IndiaFirst Life Insurance is the youngest insurance company in India which was established in the year 2009. IndiaFirst Life Insurance is the collaboration of Bank of Baroda, Andhra Bank and Carmel Points Investments India Private Limited. 43.30% of company’s stake is held by Bank of Baroda, 29.53% stake is held by Andhra Bank and the remaining 27.17% of stake is held by Carmel Point Investments India Private Limited. The company serves a retail customer base of 10 lakhs with assets under management (AUM) as on 31st March 2019 of INR 15,000 crore.
Important Facts about IndiaFirst Life Insurance
- The company offers a diversified product portfolio that includes 35 need-based products suitable for various customer segments. Category of products includes protection plans, wealth plans, pension plans, assured savings plans, health plans and group plans
- The company has received ‘’customer excellence in insurance sector’’ award
- The company has received ‘’customer service provider of the year 2019’’ at Indian Insurance Summit
- The company has received ‘’Best Social Media Brand in BFSI (Insurance) award 2019’’
- The company has received ‘’The economic times best brands 2018’’ award for excellence in BFSI
- The company has been awarded as ‘’Bancassurance leader of the year 2017’’ award at National awards for insurance excellence
- The company has been awarded as ‘’Best life insurance company’’ at National awards for marketing excellence by Times network
- The company has received ‘’Best life insurance company’’ by World HRD Congress in the private sector category
- The company has received ‘’Social inclusion award’’ by Fintelekt for demonstrating excellence in terms of reach, business-volumes, focused product offerings and innovative business models
Benefits of IndiaFirst Life Insurance
Following are the benefits of IndiaFirst Life Insurance plans –
- Comprehensive protection: IndiaFirst Life Insurance Company offers a variety of insurance products to protect you and your family against the uncertainties of life by offering financial security
- Need-based, product customisation: The Company offers various insurance products with customisable features. There are term plans to provide adequate life protection, wealth and savings to offer a combination of wealth creation and life protection and retirement plans to secure golden years of life. Every product comes with flexible features which allows you to customise the plan based on your individual or family needs
- Helps to achieve long-term goals: Be it for securing retirement life, securing children’s future or to achieve any long-term goals such as for dream vacation etc, there are plans for each unique and long-term financial goals
- Convenience:IndiaFirst Life Insurance Company is known to offer absolute convenience in every process. Most of the plans are available online with a simple buying process. Digital presence has made it more convenient for its customers
- Quick claim settlement: As claims can be registered online with certain simple procedures along with with round the clock assistance from the customer support team, the entire process of claim settlement is quite quick with the IndiaFirst Life Insurance Company
- Excellent customer service: The company is known to offer best in class after-sale services with its 24/7 customer support over the call and also on the digital platform
- Tax benefits: Premium paid for IndiaFirst Life Insurance plans qualify for tax deduction under Section 80C of the Income Tax Act, 1961. Lump-sum proceedings from the insurance plans are also exempt from income tax under Section 10 (10D) of the Income Tax Act
Types of IndiaFirst Life Insurance Plans
IndiaFirst Life Insurance Company has a diversified product portfolio to offer. Following are the category of products offered by the company –
- Term plans
- Savings plans
- Child plans
- Investment plans (ULIPs)
- Retirement plans
- Common service centre plans (CSC)
- Point of sale (POS) plans
Let’s learn more about various plans offered under each category.
IndiaFirst Term Insurance Plans
Term plans of IndiaFirst Life Insurance Company ensure the financial stability of your family is under control even when you are not around. The plans are tailor-made to suit the financial needs of every family with complete protection.
1. IndiaFirst Life e-Term Plan
IndiaFirst Life e-Term plan is a non-linked, non-participating term insurance plan that offers complete financial protection to insured’s family in an unfortunate event like death, accidental total permanent disability and critical illnesses. The plan comes with attractive and customisable features to suit various unique protection needs of people.
Features of IndiaFirst Life e-Term Plan
2. IndiaFirst Life Plan
IndiaFirst Life Plan is a non-participating pure term insurance plan that helps you secure your family’s financial future against the uncertainties of life. The plan comes with many attractive features.
Features of IndiaFirst Life Plan
3. IndiaFirst Anytime Plan
IndiaFirst Anytime plan is a pure term insurance plan that offers complete financial security to your loved ones during uncertainties of life. This ensures your family’s financial position is stable even when you are not around.
Features of IndiaFirst Anytime Plan
IndiaFirst Traditional Savings Plans
IndiaFirst Life Insurance offers various traditional savings plans that inculcate regular savings habits in you to secure your future dreams. These plans are a combination of insurance and savings.
1. IndiaFirst Life Cash Back Plan
IndiaFirst Life Cash Back Plan is a non-linked, non-participating, limited premium money-back insurance plan. The plan offers guaranteed payouts on maturity along with offering life protection.
Features of IndiaFirst Life Cash Back Plan
2. IndiaFirst Maha Jeevan Plan
IndiaFirst Maha Jeevan plan is non-linked, participating endowment life insurance plan that offers the dual benefit of wealth creation for long-term with life protection. The plan comes with amazing features.
Features of IndiaFirst Maha Jeevan Plan
3. IndiaFirst Simple Benefit Plan
IndiaFirst Simple Benefit plan is a non-linked, participating endowment plan that offers the dual benefit of life protection and assured savings.
Features of IndiaFirst Simple Benefit Plan
4. IndiaFirst Life Guaranteed Monthly Income Plan
IndiaFirst Life Guaranteed Monthly Income Plan is a non-linked, participating, limited premium endowment life insurance plan that provides an additional source of income along with life protection. The plan gives guaranteed monetary support.
Features of IndiaFirst Life Guaranteed Monthly Income Plan
5. IndiaFirst Life Smart Pay Plan
IndiaFirst Life Smart Pay plan is a non-linked, participating, limited pay money back life insurance plan offered by IndiaFirst Life Insurance Company. The plan helps you meet various life goals at various stages along with safeguarding your family financially against uncertainties of life.
Features of IndiaFirst Life Smart Pay Plan
IndiaFirst Child Insurance Plans
Child plans offered by IndiaFirst Life Insurance are the combination plans that offer the benefit of wealth creation for securing children’s future dreams along with life protection. There are various child plans offered by the company.
1. IndiaFirst Happy India Plan
IndiaFirst Happy India Plan is a unit-linked non-participating endowment insurance plan that is specifically designed for securing the future of your children. With wealth creation and protection benefits, it helps to achieve a child’s education and career dreams.
Features of IndiaFirst Happy India Plan
2. IndiaFirst Life Little Champ Plan
IndiaFirst Life Little Champ plan is a non-linked, participating life insurance plan that helps you secure your child’s future. The plan helps you give the best possible education to your children and career. Regular guaranteed payouts ensure comprehensive financial protection.
Features of IndiaFirst Life Little Champ Plan
IndiaFirst Investment Plans (Unit Linked Insurance Plans)
IndiaFirst Investment Plans (ULIPs) are new-age plans that offer a combination of insurance and wealth accusation through return maximisation by investing in capital markets. These plans come with various fund options which can be chosen depending on individual needs, investing style and risk appetite.
1. IndiaFirst Life Wealth Maximizer Plan
IndiaFirst Life Wealth Maximizer plan is a unit-linked, non-participating plan that provides the benefit of wealth accumulation and life protection to secure your future for long-term.
Features of IndiaFirst Life Wealth Maximizer Plan
2. IndiaFirst Money Balance Plan
IndiaFirst Money Balance plan is a unit-linked insurance plan offered by IndiaFirst Life Insurance Company. The plan aims to maximise the return by investing in the capital market along with providing life protection.
Features of IndiaFirst Money Balance Plan
3. IndiaFirst Smart Save Plan
IndiaFirst Smart Save Plan is a unit-linked endowment insurance plan offered by IndiaFirst Life Insurance Company that helps you achieve financial freedom. With market-linked returns on your investment, the plan helps to achieve your dreams along with securing your family’s financial future during uncertainties.
Features of IndiaFirst Smart Save Plan
IndiaFirst Retirement Insurance Plans
IndiaFirst Life Insurance Company offers a variety of pension plans to secure your golden years of life post-retirement. The plans are specially crafted to take care of regular income needs that help in maintaining a similar lifestyle with financial stability.
1. IndiaFirst Guaranteed Retirement Plan
IndiaFirst Guaranteed Retirement plan is a non-linked, participating, endowment deferred pension plan that guarantees financial stability during your retirement life. With various flexible and attractive features, the plan ensures to secure your golden years financially.
Features of IndiaFirst Guaranteed Retirement Plan
2. IndiaFirst Immediate Annuity Plan
IndiaFirst Immediate Annuity plan is a non-linked non-participating pension plan offered by IndiaFirst Life Insurance Company. The plan offers financial security and peace of mind in your golden years by providing steady retirement income.
Features of IndiaFirst Immediate Annuity Plan
3. IndiaFirst Life Guaranteed Annuity Plan
IndiaFirst Life Guaranteed Annuity Plan is a non-linked, non-participating individual annuity plan that helps to build a corpus over the years to get the regular income flow post-retirement for a lifetime.
Features of IndiaFirst Life Guaranteed Annuity Plan
IndiaFirst Common Service Centre Plans (CSC)
1. IndiaFirst CSC Shubhlabh Plan
IndiaFirst CSC Shubhlabh plan is a non-linked, non-participating variable insurance plan that helps to build the corpus with low premium at your convenience.
Features of IndiaFirst CSC Shubhlabh Plan
IndiaFirst Point of Sale (POS) Plans
1. IndiaFirst Life POS Insurance Khata Plan
IndiaFirst Life POS Insurance Khata plan is a non-linked, non-participating, term assurance with the return of premium plan that offers the benefit of financial security to your family during uncertainties along with protecting your money.
Features of IndiaFirst Life POS Insurance Khata Plan
2. IndiaFirst Life POS CashBack Plan
IndiaFirst Life POS Cash Back plan is a non-linked, non-participating, limited premium, money back insurance plan that helps you pay for the special moments in life along with protecting your family’s financial future against uncertainties of life.
Features of IndiaFirst Life POS CashBack Plan
How to Buy IndiaFirst Life Insurance Plans?
IndiaFirst Life Insurance plans can be purchased both via an offline and online platform. You can visit the branch offices or contact insurance advisors for purchasing IndiaFirst Life Insurance plans offline. You will have to fill in physical forms and submit the required documents along with payment cheque for the offline process. However, buying online is more convenient which can be done in a few steps through the company website of IndiaFirst Life Insurance Company.
However, if you wish to buy any other life Insurance plans online would be buying them through Turtlemint as plans can be compared with similar other plans available in the market.
Following are the simple steps to follow for buying online through Turtlemint –
- Visit www.turtlemint.com
- Click on the ‘life insurance’ category
- Choose the subcategory of your choice and the list of various plans available under the category are displayed
- Provide your profile details such as gender, marital status, date of birth, name, income details, contact details and the coverage requirements etc.
- Once you complete your profile, all the suitable plans available in the market are displayed
- Compare and choose the best-suited plan
- After choosing the plan, fill in the online application and proceed for premium payment
- Once the payment is done, you would be able to buy the plan easily
Documents Required for Buying IndiaFirst Life Insurance Plans
Following are the documents required for buying IndiaFirst Life Insurance plans –
- Identity Proof – PAN Card /Aadhaar Card/ Driving license / Voter’s ID/Passport
- Income Proof – ITR for last 3 years/Salary slip/ Latest form 16
- Address Proof – Passport/Voter’s ID /Driving License/ Aadhaar Card/ Bank Statement / Ration card/Utility Bill
- Passport size photographs
- Medical reports, if necessary
Claim Process for IndiaFirst Life Insurance Plans
The claim process for IndiaFirst Life Insurance plans is simple, quick and convenient. Following is the process to follow –
- Register the claim with the insurance company immediately. A claim can be registered online or through email or by calling on the toll-free number. For registering the claim online you need to provide simple details like policy number, date of birth of life assured and death date. Alternatively, claim intimation requests can be placed at the branch office.
- Submit signed and filled claim form along with other required documents
- Claim team will carefully review all the documents submitted and communicate in case of any pending documents.
- Once all the documents are received and verified, claim decision (acceptance or rejection) will be taken.
Turtlemint can help you with claim settlements, you can contact Turtlemint by calling on 1800-266-0101 or by writing to them on firstname.lastname@example.org. Their executive will get in touch with you.
Documents Required for IndiaFirst Life Insurance Claims
Following are the documents required for IndiaFirst Life Insurance claims:
- Duly signed and filled claim form
- Claimant’s statement along with ID proof and relationship proof
- Original policy document/Indemnity bond
- Copy of Death certificate
- Medical attendant certificate
- Police FIR and post mortem report in case of unnatural death
- Employer’s certificate, if applicable
The requirement of documents may slightly vary depending on the type of claim.
Riders Offered under IndiaFirst Life Insurance Plans
IndiaFirst Life Insurance plans come with multiple optional rider options that can enhance the coverage. Following are the riders offered by IndiaFirst Life Insurance –
- IndiaFirst Life Waiver of Premium Rider – This rider provides additional support to loved ones during an unforeseen event by waiving off the future premiums of the base policy in case the life assured suffers from death, accidental total permanent disability or critical illness.
- IndiaFirst Term Rider Plan – This is a pure term insurance rider that ensures your loved ones are taken care of even when you are not around by providing additional protection against death.
Exclusions in IndiaFirst Life Insurance Plans
Suicide exclusions: If the life assured commits suicide within 12 months from the date of inception of the policy or revival of the policy, the insurance company will pay 80% of the premiums paid till the date of death (excluding applicable taxes) to the nominee.
For any queries, IndiaFirst Life Insurance Company can be contacted easily.
Company Address and Contact Information of IndiaFirst Life Insurance Company
Contact Address – IndiaFirst Life Insurance Company Limited, 12th and 13th Floor, North (c) wing, Tower 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063
Email – email@example.com
Toll-free number – 1800 -209 – 8700