About Indiafirst Life Insurance

Indiafirst Life insurance company is a collaboration between two public sector banks of India, Bank of Baroda and Andhra Bank and UK based investment firm Legal & General. The company started its operation in 2009 and is headquartered in Mumbai. In order to fulfill the requirements of the insurance seekers, Indiafirst Life Insurance Company offers a wide range of insurance products, investment funds, etc. The insurance plans offered by the company include savings plan, pension plan, life insurance plan, term plan, etc.

The company has 4,800 partnered branches and offers its services across various different cities in India. Indiafirst Life Insurance Company has a claim settlement ratio of 82.65% in the year 2016-2017 and 99.06% grievances settled in the year 2016-17.

Eligibility Criteria of Indiafirst Life Insurance

  1. The policies offered by Indiafirst Life Insurance has a minimum age limit of 18 years.
  2. The maximum age eligibility of policies offered by Indiafirst Life is 60 years.
  3. The individuals should be salaried, professionals, self-employed.
  4. The maximum tenure of the plans offered by Indiafirst Life is 40 years.

Types of Plans Offered by Indiafirst Life Insurance

Indiafirst Life Insurance Protection Plans

The key objective of Iindiafirst protection plans offered by Indiafirst life insurance is to provide financial coverage to the family of the insured in case of unfortunate demise of the insured person. Indiafirst protection plan offers component of high-risk protection. Term insurance plans offered by Indiafirst Life are:

  • Indiafirst Life Plan – This plan offers life protection to the family of the insured up to the maximum tenure of 40 years at an economical premium rate.
  • Indiafirst Anytime Plan– This is a life insurance plan that provides the option of paying a premium in monthly, annually, bi-annually and in lump-sum.
Plans Entry Age Policy Term Sum Assured Tax Benefit
Indiafirst Life Plan Minimum- 18 years

Maximum- 60 years

5-40 years Minimum- Rs.5,00,000

Maximum- Rs.20,00,00,000

Tax Benefit Under section 80C and 10(10D) of Income Tax Act
Indiafirst Anytime Plan Minimum- 18 years

Maximum- 60 years

5-40 years Minimum- Rs.10,00,000

Maximum- Rs.50,00,00,000

Tax Benefit Under section 80C and 10(10D) of Income Tax Act

Indiafirst Life Insurance Endowment Plans

In order to provide the dual benefit of life protection and savings, endowment plans are offered by Indiafirst Life Insurance. These are traditional life insurance policies that offer assured benefits to the insured. Indiafirst endowment plans are classified into two categories with profit and without profit plans. Types of endowment plans offered by Indiafirst life are:

Plans Entry Age Premium Payment Tenure Policy Term Sum assured Tax Benefit
Indiafirst Wealth Maximiser Minimum- 5 years

Maximum-65 years

5 years

10 years

15 years

20 years

Single

10-65 years

15-85 years

20-85 years

25-85 years

5-30 years

Regular and Limit Premium- Age >45 years- 10*AP or 0.5*PT*AP

Whichever is higher

Age = <45 years- 7*AP or 0.25*PT*AP whichever is higher

Single Premium-

Age >45 years- 125% of single premium

Age = <45 years- 110% of single premium

 

PT* is abbreviated as Policy Term and AP*as Annualized Premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
Indiafirst Simple Benefit Minimum- 18 years

Maximum- 60 years

10 years 10-20 years Minimum-Rs.20,000

Maximum-Rs.20,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act

Indiafirst Life Insurance ULIP Plans

The Unit Linked Insurance Plans offered by Indiafirst Life Insurance offers the combined benefit of life insurance and investment returns. ULIP plans are great financial investment instrument that helps an individual to achieve short and long-term financial goals along with providing life protection simultaneously.  ULIP Plans offered by Indiafirst Life are:

Plans Entry Age Premium Payment Tenure Policy Term Sum assured Tax Benefit
Indiafirst Smart Save Minimum- 5 years

Maximum- 60 years

Regular Premium-15,20 and 25 years

Limited Pay– 7-10 years

Single pay-One-time payment

15,20 and 25 years

 

 

15,20 and 25 years

 

15 years

 

Regular and Limited Premium– Age >45 years- 105%of PPT*AP or 10*AP whichever is higher

Age = <45- 105%of PPT*AP or 10*AP whichever is higher

Single Premium– Age >45 years- 125% of single premium

Age = <45- 110% of single premium

PPT is abbreviated form of premium paying term  and AP is annualized premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
Indiafirst Money Balance Minimum- 5 years

Maximum- 65 years

Regular Pay- 10,15,20 and 25 years

Limited Pay- 7 years

Single Pay- onetime payment

10,15,20 and 25 years

 

 

10,15,20 and 25 years

 

5,10,15 and 20 years

Regular and Limited Premium– Age >45- 105%of PPT*AP or 10*AP or 0.5* PT* AP

Whichever is higher

Age = <45-105%of PPT*AP or 7*AP or 0.25* Plan Term* AP Whichever is higher

Single Premium- Age >45- 125% of single premium

Age = <45- 110% of single premium

 

PPT is abbreviated form of premium paying term  and AP is an annualized premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
Indiafirst Happy India Minimum-18 years

Maximum-50 years

Regular Pay-10,15, 20 and 25 years 10,15, 20 and 25 years Regular Premium-

Age >45-10*AP or 0.5*PT*AP

Whichever is higher

Age = <45-7*AP or 0.25*PT*AP whichever is higher

PT* is abbreviated as Policy Term and AP*as Annualized Premium

Tax benefit under section 80C and 10(10D) of Income Tax Act

Indiafirst Life Insurance Variable Plans

Indiafirst variable plans are non-participating, non-linked plans that come with an option of the variable. This plan offers add-on 4% interest per annum for the initial 5 years of the plan and also provides the option of partial withdrawal after the completion of 5 years of the policy along with the life coverage. The variable plans offered by Indiafirst Life Insurance are:

Plans Entry Age Premium Payment Tenure Policy Term Sum assured Tax Benefit
Indiafirst Sublabh Minimum-18 years

Maximum-55 years

10-15 years 10-15 years Regular Premium

Age >45- 10* Annualized Premium

Age = <45- 7* Annualized Premium

Top-up Premium– Age >45- 125% of the top up premium

Age = <45-110% of top-up premium

 

Tax benefit under section 80C and 10(10D) of Income Tax Act

Indiafirst Life Insurance Pension Plans

The pension plans offered by Indiafirst life insurance provides an opportunity to the individuals to plan their retirement by investing money in Indisfirst Pension plan in order to reap benefits at the right time and have a secured life after retirement. Pension plans offered by Indiafirst Pension Plans are:

Plans Entry Age Premium Payment Tenure Policy Term Annuity Payout Frequency Tax Benefit
Indiafirst Annuity Plan Minimum-(First Annuitant)-  40 years

(Second Annuitant)-18 years

Maximum-(First Annuitant)-80 years

(Second Annuitant)- 80 years

Single Pay Annuity starts immediately Monthly Tax benefit under section 80C and 10(10D) of Income Tax Act
Indiafirst Immediate Annuity Plan Minimum-(First Annuitant)-  40 years

(Second Annuitant)-18 years

Maximum-(First Annuitant)-80 years

(Second Annuitant)- 80 years

Monthly, yearly Tax benefit under section 80C and 10(10D) of Income Tax Act
Indiafirst Guaranteed Retirement Plan Single premium – One-pay

Limited Premium-5-10 years

Regular Premium-10,15 and 35 years

5-40 years

 

 

 

10-35 years

15-35 years

 

 

10,15 and 35 years

Regular and Limited Premium- Minimum- Rs50,00,000

Maximum-no Upper limit

Single Premium– Rs1,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act

Indiafirst Life Insurance Traditional Plans

These are conventional plans that are specifically designed for customers who have low-risk appetite. The returns on investment in Indiafirst Life Traditional Plans are low as compare to the other investment plans. Traditional Plans offered by Indiafirst Life Insurance are:

Plans Entry Age Premium Payment Tenure Policy Term Sum Assured Tax Benefit
Indiafirst Secure Save Plan Minimum-5 years

Maximum-65 years

10-30 years Minimum-Rs.1,00,000

Maximum-Rs.20,00,00,000

Tax benefit under section 80 C and 10(10D) of income Tax Act 1961
Indiafirst Maha Jeevan Plan Minimum-5 years

Maximum- 65 years

10-25 years Minimum-Rs.50,000

Maximum-Rs.20,00,00,000

Tax benefit under section 80 C and 10(10D) of income Tax Act 1961

Indiafirst Life Group Insurance Plans

Group life insurance plans offered by Indiafirst life insurance is a type of protection plan that offers life coverage to the entire group of people within a single plan. These plans are specifically designed to cater to the requirements of the employees where the policyholder is the employers. Group plans offered by Indiafirst Life are:

Plans Entry Age Premium payment Tenure Policy Term Sum Assured Tax Benefit
Group term Plan Minimum-18 years

Maximum-70 years

Yearly renewal plan Minimum-Rs.5,000/ per member

Maximum- Rs5,00,00,000/ per member

Tax benefit under section 80 C and 10(10D) of income Tax Act 1961
Group Credit  Life Plan Minimum- 18 years

Maximum-69  years

Regular Premium

 

Limited Premium

 

Single premium

5 years

 

 

5 years -30 years

 

2 years

Level Sum Assured-

 

Regular premium– regular pay throughout the loan term

Limited premium-  half of the loan tenure is rounded down to the nearest integer

Single Premium- a one-time payment

 

Tax benefit under section 80 C and 10(10D) of Income Tax Act 1961
Reducing Sum Assured-

 

Regular premium– not applicable

Limited premium-  half of the loan tenure is rounded down to the nearest integer

Single Premium- a one-time payment

 

Indiafirst Employee Benefit Minimum-18 years

Maximum-70 years

Yearly Renewal Plan The plan offers minimum Rs.1,000 life cover for all the employees in the group plan. Tax Benefit under section 10(10D) of Income Tax Act
Indiafirst Superannuation Plan Minimum- 18 years

Maximum- 70 years

Yearly renewal plan The plan offers minimum Rs.1,000 life cover for all the employees in the group plan. Tax benefit under Section 80C and 10(25)(iii) of Income Tax Act 1961.
Indiafirst Pradhan Mantri Jeevan Jyoti Bima Yojana Minimum-18 years

Maximum-50 years

Yearly renewal plan Rs.2,00,000. Tax benefit under section 80Cand 10(10D) of Income Tax Act

Indiafirst Life Insurance Money Back Plans

Indiafirst Money Back Plans are non-participating, a non-linked plan that provides money back throughout the tenure of the policy at regular intervals of time along with the additional guaranteed bonus annually. Money Back Policy offered by Indiafirst Life Insurance is:

Plans Entry Age Premium payment tenure Policy Term Sum Assured Tax Benefit
Indiafirst Cask Back plan 9 years- Minimum- 15 years

Maximum -45 years

12 years- Minimum-15 years

Maximum-50 years

15 years

Minimum-15 years

Maximum-55 years

Regular Pay 9,12 and 15 years Minimum-Rs50,000

Maximum- No upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act

Claim Process of Indiafirst Life Insurance

Indiafirst Life Insurance offers very simple and easy process of filing claim.  One just needs to follow few simple steps to file a claim with Indiafirst Life Insurance.

  1. The claimant will have to notify the insurance company regarding the claim.
  2. In order to make claim the beneficiary of the policy will have to register themselves on the official website of Indiafirst Life Insurance. They can also call on the call center of the company or can visit the branch office in order to make the claim.
  3. The beneficiary of the policy will be required to properly fill the claim form and submit it along with the important documents like policy number, date of birth, policyholder’s name, address, etc.
  4. Once the nominee submits the form along with the important documents, the insurer will verify the form and submitted documents thoroughly and process the claim.
  5. After the verification of the form, the final payout is paid to the beneficiary of the policy.

The Process to Check Policy Status of Indiafirst Life Insurance

Checking the policy status of life insurance policy is equally important as buying a life insurance policy. By keeping a track of the policy status the insured can avail uninterrupted life coverage. With the help of online and offline process, the insured can keep a track of the policy status and pay the premiums on time.

Online Process to Check the Policy Status

  1. Insured can check Indiafirst Life Insurance policy status by simply visiting the website of Indiafirst life insurance.
  2. If the policyholder is a new user then he/she will have to do the registration first.
  3. Once the policyholder completes the process of registration then he/she will have to log in to the account and select the option of policy details.
  4. Once the insured click the option of policy details, the current policy status will be displayed on the screen.
  5. Moreover, the policyholder can also email to the company’s mail ID know the status of the policy.
  6. It is important to keep in mind that the insured will have to enter all the important details like policy number, address, policyholder’s name, email, etc.

Offline Process to Check the Policy Status

  1. In order to avail the status of policy, the policyholder can call the customer care number and get the information related to the status of the policy.
  2. The insured will have to provide all the important details like policy number, address, policyholder’s name, email, etc.

Indiafirst Life Insurance Online Premium Payment Process

Indiafirst Life Insurance offers a simple and hassle-free process of online premium payment. With the help of online process of premium payment, the insured can make premium payment of the policy anytime and anywhere. Here are few simple steps that are required to be followed while paying the policy premium online.

  1. Visit the official website of indiafirst Life Insurance and select the option of pay premium under the section of the quick
  2. Enter all the key details like email, policy number, date of birth, etc. and click on the submit button.
  3. Enter the premium amount to be paid and choose the premium payment option.
  4. Complete the process of the transaction through the selected option premium payment.

After the completion of the transaction process, acknowledgment slip is sent to the insured.

Indiafirst Life Insurance FAQ’s

What are the eligibility criteria while applying for India First Insurance Policy?

Ans- The minimum age eligibility for applying for India First Insurance policy is that the insurance buyer should be minimum 18 years old and maximum entry age of the insurance buyer should be 60 years.  Moreover, the policy buyers should be salaried, self-employed, a business owner or professional. The policy buyer should be able to pay all the premiums of the policy within the policy term.

What is the renewal process of the life insurance policy?

Ans- For the renewal of a life insurance policy, the policyholder will have to pay the premium of the policy and will have to communicate the insurer through email/message. The policyholder can also renew the life insurance policy through the online process of renewal.

How to generate the e-receipt for India First Insurance Policy?

Ans- By visiting the official website of India First Insurance Company, the insured can generate the e-receipt. In order to generate the e-receipt, the insured will be required to click the link of premium paid certificate. Once the policyholder thoroughly fills all the details a generated e-receipt will be sent to the e-mail ID of the policyholder

Who is the claim amount paid?

Ans- The claim amount is paid to the nominee/appointee/ beneficiary under India First insurance policies.

How to avail loan against India First Insurance policy?

Ans- Once the plan obtains the surrender value, the insured can avail loam against it. According to the type of plan, the amount of loan given to the policyholder is decided by the insurance company.

What are the documents required to apply for India First Life Insurance?

Ans- The documents required to apply for India First Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of India First Life Insurance?

Ans- In order to cancel the policy of India First Life Insurance, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

What is the claim settlement process of India First Life Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the important documents that are needed to start a payout?

Ans- Documents required to initiate a payout are:

  • Photo ID proof
  • Thoroughly filled cancellation form/payout
  • Address Proof
  • Original documents of the policy (except in case of withdrawal)
  • Cancellation cheque
  • Bank statement/Passbook

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by India First Life Insurance?

Ans- Sahara Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

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