IndiaFirst Life Term Insurance Plans
IndiaFirst Life Insurance Company Limited (IndiaFirst Life), established in the year 2009, is one of India’s youngest life insurance companies. It was started as a joint venture between the Bank of Baroda, the Andhra Bank (merged with Union Bank of India), and Legal & General (stake sold to Carmel Point Investments). As of today, the shareholders of IndiaFirst Life Insurance are Bank of Baroda with 44 percent stake, Union Bank of India with 30 percent, and Carmel Point Investments India Private Limited with 26 percent.
Term Insurance plans offered by IndiaFirst Life Insurance
- IndiaFirst Life Guaranteed Protection Plan: This is a comprehensive term plan to provide financial protection for the family members against the policyholder’s death, disability, or critical illness at an affordable cost. There are seven coverage options to choose from, based on an individual’s need: Life option, Life plus option, Incidence coverage option, Long term care option, return of premium option, Dual protect option, COVID-19 cover.
The other key features include the enhanced sum assured during certain life stages, the opportunity to receive the death benefit as a lump sum or monthly income, spouse coverage under the same policy, etc.; tax benefits are also available on the premiums paid and benefits payouts.
- IndiaFirst Life Online Term Plan: A term insurance plan that is aimed at helping you secure the financial security of your family members at a low cost and which can be purchased online. The policy provides 8 customization options to suit your specific requirements, such as Life Benefits Option, Disability Shield Option, Accidental Shield Benefit Option, Income Benefit Option, Income Plus Benefit Option, Income Replacement Benefit Option, critical illness Protector Option, and Comprehensive Benefit Option. One can increase the sum assured of the policy at certain life events such as Marriage, Home Loan, and Child Birth or Adoption. The online term plan offers coverage against death due to covid19, making it relevant for the current times.
- IndiaFirst Life Plan: A protection plan that is simple and affordable with a minimum sum assured of Rs 1,00,000 and a maximum of Rs 5,00,00,000. If anything untoward happens during the policy term, the benefit amount equivalent to the coverage amount is paid to the policyholder’s family members. Like in other insurance policies, tax benefits are applicable to the premium paid and benefit payout per the income tax act, 1961.
Why choose IndiaFirst Life Insurance?
- Indian Promoters: Promoted by two large public-sector banks, Bank of Baroda and Union Bank of India, IndiaFirst Life brings a massive amount of banking experience that will help in implementing a cutting-edge model in life insurance distribution as well for all its customers.
- High Claim Settlement Ratio: Their claim settlement ratio of 96.65% (IRDAI Annual Report 19-20) is relatively high for a new entrant in the insurance sector.
- Technology Driven: Being the youngest player in the insurance sector, technology is at the forefront of operations and tightly integrated across the product cycle at IndiaFirst Life. The sales process automation, Aadhaar-based KYC & a robust back-end for data management and security contribute to a seamless experience for all the stakeholders.
- Customer First: At IndiaFirst Life, the ‘Customer First’ principle is followed across all its business activities, thereby offering simple, easy-to-understand life insurance plans with real benefits at an affordable price.
Visit iiflinsurance.com for more detailed information on the plans and policies offered by IndiaFirst life term insurance.