IndiaFirst Life Insurance

IndiaFirst Life Insurance, initially, which was a joint venture between Bank of Baroda, Andhra Bank and Legal & General, was formed in November 2009 as the 22nd private entrant into the Life Insurance industry. The last-named partner sold its stake to Carmel Point Investments India Private Limited in February 2019. Subsequently, Andhra Bank was amalgamated into Union Bank of India in April 2020. Thus, the present shareholding of the company is Bank of Baroda with 44%, Union Bank of India with 30%, and Carmel Point Investments India Private Limited with 26%.

The company offers 28 insurance products and three riders for a total of 31 plans through its 28 branches situated across India. Besides, the company uses the services of the bank branches of its member banks to market its products. IndiaFirst Life Insurance places its customers before everything else. It is evident from the excellent claim settlement ratio of 96.65%.

IndiaFirst Life Insurance has won awards in various categories, including "Great Place To Work-Certified" in 2019 and 2020, ACEF Grand Prix Award for its best social media campaign in 2019. Besides, IndiaFirst Life Insurance had also won the award for Customer Excellence in Insurance Sector in 2019.

Types Of IndiaFirst Life Insurance Plans

IndiaFirst Life Insurance offers 31 different insurance products, including group insurance plans and riders.

1. Term Plans: IndiaFirst Life Insurance offers three exciting term insurance plans that enable you to secure your family's financial condition in the event of your unfortunate demise. Besides offering the benefit of high coverage at a low premium, IndiaFirst Life Insurance offers the return of premiums paid if you survive the policy term. The term insurance plans offered by IndiaFirst Life include Guaranteed Protection Plan, Online Term Plan, and Life Plan.

2. Investment Plans: IndiaFirst Life Insurance has three ULIPs on offer that helps you to maximise your investment while providing life insurance cover at the same time. Thus, you stay covered while your investment keeps growing at the same time. The insurer offers 3 investment plans to the customers, namely Money Balance Plan, Smart Save Plan, and Wealth Maximiser Plan.

3. Savings Plans: IndiaFirst Life Insurance has seven traditional savings insurance plans that allow you to build up the maturity amount gradually while enjoying the insurance coverage benefits from the first day. The company also offers money-back policies to help you tide over financial difficulties during the policy term. The savings plans offered by the insurer are Cash Back Plan, Maha Jeevan Plan, Simple Benefit Plan, Guaranteed Monthly Income Plan, Smart Pay Plan, Guaranteed Benefit Plan, and Life-Long Guaranteed Income Plan.

4. Retirement Plans: Three retirement plans are available from IndiaFirst Life Insurance that helps you to build up a corpus to secure your financial position after you retire from service. These include Guaranteed retirement Plan, Immediate Annuity Plan, and Guaranteed Annuity Plan.

5. Child Plans: IndiaFirst Life Insurance offers financial security to your children by helping them to realise their career dreams even when you are not around to care for them. The insurer offers one child plan named Little Champ Plan.

6. POS Plans: IndiaFirst Life Insurance POS plans are unique as you get the benefit of protection and savings in a single plan. The insurer offers one plan under this category named POS Cash Back plan.

7. Common Service Centre Plans: IndiaFirst Life Insurance offers a CSC Shubh Labh plan, a low premium insurance plan that allows your investment to grow while providing you with life cover.

8. Micro Insurance Plans: IndiaFirst Life Insurance offers two micro insurance plans namely Micro Bachat Plan and Life Insurance Khata Plan, keeping in mind its customers residing in rural areas. It helps them to invest as well as to get adequate life cover to protect their families in the event of their demise.

9. Corporate Group Plans: IndiaFirst Life Insurance offers a range of group insurance plans to enable corporate and other employers to take care of the insurance requirements of their employees. It also helps the employees to secure their loan liabilities and enables the employers to meet the retirement obligations of their employees. These plans are Pradhan Mantri Jeevan Jyoti Bima Yojana, Group Life Plus Plan, Group Term Plan, Group Micro Insurance Plan, Group Loan Protect Plan, and Group HospiCare Micro-insurance Plan.