Indiafirst Life Insurance
  • Flexible life cover
  • Easy online purchase
  • 5 million lives protected
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IndiaFirst Life Insurance

IndiaFirst Life Insurance Company Limited is one of India's fastest-growing private life insurers, with a share capital of ₹754.37 crores. Since its establishment in 2009, IndiaFirst has been catering to customers' protection, savings, and retirement needs with its pocket-friendly and easy-to-understand products. IndiaFirst Life Insurance holds an impressive Claim Settlement Ratio of 97.04% as of March 31, FY 2022-23. The insurer's shareholders are the Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited. As of 1st April 2024, the insurer offered 29 life insurance products and 6 riders under the following categories: Participating, Non-Participating, Savings, Protection, ULIPs, Group Protection, and Corporate Funds plans. IndiaFirst has been rewarded with plenty of awards & accolades throughout its journey. For instance, in the Fest Leadership Awards 2023, they were awarded Best Customer-centric Company and the Economic Times's Best Brands in 2021.

Indiafirst Life Insurance Company ensures to look after your insurance needs by offering:

why-choose

  • Customer-centric plans

  • Pocket-friendly premiums

  • Tailor-made plans for every customer

  • online available plans

 

Key highlights of Indiafirst Life Insurance

To get more insight into Indiafirst Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

Indiafirst Life Insurance has a Solvency Ratio of 2 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of IndiaFirst Life Insurance

There are various features of IndiaFirst Life Insurance Plans. Let's understand each of them in detail:

  • Solvency Ratio  A company's solvency ratio lets you understand its ability to settle long-term debts. As per the IRDAI Annual Report 2022-23, IndiaFirst's Solvency Ratio is 2% (the IRDAI mandates it to be 1.5%).
  • Claim Settlement Ratio  A high claim settlement ratio ensures that your family receives the death benefits promised and is thus enabled to continue leading a life of their choice. IndiaFirst Life Insurance holds an impressive Claim Settlement Ratio of 97.04% as of March 31, FY23
  • Assets Under Management  A higher AUM indicates financial stability and reliability, which means the insurer is better equipped to meet its future obligations to the policyholders. As of March 31, 2023, IndiaFirst has an AUM of INR 21,683 crores.

Benefits of IndiaFirst Life Insurance Plans

There are multiple benefits of IndiaFirst life insurance plans. Read below to understand the plethora of advantages provided by the insurer.

Death benefit

Upon the unfortunate demise of the life insured during the policy term, IndiaFirst life insurance pays the death benefit among the highest of the following: 1.105% of the total premiums paid, guaranteed death benefit 3.10 times of annual premiums.

Maturity benefit

Some IndiaFirst life insurance plans offer maturity benefits for surviving the whole policy tenure.

Tax benefits

All the premiums paid for IndiaFirst Life insurance can be claimed for tax benefits under section 80C for up to Rs.1.5 Lakhs and section 10(10D) for up to Rs. 2.5 lakhs as per the Income Tax Act, 1961.

20% instant discount

IndiaFirst Life Insurance offers a 20% instant discount for purchasing their life insurance policies online.

No restrictions on travel/occupation

IndiaFirst life insurance plans do not restrict travel anywhere in the world and future occupation changes; all eligible claims will be settled after submitting all the necessary documents.

Rider Benefits You Can Avail With Indiafirst Life Insurance Plans

Here are the rider options you can avail with Indiafirst Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

IndiaFirst Term Rider

This rider offers extra coverage and added protection on top of the base cover under the chosen plan at affordable premiums.

Maternity Benefit Rider

IndiaFirst Waiver of Premium Rider

With IndiaFirst Waiver of Premium Rider, your future premiums will be waived off in the event of the policyholder's untimely death, accidental total permanent disability, or critical illness.

Documents Required to Purchase IndiaFirst Life Insurance Policy

Here is the list of documents required to buy IndiaFirst Life Insurance plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Indiafirst Life Insurance Plans?

Indiafirst Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the IndiaFirst official website and select a plan.

  • Step 2

    Share basic details like name, DOB, number, gender, or email ID.

  • Step 3

    Share life cover, investment, or annuity details.

  • Step 4

    Generate a quote to estimate premiums and returns.

  • Step 5

    Pay through UPI or debit card online or contact an IndiaFirst salesperson for more information. Once the payment is made, you will get a payment confirmation at your registered email address.

How to File Indiafirst Life Insurance Claims?

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at Indiafirst Life Insurance involves the following three steps

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to IndiaFirst Life at claims.support@indiafirstlife.com, calling the toll-free number (1800-209-8700), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.

Your Occupation
2

Document Submission

The policyholder needs to submit the documents requested by the insurer to process the claim. In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee. In case of an accidental death: the same documents with two additional ones: FIR and post-mortem report.

Your Occupation
3

Claim Settlement

After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

Offline Process

IndiaFirst Life insurance claim settlement procedure can be reported by visiting the local IndiaFirst Life Branch Office. For the details of Indiafirst Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of IndiaFirst Life Insurance Plans

  • Death due to a pandemic such as COVID-19 or ebola will not covered by the company.
  • Death due to indulging in adventure sports.
  • Death due to consumption of drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

India First Life Insurance is among the prominent players in the life insurance sector. It offers a range of life insurance products designed to meet the diverse financial needs of individuals. With its customer-centric approach, it has established a reputation for providing affordable, flexible, and comprehensive insurance solutions. If you want to learn more about IndiaFirst life insurance plans, you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at helpdesk@policyx.com.

IndiaFirst Life Insurance: FAQs

1. Can I surrender my IndiaFirst Life Plan? If yes, is there any surrender value applicable?

Yes, you have the flexibility to surrender your IndiaFirst Life Plan. For policyholders paying a regular premium, there is no surrender value payable. However, for the policyholders who have paid a single premium, the surrender value is only applicable if you surrender after the second policy year and before the end of your policy tenure.

2. I have not been able to pay my premiums regularly. Can I revive my IndiaFirst Life Plan?

Yes, you can revive your plan within a specified period of 5 years. This can be done by simply paying the pending premium amount or by beginning to make regular payment of premiums.

3. Will partial withdrawals made under the IndiaFirst Money Balance Plan impact death benefit?

Yes, the sum assured paid as death benefit will be reduced by the amount equal to the partial withdrawals (only if the partial withdrawals were made 24 months prior to the death of the life assured).

4. What happens if the life assured under IndiaFirst Term Rider commits suicide?

If the life assured has committed suicide within the first 12 months of the policy, the beneficiary will receive at least 80% of the premiums paid or the surrender value, whichever is higher.

5. What if I miss the premium payment date of IndiaFirst Life Cash Back Plan insurance policy?

IndiaFirst Life Insurance Company provides you with a grace period if you have missed the payment on the due date. The grace period is of 30 days for yearly, half-yearly, and quarterly frequencies of payment and 15 days for monthly frequency.

6. Can I avail loan under IndiaFirst Life Cash Back Plan?

No, a loan facility is not provided under this life insurance policy.

7. Will I get any refund if I cancel my IndiaFirst Maha Jeevan plan?

Yes, you will receive a refund if you cancel your insurance policy. However, the amount refunded will deduct pro-rata risk premium for the time of the policy, any stamp duty paid, and expenses that were incurred on medical examination (if any).

8. Can I opt for any Riders with IndiaFirst Life Guaranteed Benefit plan?

Yes, you can opt for IndiaFirst Life Waiver of Premium Rider if your premium paying term is of 6 and 7 years.

9. Is there any death benefit under the IndiaFirst Immediate Annuity Plan?

In case of the death of the annuitant, the nominee will receive the purchase price amount under the Return of Purchase Price option.

10. Can I increase my annuity payments under the IndiaFirst Life Guaranteed Annuity Plan?

Yes, you can increase your annuity amount with the help of the top-up option. However, the annuity rate will be based on the age of the life assured at the time of availing of the top-up option.

11. How I can pay the premium of the India First Life Insurance plan?

You can pay the premium of the India First Life Insurance plan online as well as offline.

12. What are the payment modes offered by India First Insurance?

India First Life Insurance company offers the following payment mode for paying the policy premium: Online Mode Netbanking Debit Card Credit Card Electronic Clearing System (ECS) Offline Mode Cash/Cheque at the nearest branch of the company

13. How I can check the status of my India First Insurance plan?

To check the status of the policy, follow the below-mentioned steps: Login to the IndiaFirst account with your user ID and password. Enter the policy number and other required information. The next tab will show you all the relevant details related to your policy.

14. What types of insurance plans are offered by India First Life Insurance company?

India First Life Insurance company offers a wide range of insurance plans such as term insurance plans, investment plans, savings plans, retirement plans to meet every requirement of the customers.

15. How do I revive a lapsed policy by India First Insurance company?

you can revive your India First Life Insurance policy by paying your pending premiums. The policy can be revived within 6 months of the last unpaid premium.

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Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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A boy-in-squares bagging escapades of switching streets in groove & sensing musical airy-notes from 6 1". Under wayed nyctophile sketching the walls of life from the panorama of anime.

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