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  • Indiafirst Life Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    IndiaFirst Life Insurance Company, inaugurated in 2010 by the then President of India, Mr. Pranab Mukherjee, is one of India’s newest and youngest insurers. The company is headquartered in Mumbai and currently has offices in over 1,000 cities across India. A joint venture between Bank of Baroda, Andhra Bank and the Legal & General group, IndiaFirst Life Insurance Company is connected by a network of over 8,000 branches and 50 million customers across India.

    IndiaFirst Life Insurance Company caters to its ever-growing customer base with a large and varied range of insurance products – term insurance products, micro-insurance plans, retirement plans, saving plans, investment plans (ULIPs), among others.

    Highlights of IndiaFirst Life Insurance Updated on 13 Nov 2018

    Percentage of Grievances Solved 99.06%
    Claim Settlement Ratio 82.65%
    Group Death Claims 93.76%
    Percentage of Claims Rejected 6.16%
    Solvency Ratio (for the quarter ended March 2017)

     

    Claim Settlement Ratio of IndiaFirst Life Insurance

    IndiaFirst Life Insurance is one of the newest life insurers in the country. Similar to various established firms in the market, IndiaFirst offers life insurance solutions in multiple categories based on the requirements of customers. For the fiscal year 2016-17, its claim settlement ratio is given below:

    No. of claims received No. of claims approved Claim settlement ratio
    1,741 1,439 82.65%

    IndiaFirst Life Insurance Plans

    The various Individual Insurance Plans offered by IndiaFirst Life Insurance Company are listed below:

    Term Plans ULIP Plans Savings Plans Retirement Plans Micro Insurance Plans
    IndiaFirst Anytime Plan IndiaFirst Money Balance Plan IndiaFirst Life Cash Back Plan IndiaFirst Guaranteed Retirement Plan IndiaFirst CSC Shubhlabh Plan
    IndiaFirst Life Plan IndiaFirst Happy India Plan IndiaFirst Maha Jeevan Plan IndiaFirst Immediate Annuity Plan IndiaFirst Life “Insurance Khata” Plan
    Star First Combi Plans IndiaFirst Smart Save Plan IndiaFirst Simple Benefit Plan    
      IndiaFirst Life Wealth Maximizer Plan      

    The various Group Insurance Plans offered by IndiaFirst Life Insurance Company are listed below:

    Protection Plans Retirement and Fund Based Plans Health Plans
    IndiaFirst Group Term Plan IndiaFirst Group Superannuation Plan IndiaFirst Life Group Hospi Care Plan
    IndiaFirst Life Mass Market Plan IndiaFirst Employee Benefit Plan  
    IndiaFirst Group Credit Life Plan IndiaFirst New Corporate Benefit Plan  
    Pradhan Mantri Jeevan Jyoti Bima Yojana    

    Why should you go for IndiaFirst Life Insurance Company?

    IndiaFirst Life Insurance Company has an insurance product portfolio that’s guaranteed to cater to the needs of every single customer. IndiaFirst Life has been a recipient of numerous awards and accolades since its inception in 2010. What’s more, the company has also channeled the efforts of its employees, distributors and agents into community development programs in rural areas.

    IndiaFirst Life’s ‘Customer First’ approach, the technological initiatives and varied product offerings help customers protect their savings and plan for a hassle-free future.

    Different types of Policies Provided by IndiaFirst Life Insurance Company

    Individual Insurance Plans:

    IndiaFirst Term Insurance Plans: In the traditional sense, a Term Insurance policy provides coverage/life protection only for a specific period of time. Under a Term Insurance policy, if the policyholder meets with an untimely demise, the death benefit is paid to the nominee.

    Plan name Key Features
    IndiaFirst Anytime Plan
    • Policyholder is provided a life cover for up to 40 years.
    • All premiums paid are eligible for tax benefits as per prevailing tax laws.
    • Customers are provided a range of premium paying modes – Single, Monthly, Half-Yearly, and Yearly.
    • In case policyholders meet with an untimely death, a lump sum death benefit is paid to the nominee.
    IndiaFirst Life Plan
    • Policyholder can choose life cover for a period of 5-40 years.
    • Death benefit is given to the nominee in case the policyholder dies.
    • Tax benefits as per prevailing laws of the Income Tax Act, 1961.
    • Policyholder needs to be a minimum of 18 years and can be a maximum of 60 years to apply for the plan.
    • Premiums can be paid on a one-time, monthly, half-yearly or yearly basis.
    Star First Combi Plans IndiaFirst Life’s Star First Combi Plans ensure that the policyholder and his/her dependants are protected with a dual health and life cover. The policyholder can choose to be covered under the following sub plans:
    • Star First Optima
    • Star First Delite
    • Star First Care
    • Star First Comprehensive
    • Star First Classic

    IndiaFirst ULIP Plans: ULIPs offer customers the dual benefit of a life cover and an investment option. Customers are also given the option to redirect their premiums into various high/low risk investments.

    Plan name Key Features
    IndiaFirst Money Balance Plan
    • A lump sum amount is offered in case of the policyholder’s untimely demise.
    • Policyholders are allowed to partially withdraw investment in times of emergency.
    • All premiums are entitled to tax benefits as per prevailing tax laws.
    • Policyholders can pay regular premiums, limited premiums or a single premium.
    • Automatic investment strategy helps policyholders optimize investments.
    IndiaFirst Happy India Plan
    • Your nominee will receive a sum of money during every significant stage of his/her life.
    • A life cover ensures that the nominee receives a Sum Assured in the event of the policyholder’s death.
    • Policyholders are given the option to switch funds at any stage to optimize their investments.
    • All premiums paid and payouts are eligible for tax benefits.
    • Policyholders can partially withdraw funds during times of emergency.
    IndiaFirst Smart Save Plan
    • Customers can redirect or switch premiums from one fund to the other.
    • The nominee will receive a guaranteed Sum Assured in case the policyholder meets with death.
    • Policyholders are given the option to invest in at least 4 different funds.
    • Policyholders are given access to funds during times of emergency.
    • Tax benefits are provided to policyholders as per the prevailing laws.
    IndiaFirst Life Wealth Maximizer Plan
    • Policyholders can switch between funds to get the maximum out of their investments.
    • Policyholders are given the option to choose from 7 different fund options.
    • Policyholders are given the option to partial withdraw funds, anytime after 5 years.
    • Various investment strategies are provided to meet the varying needs of different investors.
    • Nominees receive a death benefit in case the policyholder dies.
    • Tax benefits are provided to policyholders, as per the prevailing laws.

    IndiaFirst Savings Plans: A savings plan helps policyholders accumulate wealth over time by making small and steady premium payments on a regular basis, till the end of the policy term.

    Plan name Key Features
    IndiaFirst Life Cash Back Plan
    • Policyholder receives guaranteed payouts at regular intervals.
    • A risk cover of 10 times the Sum Assured is offered at the time of maturity.
    • Policyholders are entitled to benefits under Section 80(C) and 10(10D).
    • Policyholder need only pay for a limited period (during working years) but can stay invested for longer.
    IndiaFirst Maha Jeevan Plan
    • Policyholder/nominee receives an assured sum at maturity.
    • A terminal bonus, if applicable, will be paid by IndiaFirst Life to the insurer.
    • All premiums paid are eligible for tax benefits under 10(10D) and 80(C).
    • In case the policyholder meets with an untimely death, the insurer will pay a Death Benefit that equals the Sum Assured to the nominee.
    • Based on your income, work out a premium that is feasible for you to pay and build your investment systematically.
    • Policyholder gets to decide when the Sum Assured is to be credited to them.
    IndiaFirst Simple Benefit Plan
    • Policy guarantees nominees a death benefit that is equal to the Sum Assured, in case the policyholder meets with an untimely death.
    • During times of emergency, policyholders can avail a loan for up to 90% of the policy’s Surrender Value.
    • Policyholders can enjoy a tax benefit under Section 80(C) and 10(10D) of the Income Tax Act, 1961.
    • For Sum Assured up to Rs.2 lakh, policy takers can be issued policies instantly, over the counter.
    • Policyholders have the option of deciding when they want to receive the Sum Assured.
    • Regular, systemized premium payments ensure customers can build wealth over time.
    • Policyholders will be paid a guaranteed Sum Assured with bonuses, if applicable, at maturity.

    IndiaFirst Retirement Plans: A retirement plan is an investment option that guarantees financial security even after retirement. Policyholders receive a regular, guaranteed income based on the premiums paid through the policy term.

    Plan name Key Features
    IndiaFirst Guaranteed Retirement Plan
    • Policyholders receive a guaranteed return of 9% on the total premiums paid, as per premium payment term.
    • Your retirement corpus and bonus keep on growing, thus keeping inflation and other worries at bay.
    • Returns are guaranteed to the policyholder.
    • Policyholders can choose the premium frequency mode – single, limited or regular premiums.
    • All premiums paid are eligible for tax benefits as per the prevailing tax laws.
    • Policyholders can choose the policy term and can also start investing when they are as young as 25 years.
    IndiaFirst Immediate Annuity Plan
    • Policyholder can choose to receive returns anytime between 40 and 80 years, and hence plan their retirement.
    • Policyholder receives a guaranteed sum of money on a regular basis, through their retirement years.
    • Policyholders can choose the Joint Life option and Return of Purchase Price option to support their loved ones, even in their absence.
    • All Individual/Group deferred annuity members can choose to avail the benefits of this policy between 0-99 years.

    IndiaFirst Micro Insurance Plans: Micro-Insurance Plans are specifically tailored for low-income households. In most cases, affordable premium payments can guarantee a substantial life cover to the policyholder.

    Plan name Key Features
    IndiaFirst CSC Shubhlabh Plan
    • Policyholder only needs to submit name and Aadhaar number for enrolment.
    • Flexible premium paying frequency that can be decided on the basis of the policy taker’s convenience.
    • A lump sum death benefit is paid by the insurer if the insured meets with an untimely demise.
    • Policy guarantees a minimum floor rate of 1% p.a. on the cumulative account value.
    • Policy also guarantees interest of 4% p.a. for first 5 years and .5% p.a. for all subsequent years.
    • Policyholder will receive a lump sum amount at maturity.
    • Policyholders can partially withdraw funds after the first five years.
    • All premiums and maturity benefits are eligible for tax benefits as per prevailing tax laws of the Income Tax Act.
    • Policyholders can make additional payments through the insurer’s Top Up facility through the year.
    IndiaFirst Life “Insurance Khata” Plan
    • Policyholders know the exact benefits they will receive when they enrol for the policy.
    • Financial protection by way of a life cover and return of all premiums paid is offered to the life assured.
    • Policyholder can choose a policy term of 5, 7 or 10 years.
    • Nominees receive an assured sum as death benefit.
    • Policyholders can pay through single premiums or multiple-frequency premiums.

    IndiaFirst Group Insurance Plans:

    Protection Plans: Group Protection Plans enable corporates to help employees secure the lives of their dependants and avail tax benefits. These policies are usually renewable on a yearly basis.

    Plan name Key Features
    IndiaFirst Group Term Plan
    • For the employer:
    • All members/employees can be covered at competitive rates.
    • You can choose to have all your members covered or make it voluntary.
    • You have the option to add new employees through the year and pay premiums, as per your convenience.
    • Under this plan, corporates can also opt for the Employees Deposit Linked Insurance (EDLI).
    • For members:
    • Members can secure the lives of their loved ones at low rates.
    • A guaranteed lump sum will be paid to the nominee as death benefit in case the member meets with an unfortunate demise.
    • All premiums paid are eligible for tax benefits under Section 80(C), as per the Income Tax Act, 1961.
    IndiaFirst Life Mass Market Plan
    • For the employer:
    • All members can be covered at reasonable rates.
    • You can have new members enrolled even during the policy term.
    • You are entitled to receive tax benefits, as per the prevailing tax laws.
    • For members:
    • Members can opt for multiple benefits under this plan.
    • The life cover ensures the nominee receives a death benefit, if something happens to the member.
    • There is also an Accidental Cover in case the member suffers permanent disability due to an accident.
    • Members’ hospitalization expense are taken care of by the Hospital Cash Benefit feature.
    • All premiums paid by the member are eligible for tax benefits, as per the prevailing tax laws.
    IndiaFirst Group Credit Life Plan
    • For the employer:
    • This policy offers the option of combining an insurance offering with credit or loan products.
    • In case your member meets with an untimely death, the insurer will pay a lump sum towards the outstanding loan amount.
    • The policy gives you the flexibility to choose the level of coverage and the modes of payment that you want to offer to your members.
    • For members:
    • The insurer will pay a lump sum amount, as per the loan schedule, if something happens to the insured.
    • This policy enables members to choose between a level term and a decreasing term cover.
    • Can cover up to two borrowers under one plan.
    • Members can avail non-medical cover limits, as per the norms, set by the insurer.
    Pradhan Mantri Jeevan Jyoti Bima Yojana
    • For the employer:
    • All your members can be life insured for a reasonable and fixed rate.
    • New members can be added during the policy term.
    • For members:
    • Life cover at very reasonable rates.
    • In case the member dies, the nominee will receive a Sum Assured of Rs.2 lakh.
    • All premiums paid towards this policy are eligible for tax benefits under Section 80(C) of the Income Tax Act, 1961.

    IndiaFirst Retirement and Fund Based Plans: These plans offer members/employees the dual benefits of a life cover and retirement solutions, all under one plan. The various kinds of retirements plans offered by IndiaFirst Life are listed below:

    Plan name Key Features
    IndiaFirst Group Superannuation Plan
    • For the employer:
    • The master policyholder is given the option of covering the entire retirement benefit of employees, or a part of it.
    • Under this plan, the policyholder receives a minimum return of 0.5% p.a.
    • Any additional return over the minimum assured return will be given to the policyholder, at the year end, in the form of a bonus.
    • All contributions and income received on behalf of a Pension Fund are entitled for tax benefits under Section 10(25) of the Income Tax Act, 1961.
    • For members:
    • This policy entitles all members to 0.5% minimum guaranteed returns annually.
    • An amount will be guaranteed by the insurer only after the returns are credited.
    IndiaFirst Employee Benefit Plan
    • For the employer:
    • Through this plan, the master policyholder or the employer can manage the future liabilities, such as Gratuity and Leave Encashment, towards the employees.
    • The policy gives policyholders the option to choose between four funds, in order to optimize their investment.
    • The policyholder is entitled to receive tax benefits, as per the prevailing tax laws.
    • For members:
    • A guaranteed life cover of Rs.1000 is provided to all employees.
    • In case the member meets with an untimely demise, the insurer will pay the nominee a guaranteed lump sum amount, through the master policyholder/employer.
    IndiaFirst New Corporate Benefit Plan
    • For the employer:
    • This plan will help you manage liabilities like gratuity and leave encashment.
    • The insurer guarantees a minimum return of 0.5% p.a. during the policy term.
    • Policyholder is eligible for tax benefits, under the Income Tax Act, 1961.
    • For members:
    • Retirement and Resignation Benefits: The gratuity or leave encashment benefits will be paid to the member, in case he/she retires or resigns.
    • Death benefit: Along with the life cover of Rs.1000, the nominee will also receive the gratuity/leave encashment benefit, in case the policyholder dies.

    IndiaFirst Health Plans: Group health plans administer health insurance benefits to employees, such that they can reduce or even eliminate hospitalization expenses.

    Plan name Key Features
    IndiaFirst Life Group Hospi Care Plan
    • For the employer:
    • Under this policy, the employer/master policyholder can provide Hospitalization Cash Benefit to all members.
    • New members can be enrolled any time under the policy term.
    • All premiums paid towards this plan are eligible for tax benefits.
    • For members:
    • Members can avail the cover at low rates.
    • Through this policy, hospitalization expenses can be reduced.

    Documents Required for Buying an IndiaFirst Life Insurance Policy

     

    The basic documentation that a policy taker will have to submit in order to purchase an IndiaFirst Life Insurance Policy is:

    • Identity Proof: This can be your valid Indian passport copy, voter’s identity card, PAN card, etc.
    • Age Proof: The birth certificate, passport copy, etc. can be used for this.
    • Income Proof: Recent payslips attested by the HR of one’s organization can be submitted as proof of income.
    • Address Proof: The passport, bank passbook, electricity bill, etc. may be submitted as address proof.
    • PAN Number: Check your PAN card for your PAN number.

    How to check the Policy Status?

    A policyholder can check their IndiaFirst Life Insurance policy status through following methods:

    • Check the status online
    • You can log into the IndiaFirst Life Insurance website and choose the relevant option to check the status of your policy, or
    • You can also send an email with all the relevant details (policy number, name of the policyholder, etc.) to customer.first@indiafirstlife.com.
    • Check the status offline
    • Policyholders can contact the Customer Service team of IndiaFirst Life Insurance Company for information on their policy status. The toll-free number is 1800 209 8700. The working hours of the team are from 8 a.m. to 8 p.m., Monday to Saturday.
    • Policyholders can also walk into the nearest IndiaFirst Life Insurance branch for details on the policy status.

    Claim Settlement Ratio of IndiaFirst Life Insurance

    IndiaFirst Life Insurance is one of the newest life insurers in the country. Similar to various established firms in the market, IndiaFirst offers life insurance solutions in multiple categories based on the requirements of customers. For the fiscal year 2016-17, its claim settlement ratio is given below:

    No. of claims received No. of claims approved Claim settlement ratio
    1,741 1,439 82.65%

    Claim settlement ratio trend over the years:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 82% 71% 73% 72% 72% 83%

    IndiaFirst Life Insurance Online Payment

    Customers can choose to pay their premiums through various methods, such as:

    • Visit the IndiaFirst Life Insurance website and log into the Customer Portal to pay your premiums.
    • Net Banking: Customers can pay through Bank of Baroda’s Net Banking feature, or simply add IndiaFirst Life as a beneficiary and transfer the premium amount.
    • Mobile Wallets: You can also use mobile wallets like Paytm and JioMoney to pay your premiums.
    • ECS: Customers can also automate their premium payments through ECS.
    • Credit Card Standing Instructions: Members can also set standing instructions, so the money is automatically debited every month.
    • NEFT/RTGS: Instantly pay your premiums through the NEFT/RTGS options.
    • IVR: Pay your premiums instantly with the Interactive Voice Response (IVR) at IndiaLife First’s call centres.
    • The insurer also accepts cash/cheque payments.

    IndiaFirst Life Insurance Company FAQs

    1. Will I incur any charges if I cancel my IndiaFirst Life policy during the free-look period?

    2. The charges you will incur on the cancellation of a policy will depend on the kind of policy you are enrolled under:

      • Charges for cancellation of Unit Linked Policies:
      • Stamp Duty charges
      • Pro-rated mortality charges
      • NAV fluctuation charges
      • Expenses incurred on medical examination, if any.
      • Charges for cancellation of Endowment, Term and Health/Mediclaim policies:
      • Stamp Duty charges
      • Pro-rated mortality charges
      • Expenses incurred on medical examination, if any.
    3. I have raised a reimbursement claim. Where should I courier my hospitalization documents?

    4. Policyholders must courier all hospitalization bills and reports to the below mentioned address:

      IndiaFirst Life Insurance Company, C/O Dr. Sheela Sundar/ Dr. Smitha Medi Assist India TPA Pvt. Limited Tower ‘D’, 4th Floor, IBC Knowledge Park, 4/1, Bannerghatta Road, Bangalore – 560 029.

    5. How much time will it take to settle my claim?

    6. Post receiving all the required documents, IndiaFirst Life Insurance Company will review and settle your claim within 15 days. All claims settlements happen through electronic modes.

    7. What is the process to change my IndiaFirst Life insurance plan?

    8. All policyholders are given the option to change their plan within the free-look period if they are not satisfied with the terms and conditions of the policy.

      In order for IndiaFirst Life to process your Change of Plan request, you will need to provide the below listed documents:

      • A request letter, signed by the policyholder
      • An application form, if you are applying for a new plan
      • A benefit illustration

      You can send these documents to IndiaFirst Life Insurance Company through various methods:

      1. By email, on customer.first@indiafirstlife.com.
      2. You can also directly courier it to our head office.
      3. Visit the nearest IndiaFirst, Andhra Bank or Bank of Baroda branch or a Common Service Centre, and submit the documents.
    9. How can I revive a policy that has just lapsed?

    10. Firstly, you will need to check your policy to know if it is still in the revival period. If your policy has lapsed during the revival period, all you need to do is pay your outstanding premiums and applicable taxes (if any).

      In case your policy has passed the revival period and has been lapsed for over 6 months, you will need to submit a signed Declaration of Good Health form.

      You can send any required documents to IndiaFirst Life Insurance Company by:

      1. Email
      2. Courier it to the Head Office, addressing it to the Customer Service Team.
      3. Walk into the nearest Common Service Centre, IndiaFirst, Bank of Baroda or Andhra Bank branch.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    Indiafirst Life Insurance Reviews

    • review Life Insurance
      "Best Health Insurance policy"
      0.5 3.0/5 "Satisfactory"
      I just purchased the health insurance in India Health First. They are providing a claim for the doctors fee and medical expenses. I have taken the policy which covers 5 members in a family. I pay the premium of Rs. 10500 for 2 years. They covers for a skin problems and dental surgery. The policy is starting from the 1st day there is no gap for that. The reimbursement was Rs. 10000 which is very cheap. They are offering a medical expenses upto Rs. 10000. The operation cost is not included in this policy and maternity benefits are there. Its covers for vaccine benefits, diabetes, BP got covered.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 03, 2018
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