IndiaFirst Term Insurance

IndiaFirst Life Online Term Insurance Plan is a non-linked, non-participating, term insurance policy which promises to ensure financial security during unexpected life events. With this plan, you can ensure a lifetime of confidence as it provides you coverage for Accidental Total Permanent Disability, Critical Illness, and Death including Accidental Death on a single click. You can opt for receiving the benefits of this policy in case of above defined events, in the form of a lump sum or level income as per the plan variant you elect.

Moreover, this plan offers you a free-look period of 15 days so you can return the plan if you disagree with the terms and conditions of the policy, however on platforms like distance marketing or electronic mode this period is of 30 day from receipt of your policy document. With this feature, the plan gives you complete freedom to try the term plan at your convenience. A sample policy document can be downloaded in prior as well. The total amount refunded will be a sum of the non-allocated premium, charge levied by cancellation of units and fund value on the date of cancellation, adjusted by the fund performance between the date of receipt of premium and the date on which you cancel. 

Best Features of IndiaFirst Online Term Insurance Plan

Here are some of the noteworthy features that make this policy plan an unparalleled term policy in comparison to its counterparts:

• This policy can be tailored accordingly as per your insurance needs as it offers you to choose from 8 different versatile coverage options.
• The plan offers you flexibility in terms of premium payment. You can pay the premium annually, monthly, half-yearly, quarterly or even as a one-time payment.
• The plan allows you to enhance your sum assured on different life stages such as marriage, childbirth, purchase of the first home, etc.
• The plan also offers flexibility in terms of receipt of the death benefit . You can choose to either receive it as a lump sum or as monthly income, as per the selected plan variant.
• Under this plan, a lapsed policy can be revived within 2 years from the due date of the first unpaid premium but before the maturity date.

Benefits of IndiaFirst life Online Term Insurance Plan

Following benefits are available with this plan  -

1. Inflation Protection Benefit

This plan gives you a shield protection from financial risks therefore you can increase your coverage by 5% per annum under this policy plan.

2. Critical Illnesses Benefit

In case you are medically diagnosed with any of the 13 enlisted critical illnesses mentioned in the policy plan, you are accessible to a lump sum payout as a term insurance benefit.

3. Accidental Coverage

The plan offers you a provision for an additional payout in case of death due to accident of the assured under the Accident Shield Benefit coverage option.

4. Accidental Disability Support

Under the disability shield benefit, Online term life insurance promises you to offer a lump sum payout in case of a disability due to an accident.

5. Long Term Income Security 

A special provision offered under this policy makes arrangement for regular monthly payouts to the assured for him/her to  meet expenses due to degenerative diseases like Alzheimer’s under the Critical Illness Protector Benefit.

6. Life Stage Benefit

On key stages of life this policy plan assures protection to your liquidity flow such that you can draw up to 10% of Sum assured on maturity on a certain key stage of your life like Marriage, construction of a new home, starting a new business, or birth of your child.

7. COVID-19 Death Coverage

Understanding prevalent conditions, IndiaFirst Online Term plan offers an instant coverage against death due to COVID-19.

What is Covered?

As per the plan variant you opt for, following coverage is available with IndiaFirst Online Term Insurance Plan - 

IndiaFirst Online Term Insurance - Life Protect

 The following coverage benefit is offered under this option:

• Death Benefit

The policy plan ensures payment of 100% assured sum as lump sum to the nominee on claim after your unfortunate demise during the policy term. Once the Death Benefit total sum is paid, the policy shall be terminated.

To access the benefits, all due premiums should be cleared.

Here’s how the Life Protect option works-

 Example - 

Benefits Payable 

• If Mr. Singh dies during the tenure, an immediate lump sum amount of INR 1 crore is released to the beneficiaries followed by the termination of policy after full payment of due premiums on occurrence of its payment dates.

 IndiaFirst Online Term Insurance - Income Benefit

 The following coverage benefit is offered under this option:

1. Death Benefit

On the unfortunate demise of the life assured, the nominee would receive 10% of the Sum Assured instantly.

2. Income Benefit

The rest 90% of the Sum Assured will be paid out as monthly income over a period of time, as selected at the beginning as level income.The monthly installment amount to be received as income will be calculated by multiplying the death benefit by factor, where factor will be arrived based on prevailing SBI savings bank interest rate subject to reassessment at the end of every financial year. There is a provision according to which level monthly installment payment might extend beyond policy term.

To access the benefits, all due premiums should be cleared.

Here’s how the Income benefit option works-

Example - 

Benefits Payable

1.  If Mr. Singh dies during the tenure of  40 years, INR 10 Lakh would be paid instantly to the nominee.

2. The nominee would benefit from assured monthly income over the mentioned period time at inception. If the period time mentioned is 5 years, a regular income would be provided by multiplying 10, 00,000  X Factor (based on prevailing SBI savings bank rate subject to reassessment at financial year end.

3. The nominee can enjoy the income benefit even after the policy term ends subject to its extension period.

 IndiaFirst Online Term Insurance - Income Plus Benefit 

 The following coverage benefit is offered under this variant:

1. Death Benefit

The policy assures 100% of the assured sum as a lump sum. 

2. Income Benefit

Additionally, 100% sum assured will be paid as a monthly income over a chosen period of time at the policy inception as level income. The monthly installment of payment shall extend beyond policy term if needed.

Here’s how this option work-

Example-

Benefits Payable

1. If Mr. Singh dies during the tenure of 40 years, INR 1 Crore would be paid instantly to the nominee.
2. The nominee would benefit from an additional 100 % amount assured as monthly income over the mentioned period time at inception. If the period time mentioned is 5 years, a regular income would be provided by multiplying death benefit X Factor (based on prevailing SBI savings bank rate subject to reassessment at financial year end.
3. The nominee can enjoy the both the lump sum income benefit even after the policy term

ends subject to its extension period.

IndiaFirst Online Term Insurance- Income Replacement

 The following coverage benefit is offered under this plan variant:

• Income Benefit

This variant of policy offers replacement of your income after your death at the end of the monthly policy anniversary. Thus, providing a replacement of your monthly income till death subject to a minimum term of 2 years even when the income payment extends beyond the policy tenure. Therefore, it is calculated by dividing your current annual income by 12 which you disclose at the beginning of the policy.

Here’s how the option works –

Example – 

Benefits Payable

1.    If Mr. Singh dies during the time period of 30 years, monthly income will be paid to the nominee till the policy termination i.e. 60 years.

2.    The income would be equal to his declared annual income divided by 12. Thus, the nominee would receive INR 3 Crore in installment till 60 years of age. 

IndiaFirst Online Term Insurance - Accident Shield

1. Death Benefit

On the demise of the policyholder,100% of the Sum Assured will be payable as a lump sum to the claimant.

2. Accidental Death Benefit

 In case of death caused by accident, the nominee would receive accidental death benefit equal to the sum assured at the beginning of the policy subject to limit of INR 1 crore amidst the policy term and once the policy term ends full amount of benefit would be paid on occurrence of either of the following events, if amount assured on death chosen at the beginning is greater than or equal to INR 1 crore. The Sum Assured per life for this benefit will be capped at 10,000,000 for all IndiaFirst policies.

Here’s how the option works –

Example – 

Benefits Payable 

1. If Mr. Singh dies during the tenure of  30 years, INR 1 crore would be paid and the plan would be terminated
2. If he dies in an accident, INR 1 crore would be paid as a accident death  benefit instantly to the nominee
3. If none of the above events occur  full benefit assured  would be paid on policy termination

IndiaFirst Online Term Insurance - Disability Shield

1. Death Benefit

On the demise of the policyholder,100% of the Sum Assured will be payable as a lump sum to the claimant.

2. Total Permanent Accident Disability

In the event of permanent disability due to an accident, 100% of the Sum Assured will be paid as monthly income over the chosen years. The monthly installment amount to be received as income will be calculated by multiplying the death benefit by factor, where factor will be arrived based on prevailing SBI savings bank interest rate subject to reassessment at the end of every financial year. The monthly installment of payment shall extend beyond policy term if needed.

Here’s how the option works –

Example – 

Benefits Payable 

1.   If Mr. Singh dies during the tenure of 30 years, INR 1 crore  would be paid and the plan would be terminated.

2.   If he suffers from accidental total permanent disability  covered by the policy, the Sum assured will be paid in fixed monthly instalments instead, the premium of INR 10,030  would be waived off for the remaining term but the coverage would continue

3.   The policy would be terminated on occurrence of either one of these events and the sum assured would be paid to the nominee.

IndiaFirst Online Term Plan - Critical Illness Protector Benefit

1.Death Benefit

On the demise of the policyholder,100% of the Sum Assured will be payable as a lump sum to the claimant.

2. Critical Illness Benefit

In the event of critical illness the Sum Assured will be paid out as lump sum or monthly income over a period of time as selected at the beginning i.e. 5 years, 10 years, 15 years or 20 years as level income. The monthly installment amount to be received as income will be calculated by multiplying the death benefit by factor, where factor will be arrived based on prevailing SBI savings bank interest rate subject to reassessment at the end of every financial year. 

The monthly installment of payment shall extend beyond policy term if needed. After the payment of full benefits for either of the events the policy would be termination. If a policyholder dies during policy term while receiving this benefit, then the same level income benefit will continue to be paid for outstanding duration as applicable to the nominee. As it is an accelerated benefit if paid in lump sum or the level income starts then no separate benefit would be payable on death.

Here’s how the option works –

Example – 

Benefits Payable 

1. If Mr. Singh  dies during any time during the term, INR 1 crore would be paid and the plan would be terminated
2. If he suffers from covered critical illness, the Sum Assured will be paid in fixed monthly installments, the premium of INR 37878 would be waived off for the remaining term but the coverage would continue. If he dies subsequently or suffers from a terminal illness within the term, INR 50 Lakh would be paid and the plan would be terminated.
3. The policy is terminated on occurrence of either one of these events and the Sum Assured is paid.
4. The choice to receive sum assured lands with the nominee if he/she wants the amount in lump sum INR 1 crore would be received or if level income is chosen the nominee would receive monthly income for 5 years, 10 years. 15 years or 20 years whichever chosen.

IndiaFirst Online Term Plan-Comprehensive Benefit

1. Death Benefit

On the demise of the policyholder,100% of the Sum Assured will be payable as a lump sum to the claimant.

2.  Accidental Death Benefit

If death is due to an accident, an additional death benefit equal to the Sum Assured will additionally be payable as lumpsum amount.

• Accidental Total Permanent Accident Disability

In the event of permanent disability due to an accident, 100% of the Sum Assured will be paid as monthly income over the chosen years. The monthly installment amount to be received as income will be calculated by multiplying the death benefit by factor, where factor will be arrived based on prevailing SBI savings bank interest rate subject to reassessment at the end of every financial year. The monthly installment of payment shall extend beyond policy term if needed.

3. Critical Illness Benefit

In the event of critical illness the Sum Assured will be paid out as lump sum or monthly income over a period of time as selected at the beginning i.e. 5 years, 10 years, 15 years or 20 years as level income. After the payment of full benefits for either of the events the policy would be termination. The same level income benefit will continue to be paid for outstanding duration as applicable to the nominee if the assured dies between the policy term. As it is an accelerated benefit if paid in lump sum or the level income starts then no separate benefit would be payable on death.

Here’s how the option works –

Example – 

Benefits Payable 

1. If Mr. Singh dies during the tenure of 30 years, INR 1 Crore would be paid and the plan would be terminated.

2.  If he suffers from accidental death during the term of the policy, an additional Sum Assured chosen for Accidental death will be paid.

3. If he suffers from accidental total permanent disability, the Sum assured will be paid in fixed monthly installments as level income.

4. If he suffers from any critical illness covered in the policy, the assured amount will be paid as level income.

What is not Covered?

The primary exclusion under IndiaFirst Online Term plan is for suicides. Suicides within the 12 months of buying or reviving the policy would not be covered. In such cases, the following would be paid–

• In case of death due to suicide within 12 months of buying the plan of from the date of revival, 80% of the premiums paid would be refunded or the surrender value applicable as on the date of death whichever is higher when  the policy is in force.

Accidental Death Exclusions and Accidental Total Permanent Disability Exclusions

Moreover, if the plan variant covers accidental deaths and disabilities, consequences due to the following specific instances would not be covered –

• Death or disability caused by any sickness or infection except by any externally visible wound sustained
• Self-inflicted injuries  or Suicide attempted suicides
• Drug abuse and Alcohol
• War, mutiny,  nuclear contamination and related perils
• Engaging in flying activities other than as a passenger during transit
• Criminal acts
• Participation in adventure sports or hazardous activities which are not acceptable under policy terms.

Critical Illness Exclusion 

If, on the other hand, the plan variant allows coverage for critical illnesses, the assured will not be entitled to any benefits on the following consequences–

• Illnesses occurring within 90 days of policy issuance or from the last revival
• Illnesses in the presence of an HIV infection and/or AIDS
• Illnesses which cause death within 30 days of diagnosis
• Illness for which care, treatment, or advice was recommended by or received from a Physician, and which was contracted prior to Policy issuance
• Congenital condition
• Deliberate self-harm, suicides or self-inflicted injuries
• Drug abuse and Alcohol
• Criminal acts
• Failure to follow or seek medical help
• Radioactive contamination
• Indulgence in any naval military or air force operation during peacetime.
• Drug abuse and Alcohol
• War, mutiny,  nuclear contamination and related perils
• Engaging in flying activities other than as a passenger during transit on regular routes and on a scheduled timetable.
• Participation in adventure sports or hazardous activities which are not acceptable under policy terms.

IndiaFirst Online Term Plan Eligibility Criteria

Given below are the eligibility parameters of IndiaFirst Online Term Insurance plan –

IndiaFirst Online Term Insurance Plan Claim process

There are different claim forms for different types of following claims. Thus, to process a claim under this Policy, you need to provide written intimation about the claim, upon happening of the following event of the Life Assured during the Policy Term-

For Death Claim 

• Proof of your age, if not provided before.
• Claim intimation report and claimant’s statement.
• Death certificate, in case of death of the assured.
• FIR [First Information Report] with attested Panchnama, Inquest report and post mortem report (in case of death), duly attested by the police (in case of Accident leading to unnatural death) or medico-legal certificate.
• Copy of your driving license (in case assured was driving)
• Hospitalisation documents with investigation reports
• In case of critical illness, diagnostic reports of the ailment.
• Original policy document
• Address proof and identity proof of nominee
• Copy of bank pass book of nominee with a cancelled cheque
• Other documents needed for validation and processing of the claim

Additional Documents For Accidental Total Permanent Disability 

• Original signed Certificate of attending doctor
• Disability Certificate issued by Attending Neuro physician/Surgeon/Civil Surgeon etc,with  detail of the Physical Severance and its Nature (Permanent/Temporary)

Additional Documents For Critical Illness Benefit

• Original signed Certificate of attending doctor
• Diagnostic reports of the ailment

Claim Intimation Process

 This policy plan values your time and thus provide a 3-Step hassle-free Claim Process-

Step 1- Claim Registration

In this step you need to register your claim and submit your documents online or offline whichever suits you.

Step 2- Claim Assessment

In this step your documents are reviewed and your claim details are assessed as well as scrutinized. A unique claim number would be provided to track the status of your claim with an acknowledgement letter. You will share further details on your contact number by SMS, Email or via post.

Step 3- Claim Settlement

If your claim fulfills the required formalities with authentic information you would receive claimed payment electronically within 15 days.

IndiaFirst Online Term Insurance Plan Review

IndiaFirst Online Term Insurance Plan is an instant solution for your future protection plans. It provides unparalleled coverage benefits easily accessible on a single click with a simple authentic insurance process. IndiaFirst Life Insurance registered an overall claim settlement ratio of 96.65% in FY20 and guarantees you 100% genuine claim settlement.

This plan offers comprehensive benefit to cover all the unforeseen events of life and shield you against the hardships. The plan offers affordable premiums which allow you to opt for optimal coverage without any unnecessary financial burden . All in all, IndiaFirst Online Term Insurance is a great pick for individuals looking for a complete protection online.