Prices Increasing soon Prices Increasing Soon

IndiaFirst Life Claim Settlement Ratio Trend

A policyholder is also known as the ‘’insured’’ and the life insurance company is also known as ‘'insurer''. An agreement between both the respective parties is known as an insurance policy. The insurer has to pay an assured amount of money as per the policy opted for when the insured dies

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Life Insurance is one of the basic needs of a person. It provides financial assistance to the insured’s family after his or her death. After the death of a near and dear one, insurance comes in handy to save the family from financial disturbances. 

IndiaFirst is a Life Insurance Company which has its headquarters located in Mumbai. The company started its functions in March 2010. It is a mutual business enterprise between Bank of Baroda and Andhra Bank. The company is present in over 1000 cities all over India. It has gained 6000 touchpoints. There are approximately 2.7 million lives insured with this company. The assets value of this company is over INR 6500 crores.

What is Insurance Claim Settlement Ratio?

Insurance claim settlement ratio is the indicator of the number of death claims a Life Insurance company has completed in a given financial year. The entire count of claims received against the entire count of claims settled is how an insurance settlement ratio is calculated.

For example, a life insurance company has established 100 claims, but 95 of them have been matured. This means that the company has settled 95% of the claims, and the rest of the 5% has been discarded.

By the calculation of insurance claim settlement ratio, one can find out how much customers responsive a company is while dealing with demise claims.

IndiaFirst Life Claim Settlement Ratio has been increasing consistently through the past many financial years. It is one of the most sorts after and top life insurance companies in India.

IndiaFirst life Claim Settlement ratio

As per the information released by the Insurance Regulatory & Development Authority of India (IRDAI), IndiaFirst life claim settlement ratio has been improving year after year. It has increased a considerable amount in the past six years.

  • In the financial year 2012-2013, IndiaFirst life claim settlement ratio was 71.4%.

  • In the financial year 2013-2014, IndiaFirst life claim settlement ratio was 73.17%

  • In the financial year 2014-2015, IndiaFirst life claim settlement ratio was 72.21%

  • In the financial year 2015-2016, IndiaFirst life claim settlement ratio was 71.87%

  • In the financial year 2016-2017, IndiaFirst life claim settlement ratio was 82.65%

  • In the financial year 2017-2018, IndiaFirst life claim settlement ratio was 89.83%

IndiaFirst Life Insurance Payment Performance

In the financial year 2017- 2018, 1810 new claims were made throughout the new financial year. The Life Insurance Company processed a total of 1626 claims. Therefore IndiaFirst life claim settlement ratio can be calculated by dividing 1626 by 1810 multiplied by 100, which is 89.83%.

According to the Insurance Regulatory & Development Authority of India (IRDAI), IndiaFirst is on the 15th rank for its claim settlement ratio. The Life Insurance Company processed a benefit amount of INR 57.62 crores.

The Process of Claiming a Life Insurance at IndiaFirst

If a policyholder expires, the family can approach the Life Insurance Company to claim the amount that is insured. For a quick and hassle-free settlement, the following process has to be followed:

  • India first has to be informed about the policyholder’s death.

  • A claim form has to be submitted along with the following documents-

    • Death certificate

    • Proof of age and address of the claimant

    • Copy of passbook

    • One canceled cheque.

    • Medical report

    • Report of the doctor

    • Replica of FIR in case of accidental or unnatural death

    • Copy of post mortem reportin case of accidental or unnatural death

  • After the claim is registered, all the documents will be sent for the process of verification.

  • After the verification is completed, the claimant will be notified if the claim has been accepted or rejected.

  • When the claim is accepted, the amount is calculated and transferred after a certain period via NEFT only.

The claimant can easily check the status of the policy online or offline. By logging in through the company’s website, one can sign in to their account and view the status. To check the status of the claim offline, the claimant can call up customer care support. The customer care executive will reveal the details only after verifying the details of the caller.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Final Words

With many life insurance plans to offer to the customer, IndiaFirst is a good option for anyone who is looking for a life insurance policy.

Every person should have a life insurance policy with a reputed company to secure the future of their loved ones. It promotes savings and investment in cost-effective schemes. A family can be saved from the financial crisis if there is a loss of a beloved family member with the help of a reliable insurance provider.

In case, you want to purchase a life insurance policy without a medical test then it is possible to do so. There are different life insurance companies in India, which offer plans without a medical check-up. Normally, life insurance without a medical test depends on the age and coverage amount of the policy.  


Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a financial crime that can be committed

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High...

The best life insurance policy in India is a type of life

Read more
15 Dec 2021

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more
14 Apr 2014

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more
26 Dec 2022

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best decision I have ever made. I feel so good knowing that

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL