IndiaFirst Life Insurance Reviews, Ratings, Best Plans and USPs

IndiaFirst Life Insurance

IndiaFirst Life Insurance is a collaboration between Bank of Baroda, Andhra Bank and Legal and General (UK). These two are large private sector banks.

Bank of Baroda boasts of an enviable network of over 4288 branches that spreads across the Indian land containing over 100 branches across 24 countries globally! Built on the foundation of financial prudence, corporate governance and most importantly trust of its valuable customers – this financial institution is over 100 years old.

The network of Andhra Bank is approx. 1882 branches wide and it has been in the service of providing Indian customers with banks’ safety for over 90 years. These banks are nationalized and have made quite an impression with their best-in-class deposit and lending schemes for all its customers over the period.

Legal & General is one of UK’s leading & indeed oldest financial institutions with a heritage of over 150 years. Life assurance, pensions, investments, and general insurance plans are some of the services it provides to its customer base of over 5.5 million customers across UK. With the kind of experience it has, it brings rich fund management insurance experience to our nation.

Speaking of the ownership pattern – IndiaFirst has its headquarters in Mumbai wherein Bank of Baroda holds 44% stake in the company and for the remaining 56% Andhra Bank and Legal & General hold 30% and 26% respectively. The company was incorporated in November 2009 – it has a product range which covers the typical needs of savings, wealth, term insurance & health. Further to this, it offers a wide gamut of group insurance products in the following range – term to employee liability (gratuity) plans & credit life.

Key Highlights of Achievements:

• BFSI (Insurance) – Best Social Media Brand Award 2019
• Indian Insurance Summit – Customer service provider of the year 2019
• World HRD Congress – Best Life Insurance Company in the private sector category
• Times Network – Best life insurance company at National awards for marketing excellence

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    Multiple policy terms

    It becomes an easy task to pay off premiums as per our convenience if the
    policy opted for supports so. Having multiple policy terms with the options to
    pay premium as per one’s convenience is one of the best features of policies
    offered by IndiaFirst Life Insurance. Burden is eased off to a great extent as
    customers go in for customized plans and do not have to follow the terms and
    conditions as it is.

    High claim settlement ratio of 96.65%

    As per the report published by the IRDAI the claim settlement ratio commonly
    known as CSR stood at 96.65% for the fiscal year 2019-2020. This is arrived at
    in the following manner – the opening claims at the beginning of the year are
    considered in addition to claims made during the year. Claims for which
    decision is pending are not shown as Claims pending. However, these pending
    claims became a part of opening balance for the upcoming year. The total no.
    of claims settled out of these results into the % number we look at the end of
    the year. This high CSR only helps to prove the smooth & streamlined process
    that IndiaFirst follows to commit to its customers.

    Helps to achieve long term goals

    Right from securing retirement life, children’s future education plans, or even
    plans such as having a dream vacation with the family are well taken care of by
    IndiaFirst insurance. Fulfilling long term financial goals that are unique is a
    motto of the company.

    Flexible payouts

    Depending upon the choice and ease of the policy holders – insurers provide
    the option of flexible payouts. Meaning – either a lumpsum amount or easy

    installments are set out to hand over the maturity amount towards the end of
    the maturity period. Advance Planning of the future is easily done with the help
    of this facility.

    Quick death benefit processing


    If the premium due till date is cleared off on time, then in cases of
    sudden/accidental deaths insurers provide quick relief. They support by
    providing all the benefits attached to the policy as per the terms to the family
    of the policy holder.

    Tax benefits

    Tax benefits as much as Rs. 75,000 can be availed as tax savings in certain plans
    offered by IndiaFirst Insurance. This is an important driving factor when it
    comes to choosing an insurance plan. The Income Tax Act allows policy
    holders tax benefits under its provisions for as far as lumpsum proceedings for
    the insurance plans getting exempted under IT under section 10(10D) of the
    Act.

    IndiaFirst Life Insurance has a wide range of plans each suitable to fully secure its policyholders & its term insurance plans offer a high protection cover for low premiums. Whenever the sudden need of hospitalization arises then it may even lead us to a point that if we are not secured – it could leave us mentally stressed. To come out or to avoid this agony it is ideal to opt for one of the insurance plans as per our basic needs & requirements. This is the ultimate way to safeguard the lives & interests of our loved ones.

     

    To avoid such difficult situations below are the top policies offered by IndiaFirst Insurance:

     

    1. Term Plans
    2. Savings Plans
    3. Child Plans
    4. Investment Plans (ULIPs)
    5. Point of Sale Plans
    6. Retirement Plans
    7. Common Service Centre Plans

     

    Term Plans

    Terms plans is one of the cheapest plans available in the market which offers a massive coverage fulfilling most of the needs at a very low cost. It assures that the needs of the family will be taken care of in case of loss of life of the sole breadwinner. This is the go-to plan for most of us. Let us look at some of the term plans offered by IndiaFirst Insurance:

    1.     IndiaFirst Anytime Plan

    It provides a high coverage at a considerably low cost. It is a hassle-free buy which can be easily bought from the company’s website thus targeting a low premium. There are two options to pay off the premium under this plan – Regular Pay and Single Pay. Regular payments can be made under the first option in the plan during the entire duration of the policy. Or else, under Single Pay a lumpsum payment is made at the start of/inception of the policy. Also, in case of death of insured during the tenure of the policy the entire sum assured is safely handed over to the nominee.

     

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    60 years

    Maturity Age

    -

    70 years

    Policy Term

    5 years

    40 years

    Sum Assured

    Rs. 10 lakhs

    Rs. 50 crores

    Annual Premium Amount

    Regular Pay – Rs. 2000           Single Pay – Rs. 10,000

    No specific limit

    Premium payment frequency

    Yearly, Half-yearly, monthly

    Yearly, Half-yearly, monthly

    Premium payment term

    Equal to policy term or Single Pay option

    Equal to policy term or Single Pay option

     

    2.    IndiaFirst Life Plan

    The following are the features of the plan:

    • Unique benefit provided to the insured under this plan – Inter Consultation services by medical experts for medical review
    • Premium payment options – either via Regular pay or Single pay
    • The company categorizes and adopts differential premium pricing facility for smokers and non-smokers. They are allowed to choose coverages ranging from Rs. 50 lakhs or above
    • A minimum of 105% of all premiums cleared off till date of death – is paid to the nominee as sum assured in case of death during the tenure of the policy

     

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    60 years

    Maturity Age

    -

    70 years

    Policy Term

    5 years

    40 years

    Sum Assured

    Rs. 1 lakh

    Rs. 50 crores

    Annual Premium Amount

    Regular Pay – Rs. 1000           Single Pay – Rs. 5,000

    No specific limit

    Premium payment frequency

    Yearly, Half-yearly, monthly

    Yearly, Half-yearly, monthly

    Premium payment term

    Equal to policy term or Single Pay option

    Equal to policy term or Single Pay option

     

     

    India First ULIPs

    Unit Linked Insurance Plans (ULIP) are nothing, but a combination of insurance plans mixed with the best of features of mutual funds. Whatever premiums are paid by insured over a period of time are collected in the form of a corpus and then readily invested in the stocks and shares of several companies which are operating in the capital market. They promise amazing returns which are linked to the market as premium paid is invested at a prevailing NAV which tends to fluctuate as per the market cycle – this helps to sustain a wider insurance coverage.

     

    Every fund represents a certain risk criterion – the return size is directly related to the risk factor involved in the fund.  Here, the applicable charges like administration charges, fund management or administration charges are deducted from the premium paid. Premiums are set out to be locked in for approx. 5 years after which partial withdrawals are allowed from the fund portfolio.

     

    • Equity Fund – High Risk
    • Debt Fund – Low Risk
    • Balanced Fund (Mix of Equity & Debt Fund) – Moderate Risk

     

    IndiaFirst Smart Save Plan

     

    The features of this plan are as follows:

    • Premiums are invested either into the following of the fund basis the discretion of the policyholder: Equity 1 fund, Debt 1 Fund, Value Fund, Balanced 1 Fund
    • On maturity, fund value is given out either in lumpsum or in installments over a period of 5 years under a Settlement option
    • A total of two free switches is allowed every month to change between the funds with a bare minimum value of Rs. 5000 giving an option to premium redirection of future premiums to another fund
    • Unlimited free partial withdrawals subject to Rs. 5000 is allowed to be made from the fund

     

    Particulars

    Minimum

    Maximum

    Entry Age

    5 years

    65 years

    Maturity Age

    18 years

    75 years

    Policy Term

    5 years

    25 years

    Sum Assured

    Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

     

    Regular & Limited Pay – 40 times the annual premium

     

     

     

    Single Pay – 5 times the single premium

    Annual Premium Amount

    Regular Pay – Rs. 12000

    Limited Pay – Rs. 15000          Single Pay – Rs. 45000

    Rs. 2.5 lakhs

    Premium payment frequency

    Yearly, Half-yearly, monthly

    Yearly, Half-yearly, monthly

    Premium payment term

    Equal to policy term or Single Pay option or 7 years

    Equal to policy term or Single Pay option or 7 years

     

     

     

    • IndiaFirst Child Plans

     

    Child Plans are favored by most parents who have young children to provide for. In the best of their child’s interest & welfare if in case the parent/guardian meets with any unfortunate and unexpected life threat – this plan is the one to go to. Here, the underwriting is done on the life of the parent & the details of the child are provided under the policy.

     

    Features

    Child Savings Plan

    Sukanya Samriddhi Yojana Scheme

    PPF

    Future payments paid by insurer on parent’s death

    Yes

    No

    No

    Monthly income to fund child’s education on parent’s death

    Yes

    No

    No

    Lumpsum payout to family on parent’s death

    Yes

    No

    No

    Expected Returns (%)

    Between 11%-14%

    7.5%

    8%

    Max Entry Age

    Up to 18 years

    Up to 10 years

    No limit

    Invested Amount can be withdrawn after

    5 years

    21 years

    15 years

    Max Deposit in a year

    No Limit

    Rs. 1.5 lakhs

    Rs. 1.5 lakhs

     

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    50 years

    Maturity Age

    -

    60 years

    Policy Term

    10 years

    25 years

    Sum Assured

    Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

     

     

    14 or 7 times the annual premium depending on insured’s age or 0.25*term*annual premium if age is 45 years & above

     

    Annual Premium Amount

    Rs. 12000

    Rs. 2.5 lakhs

    Premium payment frequency

    Yearly, Half-yearly, monthly

    Yearly, Half-yearly, monthly

     

     

    IndiaFirst Traditional/Investment Plans

    The basic features of these plans are as follows:

     

    • Plans are issued for a longer term and ideally money cannot be withdrawn from the plans
    • The plan becomes paid-up if at least three full years’ premium is cleared off and future premium payments are stopped by insured. In such a case, either a reduced sum assured is maintained with reduced coverage or an option to surrender the plan is given to policyholder when plan becomes paid up
    • Plans are classified either as participating or non-participating plans. The participating plans are entitled to a share in the bonuses and profits of the company unlike the non-participating plans.

     

    1. IndiaFirst Maha Jeevan Plan
    • IndiaFirst term rider is available for a more comprehensive coverage
    • Loans are available up to a maximum of 90% of surrender value
    • When the maturity becomes due, the guaranteed sum assured is paid and also in addition to that simple revisionary bonus or terminal bonus is paid to insured

     

    1. IndiaFirst CSC ShubhLabh Plan
    • This plan can be conveniently bought with the help of Common Service Centers by simply providing name and the Aadhar card numbers
    • A unique feature here is that a guaranteed floor rate of 1% is added into the account each year
    • In the initial 5 years an interest (guaranteed) is credited to the account at approx. 4% and further the rate reduces to 0.5% from 6th year onwards

    Best policies of IndiaFirst Insurance Life Insurance

    IndiaFirst Insurance Life Insurance caters to a wide range of life insurance and wealth management plans. The key details of the best policies of IndiaFirst Insurance life insurance are listed in the table below:

     

     

     

     

    Plan type

    Age Limits

    Minimum sum assured

    Key Highlight

    IndiaFirst Life Guaranteed Monthly Income Plan

    Life Insurance

    Entry Age-

    Minimum of 18 years

    Maximum of 50 years

    10 times the annualized premium

    Flexibility to choose the premium payment & policy term basis need. Annual bonuses.

    IndiaFirst Life Little Champ Plan

    Child Plan

    Entry Age-

    Minimum of 21 years

    Maximum of 45 years

    Sum assured for Premium Paying Term (PPT):

    7 to 9 years – Rs. 150000

    10 to 14 years- Rs. 200000

    Waiver of premium in case of accidental total permanent disability. Life cover to family.

    IndiaFirst Life Wealth Maximizer Plan

    ULIPs

    Entry Age-

    Minimum of 5 years

    Maximum of 65 years

    Regular & Limited Premium- Under 45 years – (10*annual premium) or (0.5*term*annual premium) whichever is higher

     

    Single Premium – 125% of single premium

    Partial withdrawal to meet emergency liquidity requirement. Loyalty benefits & profit boosters. Flexible switches & premium redirection to maximize return.


    IndiaFirst Insurance Life has provided the required training & development coaching to its distributors throughout the country with a dedication towards providing effective financial and insurance suggestions to customers. It closed 2020 while being ranked 12th in the insurance market space of the private sector.

    The presence of the company is stretched to 1000 cities in India insuring over 3 million lives till date (approx.). Overall, the private sector insurers have held a tight grip over the Indian general insurance landscape and these numbers are mere proof of the same holding.

     

     

     

    IndiaFirst Insurance Life has also seen steady growth in the Claims ratio. The table below shows the Claims ratio of the company between 2013 and 2020.

    Year

    Claim Settlement Ratio

    2013 – 2014

    73.17%

    2015 – 2016

    71.87%

    2016 – 2017

    82.65%

    2017 – 2018

    89.83%

    2018 – 2019

    92.82%

    2019-2020

    96.65%

     

    As per statistics provided by Policy Bazaar, IndiaFirst Insurance Life enjoys a rating of 4.2 out of 5.

    Here is a brief insight into its ratings across key parameters:

    • Customer Service: 5/5
    • Premium: 3/5
    • Plan benefits- 4/5
    • Policy coverage: 5/5

    Majority of the customers have quoted to be satisfied with the following-

    • Smooth claim settlement
    • Easy & hassle-free policy renewal
    • Effective plans comparison & detailed summary guidance by agents
    • Authentic Information
    • Specific plans for children/investment purposes
    • Approachable customer support
    • Secure payment gateway

    IndiaFirst Life Insurance FAQs

    1. Deduction on premium paid for parents under IndiaFirst Insurance plans?

    Benefits of tax can go up to Rs. 1,00,000 on premiums paid under section 80C of the IT Act, 1961 and death benefits are also tax free under section 10(10D) of the act.

    2. What are the general documents required for claim settlement for IndiaFirst Insurance plans?

    The below documents are required to make a claim request:
    • Death certificate
    • Proof of age & address of the claimant
    • Copy of passbook
    • Replica of FIR & post-mortem report in case of accidental/unnatural death
    • Claim application – duly filled by policyholder
    • Policy documents
    • Discharge summary along with final report issued by doctor
    • Fitness certificate & KYC documents
    • All bills – consultation, original hospital, and pharmacy bills

    3. What are the features of IndiaFirst Guaranteed Retirement Plan?

    • Regular Premium - Age Limit is between 25 to 55 years & Limited Premium – Age Limit is between 25 to 70 years
    • Fixed benefit of 9% of total premium paid as guaranteed addition for first 2/4/6 years
    • Stay a step ahead of inflation through consistently increasing corpus with bonus benefit in the future years
    • Maximize retirement pool by investing in policy up to 40 years term
    • It is a participating pension – part of profits made by insurer by way of dividend/bonus will be received

    4. What are the coverages under IndiaFirst Guaranteed Protection Plan?

    • Life Option
    • Life Plus Option
    • Long Term Care Option
    • Dual Protect Option
    • Return of Premium Option
    • COVID Cover

    5. Under IndiaFirst Guaranteed Plan, what all can I choose at inception?

    Yes, the plan can be customised & below are the factors available for selection-
    • Coverage Option
    • Sum assured
    • Policy Term
    • Premium payment term & mode
    • Pay-out option
    • Add-ons like waiver premium benefit, Joint Life or Better half benefit as applicable