India First Life Insurance

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Overview of India First Life Insurance

About the Company 

India First Life Insurance Company was established in 2009 with its headquarters at Mumbai. India First insurance offers various kinds of products to customers including pension plans, insurance solutions like term plans and more. The India First insurance company is a joint venture between two leading public sector banks in the country, namely the Andhra Bank and the Bank of Baroda. Another partner is Legal & General, an investment entity that is based in the United Kingdom (UK). India First offers several investment options along with other types of policies catering to diverse customer requirements. It has close to 4,800 branches throughout 1,000 Indian cities.

Key Features Specifications
AUM Rs. 17,109 crore (as of FY21)
Total Premiums Collected Rs. 4,056 crore
Number of Products 42+

Awards and Achievements of India First Life Insurance

The company has attained the following accolades (only a few listed here out of several):

  • India’s Best Workplace in BFSI 2021 by the Great Place to Work Institute for the fourth year in succession.
  • Recognized as one of the top-100 companies to work for in India as of 2021 courtesy of the Great Place to Work Institute. It has also been ranked as India’s Best Workplaces for Women 2021.
  • The Economic Times Best Brands- 2021.

>> Buy Term Life Insurance Plan Online

Benefits of Availing India First Life Insurance Policy

India First Life Insurance comes with the following benefits:

  • Quick, transparent and customer-friendly claim, purchase and renewal procedures.
  • High claim settlement ratios.
  • Promoted by two of India’s public banks, ensuring higher safety and better experiences.
  • High-tech experiences throughout the entire stakeholder journey.
  • Innovatively tailored product offerings for customers.
  • Easy tracking of India First life insurance claim status.

Insurance Plans Offered by India First 

Choosing the right India First policy is essential. You should make sure that you check all available India First Life Insurance policy details carefully before comparing plans and deciding on the final one. Here are some of the plans available:

  • IndiaFirst Anytime Plan– This plan offers life coverage for 5-40 years with a minimum sum assured of Rs. 10 lakh and maximum amount of Rs. 5 crore. The age criteria is 18-65 years as well.
  • IndiaFirst Life Plan– The age criteria is 18-65 years while the sum assured threshold is from Rs. 1 lakh to Rs. 5 crore. The life coverage may be bought for a duration of up to 40 years.

How to Buy India First Life Insurance Policy

You can purchase your life insurance policy by submitting some documents which you have to furnish with the form to the nearest branch office or courier the same. They include the following:

  • Identity Proof– Driving License/Aadhar Card/PAN Card/Voter ID Card/Passport/Job Card from NREGA.
  • Address Proof– Rent Agreement/Utility Bills/Property Tax Receipt/Bank Account/Post Office Account Statement/Allotment Letter of Accommodation.
  • Passport-sized Photograph.

The Process of India First Life Insurance Policy Renewal 

You can readily renew your premium by paying swiftly online. You can choose the policy and the mode of payment before completing it. You can securely make your payment online via the India First Life portal, net banking and wallet/cash cards.

Filing a Claim with India First Life Insurance Policy

This is the claim procedure to be followed:

  • The company has to be notified quickly via the call centre, sales advisors or by visiting the nearest branch.
  • The claim form should be submitted with the documents like the death certificate copy, copy of the policy holder’s age proof, copy of the address and age proof of the claimant, copy of the passbook of the claimant and a cancelled cheque, medical reports and discharge information, consulting physician’s statement, FIR and inquest report copy or the Panchnama along with the copy of the post-mortem report.
  • The claim will be registered once all the documents are received and subsequently verified. Any extra documents will be requested as per requirements.
  • The claim is either turned down or accepted post investigation of the case in question.
  • For claims which are accepted, the amount of the settlement will be worked out and released via NEFT to the claimant as well.

Claim Settlement Ratio of India First Life Insurance

Financial Year Claim Settlement Ratio
2017-18 89.83%
2016-17 82.65%

FAQs on India First Life Insurance

Why India First Life Insurance?

India First Life Insurance offers various benefits including being majorly owned by two of India’s biggest and most reputed public sector banks and also its transparent and hassle-free processes for filing claims.

What are the benefits of buying India First Life Insurance plans?

The benefits include a high ratio of claim settlement, tax deductions as applicable, customer-friendly claim processes, easy renewals and high coverage amounts.

Can I port out my current plan to any of the India First Life Insurance plans?

No IRDAI regulations currently allow portability of health insurance plans.

What is the process to make a claim through India First Life Insurance?

You have to make a list of all the documents and compile them after immediately intimating the insurer at the branch or via the customer care centre or even your sales advisor. Thereafter, you can submit the documents and claim form at the branch or send them to the company head office.

What kind of insurance policies are offered by India First Life Insurance?

There are life insurance plans on offer including term plans and also pension plans.

How to make India First Life Insurance online payment to renew the policy?

You can easily pay online for renewing the policy via methods like net banking, wallets or cash cards.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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