India First Life Insurance Company is a joint venture between two Indian Public Sector banks,Bank of Baroda and Andhra Bank and a UK-based investment company Legal & General. It was incorporated in 2009 and has its headquarters in Mumbai, India. India First Life Insurance Company offers insurance plans, investment funds and other policies. It has a varied range of plans to cater to every need of its customers like Pension plans, Savings plans and Term plans among others. It has about 4,800 branches in over 1000 cities of India.
Key Highlights of Indiafirst Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 72.21% for year 2014-2015
91.15% Grievances Settled for year 2014-2015
To be eligible for Indiafirst Life Insurance
You should be at least 18 years old
You should be less than 60 years old
You should be either Salaried, Self- employed, a professional or have your own business
Indiafirst Life Insurance at a Glance
A maximum tenure of 40 years
Min Sum Assured: Rs 1 Lakh
Max Sum Assured: Rs 50 Crore
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Indiafirst Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
IndiaFirst Life Insurance Plans Details
- IndiaFirst Life ULIP Plans
Unit Linked Insurance Plans (UlLIPs) are very helpful as they offer the dual benefits of protection and returns too. ULIPs help one fulfill long term financial goals while obtaining protection simultaneously.
- IndiaFirst Smart Save Plan: The IndiaFirst Smart Save Plan offers an insurance cover and helps you boost your wealth through market linked investments.
- IndiaFirst Money Balance Plan: The India First Money Balance Plan offers an insurance cover plan while helping you optimize your investment by implementing the ‘automatic trigger based’ strategy.
- IndiaFirst Life Protection Plans
The main aim of the India First Life Protection Plans is to provide financial protection to the family of the insured in case of unfortunate events. This plan has a high risk protection component.
- IndiaFirst Life Plan: IndiaFirst Life Plan lets you enjoy the benefits of life cover insurance for a period of up to 40 years at an affordable price.
- IndiaFirst Anytime Plan: IndiaFirst Anytime Plan is a life cover insurance where you have the option of paying the premiums monthly, bi annually, annually or in lump sum.
- India First Life Pension Plans
IndiaFirst Life Insurance plans help you plan for your post-retirement life by investing money at the right time to reap benefits.
- IndiaFirst Annuity Plan: IndiaFirst Annuity Plan is a traditional pension plan that can be purchased by paying the premium in a single payment.
- IndiaFirst Life Child Plans
IndiaFirst Life Child Plans help you secure your child’s future and guide their dreams.
- IndiaFirst Life Young India Plan: IndiaFirst Life Young India Plan ensures that your child receives funds at every important occasion in their life.
- IndiaFirst Life Traditional Insurance Plans
IndiaFirst Life traditional Insurance Plans are the conventional plans that cater to customers who take low risks. The investment returns are very low in these plans.
- IndiaFirst Secure Save Plan: IndiaFirst Secure Save Plan is a savings plan that offers an assured amount along with returns as a form as bonus guaranteed by the company or the client.
- IndiaFirst Maha Jeevan Plan: IndiaFirst Maha Jeevan Plan is an endowment plan with bonus facility. The policy can be chosen for any period between 10-25 years.
IndiaFirst Life Insurance FAQs:
- Q. What is an IndiaFirst Life Insurance eIA account?
A. An eIA account stands for e-insurance account (Electronic Insurance Account). An E-insurance with IndiaFirst Life Insurance works in similar fashion as a Demat account for shares and mutual fund does.
- Q. What are the advantages of an e-insurance Account with IndiaFirst Life Insurance?
A. Firstly stating the obvious eIA account with IndiaFirst Life Insurance permits ease, safety, less paperwork as well as acts as a singular service platform for all your insurance policies without any additional cost.
Secondly, there will be no requirement to go through KYC procedure every time you purchase a policy. The insurance repository gives a unique eIA number assigned to you and all your policies will come under that account.
It will holds all type of policies including life, health, motor and group covers.
- Q. How Do I check my policy status?
A. You can check your policy status online as long as you have the login and password to your personal account on their website.
A detailed tab on the page will allow you to access all the relevant data related to your policy.
- Q. What are the available modes for payment of premium available for me?
A. INDIAFIRST Life Insurance allows you to use the following modes of payment for paying premium that include:
- Credit card or Debit Card
- Electronic Clearing system (ECS: you need to register for the same through form submission. This mode is available to people of select cities only)
- Offline: At any of the IndiaFirst offices or branches nearest to you
- Cash or,
- Q. How Do I renew my policy with IndiaFirstInsurance?
- A.Log on to your account through this link on their website.
- Choose the online payment for renewal policy.
- You also have other choices online such as ECS or the Auto debit option
- You can also visit the nearest branch office and fill in the required forms, attaching the mandatory documents to get your policy renewed.
- Q. How does my nominee/s or I get the claims settled with IndiaFirst Life Insurance?A.Inform the company about the incident within one week of it occurrence. You can do it by:
- Online Claim Initiation
- Call toll free number 1800-209-8700
- Couriering the details
- Approaching us through an Advisor.
- Contacting the company at any of their branch office.
- The claim is settled within 15 days from the time you have submitted the required documents, including the claim form. Delays might occur due to lack of complete documentation, so nominees must be proactive about documentation.
- Q. What documentation has to be submitted for the processing of claim?A. The following documents are required to settle claims on your policy with IndiaFirst (as per IndiaFirst):
- Medical / Diagnosis Reports/ Discharge summary for the particular Treatment (In case death happened in Hospital)
- Copy of claimant's Bank Passbook & Cancelled Cheque
- Copy of Life Assured's age proof
- Copy of Claimant ID & Address Proof
- Physician Statement
- Copy of Death Certificate
- Completely filled and signed Claim intimation Form
A. Simply fill in the relevant form and submit it to the nearest branch office including the surrender charges based on the policy literature.
A. Section 80C of the Indian Income Tax Act (1961) lets you reap considerable tax benefits on the amount of premium you opt to pay. Your near and dear ones can also redeem these benefits as there is no tax levied on the sum assured in the event of death of the policyholder as per the Section 10(10)D of the same law.
News About IndiaFirst Life Insurance
IndiaFirst Life Insurance launches a new retirement plan
IndiaFirst Life Insurance, a leading insurance company in India recently announced the launch of IndiaFirst Guaranteed Retirement Plan. The new plan is a non linked, participating, endowment deferred pension plan. One can avail guaranteed returns of 9% on the premium paid during initial years with this plan. The policy also offers tax benefits under section 80C of the Income Tax Act, 1961.The plan also offers flexibility in premium payment for its policyholders.
13th January 2016
IndiaFirst Life Insurance to focus more on retail business
Hyderabad: IndiaFirst Life Insurance Company, a joint venture between Andhra Bank, Bank of Baroda and UK-based Legal and General, will focus more on its retail business in the near future, Managing Director RM Vishakha said on Thursday. The company, which began its operations in 2010, currently has corpus over Rs.4,000 crore in the corporate segment, according to sources.
According to Vishakha, around 80% of the retail business of IndiaFirst Life Insurance Company comes via its bancassurance channel. Also, focus on the retail business coupled with the consolidation of its corporate clients will pave the way for ‘double digit’ profits for the company this year, Vishakha stated. IndiaFirst Life Insurance Company had posted a profit of Rs.6 crore in 2014.
The Bank of Baroda, Legal & General and Andhra Bank infused around Rs.150 crore into the company as per their shareholding pattern, thereby, raising the share capital to Rs.625 crore. The Bank of Baroda holds 44% in the company while Legal & General and Andhra Bank hold 26% and 30% respectively.
According to Vishakha, the low premium accident and life insurance schemes recently introduced by the government have been successful in terms of raising the level of general awareness about the importance of insurance. With AUM of over Rs.8,160 crore (as on June 30, 2015), IndiaFirst has presence in around 1,000 cities and towns across India courtesy 10,040 bank branches.
12th October 2015
New cash back policy from IndiaFirst Life Insurance
IndiaFirst Life Insurance launched a new policy called the Cash Back Plan. This plan is designed to meet medium to long-term goals of policyholders.
The minimum entry age is 15 years and the maximum is 55 years. Policyholders can expect 5% - 7% of the annualized premiums as addition every year. Policyholders can also get 20% of the sum assured as part payout during the 6th, 8th or 10th year of the policy and 60% during the 9th, 12th or 15th year, along with the additions. Premium payment varies from a term of 5 years - 10 years.
All these parameters are based on the policy term which can be for 9, 12 or 15 years. Premiums can be paid quarterly, annually or bi-annually. The plan encourages customers to save as they progress in age, altering savings goals from short to long-term.
12th June 2015
IndiaFirst Life Insurance appoints Rushabh Gandhi as the Director- Sales and Marketing
India’s premier life insurance provider, IndiaFirst Life Insurance appointed Rushabh Gandhi as Director of sales and marketing. Rushabh Gandhi who was director, sales at Canara HSBC Life previously stated that he was excited at the opportunity of working with IndiaFirst Life Insurance which is one of the fastest growing companies in the life insurance sector in India. RM Vishakha, CEO and Managing Director, IndiaFirst Life Insurance is confident that the new addition will help strengthen their sales and marketing team.
13th May 2015
IndiaFirst Life Insurance to register first profit this year
IndiaFirst Life Insurance Company (IFLI), a joint venture between Andhra Bank, Bank of Baroda, and Legal and General, a UK based company, is likely to register its first single-digit profit, this year, since it entered the life insurance sector in November 2009.R M Vishakha, the newly appointed Managing Director and CEO of IFLI said the accounts of the company are expected to be finalized in April. IFLI is also expected to launch a money-back product in April. The share of ULIPs and traditional products for the company as on December last stood at 52% and 42% respectively. The company is, however, not likely to push for ULIPs in the near future.
According to the CEO, IFLI will construct its strategy in such a way that the customer, and not the products, are going to be the focus of the company.
1st April 2015
IndiaFirst Life Insurance welcomes on-board a new MD & CEO!
Starting tomorrow, IndiaFirst Life Insurance Company will have a new MD & CEO, the senior BFSI professional R M Vishaka. Vishaka last worked as the Director Sales & Marketing in a insurance company and has also had experience working as the Chief Business Officer at IndiaFirst Life Insurance. She has worked in the financial service industry for over 25 years.
Vishaka stated that the customers needs will always remain to be their first priority.
9th March 2015
Carat Becomes Media partner to IndiaFirst Life Insurance!
IndiaFirst Life Insurance which is a joint venture between Bank of Baroda and Andhra Bank has signed up Carat Media for handling its media related operations. Carat Media is now mandated to handle television, print, radio, cinema as well as ambient media related work for IndiaFirst.
The Media firm is excited and confident about this new mandate and looks forward to create strong consumer-centric digital solutions that will enable IndiaFirst to become a preferred destination in terms of insurance products. Carat is especially happy that IndiaFirst saw promise in the services offered by the media company and trusted them with their brand building exercise.
On the other hand, IndiaFirst too is eager about this new partnership and is looking forward to engaging communication plans that will touch customers across varied strata of the Indian market.
20th January 2015
Private Sector Life Insurance Companies Show Decline in Settlement Ratios
According to the IRDA’s annual report for the year 2013-2014, private insurers are noted to have turned down about 8.03% claims made during the year, bringing their collective claim settlement ratio to about 88.31%. This is as opposed to the 88.65% recorded for the year 2012 - 2013. The decline is in contrast to the increase in LIC’s claim settlement ratio which moved up from 96.41% in the year 2012-2013 to 96.75% in the year 2013-2014.
Private insurers attribute repudiation of claims to the withholding of information by policyholders at the time of entering into the policy, especially with regards to health issues. Life insurance agreements are entered into on the basis of good faith between the insurers and insured whereby policyholders are required to inform the insurance company of any issues or circumstances that affect coverage.
The total value of rejected claims amounted to Rs.624 crores. Where private insurance companies had rejected about 10,036 claims, the Life Insurance Corporation of India (India’s largest life insurer) recorded 8,387 rejected claims.
12th January 2015