India First Life Insurance Company was initially launched as a joint venture between a couple of prominent public sector banks of India, namely Bank of Baroda (with the largest shareholding of 44%) and Andhra Bank (with a shareholding of 30%), as well as a financial investment corporation of the UK, namely Legal & General (with a shareholding of 26%).
The third partner, however, traded its share in the company to Carmel Point Investments India Pvt Ltd in 2019.
Moreover, Andhra Bank was also merged with the Union Bank of India in 2020.
The shareholdings, nonetheless, remain the same.
The India First Life Insurance Company Headquarters are based in Mumbai, India.
It is one of the freshest names in life insurance organizations of the country and continues to grow at a high rate ever since its inception.
Fair prices, simple-to-understand policies, together with efficient India First Life Insurance Customer Care are some of the key features of the company.
If you wish to know more about India First Life Insurance Company, we’re here at your service.
In this article, we are going to provide detailed information on the company including their numerous plans, claim settlement procedure, advantages, as well as how to check India First Life Insurance Policy Status.
So without any further ado, let’s dive right in.
Different plans offered by India First Life Insurance Company
India First Life Insurance Company proposes a total of 31 distinct insurance products.
These include both group insurance schemes (28) as well as riders (3).
Let’s have a look at each one of them in detail:
1. Term Plans:
India First Life Insurance offers a total of three different term insurance schemes that allow the customers to secure the financial condition of their family in case of any unfortunate demise.
Apart from providing the advantage of maximum cover for a low amount, India First Life Insurance proposes the option to refund the paid premium as well if the client survives the program term.
The plans included under Term Insurance are as follows:
- Guaranteed Protection Plan
- Online Term Plan
- Life Plan
2. Investment Plans:
India First Life Insurance Investment Plans allow the user to maximize their investment while also offering life insurance coverage.
Hence, you are going to be covered and your investment will also continue to grow simultaneously.
The company offers three different investment plans that include the following:
- Money Balance Plan
- Smart Save Plan
- Wealth Maximiser Plan
Also read – How to Apply DHFL Home Loan
3. Savings Plans:
India Life Insurance savings plans will help the clients in building up the maturity sum slowly while relishing the coverage privileges from the very first day.
The seven savings plans provided by the company are:
- Cash Back Plan
- Maha Jeevan Plan
- Simple Benefit Plan
- Guaranteed Monthly Income Plan
- Smart Pay Plan
- Guaranteed Benefit Plan
- Life-Long Guaranteed Income Plan
4. Retirement Plans:
The retirement plans help the client in building up a corpus for conserving their economic status after their retirement. The plans include:
Guaranteed retirement Plan
Immediate Annuity Plan
Guaranteed Annuity Plan
5. Child Plans:
The Little Champ Plan is the child plan offered by this Insurance for ensuring financial security for your children.
6. POS Plans:
The company’s POS plans offer protection as well as savings in one plan.
It includes the POS Cash Back plan.
7. Common Service Centre Plans:
The company proposes a CSC Shubh Labh insurance plan which allows you to grow your investment while offering you life cover.
8. Micro Insurance Plans:
This company proposes two different Micro insurance policies namely Micro Bachat Plan as well as Life Insurance Khata Plan for all the individuals living in rural districts.
9. Corporate Group Plans:
With this plan, corporate or any other employers will be able to manage the insurance provisions for their workers.
The six different corporate group plans include:
- Pradhan Mantri Jeevan Jyoti Bima Yojana
- Group Life Plus Plan
- Group Term Plan
- Group Micro Insurance Plan
- Group Loan Protect Plan
- Group HospiCare Micro-insurance Plan
Also read – SBI Car Loan & Reviews 2022
India First Life Insurance Riders
Apart from the above-mentioned plans, India First Life Insurance company also proposes individual as well as group riders for the clients to apply for.
India First Life Insurance group riders involve:
- group critical illness rider,
- group additional benefit rider,
- group disability rider, and
- group protection rider.
Advantages of India First Life Insurance
India First Life Insurance plans are incredibly useful for a large number of customers in a variety of ways.
The following are some benefits of choosing India First Life Insurance Company:
1. A wide variety of Insurance products
India First Life Insurance offers an incredible reach throughout the country as its insurance products are widely accessible to the general public through the branches of Bank of Baroda as well as Union Bank of India spread across India.
The corporation offers especially tailor-made insurance products that suit the needs and preferences of a large number of customers in the country.
2. Remarkable Claim Settlement Ratio, or CSR
India First Life Insurance is dedicated to delivering outstanding user service to all its customers.
It can be seen in the remarkable CSR (Claim Settlement Ratio) of the company that is 96.81% for the Fiscal Year 2020-2021.
Moreover, if all your documents are rightfully submitted, the company will make sure to settle the claims within 24 hours!
3. Outstanding Servicing Initiatives on their Policies
India First Life Insurance has the best interests of its clients at heart.
According to the guidelines stated by IRDA, the corporation provides a free look duration that extends up to fifteen days.
During this period, the customer can thoroughly understand the India First Life Insurance plans and verify their purchase.
He/she will also be able to make a return and refund during this period in case they are not convinced with the company’s terms and conditions.
4. Maximum Transparency
Apart from its vast bancassurance structure, India First Life Insurance also has online plans to offer.
The clients will have the option to make payments for the insurance premium as well as renew it online.
The India First Life Insurance company makes sure to notify the clients beforehand about the renewal process due through SMS.
5. Different Modes Of Payment
India First Life Insurance has a variety of modes of payment for its insurance premiums.
These include single insurance premium, monthly insurance premium, yearly insurance premium, among others.
Moreover, users will also get the advantage of paying their insurance premiums both online as well as offline.
Also read – ACKO Bike Insurance & Reviews 2022
6. Insurance Policies for all citizens
India First Life Insurance provides insurance policies that suit the needs of every citizen of India.
The network of this organization spans across the country due to widely spread branch networks of public sector banks involved including Bank of Baroda as well as Union Bank of India.
These branches market their insurance products and serve their vast Indian customer base.
7. Extensive Insurance Coverage available for a Low Price
Term insurance schemes at India First Life Insurance provide outstanding insurance coverage for an incredibly low premium.
The company’s endowment schemes offer the immunity of insurance and make room for investments for growing through yearly bonus additions.
8. Simple Claim Process
Your nominee won’t be required to wait for a long while to acquire the insurance privileges with India First Life Insurance as the company features among the most user-friendly claim processes in the entire industry.
India First Life Insurance also offers the option of 24-hour claim settlement!
9. Tax Benefits
India First Life Insurance also helps its customers in taking advantage of various tax benefits under the notable Income Tax Act of 1961.
These tax benefits are available on the insurance premiums spent by the clients during the fiscal year.
India First Life Insurance Calculator
India First Life Insurance offers a variety of tools as well as calculators on its website that are truly beneficial and accurate.
These include Income Tax Calculator, Paid Up Calculator, EMI Calculator, Retirement Calculator, as well as Term Premium Calculator.
Let’s take a quick look at each one of these effective tools and understand what they do:
- The Income Tax Calculator is a great tool for calculating taxes online.
- With the Paid Up Calculator, you can evaluate the performance of your policy.
- The EMI Calculator will help you calculate the amount of EMI (Equated Monthly Installment) that you will need for repaying any loan amount conveniently.
- The Retirement Calculator is a beneficial tool with which you can plan your retirement with great ease.
- Term Premium Calculator is a useful tool for all those customers who wish to understand their life insurance premium on their chosen plan before proceeding with the purchase. This specific amount of premium will help you determine whether or not you are truly prepared to purchase the India First Life Insurance plan.
Claim Settlement Process at India First Life Insurance
India First Life Insurance features a truly user-friendly and simple claim settlement process through which the claimant or the nominee can register as well as trace their claim with great ease.
This easy three-step procedure is one of the most convenient ones in the entire sector.
Apart from this, we must also mention that India First Life Insurance claims to clear all valid claims within 24 hours given that all the documentation was credible.
The company boasts a remarkable Claim Settlement Ratio, or CSR of 96.81%, as per the data of the Fiscal Year 2020-2021.
India First Life Insurance Claim Procedure Online
The online claim settlement through India First Life Insurance Login is a simple three-step procedure.
The following are all the easy steps you will need to follow.
- Claim Registration: First and foremost, you will need to head to the webpage of India First Life Insurance online claim registration given that you are the nominee or the claimant. Here, you will easily be able to file your claim online through India First Life Insurance Login. To do so, you will be required to enter your policy number, your credible date of birth, the type of your claim, as well as the date of death. After a successful India First Life Insurance Login, the procedure is going to be complete when you submit the soft copies of all the required documents via email.
- Claim Assessment: India First Life Insurance will evaluate all your submitted documents for verifying the credibility of your claim. The company may also ask for any additional documents as well if necessary. It will also provide you with an acknowledgment number using which the claimant will be able to trace their claim online.
- Claim Settlement: India First Life Insurance will be processing and settling your claim as soon as possible if any further examination isn’t required and all the submitted documents are valid. The company will be sharing the information via SMS, email, or conventional correspondence.
India First Life Insurance Claim Procedure Offline
For claiming your India First Life Insurance plan offline, you can reach out to the company by calling them on the provided toll-free number, given that you are the nominee or the claimant.
Here, the representative at India First Life Insurance will thoroughly explain to you the claim registration procedure.
Alternatively, you can also just head to the closest branch of India First Life Insurance, Union Bank of India, or Bank of Baroda near you.
Make sure that you carry all the valid documents with you for registering your claim (both soft as well as hard copies are preferred).
The company will then verify all your documents and decide on your claim as soon as possible.
If you wish to get a fast claim settlement, keep in mind that your documentation is rightfully in order.
Let’s now have a look at all the documents you will be required to submit while filing your claim.
Documents required for India First Life Insurance Claim Process
You will be required to submit the following list of documents for settling claims on the chosen policy India First Life Insurance:
- Medical Reports / Reports of Diagnosis/ Summary of Discharge for the specific treatment (given that the demise occurred in a hospital)
- Copy of the Bank Passbook as well as Cancelled Cheque of the Nominee or the Claimant
- Proof of age
- Proof of Address as well as Claimant ID
- Statement of the Physician
- Death Certificate (Copy)
- Duly filled as well as a signed form of India First Life Insurance Claim intimation
How to Check India First Life Insurance Policy Status
If you wish to take a look at your current India First Life Insurance Policy Status, you can either choose to do it online or offline.
Below, we have mentioned all the steps you need to follow for checking your India First Life Insurance Policy Status.
- Checking your India First Life Insurance Policy Status Online
The following are all the simple steps to check your India First Life Insurance Policy Status online.
- For checking your India First Life Insurance Policy Status online, first and foremost, you will need to head to the India First Life Insurance Customer Care tab.
- Here, you will be able to see the option of ‘Check Policy Status Online.
- Simply click on it and you will be brought to another page where you will have to complete your India First Life Insurance Login.
- Once your India First Life Insurance Login is successful, click on ‘My Plans’ out of all the provided options and check your India First Life Insurance Policy Status.
- Checking your India First Life Insurance Policy Status Offline
The following are the two simple steps to check your India First Life Insurance Policy Status online:
- If you are a policyholder at India First Life Insurance, you can also check your policy status offline by reaching out to the company through the customer care number mentioned on their official website. Once you make the call, you will be asked to verify your identity and after that, you will be notified of your current India First Life Insurance Policy Status.
- Another way of checking your India First Life Insurance Policy Status offline is by simply visiting the nearest branch and asking for your policy status. Once the company’s agents have verified your identity, you will be instantly informed of your current India First Life Insurance Policy Status.
India First Life Insurance Customer Care
India First Life Insurance Customer Care is one of the most popular and significant elements that the company boasts and it has certainly contributed a lot to the swift expansion of the company.
Their customer care service is stellar, quick, and responsive as ever!
A large number of reviewers on the internet mention a lot about how their issues were easily resolved with the effectiveness of India First Life Insurance Customer Care.
There are various ways to reach out to the India First Life Insurance Customer Care team.
The first step is to simply click on this link and you will get a quick call back from them as soon as possible!
Alternatively, you can also mail them to their official email address.
If you wish to contact India First Life Insurance Customer Care offline, you can also write to them at the provided postal address.
Conclusion
The India First Life Insurance Company offers a variety of plans and riders for the users, available at all 28 branches of the company spread across the country.
The company also boasts a remarkable Claim Settlement Ratio, or CSR of 96.81%, as per the data of the Fiscal Year 2020-2021.
Efficient and quick customer service is also a crucial feature of India First Life Insurance Company.
For more upcoming updates abd policies, make sure you follow us on Facebook and Twitter. You can also post your queries there.
All in all, India First Life Insurance Login is a great place to go if you are looking for an efficient insurance service.
We have mentioned nearly all the major aspects involved and we hope you now have a thorough understanding of the life insurance process with India First Life Insurance.