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.
Term Insurance Plans, also called Term Plans in short, offer the basic protection coverage to individuals. Term plans are the essence of life insurance plans 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.
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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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.
online term insurance plan which promises higher coverage at lower premium rates. The features and benefits of the plan are as follows:
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 |
A pure term insurance plan providing considerable coverage options at affordable rates. The features and benefits of the plan are as follows:
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 |
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. 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
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 within 15 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.
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