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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.
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:
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:
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.
Term Plans – These plans provide financial security to your loved ones when you are no longer around.
Anytime Plan- It is an online pure term insurance plan that provides financial security to your family.
Benefits
Eligibility Criteria
Life Plan – It provides your family with the assurance of a lump sum for their financial needs in case of your untimely death.
Benefits
Eligibility Criteria
Investment Plans (ULIP) - These Unit Linked Plans provide insurance coverage along with the benefits of investment.
Retirement Plans – These plans ensure financial security after retirement, enabling you to live your life to the fullest.
Savings Plans – These traditional savings plans will help you secure your family’s future.
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 |