India First Life Insurance Review
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Our Verdict
India First Life Insurance offers a decent range of online term insurance plans, child insurance plans, ULIPS, savings and retirement plans for its customers. The policies offer whole life coverage up to 100 years with useful inbuilt benefits such as terminal illness and accidental death benefit.
However, the policies are not very comprehensive in nature and offer limited benefits and riders as compared to its peers in the market.
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Claim Settlement Ratio (2023-24)
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India First Life Insurance
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Claim Settlement Ratio
Life cover up to 100 years
Covers death claims related to Covid-19
Claim Settlement Ratio
Life cover up to 100 years
Covers death claims related to Covid-19
Pros & Cons
- Whole life coverage up to 100 years.
- Inbuilt waiver of premium and accidental death benefit in many policies.
- Wide and flexible policy term more than 40 years.
- Live chat bot facility.
- Smooth website navigation.
- No rebates on higher sum assured and on online purchase.
- No discounts for women policyholders.
- Several policies do not offer any riders.
India First Life Term Insurance Policies
India First Life Guaranteed Protection Plan
Key Features
- Whole life coverage up to 100 years.
- Option to cover your spouse under the same plan.
- Flexibility to receive death payout as lump sum or monthly income.
- Option to choose from seven different coverage options.
- Covers death due to Covid-19 claims.
- Covers the cost related to terminal illness.
- Lump sum payout if diagnosed with any of the 40 specified critical illnesses.
- Accidental death rider is also available.
- Return of premium option.
- Receive survival benefit along with life cover.
India First Life Plan
Key Features
- The sum assured coverage ranges from INR 1 lakh to INR 50 crore.
- Premium starts from INR 100 per month.
- Flexibility to receive death payout as lump sum or monthly income.
- Death benefit payable is more than 105% of all the premiums paid.
- Get life cover for a period of up to 40 years.
- Free look period of five years.
India First Life e-Term Plus Plan
Key Features:
- This is an online term plan.
- Flexibility to receive death payout as lump sum or monthly income.
- Option to choose from seven different coverage options.
- Covers death due to Covid-19 claims.
- Covers the cost related to terminal illness.
- Lump sum payout if diagnosed with any of the 40 specified critical illnesses.
- Accidental death and disability rider is also available.
- Option to increase or decrease your life cover.
- Allows the maximum of three annual premium breaks.
India First Life ULIP or Investment Plans
India First Life Radiance Smart Invest Plan
Key Features
- Flexibility to choose from different ten funds and six strategies.
- Choose from three different plan options:
1. Life option (Death)
2. Extra Shield Option (Death and Accidental Death)
3. Family Care Option (Policy Continuity)
- Minimum annual premium is INR 48,000.
- Allows unlimited free switches at no cost.
- No charges on policy administration and premium allocation.
- Allows return of mortality charges at maturity.
India First Life Money Balance Plan
Key Features
- Allow partial withdrawals.
- Entry age is five years and maximum age at entry is 65 years.
- Life cover for the minor starts from two years.
- Option to choose between two types of investment funds (equity and debt)
- Minimum annualized premium is INR 12,000.
- Option of choosing the maturity pay-out.
- Minimum switching amount is INR 5,000, two free switches are allowed per month.
India First Life Smart Save Plan
Key Features:
- Offers life cover.
- Option of investing in four different investment funds.
- Allows switching or re-directing the premium from one fund to another.
- No charges on policy administration and premium allocation.
- Allows return of mortality charges at maturity.
- Allowed to make two switches in a month.
- No charges for partial withdrawal of funds.
India First Life Saral Jeevan Plan
Key Features
- Affordable and low-cost pure basic term plan.
- Life coverage up to 40 years.
- Entry age is 18 years to 65 years.
- Minimum sum assured is INR 5 lakh.
- Minimum premium amount is INR 1300 yearly.
- Policy can be purchased via online mode.
- No maturity benefits and riders.
India First Life Savings Plan
India First Life Fortune Plus Plan
Key Features
- Receive guaranteed benefit along with cash bonuses if any.
- Option to accumulate benefits and earn interest income on the same.
- Receive the sum assured on maturity along with the terminal bonus and accumulated survival benefit, if any.
- Option to choose waiver of premium rider.
- Minimum annualized premium is INR 24,000.
- Entry age is one month to 60 years.
India First Life Mahajeevan Plus Plan
Key Features:
- Receive 103% of annualized premium at the end of third, seventh and 11th policy year.
- Option to choose waiver of premium rider.
- Can avail benefits along with annual bonuses, if any.
- Discounts on the early payment of renewal premiums.
- Minimum annualized premium is INR 12,000.
India First Life Cash Back Plan
Key Features:
- Receive sum on maturity along with guaranteed additions.
- Life cover is equivalent to 10 times of the annualized premium.
- Minimum sum assured is INR 50,000.
- Offers three policy terms of nine, 12, and 15 years along with periodic payouts every three years.
- Receive lump sum payout as maturity benefit.
- Option to add additional riders along with the plan.
- Policy can be surrendered once it attains its paid-up value which is after two years of full premium payments.
India First Life Simple Benefit Plan
Key Features:
- Receive policy loan up to 90% of the surrender value.
- Receive guaranteed maturity amount along with bonus, if any.
- Receive assured maturity amount.
India First Life Guaranteed Monthly Income Plan
Key Features:
- Guaranteed income every month and annual bonus, if any.
- Receive from 105% to 125% of premiums paid annually
- Option to receive immediate or deferred payout.
- Premium payment term is eight to 11 years.
- Flexibility in opting premium payment, policy term and premium payment modes.
India First Smart Pay Plan
Key Features:
- Receive 103% of annual premium back as survival benefit.
- Option to choose waiver of premium rider.
- Policy can be purchased online.
- Minimum annualized premium is INR 18,000.
- Minimum sum assured is INR 1,50,000.
India First Life Long Guaranteed Income Plan
Key Features:
- Receive guaranteed income till 99 years.
- Total premiums are paid back at the end of the benefit period.
- One can continue the policy even if they miss paying one premium, only if last two years premiums have been paid off.
- Minimum sum assured is INR 2,40,000.
- Minimum annualized premium is INR 24,000.
India First Life Guaranteed Benefit Plan
Key Features
- Option to choose either income benefit or lump sum benefit.
- Waiver of premium rider option.
- One can continue the policy even if they miss paying one premium, only if last two years premiums have been paid off.
- Minimum sum assured on death is INR 5 lakh.
- Option to choose waiver of premium on death, waiver of premium on accidental death and disability.
- The policyholder can take a loan once it acquires the surrender value.
India First Life Retirement Plans
India First Life Guaranteed Pension Plan
Key Features
- Option to choose from five different annuity modes.
- Annuity for single life cover and joint life cover.
- Avail “Return of Purchase Price” facility and thus nominee receives back the whole premium amount.
- Minimum annualized premium is INR 50,000.
- Entry age is 45 years to 80 years.
- Minimum annuity amount is INR 12,000 every year.
India First Life Guaranteed Retirement Plan
Key Features
- Receive periodic assured benefits along with the sum assured on maturity along with bonus, if any.
- Policy term is up to 40 years.
- Minimum sum assured is INR 1 lakh.
- Receive a fixed benefit of 9% of total premium paid as guaranteed additions.
India First Immediate Annuity Plan
Key Features
- Option to choose from four different annuity options.
- Flexibility to cover your spouse under the same plan.
- Option of selecting return of purchase price option.
- Minimum yearly annuity is INR 12,500.
- Minimum premium is INR 3 lakh yearly.
- Single lump sum payment to be done to start the policy, and then regular pension payments start immediately.
India First Life Guaranteed Annuity Plan
Key Features
- Choose from 12 annuity options, including life annuity, deferred life annuity, the return of purchase price, annuity certain, and escalating life annuity.
- Flexibility to cover your spouse under the same plan.
- Option of selecting return of purchase price option.
- Receive assured lifetime income benefit.
- Avail tax benefits on the premiums paid and on the maturity benefits, under Section 80C and Section 10 (10D) of Income Tax Act.
India First Life Saral Pension Plan
Key Features:
- Simple and cost-effective pension plan.
- Receive assured lifetime income benefit.
- Choose from two annuity options:
1. The Life Annuity with Return of 100% of Purchase Price (regular lifetime income)
2. The Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price (spouse receives regular income if the policyholder dies.)
- Flexibility to cover your spouse under the same plan.
- Option of selecting return of purchase price option.
- Minimum annualized premium is INR 1 lakh.
- Minimum annuity is 12,000 on a yearly basis.
- Policy term is up to 40 years.
India First Life Micro Insurance Plans
Key Features:
- Offers two plans: Micro Bachat Plan and Insurance Khata Plan.
- In micro bachat plan:
1. Receive sum assured on maturity along with accrued bonuses.
2. Option to select accidental death benefit option.
3. Receive death benefit as one-time payment or in installments.
- In Insurance Khata Plan:
- Simple and basic insurance policy.
- Receive guaranteed assured benefit on maturity.
- Option to pay a single premium or premium for a regular or limited period.
India First Life Child Insurance Plans
India First Life Child Plans
Key Features
- Option to receive death benefit as lump sum or in installments.
- Waiver of premium benefit comes along with the plan. This benefit ensures that the insurance company will continue to make premium payments if the policyholder dies.
- Flexibility to choose from a range of eight payout options providing guaranteed payouts from 101% – 125% of the sum assured.
- Entry age is from 21 years to 45 years.
- Premium payment term is seven to 14 years.
- Minimum sum assured is INR 1,50,000.
Claim Settlement Process of India First Life Insurance Policies
- Notify the insurance company about the death of the policyholder, if you are their beneficiary.
- The beneficiary will have to download the form from the company’s website and fill in the claim application form with other required documents.
- Once the form is submitted, the insurance company will verify the documents to register the claims and will provide the payouts as per the policy conditions.
Methodology
For Forbes Advisor India ratings, we reviewed all the life insurance plans of India First Life Insurance on the basis of the following metrics:
- Ease of access (20% of score)
- Sum assured coverage (30% of score)
- Policy tenure (10% of score)
- Claim settlement ratio (20% of score)
- Relevant benefits and riders (20% of score)
- How To Read A Life Insurance Policy Document
- All You Need To Know About Whole Life Insurance
- 6 Long-Term Benefits Of Purchasing A Health Insurance Policy
- How To Select A Life Insurance Policy In India To Protect Yourself
- What You Need To Know About Claims Paid Ratio In A Life Insurance Policy
- What Are Riders In A Life Insurance Policy?
- Things To Know About Sum Assured Before Sealing Your Life Insurance Policy
- Your Life Insurance Policy Can Help You Plan Your Retirement. Here’s How
- What Is Term Life Insurance?
- How to Claim Your Life Insurance Policy?
- What Is An Electronic Insurance Account?
- 5 Questions To Ask Before Selecting A Life Insurance Policy
- How To Select Your Life Insurance Policy During Coronavirus
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