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Benefits of IndiaFirst Life Insurance
IndiaFirst Life Insurance, a joint-venture organization, comprising Carmel Point Investments India Private Limited, Bank of Baroda, and Union Bank of India, as its shareholding entities, is the 22nd private sector entrant into the life insurance sector in India. Incorporated in November 2009, this company offers an exciting range of insurance products, including term insurance, endowment plans, investment plans, retirement plans, and group insurance plans, etc. The company concentrates on providing quality customer service, as is evident from the benefits available on the insurance products offered by it.
IndiaFirst Life Insurance Benefits
IndiaFirst Life Insurance products are beneficial to its customers in various ways, some of which are as follows.
1. Range Of Products: IndiaFirst Life Insurance has a tremendous reach across India because its products are available to the public through Bank of Baroda and Union Bank of India branches situated across the country. The company offers specifically tailor-made products to suit every demand of its vast customer base situated across the length and breadth of India.
2. Impressive Claim Settlement Ratio: IndiaFirst Life Insurance is committed to providing excellent customer service to its clients. It is evident in the impressive claim settlement ratio of 96.65% for individual customers and 98.93% for group insurance claims for the financial year 2019-20. Besides, IndiaFirst Life Insurance takes pride in deciding on all insurance claims within one day if all the documents are in order.
3. Excellent Policy Servicing Initiatives: IndiaFirst Life Insurance has the interests of customers at heart. As per IRDA guidelines, the company offers a free look period extending up to 15 days to the customer to go through the life insurance policy and confirm the purchase. During this period, the individual can return the policy and claim a refund if not satisfied with the terms and conditions.
4. Transparency Of The Highest Order: Besides its extensive bancassurance network, IndiaFirst Life Insurance offers online insurance plans. The customers have options to pay their insurance premiums and renew them online. The company takes care to inform the customers in advance about the renewals due by way of SMS.
5. Various Modes Of Paying a Premium: IndiaFirst Life Insurance offers various premium payment modes such as single premium, monthly premium, annual premium, etc. Besides, you also get the benefit of paying your premium online and offline.
6. Insurance Policy For Every Indian: IndiaFirst Life Insurance offers insurance policies to cater to the requirements of every Indian. The company has an excellent reach as it uses the branch network of banks like Union Bank of India and Bank of Baroda for marketing its products and serving its customers.
7. High Insurance Cover at a Low Premium: IndiaFirst Life Insurance term insurance plans offer excellent insurance cover at low premiums. IndiaFirst Life Insurance endowment plans offer the security of insurance while allowing the investments to grow through annual bonus additions.
8. Easy Claim Procedure: Your nominee need not wait long to receive the insurance benefits as IndiaFirst Life Insurance offers one of the most customer-friendly claim procedures in the industry. IndiaFirst Life Insurance offers the facility of one-day claim settlement, as well.
9. Tax Benefits: IndiaFirst Life Insurance customers can avail of income tax benefits as allowed under the Income Tax Act 1961 on the premiums paid by them during the financial year.
Latest News on IndiaFirst Life Insurance
- A waiver of charge rider is a protection strategy condition that forgoes premium installments if the policyholder turns out to be basically sick, truly harmed, or debilitated. Different specifications might apply, for example, meeting explicit wellbeing a
- IndiaFirst is an organisation providing many financial services in India since its incorporation in the year 2009. The life insurance company is also in collaboration and being promoted by Andhra Bank, Bank of Baroda along with the United Kingdom’s leadin
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Life Insurance News
A waiver of charge rider is a protection strategy condition ...31 August 2021
IndiaFirst is an organisation providing many financial servi...16 July 2021
IndiaFirst Life Insurance User Reviews
Claim Process at IndiaFirst Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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FAQ About IndiaFirst Life Insurance
What types of insurance plans does IndiaFirst Life Insurance offer?
IndiaFirst Life Insurance offers an exciting range of insurance plans like term insurance, investment plans, savings plans, retirement plans, etc., to cater to every requirement of its customers.
How does IndiaFirst Life Insurance reach out to its customers?
IndiaFirst Life Insurance has 28 branches situated across India. Besides, it utilises the branch network of Union Bank of India and Bank of Baroda to reach out to its customers.
Does IndiaFirst Life Insurance offer the facility to pay premium online?
Yes, IndiaFirst Life Insurance offers its customers the facility to pay the premiums and renew insurance policies online.
How is IndiaFirst Life Insurance’s claim procedure?
IndiaFirst Life Insurance offers a customer-friendly claim procedure to ensure that the nominee/claimant gets the claim amount without any hassles.
Does IndiaFirst Life Insurance offer the facility of online insurance?
Yes, IndiaFirst Life Insurance offers four online insurance plans.