IndiaFirst Life Term Insurance Plans

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.

What are Term Insurance Plans?

Term Insurance Plans, also called Term Plans in short, offer the basic protection coverage to individuals. Term plans are the essence of life insurance that gives 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 of 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 where by 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 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 a high coverage. A high coverage ensures that the family is properly taken care of in the absence of the bread-winner without any financial hiccups.

IndiaFirst Term Plans

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

• IndiaFirst Anytime Plan –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 in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

• IndiaFirst Life Plan –a pure term insurance plan providing 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 in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

Applying for a Term Plan from the company:

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

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 and choose from top insurance providers.
• Fill 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.

To know more about other life insurance plans check at IndiaFirst Life Insurance

IndiaFirst Life Term Insurance Plans - FAQs