly premium Rs. 500, Rs. 1,000 for half-yearly and Rs. 2,000 for yearly Minimum amount for single payment premium is Rs. 5,000 |
Entry Age | 18 years | 60 years |
| Maturity Age | - | 70 years |
| Policy Tenure | 5 years | 30 years |
| Premium Payment Frequency | Regular payment - Annual, Half-yearly or Monthly, and Single Premium Payment | |
The features of this plan are mentioned below:
Eligibility Criteria
| Parameters | Minimum | Maximum |
|---|---|---|
| Sum Assured | Rs. 5,000 | Rs. 50,000 |
| Entry Age | 18 years | 60 years |
| Maturity Age | - | 60 years |
| Policy Tenure | 5 years | 10 years |
| Premium Payment Frequency | Regular payment - Annual, Half-yearly or Monthly, and Single Premium Payment | |
IndiaFirst Life Term insurance offers Death Benefit to nominees on the sudden demise of the policyholder. This benefit can be paid by the insurer in two ways, as opted for by the policyholder at the time of purchasing the policy – lump sum payable after the policyholder’s death or in the form of instalments paid throughout the remaining policy tenure.
.
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
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.
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.
