IndiaFirst Life Term Insurance Plans

What are Term Insurance Plans?

Term Insurance Plans, also called Term Plans in short, offer basic protection coverage to individuals. Term plans are the essence of life insurance plans that provides financial support to the family of the individual in case of premature death of the individual. In technical terms, term plans can be defined as a contract between the insurance company and the person insured wherein the company promises to pay a lump sum amount, called the Sum Assured if the insured dies during the term of the policy. The term of the policy is the time, in years, for which the plan has been bought by the insured. In exchange for the promise made by the insurer, the insured needs to pay premiums to the company against the chosen coverage for the term of the policy.

Why Term Insurance Plans?

Term Insurance, being the basic insurance plan, is the cheapest plan in the market whereby paying a minimal amount of premium one can avail a high coverage for protection purposes. Life is uncertain and everybody faces the risk of untimely death. On the death of a family member, the family suffers a both emotional and financial loss. While emotional loss cannot be compensated, the financial loss suffered can be compensated considerably through insurance. Term insurance, at the same time, offers high coverage at lower costs thus making it affordable to have high coverage. A high coverage ensures that the family is properly taken care of in the absence of the breadwinner without any financial hiccups.

IndiaFirst Term Plans

IndiaFirst Life Insurance Company offers different types of Term Plans to its customers to meet their protection requirements. Let us take a look at the different types of Term Insurance Plans offered by the company and their features and benefits in detail.

1. IndiaFirst Life Guaranteed Protection Plan 

   It is a non-linked and comprehensive term insurance plan at low premium rates, that ensures the protection of a policyholder’s family in case of unfortunate demise or permanent disability. The features and benefits of the plan are as follows: 

   • The plan provides financial protection to you and your family at pocket-friendly rates 

   • Get coverage for your whole life i.e., till the age of 99 by paying premiums only for a short time. With multiple options, you can customize your plan to suit safety requirements as you get a choice of seven different options of coverage to choose from. 

   • Option to offer coverage to your partner as well under the same plan 

   • Flexibility to get the death benefit as a lump sum or as a monthly income with this plan

   • Provides coverage against an unfortunate death because of COVID-19 

   • Option to enhance your sum assured at different life stages such as marriage, taking a home loan, the birth of a child. 

   Eligibility Details 

   Criteria	Minimum	Maximum
   Entry Age	18 years	65 years
   Policy Term	1 month	81 years
   Sum Assured	Rs.1 Lacs (for COVID Cover option) Rs. 25 Lacs (for incidence coverage) Rs. 50 lacs (for other options)	No Limit
   Premium Payment Term	Single Premium/Limited Premium
   Frequency of Premium Payment	Yearly, half-yearly/quarterly or monthly

2. IndiaFirst e-Term Plus Plan 

   It is a non-linked, non-participating pure risk life insurance plan that protects your family and provides the support that they require in case of death or any life’s exigencies such as accidental total permanent disability or critical illness. Below are the features of the plan:

   • Get financial security for yourself and your loved ones at low premium rates 

   • Tailor your plan with multiple options to suit your safety requirements as you get a choice of 7 different options of coverage to select from 

   • Receive death benefit as a lump sum or as a monthly income as per the chosen coverage by the life assured at policy inception 

   • Option to get back total paid premium, after a specific time in the policy term under 2nd option of coverage i.e., Life Benefit with Voluntary Exit Advantage

   • Enjoy the benefit of your life cover even if you miss paying up to three premiums during the plan tenure with the option of premium break.  

   Eligibility Details 

   Criteria	Minimum	Maximum
   Entry Age	18 years	45 years for Life Benefit with voluntary Exit Advantage 60 years for Life stage, accident shield, disability shield, and Critical illness  65 years for Life Benefit, Decreasing cover, and income.
   Maturity Age	-	80 years
   Sum Assured	50 lacs	No Limit  1 Crore for disability shield and Critical illness
   Policy Term	5 years	40 years
   Premium Frequency	Half-yearly/quarterly/Monthly

3. IndiaFirst Life Plan

   A pure term insurance plan provides considerable coverage options at affordable rates. The features and benefits of the plan are as follows:

   • Premiums under the plan can be either paid for the entire duration of the plan under the Regular Pay option of premium payment or in one lump sum at the inception of the policy under the Single Pay option of premium payment.

   • There is a unique benefit provided by the company that of Inter Consultation Services for medical review by medical experts.

   • The company adopts differential premium pricing for smokers and non-smokers for choosing coverage ranges of Rs.50 lakhs and above

   • In case of death of the insured during the tenure of the plan, the Sum Assured is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death.

   • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received is exempt under Section 10(10D) of the Income Tax Act.

   Eligibility Details

   Criteria	Minimum	Maximum
   Entry Age	18 years	60 years
   Maturity Age	-	70 years
   Policy Term	5 years	40 years
   Sum Assured	Rs.1 lakhs	Rs.50 crores
   Annual Premium Amount	Regular Pay- Rs.1000 Single Pay – Rs.5000	No limit
   Premium Payment Term	Equal to policy term or Single Pay
   Premium Payment Frequency	Yearly, half-yearly, or monthly

4. IndiaFirst Anytime Plan

   It is an online term insurance plan which promises higher coverage at lower premium rates. The features and benefits of the plan are as follows:

   • The plan can be bought online through the website of the company thus lowering premium and unnecessary hassles

   • Premiums under the plan can be either paid for the entire duration of the plan under the Regular Pay option of premium payment or in one lump sum at the inception of the policy under the Single Pay option of premium payment.

   • In case of death of the insured during the tenure of the plan, the Sum Assured is paid to the nominee

   • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received is exempt under Section 10(10D) of the Income Tax Act.

   Eligibility Details

   Criteria	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 limit
   Premium Payment Term	Equal to policy term or Single Pay
   Premium Payment Frequency	Yearly, half-yearly, or monthly

Applying for a Term Plan from the company:

1. Online

   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

2. Intermediaries

   Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying for Term Insurance through PolicyBazaar

• On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.

• Click New Quotes to compare

• Fill in your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

• Fill in your name, email address, city, country code, and mobile number. Click Continue.

• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

• This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

IndiaFirst Life Term Insurance Plans - FAQs