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India First Life Insurance Company

India First Life Insurance Company

IndiaFirst Life Insurance Company Limited is a joint endeavour between the Bank of Baroda( 44% stake), Andhra Bank( 30% stake) and United Kingdom’s Legal & General Group (26%) an industry leader and a prominent risk, wealth and investment brand. IndiaFirst Life Insurance was launched by President Pranab Mukherjee in 2010. A relatively young insurance company, IndiaFirst Life Insurance has its headquarters in Mumbai. However, it has a wide reach, with branches in over 1000 cities in India. Along with their promoters, this joint venture enterprise combines over 360 years of experience with financial needs and solutions. It also has a network of more than 8000 branches and more than 50 million customers across the length and breadth of India.

Their extensive knowledge and experience of banking, wealth and financial management also involves a greater understanding of customer needs and satisfaction. As a result, IndiaFirst Life Insurance offers a wide range of policies covering essential needs like health, protection, retirement, savings and wealth. The company also offers credit life, term and employee liability ( gratuity and encashment) policies. With a team consisting of the best and brightest minds in the field, IndiaFirst Life Insurance offers its customers premium service.

Company Past Performance

The company’s innovative financial solutions and dedication towards their clients’ needs has led to their becoming a major player in the competitive Indian insurance market. In October 2016, IndiaFirst Life Insurance crossed an important landmark with over Rs. 10,000 crores in Assets under Management (AUM). This shows the increasing trust of the policyholders and potential customers in the insurance solutions provided by the company.
IndiaFirst Life Insurance has also won several awards that give recognition to the stalwart work being done by the company in the field of insurance:

  • 2015 -MARKETING TEAM OF THE YEAR- for Excellence in Branding and Marketing at the 5th Asia Customer Engagement Forum and Awards.
  • 2015 -BEST CSR CAMPAIGN OF THE YEAR -for the Happy India Campaign, 2015 – won the Grand Prix Award at the 5th Asia Customer Engagement Forum and Awards.
  • 2015 -BEST MEDIA RELATIONS/ PR CATEGORY- for the Happy India Campaign, 2015 -for Excellence in CSR at the Asian Customer Engagement Forum and Awards.
  • 2015 -INNOVATION -Model Insurer Asia Category Winner -For implementing a system to enable policy issuance over the counter for the mass market at the Celent Model Insurer Asia.
  • 2015 –INNOVATION -for the innovative CSC Shubhlabh Plan-Conference and Awards by FINNOVITI 2015.
  • 2015 -BEST CSR IMPACT INITIATIVE AWARD- for the 2015 Project Happy India – at the 2015 National Award for Excellence in Sustainability and CSR.
  • 2015 -BEST COMMUNITY LEADERSHIP PROGRAM – for the Happy India Campaign, 2015 –at the 2015 Responsible Business Awards for Excellence in Sustainability & CSR.
  • 2016 - BEST CASE STUDY in the PR category- for the Happy India Campaign 2015 – won the Gold for the Best case study in the PR category at the 8th Global Communication Conclave.

IndiaFirst Life Insurance has insured over 5 million lives since beginning its operations in 2010 and declared a maiden profit of over Rs. 6.9 crores in the financial year 2014-2015. The company offers:

  • TERM PLANS
  • INVESTMENT PLANS
  • SAVINGS PLANS
  • RETIREMENT PLANS and
  • MICRO INSURANCE

Key Advantages and Features

IndiaFirst Life Insurance seeks to provide people with innovative insurance solutions and also involve its team in community development programs:

Insurance for the Masses and in Rural Areas - In order to provide insurance to the masses, the company aims to provide affordable, simple and accessible insurance policies to the general public. It also seeks to improve insurance coverage in rural areas and has collaborated with IFMR Rural Channels to distribute IndiaFirst Life Insurance policies even in the most remote rural districts of India.

Claim Settlements - A good insurance company has to deliver on its promises. According to the IRDA Annual Report for the Financial Year 2015-2016, IndiaFirst Life Insurance had a claim settlement ratio of over 71%.

Grievance Redressal - The company has a customer-friendly grievance redressal link on its web page, which guides its customers through the process of registering their complaints through various channels.

Customer Support – The Company provides customer support via phone, email and through multiple tracking and information links on its website.

Insurance Solutions Offered and Plan Details

Term Plans – These plans provide financial security to your loved ones when you are no longer around.

  1. Anytime Plan- It is an online pure term insurance plan that provides financial security to your family.

Benefits

  • Quick and easy online registration process.
  • Enjoy life cover from 5 to 40 years.
  • Assured lump sum benefits to the loved ones in case of any unfortunate event.
  • Option to pay every month, every 6 months, once a year or as a single premium.
  • You can avail tax benefits under I-T Act Sections 80C and 10 (10D) as per the prevailing IT Laws.

Eligibility Criteria

  • The min age at the time of entry is 18 years, and the maximum age is 60 years.
  • The maximum age at the end of the plan term is 70 years.
  • The minimum assured sum is Rs. 10,00,000, while the maximum assured sum is Rs. 5,00,00,000.
  • Life Plan – It provides your family with the assurance of a lump sum for their financial needs in case of your untimely death.

Benefits

  • Enjoy a life cover for up to 40 years.
  • The assured benefit in case of the insured’s untimely death.
  • Under Section 80C, you can enjoy tax benefits on the premium you invest.
  • Your family also gets a tax break on the benefits they receive from your plan under Section 10(10D).

Eligibility Criteria

  • The minimum age for applying is 18 years and the maximum age is 60 years.
  • The maximum age at the end of the plan is 70 years.
  • The minimum assured sum is Rs. 10,00,000, while the maximum assured sum is Rs. 5,00,00,000.
  • Star First Combi Plans- these plans offer combined life and health insurance solutions with the option five plans that you can choose from:
  • Optima
  • Delite
  • Care
  • Comprehensive
  • Classic

Investment Plans (ULIP) - These Unit Linked Plans provide insurance coverage along with the benefits of investment.

  1. Money Balance Plan- this unit-linked insurance plan, provides the benefits of investment and security as your funds are automatically transferred to safer accounts for a safe and secure future.
  2. Happy India Plan- this plan provides you with a regular flow of funds and also covers the financial needs of your family in the event of your untimely demise.
  3. Smart Save Plan- this plan provides insurance along with wealth creation through market-linked investments and systematic savings.

Retirement Plans – These plans ensure financial security after retirement, enabling you to live your life to the fullest.

  1. Guaranteed Retirement Plan- ensures guaranteed returns, and helps build your retirement corpus.
  2. Immediate Annuity Plan- helps you maintain a certain lifestyle after retirement and covers your healthcare costs.

Savings Plans – These traditional savings plans will help you secure your family’s future.

  1. Cash Back Plan- ensures payouts at regular intervals and an assured maturity payout.
  2. Mahajeevan Plan- is an endowment plan which is non-linked. It provides you with a guaranteed maturity amount and a reversionary bonus declared by the company every financial year end along with a terminal bonus.
  3. Simple Benefit Plan- enables saving and guarantees an assured amount and some particular bonuses.

Micro Insurance – IndiaFirst Life Insurance also provides insurance plans for low-income families and in underdeveloped rural areas, through its low premium CSC Shubhlabh Plan.

Plan Basics-For Life Insurance-Maha Jeevan Plan

  Minimum Maximum
Entry Age 5 years 55 years
Maturity Age 20 years 70 years
Policy Term 15 years 25 years
Premium Amount Rs. 6000 No Limit
Sum Assured Rs. 50,000 Rs. 20 crores
Premium Payment Term Equal to Plan Term  
Premium Paying Frequency Yearly, Half-yearly or monthly  
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