India First Life Insurance

India First Life Insurance Company is a merger between two public sector banks in India, Andhra Bank and Bank of Baroda with Legal & General, a UK-based investment company. It was consolidated in 2009 and its headquarters are located in Mumbai, India. India First Life Insurance Company provides insurance plans, investment funds and other types of policies. It has a diverse range of plans to feed the needs of different types of customers. It has around 4,800 branches in more than 1000 cities across India

Types of Plans Offered By India First Life Insurance

India First Life ULIP Plans

India First Life Unit Linked Insurance Plans (UlLIPs) are very desirable since they offer dual benefits of protection and returns. ULIPs assist people in attaining their long-term financial goals while receiving protection concurrently.

Type of Plan	Basic Sum Assured			Tenure
India First Smart Save		Regular & limited premium	Single premium	Limited & regular premium: 10,15,20 & 25 years Single premium: 5,10,15 & 20 years
	Below 45 years	Higher of: 10 times annualised premium OR (0.5 times plan term X annualised premium)	Higher of 7 times annualised premium OR (0.25 times plan term X annualised premium)
	Above 45 years	125% of single premium	110% of single premium
India First Money Balance		Regular & limited premium	Single premium	Limited & regular premium: 10,15,20 & 25 years Single premium:   5,10,15 & 20 years
	Below 45 years	Higher of 10 times annualised premium OR (0.5 times plan term X annualised premium)	Higher of 7 times annualised premium OR (0.25 times plan term X annualised premium)
	Above 45 years	125% of single premium	110% of single premium
India First Happy India		Regular & limited premium	Single premium
	Below 45 years	Higher of 10 times annualised premium OR (0.5 times plan term X annualised premium)	Higher of 7 times annualised premium OR (0.25 times plan term X annualised premium)	10,15,20 & 25 years

IndiaFirst Smart Save Plan

The IndiaFirst Smart Save Plan provides an insurance cover and it helps you in boosting your wealth through market investments.

Type of Plan	Basic Sum Assured	Tenure	Features
India First Life Plan	Rs.1,00,000	5-40 years	Basic Insurance Plan Benefits of insurance for 40 years at affordable price
India First Any Time	Rs.10,00,000	5-40 years	Flexibility in premium payments

IndiaFirst Money Balance Plan

The India First Money Balance Plan extends an insurance cover plan while simultaneously assisting you in optimizing your investments. This plan implements the automatic trigger based strategy.

India First Happy India Plan

This is a ULIP which offers the child/ward of the insured a fixed sum of money at different intervals that are chosen by the insured. It also provides the option for switching funds if the corpus is enormous.

IndiaFirst Protection Plans

The central objective of the India First Life Protection Plans is to give financial protection to the family of the insured if the policyholder dies. This plan has a very high-risk protection component.

India First Life Endowment Plans

• Simple Benefit Plan

• Wealth Maximizer Plan

Type of Plan	Basic Sum Assured			Tenure
India First Wealth Maximiser		Regular & limited premium	Single premium	Single premium: 5-30 years Regular and limited premium- dependent on premium payment term
	Below 45 years	Higher of: 10 times annualised premium OR (0.5 times plan term X annualised premium)	Higher of 7 times annualised premium OR (0.25 times plan term X annualised premium)
	Above 45 years	125% of single premium	110% of single premium
India First Simple Benefit	Rs.20,000			15-25 years

IndiaFirst Life Variable Plan

• Subhlabh Plan

This is a non-participating, non-linked variable insurance scheme which offers an additional interest rate of 4% p.a. for the first five plan years as well as a partial withdrawal option after the 5th policy year onwards in addition to life cover.

Type of Plan	Basic Sum Assured			Tenure
India First Sublabh		Regular premium	Top-up premium	10 & 15 years
	Below 45 years	10 times annualised premium	7 times annualised premium
	Above 45 years	125% of top-up premium	110% of top-up premium

IndiaFirst Pension Plans

This plan helps you to plan for the post-retirement life by investing the money with the market to reap the benefits.

Type of Plan	Basic Sum Assured	Tenure
India First Annuity	Dependent on premium amount	Lifelong
India First Immediate Annuity	Dependent on premium amount	Lifelong
India First Guaranteed Retirement	Dependent on premium amount	Single premium: 5-40 years Limited premium: 10-35 years Regular premium: 15-35 years

IndiaFirst Life Traditional Plans

These are conventional schemes which cater to the customers who are risk-averse. The investment returns are low in these plans and so is the level of risk.

Type of Plan	Basic Sum Assured	Tenure
India First Maha Jeevan	Rs.50,000	15-25 years

IndiaFirst Life Group Plans

Type of Plan	Basic Sum Assured	Tenure
India First Group Term	Rs.1,000	Yearly renewal
India First Group Credit Life	Rs.5,000	Regular and limited premium: 5 years Single premium: 2 years
India First Employee Benefit	Rs.1,000	Yearly renewal
India First Superannuation	Rs.1,000	Yearly renewal
India First Pradhan Mantri Jeevan Jyoti Bima Yojana	Rs.2,00,000	Yearly renewal

IndiaFirst Money Back Plan

Type of Plan	Basic Sum Assured	Tenure
India First Cash Back	Rs.50,000	9,12 & 15 years

IndiaFirst Life Insurance Claim Process

IndiaFirst Life Insurance has turned the procedure of filing claims very convenient and easy for the insurer. While filing the claim, the company must follow the following procedure:

The claimant must inform the company regarding the claim by registering the claim on the official website of India First, by calling on the customer care number or by reaching out to a sales advisor for the company. The claim can also be registered by visiting the nearest  Bank of Baroda/Andhra Bank branch.

The claimant must submit the Claim Form along with the following documents:

• Copy of Death Certificate

• Proof of Age

• Claimant's Age and Address Proof

• Copy of the Claimant's bank passbook and a canceled cheque  

• Medical reports of the insured/Discharge summary of the deceased

• Statement of the consulting physician

• Copy of FIR

• Copy of the Post Mortem Report

On the receipt of all the documents, the claim should be registered and the documents must be verified. Any additional documents, if required, will be requested by the insurer.

After the investigation of the case is completed, the claim is either accepted or rejected by the insurer.

For accepted claims, the settlement amount is calculated and then sent to the claimant through NEFT

IndiaFirst Claim Settlement Ratio

This ratio is an indicator of the number of claims received by the insurer relative to the total claims that were settled by the company.

The claim settlement ratio for India First is described below:

Year	2013-14	2014-15	2015-16	2016-17
Claim Settlement Ratio (%)	73.13	72.21	71.87	82.65
Total Premium (in crores)	2,143.36	2,034.11	1,967.4	2,265.17

Documents Required for IndiaFirst Life Insurance

While buying an insurance policy, a set of documents must be submitted by the applicant along with the application form. The documents that must be submitted by the applicant are:

• Identity Proof

• Proof of Residence

• Recent passport-sized photograph.

How to Check IndiaFirst Life Insurance Policy Status?

Policyholders who want to see the current status of their IndiaFirst Life Insurance policy can do that through online or offline modes.

Checking IndiaFirst Life Insurance Policy Status Online

• Policyholders can visit the official website of IndiaFirst Life Insurance and locate the ‘Customer Care’ tab on the main page to check the status of life insurance policy. From there, they'll be required to sign in to their account.

• After signing in, they'll be required to select 'My Plans' from the options that are given and check the policy status

How to Check IndiaFirst Life Insurance Policy Status Offline?

• Policyholders can also check their policy status offline by contacting the customer service helpline after the caller gives the details linked with their account, the customer service can provide the status of the policy.

• A rather conventional way of checking the policy status is by visiting the nearest branch and inquiring. After the bank officer verifies the identity of the requester, status of the policy is shared with the requester.

IndiaFirst Life Insurance Online Payment

Policyholders who need to pay their insurance premiums don't have to visit a branch or wait for their cheques to clear anymore. They can decide to pay the premiums online through a secure payment gateway and avoid the hassle of last-minute payments or the penalties linked with late payment of premiums.

You can pay your IndiaFirst premium online by following the steps described below:

• Visit the official website of IndiaFirst Life Insurance

• Click on 'Pay Premium' tab

• Enter the policy number and the date of birth  of the insured to access the information linked with the policy

• Select the payment mode and the premium amount

• Save a copy of the receipt for future reference

IndiaFirst Life Insurance Premium Calculator

• A life insurance policy is an investment which gives returns to the investor in the long run. However, the premium payments must be made by the insured regularly by the policyholder. Since most of the individuals are opting for periodic payments, determining the amount which needs to be put aside for premium payments through the policy term is essential.

• To help prospective policyholders in determining the specific amount that is payable as premium, IndiaFirst has devised an online premium calculator, which estimates the total amount to be paid by the insured depending on various factors and variables.

• The premium calculator can be accessed over the website and individuals can select to use any of the two premium calculators. To determine the total premium payable over the entire policy tenure, information such as the type of policy, duration of the policy, the type of premium payment (regular/limited etc.), Sum Assured selected by the policyholder, policyholder’s gender, age, income and marital status must be entered along with the riders that they opt for.

• Based on this data, the premium would be calculated on the premium calculator on the website and by using this, the individual can decide whether they want to invest in the policy or not

IndiaFirst Life Insurance Customer Care

As one of the most popular life insurance provider in modern times, IndiaFirst has attained many milestones since it started its operations. One of the critical reasons adding to the insurer’s rapid growth and popularity is the excellent customer care service that it extends to all its customers. If you are an IndiaFirst policy owner, there are numerous ways through which you can reach the customer care team. You can reach India First customer care by:

• Calling them on their toll-free helpline

• You can write an email to their customer care ID or send a letter to their postal address informing them about your query

• The insurer has also established a well-defined grievance redressal procedure through which the customers can express their concerns to higher personnel in the company.

Moreover, the customers can also make a number of policy-related requests by themselves from the list of options that are available on the website. These cover the purchase of life insurance policies, payment of premiums, downloading policy statements, tracking their application status in real time, tracking a query, request or complaint, updating the contact details, updating the nominee details, switching funds etc.

IndiaFirst Life FAQs

What is an India First eIA?

eIA stands for e-insurance account or Electronic Insurance Account. An e-insurance with IndiaFirst Life Insurance operates similarly as a Demat account for mutual funds.

What are the benefits of having an e-insurance Account with IndiaFirst Life Insurance?

Firstly, eIA account with IndiaFirst Life Insurance offers safety, ease, less paperwork and it also acts as a singular service platform for all insurance policies without charging any additional cost.

Secondly, there's no need for going through the KYC procedure every time you buy a policy. The insurance repository supplies a unique eIA number to you and all your policies are shown under the same account.

It will hold all type of policies including life, health, vehicle and group covers.

How Can I check my policy status?

You can check your policy status online after logging in to your profile on their official website.

A detailed tab on the page can give you access all the pertinent data linked to your policy.

What are the modes of payment available modes for making payment of premiums?

INDIA FIRST Life Insurance allows you to use the following modes of payment for making the premium payment:

Online

• Credit card or Debit Card

• ECS

Offline

You can submit cash or cheque in the nearest branch

How Can I renew my policy with IndiaFirstInsurance?

You can follow these steps for renewing your policy:

• Log on to your account by using your username and password

• Select the online payment for the renewal policy

• You can make payment online through other methods as well, such as ECS or the Auto-Debit option

Alternatively, you can visit the nearest branch and fill out the necessary forms, attach the mandatory documents for renewing the policy

What is meant by a settlement option?

A settlement option is a facility through which the policyholder can choose to receive the profits from the policy maturity as described in the policy document

How is the surrender value calculated?

Surrender value is calculated depending on the number of premiums paid and the time elapsed since the policy was bought.