India First Life Insurance is one of the youngest financial service providers in India undertaken jointly by Bank of Baroda, Andhra Bank and UK based Legal & General. The company is present in over 1000 Indian cities and towns and has marked a profit of INR 6.9 crores in the financial year 2014-15. The company offers a host of insurance products including health, savings, security and a variety of group insurance plan.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Child plans are insurance plans offered by insurers to provide for the welfare of an individual’s child even if the individual is not around. A child plan is developed on the concept of providing financial support to the family for the child’s future if the parents meet with an unfortunate death. Insurance plans designed for the child do not usually insure the child. The life insured under these plans are the parent who has a minor child to provide for. The underwriting is done on the life of the parent and the details of the child are to be provided in the policy.
Child plans have some common features which are given below:
Child Insurance plans have become very important because they specifically provide for one’s child’s future even in one’s absence. The inbuilt premium waiver rider ensures that the plan continues even after the parent’s death and the benefits accrue and when they are payable so that the benefits can be utilized for the purpose for which it was initially planned, i.e. for the child’s future. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary. The policyholder has planned the money back periods to coincide with the child’s educational milestones and would receive the funds when the child reaches 20 years, 22 years and 25 years. The funds will be utilized to take care of the child’s higher education. If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised. Thus, the money will be utilized only for the child’s education which was the actual rationale for buying the plan.
IndiaFirst offers a unit linked Child Insurance Plan to provide for the child’s future even in the absence of the parent with attractive returns. Let us take a look at the plan in details along with its features and benefits.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyA unit linked child insurance plan which protects the child’s future against untimely death of the parent by providing financial assistance. The features and benefits of the plan are as follows:
Minimum | Maximum | |
Entry Age | 18 years | 50 years |
Maturity Age | - | 60 years |
Policy Term | 10 years | 25 years |
Premium amount | Rs.12, 000 | Rs.2.5 lakhs |
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 the policyholder’s age or 0.25*term*annual premium if age is 45 years and above |
Premium Payment Term | Equal to policy tenure | |
Premium paying Frequency | Yearly half-yearly or monthly |
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
This will take you to the insurer’s website. Fill in the necessary details to buy the plan.
To know more about other life insurance plans check at IndiaFirst Life Insurance
For ECS you must register beforehand by duly signing and submitting the ECS form. This facility is available in select cities only.
Alternatively, you can drop in cash or cheque at your nearest branch in the city.
You can also select the ECS or the Auto debit option for paying the premium had you initially signed up for the policy.
You can approach the nearest branch office and fill in the required forms, attaching the mandatory documents to get the policy renewed.
A set of documents as listed in the website needs to be submitted to the company. Upon receipt of the same, the claim is settled within15 days’ time period.
For new users, a period of about 15 days is allotted wherein one has the option to surrender the policy in case deemed necessary.