IndiaFirst Life insurance company was established in November 2009 and is headquartered in Mumbai. IndiaFirst Life Insurance Company Limited is the fastest-growing and one of India’s youngest life insurance companies. The company has a paid-up share capital of INR 663 crore. The cost of IndiaFirst life insurance varies depending on the type of policy that you choose to buy.
IndiaFirst Life Insurance Company is a joint venture between the three public sector banks such as Bank of Baroda holds a stake in IndiaFirst Life Insurance Company at 44% and Union Bank of India (Andhra Bank) holds a stake of 30%, and the UK's financial and Investment Company, Legal General. Now it changed to Carmel Point Investments India Private Limited holds a stake of 26%.
As a private sector entity, the company holds 2 percent of the stock market share in a retail business and is recorded more than INR 2 billion in turnover in just a few months since the insurance company became operational. The company has more than 2800 employees to give the best services to the customers. The company achieved India Customer Excellence Award 2019 for excellence in customer service.
IndiaFirst Life Insurance Company Details
| Claim Settlement Ratio |
96.81% |
| Inception |
2009 |
| Branches |
4800 |
| Death Benefit Paid For |
2,166 Policies |
| Solvency Ratio |
1.81 |
IndiaFirst Life Insurance Key Features
IndiaFirst Life Insurance is a leading life insurance company in India that offers a range of insurance products to cater to the diverse needs of customers. Some of the key features of IndiaFirst Life Insurance are:
- Online Services: IndiaFirst Life Insurance provides online services such as policy purchase, renewal, and claim intimation, which makes it convenient for customers to manage their policies.
- Customer Support: IndiaFirst Life Insurance has a robust customer support system that provides timely assistance to customers and resolves their queries and grievances. This ensures a hassle-free experience for customers.
- Claim Settlement: IndiaFirst Life Insurance has a high claim settlement ratio of 96.81%, indicating the company's commitment to settling claims quickly and efficiently. This provides peace of mind to customers and their families.
Benefits of IndiaFirst Life Insurance
IndiaFirst Life Insurance offers a range of benefits to its customers. Here are some of the key benefits:
- Financial Security: IndiaFirst Life Insurance provides financial security to customers and their families in the event of unforeseen circumstances such as death, disability, or critical illness.
- Flexibility: IndiaFirst Life Insurance offers a range of insurance products with flexible features such as premium payment frequency, policy term, and rider options. Customers can choose a plan that suits their specific needs and budget.
- Multiple Payment Options: Customers can pay their premiums through various payment options such as net banking, credit/debit cards, auto-debit, and cash payment at branches.
- Tax Benefits: The premiums paid for IndiaFirst Life Insurance plans are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, and the death benefits are tax-free under Section 10(10D). This helps customers save on taxes and increase their disposable income.
- Wealth Creation: IndiaFirst Life Insurance offers savings and investment-oriented plans that help customers create wealth over the long term. These plans provide an opportunity to build a corpus for future financial needs such as education, marriage, or retirement.
- Loyalty Benefits: IndiaFirst Life Insurance offers loyalty benefits such as loyalty additions and bonuses, which help customers enhance the value of their policy over time.
Overall, IndiaFirst Life Insurance provides a range of benefits that help customers achieve their financial goals and protect their loved ones.
IndiaFirst Life Insurance Plans List
IndiaFirst Life Insurance offers a wide range of life insurance plans that are designed to meet the needs of different individuals and families. These plans provide financial security and protection against uncertain events in life. Here is the IndiaFirst Life Insurance of India Plans List:-
- IndiaFirst Life Insurance Term Plans
- IndiaFirst Life Guaranteed Protection Plan
- IndiaFirst Life Plan
- IndiaFirst Life Online Term Plan
- IndiaFirst Child Plans
- IndiaFirst Life Little Champ Plan
- IndiaFirst Saving Plans
- IndiaFirst Life Mahajeevan Plus Plan
- IndiaFirst Life Cash Back Plan
- IndiaFirst Life Guaranteed Income Plan
- IndiaFirst Investment Plans/ULIPS
- IndiaFirst Life Money Balance Plan
- IndiaFirst Life Smart Save Plan
- IndiaFirst Life Wealth Maximizer Plan
- IndiaFirst Retirement Plans
- IndiaFirst Life Guaranteed Retirement Plan
- IndiaFirst Life Immediate Annuity Plan
- IndiaFirst Life Guaranteed Annuity Plan
- IndiaFirst Saral Plans
- IndiaFirst Life Saral Jeevan Bima Plan
- IndiaFirst Life Saral Pension Plan
- IndiaFirst Life Insurance Rider Plans
- IndiaFirst Term Rider
- IndiaFirst Wavier of Premium Rider
Term Insurance Plans:
1) IndiaFirst Life Guaranteed Protection Plan
Guaranteed Protection Plan is a comprehensive term insurance plan that offers you a host of innovative coverage options and affordable premium prices. This plan provides financial security for your family's future needs like child marriage, home loan, traveling abroad, etc.
Key Features and Benefits:
- Life Cover: Get life cover up to the age of 99 by premium paying for only with multiple options and covers you against unfortunate death due to covid.
- Death Benefits: Flexibility to receive the death benefit as a lump sum or as monthly income
- Tax Benefits: Get tax benefits as per prevailing tax laws and return of premium at the end of the policy
- Entry Age: Minimum: 18 Years, Maximum: 65 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs. 1 lakh to Maximum No limit
- Policy Payment Term: Single pay, Limited pay
2) IndiaFirst Life Plan
IndiaFirst Life Plan is a pure term insurance plan that offers comprehensive financial protection for you and your family members at an affordable price.
Key Features and Benefits:
- Life Cover: Get life cover up to the age of 40
- Death Benefits: Flexibility to receive the death benefit in the form of lump-sum against unfortunate death
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Entry Age: Minimum: 18 Years, Maximum: 60 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs.1 lakh to Maximum Rs.5 crores
- Free Look Period: 15 days
3) IndiaFirst Life Online Term Plan
Online Term Plan is a term insurance plan which can be directly purchased online. This plan offers financial security at an affordable price for you and your family in the case of an unfortunate event happens. In this plan online payment can be done using a Credit/ Debit card, saving account, Cheque/DD, and other UPI modes and bank deposits.
Key Features and Benefits:
- Life Coverage options: Get 8 different life coverage options
- Death Benefits: Flexibility to receive the death benefit as a lump sum or as monthly income against unfortunate death
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Policy Return Option: You can return the plan within 30 days of the purchase date
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Grace Period: 30 days
Child Plans:
1) IndiaFirst Life Little Champ Plan
Little Champ Plan offers comprehensive financial protection and regular guaranteed pay-outs for financing your child’s dream.
Key Features and Benefits:
- Life Cover: Get life cover and protection of dreams of the loved ones through an inbuilt waiver of premiums and covers you against unfortunate death
- Death Benefits: Flexibility to receive the death benefit as a lump sum or as regular income
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Flexibility: You can choose policy terms and premium payment terms and payment modes as per your requirement.
- Entry Age: Minimum: 21 Years, Maximum: 45 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs. 1,50,000 to Maximum No limit
- Policy Payment Term: 7 to 14 years
Saving Plans:
1) IndiaFirst Life Mahajeevan Plus Plan
Mahajeevan plus Plan is a Non-Linked, Participating, Individual, Limited Pay, Money-Back Endowment Plan that provides financial protection in case of unfortunate death of an insured.
Key Features and Benefits:
- Life Cover: Get life cover and protection of dreams of the loved ones through an inbuilt Waiver of premiums riders to enhance the base plan
- You can receive 103% of your annualized premiums at the end of your 3rd, 7th, and 11th policy year.
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Discounts: You can Avail discounts on paying your renewal premiums early and get annual bonuses
- Entry Age: Minimum: 1 month, Maximum: 55 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs.1,10,280 to Maximum No limit
- Policy Term: 15 and 20 years
2) IndiaFirst Life Cash Back Plan
Cash Back Plan offers guarantees pay-outs at regular intervals to meet your immediate needs and an assured maturity pay-out to secure your future.
Key Features and Benefits:
- Life Cover: Get life cover and risk cover of higher than 10 times the annualized premium or sum assured
- Guaranteed Additions: Increase your investments through Guaranteed Additions
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Entry Age: Minimum: 9 years, Maximum: 55 years
- Maturity Age: Maximum 70 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs.50,000 to Maximum No limit
3) IndiaFirst Life Guaranteed Income Plan
Guaranteed Income Plan offers the benefits of a guaranteed savings plan as well as a traditional cover and regular assured income, the return of premiums, and life cover.
Key Features and Benefits:
- Life Cover: Get life cover and guaranteed income up to the age of 99
- Benefits: Pay for a shorter period and get long-term benefits and add Riders for enhanced benefits
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Return of premium: Get Return of premium at the end of the income benefit period
- Entry Age: Minimum: 8 Years, Maximum: 60 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Sum Assured: Minimum Rs.2,40,000 to Maximum No limit
- Policy Term: 5, 6,7,10 years
Investment Plans/ULIPS:
1) IndiaFirst Life Money Balance Plan
Money Balance Plan is a unit-linked insurance plan that offers investment and financial security. With this plan, your money is automatically transferred to safer funds.
Key Features and Benefits:
- Life Cover: Get life cover in case of unfortunate death of an insured
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Partial Withdraws: Get easy access to your money through partial withdrawals
- Entry Age: Minimum: 5 Years, Maximum: 65 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Premium Payment Term: Single pay, Limited pay, Regular pay
2) IndiaFirst Life Smart Save Plan
Smart Save Plan provides benefits of both an insurance cover along wealth builder. Depending on your risk appetite, it uses market-linked investments to help you save systematically and build your wealth portfolio.
Key Features and Benefits:
- Life Cover: Get life cover in case of unfortunate death of an insured
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Fund options: Improve your savings systematically, through investments in various funds.
- Entry Age: Minimum: 5 Years, Maximum: 65 years
- Premium Payment Mode: yearly, half-yearly, monthly
- Premium Payment Term: Single pay, Regular pay
- Policy Term: 5 to 20 years
3) IndiaFirst Life Wealth Maximizer Plan
Wealth Maximizer plan is a comprehensive plan that provides life insurance coverage to 7 times the annualized premium and an opportunity to accumulate wealth and offers multiple investment strategies and flexible options to choose from.
Key Features and Benefits:
- Life Cover: Get life cover in case of unfortunate death of an insured
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Flexibility: You can choose premium payment options as per your requirement
- Multiple investment strategies: Get various investment strategies to help you create your lasting legacy
- Entry Age: Minimum: 5 Years, Maximum: 65 years
- Maturity Age: Minimum: 18 Years, Maximum: 70 years
- Premium Payment Mode: yearly,quarterly, half-yearly, monthly
- Premium Payment Term: Single pay,limited pay Regular pay
Retirement Plans:
1) IndiaFirst Life Guaranteed Retirement Plan
IndiaFirst Guaranteed Retirement Plan is a guaranteed financial protection plan that offers an option to earn guaranteed returns for the initial years in the policy and an opportunity to build your retirement corpus through the bonus.
Key Features and Benefits:
- Life Cover: Get life cover in case of unfortunate death of an insured
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Entry Age: Minimum: 0 Years, Maximum: 75 years
- Premium Payment Mode: yearly, quarterly, half-yearly, monthly
- Premium Payment Term: Single pay, limited pay Regular pay
- Sum Assured:Minimum: Rs.1 lakh, Maximum: No limit
- Policy Term:40 to 80 years
2) IndiaFirst Life Immediate Annuity Plan
Immediate Annuity Plan provides financial protection and is designed to help you maintain your choice of lifestyle post-retirement.
Key Features and Benefits:
- Life Cover: Get life cover in case of unfortunate death of an insured
- Age: You can choose your retirement age as per your need between 40 and 80 years
- Entry Age: Minimum: 18 Years, Maximum: 80 years
- Premium Payment Mode: yearly, quarterly, half-yearly, monthly
- Premium: Minimum: Rs.3 lakh, Maximum: No limit
- Policy Term: 40 to 80 years
3) IndiaFirst Life Guaranteed Annuity Plan
Guaranteed Annuity Plan provides guaranteed financial protection that offers an option to earn guaranteed regular income throughout your lifetime. It also helps you in healthcare costs in your retirement years.
Key Features and Benefits:
- Life Cover: Get the assurance of a regular lifetime income as you choose from 12 different annuity options as per your need
- Entry Age: Minimum: 40 Years, Maximum: 80 years
- Premium Payment Mode: yearly, quarterly, half-yearly, monthly
- Premium: Minimum: Rs.1 lakh, Maximum: No limit
- Annuity Amount: Minimum Rs.1000/- per month and Maximum No limit
Saral Plans:
1) IndiaFirst Life Saral Jeevan Bima Plan
Saral Jeevan Bima Plan is an individual, non-linked, and non-participating, pure term insurance policy that provides financial security to your family in case of any unfortunate event that happens to an insured.
Key Features and Benefits:
- Life Cover: Get life coverage up to 50 lacs
- Death Benefits: Get lump sum benefit even in case of death due to COVID-19.
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Flexibility:You can choose a premium payment term as per your requirement
- Entry Age: Minimum: 18 Years, Maximum: 65 years
- Maturity Age: Minimum: 23 Years, Maximum: 70 years
- Premium Payment Mode: Single,yearly,quarterly, half-yearly, monthly
- Sum Assured:Minimum: Rs.5 lakh, Maximum: 50 lacs
- Policy Payment Term:Single pay, Limited pay, Regular pay
2) IndiaFirst Life Saral Pension Plan
Saral Pension Plan is a single premium, non-linked, non-participating, individual immediate annuity policy that provides you two different options as per your need. Get the assurance of a lifetime income even post your retirement years.
Key Features and Benefits:
- Life Cover: Get life coverage in case of any unfortunate death of an insured
- Annuity Options: Life Annuity with Return of 100% of Purchase Price and Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price
- Tax Benefits: Get tax benefits as per prevailing tax laws
- Flexibility: You can choose premium payment frequency as per your requirement
- Entry Age: Minimum: 40 Years, Maximum: 80 years
- Premium Payment Mode: yearly, half-yearly, quarterly, monthly
- Premium: Minimum: Rs.1 lakh, Maximum: No limit
- Annuity Amount: Minimum Rs.1000/- per month and Maximum No limit
IndiaFirst Life Insurance Calculators
IndiaFirst Life insurance price calculator is a helpful tool that offers a premium you should be paid based on the sum assured from your policy. It helps you obtain premium quotes in minutes without any documentation. While several factors need to be taken into consideration, including your income, age, and lifestyle, if you follow the steps given below and use an accurate insurance calculation, you will be able to get an actual calculation of how much insurance premium you should be pay for the policy chosen. The premium calculators available on the IndiaFirst Life Insurance website are:
- Income Tax Calculator
- Retirement Planning Calculator
- Fund Allocation Calculator
- Term Premium Calculator
- Paid Up Calculator
- EMI Calculator
How to Buy IndiaFirst Life Insurance Policy at PolicyBachat?
The process of buying an IndiaFirst life insurance policy online has become simple with PolicyBachat. To buy a life insurance plan online, please visit the PolicyBachat website and follow the steps below.
- Step 1: Enter the details such as Gender, Annual income from all sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details.
How to Claim IndiaFirst Life Insurance Policy?
If you need to claim on your IndiaFirst Life Insurance policy, you can follow these steps:
- Intimate the Claim: The first step is to inform IndiaFirst Life Insurance about the claim by filling up the claims intimation form, which is available on the company's website or at any of its branches. You will need to provide details such as your policy number, name of the policyholder, date and cause of death (if applicable), and other relevant information.
- Submit the Documents: Once the claim is intimated, you need to submit the relevant documents such as the claim form, original policy document, death certificate (in case of death claims), medical certificate (in case of critical illness claims), and other supporting documents as required by the company. You can submit the documents at any of the company's branches or through its online portal.
- Claim Verification: IndiaFirst Life Insurance will verify the claim documents and assess the claim amount as per the terms and conditions of the policy. The company may also request additional documents or information if required.
- Claim Settlement: Once the claim is verified and approved, IndiaFirst Life Insurance will settle the claim amount as per the policy terms. The claim amount can be paid through various modes such as NEFT, or cheque as per the customer's preference.
Documents required for claiming IndiaFirst Life Insurance
- Photo ID Proof
- Original Death Certificate
- Current Address Proof
- Bank Account Form
- FIR/ post mortem Report
- Hospital Treatment Certificate
- Employer’s Certificate
- Copy of Police Final Statement Report
List of Life Insurance Companies:
FAQs of IndiaFirst Life Insurance Company in India
How to Download Indiafirst Life Insurance Premium Payment Receipt Online?
To download the IndiaFirst Life Insurance premium payment receipt online, please follow the steps below:
- Visit the official website of IndiaFirst Life Insurance
- Click on the "Customer Login" option at the top-right corner of the page.
- Enter your login credentials such as your policy number, date of birth, and captcha code and click on the "Login" button.
- Once you are logged in, select "Premium Payment Receipt" from the dropdown menu.
- Click on the "Download" button to download the receipt in PDF format.
- You can save or print the downloaded receipt for your records.
Can I Cancel Indiafirst Life Insurance After Paying 2 Years Policy?
Yes, you can cancel your IndiaFirst Life Insurance policy after paying premiums for 2 years. However, the terms and conditions for policy cancellation may vary depending on the type of policy you have and the terms of the policy agreement.
Before you cancel your policy, it is recommended that you carefully review the policy document or contact the customer service department of IndiaFirst Life Insurance to understand the cancellation process and any penalties or fees associated with the cancellation.
How to Get Indiafirst Life Insurance Policy Details Online?
To get IndiaFirst Life Insurance policy details online, please follow the steps below:
- Visit the official website of IndiaFirst Life Insurance
- Click on the "Customer Login"
- Enter your login credentials such as your policy number, date of birth, and captcha code and click on the "Login" button.
- Once you are logged in, you will be able to view your policy details
- Then you can download or print your policy document.
How to Pay Indiafirst Life Insurance Premium Online?
You can pay the IndiaFirst life insurance premium payment online in multiple payment options such as
- Net Banking
- Credit card
- Debit card
- UPI Wallets
- Bill Pay, Etc.