IndiaFirst Life Term Insurance Plans

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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 pure 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                                                                    

 

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

 

  • 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                                                                    

 

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

 

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

  1. On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. 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.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. 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.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. 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

1. How to pay premium? What are the modes of payment available?

INDIAFIRST Life Insurance offers the following modes of payment for paying premium namely:

  • Online
  • Credit card/Debit Card
  • Electronic Clearing system(ECS)
  • Cash or cheque

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.

2. How can I check policy status for IndiaFirst Life term insurance plans?

To check the policy status login to your IndiaFirst Account with the designated User ID and password this is directly linked with your policy number. After login in a detailed tab will be displayed this contains all the relevant data related to your policy.

 

3. What is the policy renewal process for IndiaFirst Life term insurance plans?

For policy renewal process, login into your account and select the online payment for renewal policy.

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.

4. What is the company’s process to settle claim for IndiaFirst Life term insurance plans?

INDIAFIRST Life Insurancehas a clear and transparent process for settling claims. You must intimate the company about the incident within one week of it occurrence. There are different options available for intimation such as:

  • Online
  • By couriering the details
  • Approaching us via Advisor.
  • Contacting us at any of our branch office.

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.

5. What is the policy cancellation process for IndiaFirst Life term insurance plans?

In order to cancel a policy, you can fill in the required form and submit it to the nearest branch office along with the surrender charges as mentioned in the policy.

For new users, a period of about 15 days is allotted wherein one has the option to surrender the policy in case deemed necessary.

IndiaFirst Life Term Insurance Plans Reviews

TOTAL REVIEWS (1)
Yajan
Chaksu
May 13, 2016

Awesome

I have term insurance policy plan from IndiaFirst life insurance. Policy coverage is good approx. 90% and the premiums are low approx. 33 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Good future investment which save tax. I like the plan.