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IndiaFirst Term Insurance
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
In life everything is uncertain and one must ensure that their family is always protected financially. Term insurance plans help you to fulfil your long term goals and provide financial stability to your family in your absence. IndiaFirst Life Insurance term plans ensure that your family's lifestyle is never compromised even in your absence. IndiaFirst is trusted by over 5.5 million people for their coverage needs.
Most Popular IndiaFirst Term Insurance Plan
Term insurance plans are aimed at helping you to ensure security for your family at an affordable price in an unforeseen event. A lump sum benefit is paid out to the beneficiary of the plan in case of happenings of covered events such as death, critical illness, terminal illness or accidental permanent and total disability.
IndiaFirst Life Guaranteed Protection Plan
Life Guarantee Protection Plan is a comprehensive term plan which assures that your family is secured financially and their dreams don't remain unfulfilled by the financial void created due to your absence. IndiaFirst Life Guaranteed Protection plan is a flexible term plan designed to provide you with multiple innovative coverage options with the added advantage to receive the premiums paid on maturity upon survival till the expiry of the policy term. The plan comes in 7 different coverage options which include the following:
- Life Option
This option covers both death and terminal illness. Sum assured is payable on the death of the life assured or diagnosis of terminal illness, whichever is earlier.
- Life Plus Option
This option pays an enhanced sum assured increasing by 5% simple interest on the base sum assured and paid on death or diagnosis of terminal illness, whichever is earlier.
- Incidence Coverage Option
This option includes additional accidental death cover, accelerated disability cover and accelerated critical illness cover. You have an option to choose from any one of the variants mentioned above.
- Long-term Care Option
Under this option, 50% of the sum assured is paid as monthly income for a fixed tenure on the death of the life assured or upon diagnosis of terminal illness, whichever occurs earlier. This option provides long-term care to life assured and his/her family by providing a fixed monthly income.
- Return of Premium Option
Under this option, on survival of the life assured till the expiry of the policy term, 50% or 100% of the premiums paid for the plan will be returned to the policyholder.
- Dual Protect Option
Dual Protect Option provides double benefit in which 5% of sum assured would be paid in a lump sum afterlife assured attains the survival benefit commencement age as selected at the inception of the policy. In addition, a fixed rate of sum assured is also paid in the form of monthly income after lump-sum payment.
- Covid-19 Cover
The sum assured in the plan is paid on the death of the life assured due to diagnosis of covid-19 or due to comorbid conditions on testing positive for covid-19.
Highlighting Features of the Plan
- Offers an option to increase your cover every year by 5% of the sum assured
- You can get the refund of all the premiums paid upon survival till maturity of the term plan under the return of premium option
- Option to get cover for whole life by paying premiums only for a short duration
- Option to include your spouse in the same policy
- The plan provides three pay-out options which include lump-sum pay-out, lump-sum and level income option and lump sum and increasing income options to be selected as per your convenience
|Age at Entry|
Minimum- 18 years
Maximum- 65 years
|Maturity Age||Maximum- 70 years/ 80 years/ 85 years/ 99 years (Depending on coverage option selected)|
Minimum 1 lakh/ 25 lakh/ 50 lakh (Depending on different options available under the plan)
Maximum- No limit
|Policy Term||Minimum one-month maximum 81 years depending on the coverage option and the premium payment mode selected|
|Premium Paying Mode||Single/ yearly, half-yearly, monthly or quarterly mode|
|Premium Payment Term||Single premium or limited premium option|
IndiaFirst Life Plan
IndiaFirst Life Insurance plan is a pure term policy that provides comprehensive financial protection to your loved ones at a very affordable price.
Highlighting Features of the Plan
- It offers life coverage for a period of up to 40 years
- High cover at a nominal and affordable premium
- Assured lump sum benefit is paid in case of the untimely death of the life assured
- Tax benefits may be available as per prevailing tax laws
Minimum- 18 years
Maximum- 60 years
|Maturity Age||Maximum- 70 years|
Minimum- 1 lakh
Maximum- 50 crore
Minimum- 5 years
Maximum- 40 years
|Premium Payment Mode||Regular premium and single premium|
Online Term plan
Online Term plan, as the name suggests, is a term policy which can be directly purchased online. Online term plan covers life risk, accidental total and permanent disability, critical illness and accidental death. The plan offers the choice of 8 different coverage options:
- Life Benefit Option
100% of the sum insured is paid to the beneficiary on the death of the life assured during the term of the policy.
- Disability Shield Option
This option provides cover against any type of disability. Payout is given to the policyholder on any type of disability suffered during the term of the plan.
- Accidental Shield Benefit Option
Under this option, an additional payout is given to the beneficiary on the death of the life assured due to an accident.
- Income Benefit Option
Under this option, 10% of the sum assured is paid on death and 90% of the sum assured is paid as monthly income in the period of 5 years/ 10 years/ 15 years/ and 20 years as selected by the policyholder.
- Income Replacement Benefit Option
Under Level replacement benefit, the income of the breadwinner is replaced by a payout which is paid on a monthly basis till the end of the policy term subject to a minimum period of two years.
- Income Plus Benefit Option
Income Plus Benefit option pays 100% sum assured on death during the term of the plan and 100% of sum assured as level income during the period of 5 years/ 10 years/ 15 years/ 20 years as selected by the policyholder at the time of inception of the policy.
- Critical Illness Protector Option
Critical Illness Protector option provides coverage from covered critical illnesses and pays the sum assured in a lump sum or level income on the diagnosis of a covered critical illness during the term of the plan.
- Comprehensive Benefit Option
Comprehensive Benefit option provides comprehensive coverage comprising death, accidental death, accidental total and permanent disability as well as critical illness. It is a comprehensive coverage providing 360 degrees to the policyholder against all the unfortunate events in life.
Highlighting Features of the Plan
- Option to receive the benefits as a lump sum or as level income
- Option to enhance your sum assured at various milestones of life such as marriage, childbirth, home loan, etc by paying an additional premium.
- Option to reduce the sum assured in the policy by sending a written request for a reduction in sum assured
- Flexibility to surrender your policy
|Age at Entry|
Minimum- 18 years
Maximum- 55 years
|Age at Maturity||Maximum- 80 years (For Life Benefit, Income Benefit and Income Plus Benefit Option) / 60 years (For Income Replacement Benefit option)/ 65 years (For Disability Shield Benefit, Critical Illness and Comprehensive Benefit Option)|
|Premium Paying Modes||Monthly, quarterly, half-yearly, yearly/ single pay|
Minimum- 5 Lakhs
Maximum- No limit
Apart from the above IndiaFirst Life Insurance also offers the following term plans:
IndiaFirst Micro Bachat Plan
Let us take a look at what all benefits you can get by buying an IndiaFirst Term Insurance plan:
- Family Security
Term plans provide the crucial advantages of ensuring your family’s security and taking care of their financial requirements by opting to enhance your coverage at key milestones of life.
- Return of Premium
Term insurance plans offered by IndiaFirst Life Insurance also provides an added advantage to get the premiums returned upon survival till the maturity of the plan. IndiaFirst Life Guaranteed Protection plan offers a plan option with the return of premium benefit.
- Affordable Premium
The most important aspect of term insurance is its low and affordable premium providing financial safety for your family. Term insurance plans are more affordable in comparison to any of the traditional insurance policies.
- Wide Coverage
IndiaFirst Term plans offer life cover for a period of 99 years. They also cover claims against death due to Covid19.
- Multiple Options
IndiaFirst Life guarantees protection plan comes with 7 different coverage options to choose from providing you with the option to select the one which best suits your insurance requirements offers unique options with added coverage and benefits.
- Choice of Payout
The payout from the plan can be received as a lump sum or as a monthly benefit as per the selected coverage under the term insurance plan. This flexibility helps you to choose to receive the benefit as a monthly income or in the form of a lump sum amount as per your requirement.
- Flexibility of Enhancement
IndiaFirst Life Guarantee Protection plan provides you with the flexibility to enhance the sum assured on different stages of life such as taking a home loan, marriage, childbirth, etc. So that you are never in shortage of funds and are secured at all the milestones of life.
- Save on Tax
Depending on the prevailing tax laws, the tax benefit can be availed on the premiums paid under section 80C of the Income Tax Act. Additionally, the payout received from the plan is eligible to be exempted from tax under section 10 (10D) of the Income Tax Act.
What does the IndiaFirst Term Insurance Plan Cover?
IndiaFirst term insurance plans are protection oriented plans providing life protection. Let us take a look at what all is covered under IndiaFirst term insurance policies:
- Death Benefit
In case of unfortunate death of the life assured during the term of the plan, the nominee will receive a lump sum amount which is equal to the sum assured on death. Death benefits payable to the nominee shall be more than 105 % of the premiums paid at any point in time.
- Accidental Total Permanent Disability
The term insurance plan offers a lump sum payout in case of total and permanent disability due to an accident.
- Accidental Death
IndiaFirst term plans also cover accidental death and pays additional payout if the life assured suffers death due to an accident. This cover is available under Accidental Death Cover.
- Critical Illness
IndiaFirst Life Guarantee Protection plan covers 40 critical illnesses. A lump sum payout is given to the policyholder if he/ she is diagnosed with any of the covered critical illnesses during the term of the policy. This cover is available under the Critical Illness Option.
- Terminal Illness
IndiaFirst term insurance plan not only covers unfortunate death of the life assured but also accelerates the death benefit under the plan to help your family meet the expenses in case of diagnosis of a terminal illness.
- Covid Coverage
Online Term Plan and Guarantee Protection plan offered by IndiaFirst Life Insurance covers death due to covid-19 in which sum assured is paid to the beneficiary in case of death of the life assured due to Covid- 19.
What does the IndiaFirst Term Insurance Plan not Cover?
Death due to certain consequences of unfortunate events as stated below are not covered. IndiaFirst Life Insurance would not pay the death benefit under the plan if the death of the life assured is due to the following reasons:
- Drug Abuse
Death due to influence of alcohol or solvent or due to abuse or use of drugs
- Self-injected Injury
Intentional self-inflicted injury or attempting to commit suicide
- Hazardous Sports and Pastimes
Death due to practising in a hazardous sport, illegal or adventurous activity for past time
- Criminal Acts
Involvement in the unlawful or criminal act with criminal or unlawful intent
- War and Civil Commotion
Death due to war, hostilities, invasion, riot or civil commotion
The life assured’s participation in the flying activity other than as a passenger in a commercial licence aircraft
- Nuclear Contamination
Deaths due to nuclear contamination such as radioactive, hazardous or explosive nature.
Death due to driving the vehicle intoxicated
In case of death of the life assured due to suicide within 12 months from the date of risk commencement under the policy or from the date of policy revival, the nominee will receive at least 80% of the premiums paid till the date of death or surrender value on the date of death, whichever is higher.
The above-mentioned exclusions are common exclusions under a term insurance plan. For a detailed list, you can visit the website of the insurance company.
How to Apply for IndiaFirst Term Insurance Plan
Buying a term insurance policy is a very easy and hassle-free process. The very first thing that you are required to do is calculate the amount of coverage that you need. Before buying a term insurance policy you must keep in mind all your requirements such as the sum assured, the payout options, the coverage that you want to take and eligibility conditions. Step by step process of buying a term plan is discussed as follows:
- Fill in the Application
Visit the official website of the insurance company and click on the term plan that you want to buy to fill the application form online. You can buy a term plan by calling the insurance company at 8828840199.
- Fill in the Basic Details and Get a Quote
After selecting the term plan, fill in the basic details such as the cover that you want to buy, the policy term, etc and the insurance company will offer you a premium quote.
- Choose from Various Benefit Options and Add Riders
If you find the premiums right, then you can move forward with your plan and select the benefit option that you want to buy. You can also add riders as per your insurance requirement by paying an additional premium.
- Make the Payment and Complete Your Application Form
After everything is finalized, pay the premium and complete your application form by filling in your personal and policy details. Certain documents are also required to be submitted which includes:
- Standard Income Proof such as salary slip of last three months, income tax return of last three months, bank statement of last 6 months or latest form 16
- Address Proof such as leave and licence agreement, driving licence with address mentioned, passport, voter ID card or Aadhaar card
- ID proof such as PAN card, passport, Aadhaar card or voter ID card
- Age proof such as PAN card, passport, municipal birth certificate or driver's licence
IndiaFirst Term Insurance Riders
Riders are additional optional benefits which can be added to a term plan to make it comprehensive and customised as per individual insurance requirements. You can buy one or more riders with your term plan either at the inception of the policy or at the time of renewal. Following riders are available to be brought with IndiaFirst term insurance plan:
- IndiaFirst Term Rider
IndiaFirst Term Rider helps you to enhance the life cover of the base term plan and provides additional benefit to your family in case of unfortunate death. The benefit under the plan is over and above the benefit received from the base term plan.
- Waiver of Premium Benefit
Waiver of Premium Rider supports you by waiving off the future premiums of the base term plan if the life assured suffers death, critical illness or accidental total and permanent disability. This rider provides coverage for 10 critical illnesses to support you in your critical time.
IndiaFirst Term Insurance Claim Process
IndiaFirst Life Insurance offers a very simple and hassle-free claim process which can be done in three easy steps discussed as follows:
Claim Registration- The first step is to notify the claim to the insurance company through any of the following modes:
- Registering your claim online by visiting the official website of the insurance company or by just clicking on https://www.indiafirstlife.com/claims/register-claim-online
- You can call all at the call centre on 1800 209 8700 and the representative will guide you to the claim registration process
- You can send a mail at email@example.com along with the mandatory documents
- You can also mail the hard copy of the documents to the head office or visit the nearest branch of Bank of Baroda or Andhra Bank with the documents to register your claim.
Documents required for Death Claim
- Duly filled and signed claim intimation form
- Original policy documents
- Original death certificate of the life assured
- ID and address proof of the nominee
- A copy of the bank passbook of the nominee along with the cancelled cheque
- ID and age proof of the life assured
- Copy of hospitalisation documents such as diagnosis report/discharge summary in case of unnatural death of the life assured due to any illness
- Copy of FIR, panchnama, duly attested police report, post-mortem report in case of natural death of the life assured
- Claim Assessment
Your claim details will be scrutinized and accessed by the insurance company and an acknowledgement letter will be sent to you along with a unique number that can be used to track your claim. If the insurance company requires any documents it will send the information through SMS or email.
- Claim Settlement
IndiaFirst Life Insurance will process the claim within a period of 15 calendar days if all the documents are correct and in place. All the information will be shared with you on your registered contact details through SMS or email. The payments will be made through electronic transfer only.
IndiaFirst Term Insurance Customer Care Details
|Corporate Address||12th and 13th Floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai- 400063|
1800 209 8700
9122 6274 9898 (NRIs)
|For Online Purchase||882 884 0199|
firstname.lastname@example.org (for service request)
email@example.com (for claims)
|022 6274 9898|
IndiaFirst Term Insurance Review
IndiaFirst Life Insurance Company is one of the youngest life insurance companies in India. IndiaFirst term insurance plans are loaded with innovative features and various other options designed to offer a supreme level of security and care for your loved ones. With the help of the IndiaFirst term insurance plan, your family can fulfil all the future aspirations and lead a happy life without any compromise. Its products are very easy to understand and competitively priced with risk management as its core strength. Delivering results while keeping the customers at the centre of their approach with utmost honesty and integrity is one of the best advantages of IndiaFirst term insurance. IndiaFirst Life Insurance also guarantees 100% genuine claim settlement and policy can be brought both online as well as offline.
IndiaFirst Term Insurance FAQs
What are the options available if I miss paying the premiums with the due dates?
IndiaFirst Life Insurance offers a grace period of 30 days for half-yearly and yearly premium payment mode and 15 days for monthly premium payment mode to pay unpaid premiums from the end of the due date. The period starts from the due date of each unpaid premium under the term insurance plan and during this period all your benefits and cover remain intact. In case of death of the life assured during the grace period, the insurance company will pay the sum assured to the nominee after deducting the due premium. However, on non-payment of premium even within the grace period, the policy will lapse.
Can I surrender my IndiaFirst term insurance plan?
Yes, you have the flexibility to surrender your IndiaFirst term insurance plan. Under the single premium option of the IndiaFirst Life Plan, you can surrender the plan and get a surrender value.
What are the options available to revive a lapsed term plan?
You can revive your term plan within a specified tenure of 5 years from the first unpaid premium but before the maturity date. However, the revival of the term plan is subject to satisfactory financial requirements and medical reports raised by the insurance company. Additionally, you will have to pay all the unpaid premiums along with interest to the insurance company for reviving your term plan.
What is the claim settlement ratio of IndiaFirst term insurance?
IndiaFirst Life Insurance guarantees 100% genuine claim settlement. Its claim settlement ratio for individual claims stood at 96.65% for the financial year 19-20.
Does the IndiaFirst term insurance plan cover critical illness?
Yes, the IndiaFirst term insurance plan covers critical illness depending on the type of coverage option selected at the inception of the policy.
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