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IndiaFirst Term Insurance

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Term insurance plans have been the mainstay of good financial planning, ensuring the vital aspect of securing the well-being of the family in one’s absence. With the entry of international insurance players in India, post-2000 opening up of the sector, the range of insurance solutions has seen a boom with innovative and customized insurance plans. IndiaFirst Life is one such player, which thrives on the element of trust through their diverse suite of insurance products, aiming to reach every household. 

Many plans in their portfolio, delivering a range of Protection, Guaranteed Savings, Wealth, Pension, Health, and Group, helps customers to absorb the uncertainties of life with confidence. IndiaFirst Term Insurance offers the ideal need-based solution, providing financial stability to loved ones with robust cover at a minimal cost. Every IndiaFirst Term Plan is embellished with distinctive flavours to satisfy individual preferences.

What is the IndiaFirst Term insurance Plan?

The basis of the IndiaFirst Term Plan is its simplicity. It works on the principle of protection, delivering risk coverage at an affordable cost, in the event of premature death of the policyholder. By nature, any term plan is an arrangement between the insurer and the insured to pay a predetermined sum on demise during the currency of the policy.  

In lieu, the insurer is paid a fixed premium for the duration of the agreed-upon life of the policy, referred to as the policy term. Most importantly, the policy expires if the policyholder survives the policy without any maturity benefits. 

In other words, a term insurance plan is functional only at the death of the policyholder, and the beneficiary or nominee receives the sum assured as a death benefit. Since there is no other financial implication involved, term plans are affordable with the high sum assured, as compared to other life insurance plans.  Thus, the three properties that make IndiaFirst Term Insurance Policy extremely desirable are its simplicity, affordability, and high cover.

Reasons to choose IndiaFirst Term Insurance Plan

Established in 2009, IndiaFirst Life was initially promoted by the Bank of Baroda, Andhra Bank, and Legal & General. The holding pattern changed in 2019 due to amalgamation of banks and sale of the stake, with the present partners being Bank of Baroda, Union Bank of India, and Carmel Point India Investments Pvt. Ltd. 

The insurer boasts of 31 insurance plans catering to a wide range of customer segments across the country. The focus of IndiaFirst Life has been primarily customer-centric, delivering life insurance solutions that are easy to comprehend, delivering real benefits at an affordable price. 

To achieve such a goal, the insurer has integrated technology to drive the entire life cycle of an insurance plan, resulting in a seamless experience to the policyholder. Being a technology pioneer leader in the industry, they have been able to design need-based products to sync with individual needs and life goals. Backed by the strong legacy of its stakeholders, IndiaFirst Life boasts the following to make it a preferred choice.

  • A trusted brand for over 10 years
  • Providing insurance cover to over 5.5 million lives

  • Claim settlement ratio of 94.23% in FY 2018-19

  • Richly awarded if various forums

  • 24/7 dedicated support system

Types of IndiaFirst Term Insurance Plans

The inherent advantages in IndiaFirst Term Plans make them stand out as products of choice for financial planning. All the key focus items acting as the legacy of the insurer are incorporated in the term plans offering the customers the following to make them attractive.

  • Need-Based Protection

    The needs of every family differ to the extent of being unique. Tailored IndiaFirst Term Plans bridge this requirement to suit every taste.

  • Ease and Comfort

    Customer-centric philosophy of the insurer and technology-based operations are the ideal ingredients of comfort to the policyholder during the entire life cycle.

  • Peace of Mind

    Comprehensive protection to the family to face uncertainties of life with confidence is the source of solace to the policyholder.

  • Hassle-Free Claims

    It is the ultimate in benefit sharing, delivering a seamless experience to the policyholder.

    Carrying the attributes of all that described above, inculcating the term plans with an element of desirability, the different term plans at IndiaFirst Life are:

    • IndiaFirst Life Plan
    • IndiaFirst Anytime Plan
    • IndiaFirst e-Term Plan

IndiaFirst Term Plans Explained

IndiaFirst has a wide range of term insurance products to offer. The tailor-made term insurance plans from IndiaFirst are as follows:

  • IndiaFirst Life Plan

    The term plan is designed to protect the family of the policyholder in case of premature death. Some of the key highlights of the plan are:

    • Sum Assured: Minimum Rs 1 Lakh to maximum Rs 50 Crore
    • Premium Pay Option: 
      • Regular Pay
      • Single Pay
    • Policy Payment Term: 5 to 40 years for both Regular and Single Pay options
    • Minimum Premium:
      • Monthly: Rs 100
      • Six monthly: Rs 500
      • Yearly: Rs 1000
    • Single Pay: Rs 5000
  • IndiaFirst Anytime Plan

    It is a non-linked, non-participating pure protection term plan designed to provide financial security to the family in the absence of the policyholder. 

    • Sum Assured: Minimum Rs 10 Lakh to Maximum Rs 50 Crore
    • Premium Pay Option: 
      • Regular Pay
      • Single Pay
    • Policy Payment Term: 5 to 40 years for both Regular and Single Pay options
    • Minimum Premium:
      • Monthly: Rs 174
      • Six Monthly: Rs 1024
      • Yearly: Rs 2000
    • Single Pay: Rs 10000
  • IndiaFirst e-Term Plan

    This is non-linked and non-participating term plan, which not only secures the financial future of the family but also provides for additional covers due to Accident, Critical Illness, and several Life Stage milestones.

    Sum Assured: 

    • Life Benefit: Minimum – Rs 50 Lakh 
    • Income Benefit: Minimum – Rs 50 Lakh 
    • Income Plus Benefit: Minimum – Rs 50 Lakh 
    • Income Replace Benefit: Minimum – Rs 2.20 Lakh 
    • Accident Shield: Minimum – Rs 50 Lakh Maximum – (Accidental Benefit Capped) Rs 1 Crore
    • Disability Shield: Minimum – Rs 50 Lakh, Maximum – Rs 1 Crore
    • Critical illness Protector: Minimum – Rs 50 Lakh, Maximum – Rs 1 Crore
    • Comprehensive Benefit: Minimum – Rs 50 Lakh, Maximum – Rs 1 Crore

    Life Stage Benefit:

    • Marriage: 50% of the base sum assured subject to a maximum of Rs 1 Crore
    • 1St Child: 25% of the base sum assured subject to a maximum of Rs 50 Lakh
    • 2nd Child: 25% of the base sum assured subject to a maximum of Rs 50 Lakh
    • Home Loan: Equivalent to the Home Loan amount subject to a maximum of Rs 1 Crore 
    • These benefits are available to coverage under:
      • Life Benefit
      • Income Plus Benefit
      • Income Benefit
      • Accident Shield Benefit
    • Premium Pay Option: 
      • Regular Pay
      • Single Pay
    • Minimum Premium:
      • Monthly: Rs 261
      • Quarterly: Rs 777
      • Six Monthly: Rs 1536
      • Yearly: Rs 3000
    • Single Pay: Rs 15000

Eligibility Criteria to apply for IndiaFirst Term Insurance Policy

The most convenient mode to ascertain if one fits into the eligibility criteria concerning age and budget is the premium calculator at the insurer portal. However, it is also sensible to compare term plans for age criteria at a glance through the following grid:

Eligibility of IndiaFirst Term Plan on age Parameters
Plan Name Entry Age Maturity Age in years Policy Term in Years
IndiaFirst Life Plan Min 18 - Max 60 70 at the end of term Min 5 - Max 40
IndiaFirst Anytime Plan Min 18 - Max 60 70 at the end of term Min 5 - Max 40

IndiaFirst e-Term Plan
Income Replacement Benefit 20 50 60 less entry age 10 40
Others 18 55 65 to 80 10 40

Features and benefits of IndiaFirst Term Insurance Plans

Since each term plan from IndiaFirst Life is tailored to suit specific needs, it is important to study the different features and benefits in each of the term plans.

  • High Sum Assured

    Due to low overheads, IndiaFirst Term Plan can offer high sum assured at an inordinately low premium. The size of the sum assured is enough to cater to the following:

  • Protection of Assets

    Generally, all family assets are procured through loans. On the premature death of the policyholder, servicing such loans becomes a burden to the surviving family. The loans can be easily liquidated to safeguard the assets.

  • Fulfilling Dreams and Aspirations

    Children’s education and marriage are the two important life goals and milestones in a family. Even if an Education Loan exists, it can be paid off to ensure uninterrupted education of the child.

  • Multiple Payout Options

    Normally, the Death Benefit is paid in lump-sum. However, there is the flexibility to receive the payout in monthly installments, which ensures that the family can sustain the existing lifestyle they are used to.

  • Tax Benefit

    All life insurance products enjoy liberal tax savings under different sections of the Income Tax Act, 1961:

    • Section 80C: All premiums paid in a financial year subject to a maximum of Rs 1.5 Lakh
    • Section 10 (10D): All benefits received either by the policyholder or the beneficiary as an outcome of claim settlement

Documents required to apply for IndiaFirst Term Insurance Plans:

Documentation is integral to apply for any Life Insurance Plan like IndiaFirst Term Insurance Plan. The standard requirement is uniform across all insurers comprising of the following:

  • Identity Proof

    Any valid photo ID proofs like Voter, PAN, Aadhaar, or Driving License Card, Passport, etc.

  • Age Proof

    Voter, PAN, Aadhaar or Driving License Card, Passport, etc., besides School Leaving Certificate or Birth Certificate

  • Address Proof

    Voter, PAN, Aadhaar, or Driving License Card, Passport is a valid document besides current utility bills, Bank / PO Passbook / Statement, Property or Municipal Tax Receipt, etc.

  • Income Proof

    • Salaried: Previous 3-month salary slips, last 3 ITR with computation of Income Tax, and latest Form 16. Previous 6 months Bank statement with salary credits
    • Self Employed: Audited Balance Sheet, P&L Account Statements of the previous 3 years, certified under the stamp of a CA
  • Validity Notes

    • PAN Card is valid only if it is more than one year old
    • Date of Birth in Aadhaar Card is valid if it is stated in full

Inclusions and Exclusions in IndiaFirst Term Insurance Policy:

The policyholder needs to be aware of the contents of the policy document with full comprehension of the jargon used in them. For good measure, it is also wise to appraise the family members, especially spouses, about the purchase of a term plan and its features to enable smooth claim settlement if the need ever arises. The only method is looking through the fine print of the policy document.

  • Inclusions

    Special care should be taken to review the contents of the Policy Document once it is received, not only to get acquainted with different terminologies used and absorbing their impact. The specific areas to look for, apart from the general contours of the IndiaFirst Term Policy, are the specific additional covers chosen and the exclusions defined in them. It ensures the correctness of the inclusions and also helps locate any deficiencies. Omissions can be immediately rectified to obviate future complications.

  • Exclusions

    There are exclusions of general nature as well as specific, which come into force with the riders chosen to enhance coverage. Exclusion, by definition, is conditions under which benefits will not be paid to the claimant.  The policyholder must keep a tab on them with intent to comprehend its implications and its impact on the settlement of benefits. Some of the noteworthy exclusions are:

  • Suicide

    If death occurs due to suicide with 12 months of the commencement of risk on purchase or revival, the claimant will be entitled to 80% of the total premium paid till the date of death, provided the policy is in force

  • Critical illness

    • There is a general waiting period of 90 days since the inception of the risk on purchase or revival
    • Additionally, there is also a survival clause of 30 days after diagnosis
    • There are also exclusions for each of the listed critical illness
    • HIV or AIDS
  • Other Rider Benefits

    • Self-inflicted injury or bodily harm
    • Any congenital disease
    • Any sort of drug abuse
    • Driving under the influence of alcohol or intoxicants including psychotropic drugs
    • Due to acts of war, invasion, conflicts, military operations both internal and external
    • Participation in hazardous, adventure and extreme sports of any kind
    • Participation in any criminal or illegal activity
    • Nuclear peril or biological, chemical or radioactive contamination
    • The list is not exhaustive but only indicative. The policyholder must look through the fine print for an exhaustive analysis of all the exclusions, for abundant precaution

Claim Process for IndiaFirst Term Plans

One of the essential features of a reliable insurer is the claim settlement mechanism, which ensures customer satisfaction. The efficacy and success of the system are partially evident from the Claim Settlement Ratio consistently achieved by the insurer. IndiaFirst Life boasts a CSR of 94.23% in the FY 2018-19. The claim settlement process with them can be completed in 3 overall steps.

  • Claim Registration

    It is the first step initiated by intimation with the online method. The policyholder has to visit PaisaWiki website.

  • Claim Assessment

    • After preliminary scrutiny, the claim will be admitted
    • An acknowledgement communication will be sent with a unique reference number to track the claim online if needed
    • The claim will be assessed, and any deficiencies will be intimated   for compliance
  • Claim Settlement

    • If no further investigation is warranted, the claim will be approved within a time frame of 15 working days
    • Payment will be made electronically through NEFT

Claim Documents

  • Death Claim

    • Completed Claim Intimation Form
    • Original Policy Document
    • Death Certificate
    • KYC documents of the nominee
    • KYC documents of the policyholder
    • Bank Account details / Cancelled Cheque of the nominee
    • FIR, Post Mortem Report, Panchanama, Investigation Report attested by the Police in case of unnatural death
    • The entire set of hospital documents
  • Maturity Claim

    • Completed Claim Intimation Form
    • Original Policy Document
    • PAN card of the policyholder
    • Bank Account details / Cancelled Cheque of the policyholder
    • NRI declaration (for NRI only)
    • Documents should be self-attested

Renewal Process for IndiaFirst Term Plans

It is imperative to complete the renewal process on or before the policy anniversary or due date to obviate policy lapse. At IndiaFirst Life, the renewal process is both offline and online. 

Online:

  • Visit the official website of PaisaWiki – www.paisawiki.com
  • Click on the ‘Renewal’ tab

  • Choose IndiaFirst Company

  • Fill in the required details. Click on the ‘Submit’ button

  • Choose the mode of payment

  • Authorize a payment and save the acknowledgment for future reference

How to buy IndiaFirst Term Plans?

Once a decision is made on a suitable IndiaFirst Term Plan, purchasing is hassle-free. One can buy IndiaFirst Term Insurance Plan by following the steps below:

  • At PaisaWiki, enter the date of birth, gender, and smoker or not, to continue
  • Choose the coverage from the available 8 options, policy term, payout option, and premium paying mode, to complete the selection

  • Get the quote and pay the premium digitally through safe modes

  • Complete the medicals, as per norms and receive the policy document

IndiaFirst Term Plan - FAQ

Written By: Paisawiki - Updated: 22 September 2020