Overview
IndiaFirst Life Insurance Company Limited is a joint venture between two leading public sector banks in India – Bank of Baroda and Union Bank of India and Carmel Point Investments India Private Limited, a part of UK-based financial services provider Legal & General Group. Established in 2009, IndiaFirst Life Insurance has emerged as a trusted name in the insurance industry, providing reliable and customer-centric solutions.
IndiaFirst Life Insurance is a leading life insurance company in India that aims to provide comprehensive and innovative insurance solutions to individuals and families. IndiaFirst Life Insurance offers a wide range of life insurance products designed to meet its customers' diverse needs and aspirations. Moreover, IndiaFirst Life Insurance has won many awards and recognition over the years. Some of the awards and accolades won by IndiaFirst Life Insurance company are mentioned below:
- IndiaFirst Life Insurance became “Top 50 Best Workplaces in India” in BFSI 2023 for the fifth consecutive time.
- IndiaFirst Life Insurance has won the “Best Customer-Centric Company” award in the 16th Customer Fest Leadership Awards 2023.
- IndiaFirst Life Insurance won the “Leader In Customer Engagement Initiative Award” in the BFSI Tech Innovation Awards.
- IndiaFirst Life Insurance won “InsureNext Awards 2023” for the Best HR Initiatives.
- IndiaFirst Life Insurance won the “Great Place to Work-Certified” award For The 5th Consecutive Year.
IndiaFirst Life Insurance Company Specification
Below are the key specifications of IndiaFirst Life Insurance Company.
| Particulars | Specifications |
|---|---|
| Claim Paid Percentage (2021-22) | 96.92 |
| Group Death Claim Paid Percentage (2021-22) | 99.18 |
| Solvency Ratio (2021-22) | 1.65 |
| Market Share (2021-22) | 5186.56 Crore |
*Data has been sourced from the annual report of IRDAI 2021-22
Key Features of IndiaFirst Life Insurance
IndiaFirst Life Insurance offers various key features that make it a preferred choice for individuals seeking a comprehensive life insurance plan. Here are some of the key features of IndiaFirst Life Insurance:
Wide Range of Plans
IndiaFirst Life Insurance offers a variety of life insurance plans, such as endowment plan, money back plan, whole life insurance, term insurance, etc., to meet the different needs of every individual.
Plans for All
IndiaFirst Life Insurance has plans for individuals and groups like employers, affinity groups, etc. They have specialized plans for women as well.
Strong Online Presence
IndiaFirst Life Insurance has an easy-to-navigate website. Most IndiaFirst plans can be purchased online. The online process is simple and paperless.
Customer Service
IndiaFirst Life Insurance provides customer service through multiple channels such as websites, call centres, email, chat and social media. Claims can also be reported online.
Additional Rider Options
IndiaFirst Life Insurance offers various rider options that provide additional protection to the policyholder and can be availed through rider benefits such as accident, critical illness and disability riders.
Competitive Premiums
IndiaFirst Life Insurance aims to provide affordable life insurance plans with competitive premiums, ensuring that policyholders get value for their money.
Claim Settlement Ratio
IndiaFirst Life Insurance has a high claim settlement ratio (CSR) of 96.92%, according to the IRDAI Annual Report of 2021-22. A high CSR ensures that the death benefits promised to customers and their families are delivered as required.
Benefits of IndiaFirst Life Insurance
IndiaFirst Life Insurance offers a range of benefits to policyholders, providing comprehensive coverage and financial protection. Here are some of the key benefits of IndiaFirst Life Insurance:
Trust and Reliability
IndiaFirst Life Insurance is a joint venture between two leading public sector banks, Bank of Baroda and Union Bank of India, and UK-based financial services provider Legal & General Group. The company's strong financial backing and trusted partnerships instil confidence in policyholders, assuring them of its credibility and commitment to honouring claims.
Insurance Solutions for Various Life Stages
IndiaFirst Life Insurance offers various insurance products that cater to different life stages and financial needs. Whether individuals are starting their careers, getting married, securing their children's future, or planning for retirement, IndiaFirst Life Insurance has products designed to address their specific requirements at every stage of life.
Flexibility and Customization
IndiaFirst Life Insurance understands that every financial unique needs of each individual. The company offers flexibility and customization options, allowing policyholders to choose the policy term, premium payment frequency and optional riders as per their needs. Optional riders provide additional coverage for critical illnesses, accidental death, disability and more, enhancing the basic coverage of the policy.
Tax Benefits
IndiaFirst Life Insurance policies offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Policyholders can avail of tax deductions on the premiums paid for their policies, subject to specified limits. Additionally, the maturity proceeds or death benefits received from the policy may be tax-free, subject to certain conditions.
Savings and Wealth Accumulation
Many IndiaFirst Life Insurance plans offer savings and investment components, allowing policyholders to build a corpus over time. These plans provide a disciplined approach to saving, helping individuals meet long-term financial goals such as education, marriage, retirement or buying a home. The investment component of these schemes ensures the growth of accumulated savings.
Life Insurance Plans Offered by IndiaFirst Life Insurance
IndiaFirst Life Insurance offers a comprehensive range of life insurance plans designed to meet the diverse needs of individuals and families. Here are some of the key life insurance plans offered by IndiaFirst Life Insurance:
IndiaFirst Life Term Insurance Plans
 |
IndiaFirst Life Guaranteed Protection Plus Plan |
Coverage Benefits
- 3 Plan Options
- Affordable Premiums
- Spouse Cover
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
IndiaFirst Life Plan |
Coverage Benefits
- Affordable Premiums
- Tax Benefits 15 Days of Free-look Period
- Tax benefits
Eligibility Criteria
Entry Age: 18 Years to 60 Years
IndiaFirst NRI Life Insurance Plans
|
IndiaFirst Life Guaranteed Pension Plan |
Coverage Benefits
- 5 Annuity Options
- Joint Life Option
- Coverage for 20 Critical Illnesses
Eligibility Criteria
Entry Age: 45 Years to 80 Years
|
IndiaFirst Life Radiance Smart Invest Plan |
Coverage Benefits
- 10 Different Fund Options
- Tax Benefits
- Unlimited Free Switches
Eligibility Criteria
Entry Age: 91 Days to 65 Years
IndiaFirst Life ULIP Plans
|
IndiaFirst Life Wealth Maximizer Plan |
Coverage Benefits
- 7 Fund Options
- Multiple Investment Strategies
- Exclusive Add-ons
Eligibility Criteria
Entry Age: 5 Years to 65 Years
|
IndiaFirst Life Radiance Smart Invest Plan |
Coverage Benefits
- 10 Different Fund Options
- Life Cover
- Unlimited Free Switches
Eligibility Criteria
Entry Age: 91 Days to 65 Years
|
IndiaFirst Money Balance Plan |
Coverage Benefits
- Partial Withdrawals
- Flexible-Premium Payment Options
- Tax Benefits
Eligibility Criteria
Entry Age: 5 Years to 65 Years
|
IndiaFirst Smart Save Plan |
Coverage Benefits
- Various Fund Options
- Life Cover
- Tax Benefits
Eligibility Criteria
Entry Age: 5 Years to 65 Years
IndiaFirst Micro Life Insurance Plans
|
IndiaFirst Life Micro Bachat Plan |
Coverage Benefits
- Accrued Bonuses
- Life cover
- Multiple Add-on Riders
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
IndiaFirst Life INSURANCE KHATA Plan |
Coverage Benefits
- Financial Protection
- Guaranteed Assured Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 45 Years
IndiaFirst Common Service Center Plan
|
IndiaFirst CSC Shubhlabh Plan |
Coverage Benefits
- Partial Withdrawals
- Top-up Facilities
- Guaranteed Additional Interest
Eligibility Criteria
Entry Age: 18 Years to 55 Years
|
IndiaFirst Life Micro Bachat Plan |
Coverage Benefits
- Accrued Bonuses
- Multiple Add-on Riders
- Multiple Add-on Riders
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
IndiaFirst Life INSURANCE KHATA Plan |
Coverage Benefits
- Financial Protection
- Guaranteed Assured Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 45 Years
|
IndiaFirst Life POS CashBack Plan |
Coverage Benefits
- Long-Term Investment Benefits
- Guaranteed Additions
- Tax Benefits
Eligibility Criteria
Entry Age: 15 Years to 55 Years
IndiaFirst Saral Plans
|
IndiaFirst Life Saral Jeevan Bima Plan |
Coverage Benefits
- Affordable Premium
- Coverage for COVID-19
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
IndiaFirst Life Saral Pension Plan |
Coverage Benefits
- Post-Retirement Income
- Protection Against Critical Illnesses
- 2 Annuity Options
Eligibility Criteria
Entry Age: 40 Years to 80 Years
IndiaFirst Life Saving Plans
|
IndiaFirst Life Guaranteed Single Premium Plan |
Coverage Benefits
- 7 Times Return
- 1.25 Times Life Cover
- Tax Benefits
Eligibility Criteria
Entry Age: 90 Days to 70 Years
|
IndiaFirst Life’s Guarantee of Life Dreams Plan |
Coverage Benefits
- Enhanced Benefits for Female
- Loyalty Benefits
- Increasing Guaranteed Income
Eligibility Criteria
Entry Age: 90 Days to 60 Years
|
IndiaFirst Life Fortune Plus Plan |
Coverage Benefits
- Survival Benefit
- Tax Benefit
- Cash Bonuses
Eligibility Criteria
Entry Age: 1 Month to 60 Years
|
IndiaFirst Life Long Guaranteed Income Plan |
Coverage Benefits
- Whole Life Income Option
- Availability of Add-on Riders
- Tax Benefits
Eligibility Criteria
Entry Age: 8 Years to 60 Years
|
IndiaFirst Life Mahajeevan Plus Plan |
Coverage Benefits
- Assured Payouts
- Annual Bonus
- Tax Benefits
Eligibility Criteria
Entry Age: 1 Month to 55 Years
|
IndiaFirst Life Cash Back Plan |
Coverage Benefits
- Risk Cover
- Long-Term Investment Benefit
- Guaranteed Additions
Eligibility Criteria
Entry Age: 15 Years to 55 Years
|
IndiaFirst Life Maha Jeevan Plus Plan |
Coverage Benefits
- Terminal Bonus
- Tax Benefits
- Waiver of Premium Option
Eligibility Criteria
Entry Age: 5 Years to 55 Years
|
IndiaFirst Simple Benefit Plan |
Coverage Benefits
- Guaranteed Maturity Amount
- Loan Facility
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
IndiaFirst Life Guaranteed Monthly Income Plan |
Coverage Benefits
- Guaranteed Monthly Income
- Multiple Premium Payment Options
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
IndiaFirst Life Smart Pay Plan |
Coverage Benefits
- Survival Benefit of 103%
- Tax Benefits
- Waiver of Premium Option
Eligibility Criteria
Entry Age: 3 Years to 50 Years
|
IndiaFirst Life Guaranteed Benefit Plan |
Coverage Benefits
- Lumpsum Benefit Option
- 3-Way Income Benefit Option
- Tax Benefits
Eligibility Criteria
Entry Age: 4 Years to 60 Years
|
IndiaFirst Life Saral Bachat Bima Plan |
Coverage Benefits
- Waiver of Premium Option
- Annual Guaranteed Additions
- Funeral Cover
Eligibility Criteria
Entry Age: 3 Years to 50 Years
IndiaFirst Child Insurance Plans
|
IndiaFirst Life Little Champ Plan |
Coverage Benefits
- Affordable Premium
- Death Benefit Options
- Tax Benefits
Eligibility Criteria
Entry Age: 21 Years to 45 Years
IndiaFirst Life Retirement Plans
|
IndiaFirst Guaranteed Pension Plan |
Coverage Benefits
- 5 Annuity Options
- Joint Life Option
- Coverage for 20 Critical Illnesses
Eligibility Criteria
Entry Age: 45 Years to 80 Years
|
IndiaFirst Guaranteed Retirement Plan |
Coverage Benefits
- Multiple Investment Options
- Assured Returns
- Tax Benefits
Eligibility Criteria
Entry Age: Up to 75 Years
|
IndiaFirst Life Guaranteed Annuity Plan |
Coverage Benefits
- Coverage for Critical Illnesses
- Return of Purchase Price
- Multiple Premium Payment Options
Eligibility Criteria
Entry Age: 40 Years to 80 Years
|
IndiaFirst Life Guaranteed Immediate Annuity Plan |
Coverage Benefits
- 4 Annuity Options
- Return of Purchase Price
- Joint Life Option
Eligibility Criteria
Entry Age: 18 Years to 80 Years
IndiaFirst Life Point of Sale (POS) Plans
|
IndiaFirst Life POS CashBack Plan |
Coverage Benefits
- Long-Term Investment Benefits
- Guaranteed Additions
- Tax Benefits
Eligibility Criteria
Entry Age: 15 Years to 55 Years
How to Choose the Right IndiaFirst Life Insurance Policy?
When choosing a life insurance policy from IndiaFirst Life Insurance, it is important to evaluate various factors to ensure that it meets your specific needs and financial goals. Consider the following aspects to make an informed decision:
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Coverage Options
Assess the range of coverage options offered by IndiaFirst Life Insurance, such as term insurance, endowment plans, or unit-linked insurance plans (ULIPs). Determine what type of policy suits your long-term financial objectives and provides adequate coverage for your loved ones.
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Premium Affordability
Evaluate the premium amounts of different IndiaFirst Life Insurance policies and consider whether they fit into your budget. Ensure that the premium payment remains sustainable throughout the policy term.
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Policy Features
Check out the features and benefits offered by IndiaFirst Life Insurance policies. Look for other features like maturity benefits, riders (additional coverage options), flexibility in premium payment and availability of loan facilities. Always purchase a policy that offers features tailored to your specific needs.
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Customer Service and Support
Consider the quality of customer service and support IndiaFirst Life Insurance provides. In the case of IndiaFirst Life Insurance Company, it provides quick and efficient assistance in policy servicing, claim processing and addressing customer queries or concerns.
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Reviews and Recommendations
Get feedback from existing customers or consult reliable sources for reviews and recommendations regarding IndiaFirst Life Insurance policies. Consider the experiences of others to gain insight into the company's reputation and customer satisfaction levels.
Life Riders Offered by IndiaFirst Life Insurance
IndiaFirst Life Riders are additional coverage or benefits that you can purchase to enhance the basic coverage of your IndiaFirst Life insurance plans. IndiaFirst Life Insurance offers two additional riders: IndiaFirst Term Rider and IndiaFirst Life Discount of Premium Rider.
- IndiaFirst Term Rider
IndiaFirst Term Rider extends the basic life cover of the plan and provides additional protection to the family in case of the policyholder's unfortunate death. - IndiaFirst Life Waiver of Premium Rider
IIndiaFirst Life Premium Waiver helps waive off future premiums on your basic policy if the policyholder dies or suffers from any sudden permanent disability or critical illness.
IndiaFirst Life Insurance Tax Benefits
IndiaFirst Life Insurance policies offer tax benefits under the Income Tax Act 1961 provisions. Here are the major tax benefits you can avail of:
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Deduction under Section 80C
Premiums paid for life insurance policies offered by IndiaFirst Life Insurance are eligible for deduction under Section 80C of the Income Tax Act. Maximum deduction limit INR 1.5 lakh per financial year. This deduction applies to policies held in the name of an individual, spouse or children.
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Maturity/Death Benefit Tax Exemption
The maturity amount received from IndiaFirst life insurance policies or death benefits paid to the nominee is tax-free under section 10(10D) of the Income Tax Act. This discount applies to traditional life insurance policies and unit-linked insurance plans (ULIPs) offered by IndiaFirst Life Insurance.
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Tax-Free Wealth Transfer
In the case of Unit-Linked Insurance Plans (ULIPs), the income received by the nominee or legal heir on the policyholder's death is free from income tax. This provision allows tax-efficient transfer of funds to the beneficiary.
IndiaFirst Life Insurance Buying Process
IndiaFirst Life Insurance offers a simple and hassle-free buying process. You can buy IndiaFirst Life Insurance in two ways, i.e., from IndiaFirst Life Insurance's official website and RenewBuy. Read below to check the buying process of IndiaFirst Life Insurance in detail.
Buy from RenewBuy
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life Insurance Companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "IndiaFirst Life Insurance" tab.
- Select the desired IndiaFirst Life Insurance plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of IndiaFirst Life Insurance
- Visit the “IndiaFirst Life Insurance” official website.
- Click on the “Plans” tab from the menu section.
- Select the desired Insurance plan.
- Fill in the required details.
- Click on the "Buy Now" button.
- Your IndiaFirst life insurance policy document will be sent to your registered e-mail address.
IndiaFirst Life Insurance Claim Process
IndiaFirst Life Insurance offers an easy and quick claim settlement process. The claim settlement process for IndiaFirst Life Insurance policies typically involves the following steps:
- Claim Registration
- Claim Assessment
- Claim Settlement
Online Claim Process
Claim Registration
- You can register your claim online by calling IndiaFirst Life Insurance on their toll-free number at 1800-209-8700.
- Their customer care representative will guide you through the claim process.
- Email them at [email protected] and send soft copies of all the mandatory documents.
Claim Assessment
- The claim team will verify and assess the claim and documents.
- They will inform you in case any further documents are required.
- If everything is fine, you will get an acknowledgement letter with a unique claim number to track your claim.
- All the information will be shared on your registered contact details, such as Email, SMS, and Letter.
Claim Settlement
- If the claim does not need further investigation and all the mandatory documents are submitted, IndiaFirst Life Insurance will settle your claim within 15 calendar days.
- All the information will be shared on your registered contact details, such as Email, SMS, and Letter.
Offline Claim Process
Claim Registration
Visit the nearest branch of IndiaFirst Life Insurance or Bank of Baroda or Andra Bank Branch/FPC, along with hard copies of all the mandatory documents.
Claim Assessment
- The claim team will verify and assess the claim and documents.
- They will inform you in case any further documents are required.
- If everything is fine, you will get an acknowledgement letter with a unique claim number to track your claim.
- All the information will be shared on your registered contact details, such as Email, SMS, and Letter.
Claim Settlement
- If the claim does not need further investigation and all the mandatory documents are submitted, IndiaFirst Life Insurance will settle your claim within 15 calendar days.
- All the information will be shared on your registered contact details, such as Email, SMS, and Letter.
Documents Required for Claim Settlement
Below, we have provided the required documents you must submit for both death and maturity claims:
In Case of Death Claim
- Copy of ID Proof of nominee
- Copy of Address proof of nominee.
- Signed and filled out claim intimation form.
- Copy of bank passbook
- Copy of cancelled cheque of nominee's account.
- Original death certificate/ attested copy of death certificate.
- Original policy document.
- Copy of identity proof of the policyholder.
- Copy of age proof of the policyholder.
- Copy of First Information Report duly attested by police officials (in case of unnatural deaths)
- Copy of Post Mortem Report duly attested by police officials (in case of unnatural deaths).
- Copy of Panchnama duly attested by police officials (in case of unnatural deaths).
- Copy of hospitalisation documents such as discharge summary and diagnosis reports (in case the member was treated for any illness related to the cause of death).
In Case of Maturity Claim
- Signed & filled out claim intimation form.
- Original policy documents.
- Copy of Pan Card.
- Cancelled cheque of the policyholder's name
- Copy of bank passbook.
- NRI declaration (for NRI).
IndiaFirst Life Insurance Contact Details
To contact IndiaFirst Life Insurance, you can reach out to them using the following contact details:
| Customer Service Helpline | 1800-209-8700 (Toll-Free) |
| [email protected] | |
| Branch Locator | To find the nearest branch of IndiaFirst Life Insurance, visit their official website at www.indiafirstlife.com and use their branch locator tool. It will provide you with the addresses and contact details of their branches across different locations. |
| Address | 12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063. |
