India First Life Insurance

India First Life Insurance

Headquartered in Mumbai, India First Life Insurance Company is a joint venture of Bank Of Baroda and Union Bank of India, and the UK’s financial and investment company, legal & General.

 

Incorporated in November 2009 with paid-up share capital of INR 663 Crore, India First Life Insurance Company is one of the fastest-growing life Insurance companies in India. 

 

India First Life Insurance Company has grown exceptionally due to delivering good results to their customers and creating value for their investors without compromising integrity. The company is built on a strong foundation of trust and has a promising future.

 

India First Life Insurance Company has a plethora of life insurance products ranging from pension plans, term plans, ULIP, retirement plans, micro insurance plans, etc. The company has a variety of insurance products to cater to the needs of all types of customers. People can choose insurance products as per their requirements. The company has approximately 4800 branches across India.

 

India First Life Insurance Company has a variety of insurance products:

 

Term Plan

  • India First life Plan
  • India First Any Time Plan
  • Star First Combi Plan
  • Star First Optima/Classic/Comprehensive

Unit Link Investment Plans (ULIPs)

  • India First Life Wealth Maximizer Plan
  • India First Money Balance Plan

Savings plan

  • India First Life Cash Back Plan
  • India First Maha Jeevan Plan
  • India First Simple Benefit Plan

Retirement Plan

  • India First Guaranteed Retirement Plan
  • India First Immediate Annuity Plan

Micro Insurance Plan

  • India First Life “Insurance Khata” Plan

Child Plan

  • India First happy India Plan
  • India First Little Champ Plan

The process to claim India First Life Insurance

The following step by step process to be followed to claim India First Life Insurance:

The company can be notified regarding a particular claim

  • By registering online
  • By contacting the call center
  • By contacting the sales advisor of the company
  • By visiting Bank of Baroda branches

After notifying the company, the claimant has to submit the claim form at the earliest along with the following documents:

 

Copy of death certificate

Copy of age proof of insured 

Copy of claimant’s age & address proof

Copy of Claimant’s passbook and canceled cheque

Medical report and discharge summary

Copy of FIR and panchnama, in case of unnatural/accidental death

 

On submission of all these documents, a claim will be registered. The documents will be sent for verification. If any additional documentation is required would be informed to submit it.

 

After the investigation of the case, the claim can be accepted or rejected. If accepted settlement amount will be calculated. The amount will be released via bank transfer/NEFT.

 

What is life insurance?

 

Our life seems beautiful if we are blessed with a caring family. We work hard and put our best efforts to ensure the beautiful life of our family. We take care of all the financial needs of our spouses, children, and parents. 

 

But life is uncertain, you never know what life has in store for you. Due to any unfortunate incident if something unexpected happens to you then who will take care of your loved one.

 

Here comes life insurance, the best tool to protect your family from any financial crunch that may come up after your unfortunate demise.

 

Life insurance is the only way to help your family to meet routine living expenses and support your family to achieve all the life objective even when you are not around.

 

Life insurance is the most crucial thing that a person must have to secure a contented and peaceful future for his family in his absence. 

 

Life is full of uncertainties, but death is the most certain in life. It is not wise to leave anything to chance and protect the future of your family with the best life insurance policy as per your financial needs.

 

What is a life insurance policy?

 

A life insurance policy is a contract between a life insurance-providing company and an individual/policyholder, where the policyholders pay an agreed amount as a premium, while the insurer pays an agreed amount to his family members on the sudden or untimely demise of the life insured.

 

In other words, the insurer promises to pay a certain sum to the beneficiary in exchange for a premium, upon the death of an insured person.

 

A life insurance policy provides financial support to the family/beneficiary of the policyholder in case of his sudden demise.

 

Who is a life insurance agent?

 

A life insurance agent is an individual who has done the requisite training and cleared the examination conducted by the Insurance Regulatory and Development Authority of India. After passing the examination, IRDA provides the license that authorizes an individual to sell insurance policies to the public. The agents also have to provide after-sales services including assistance in claim settlement. An agent can have a license for life insurance or general insurance or both.

 

It is very important to verify the credentials of an agent such as an identity card, license before buying the policy.

 

What are the different life insurance plans?

 

Ans. There are various types of insurance plans in the market to secure the future of your family. You have to select the right insurance plan as per your requirement.

 

Term life insurance plan

 

Term plan is the most affordable life insurance plan at a very affordable premium. The insurance company promises to pay the sum assured amount to the beneficiary in case of the untimely demise of the policyholder.

 

Endowment Plan

 

The endowment plans offered life cover along with savings benefits to the policyholder. The endowment plans provide the maturity benefits and periodic benefits on outliving the term of the plan. It is the best way to have saved along with life cover.

 

Unit Link Insurance Plan

 

Unit link insurance plan comes with dual benefits. It provides you life cover along with market-linked returns on your investment. A certain portion of the premium is invested in the different funds to provide market-linked returns along with life cover.

 

A child plan is also a unit link insurance plan to support the higher education of the child by investing in different funds based on your requirements and financial conditions.

 

Retirement plans with insurance cover

 

Retirement plans also known as deferred pension plan offers you an opportunity to create wealth that helps to enjoy the retired life with financial freedom. These policies provide the benefits of the surviving term. In case of your untimely demise during the policy term, your beneficiary will receive immediate payment.

 

How to decide the right amount of insurance cover?

 

The decision of the amount of insurance cover should be smart based on your financial goals. Identify your goals to estimate the right life insurance cover for yourself. The following factors can help you to decide the right amount.

 

Annual Income 

 

Your annual income is the most prominent factor in determining the right amount of your insurance cover. As a thumb rule, your cover should be the ten-time of income. You can increase it to 15 to 20 times your income to minimize the impact of the rising living cost and inflation. If you calculate the coverage amount based on this rule, it will be enough to support your family when you are not around. 

 

Liabilities

 

If you are the sole breadwinner of the family, it becomes more significant to calculate your debts and loans. Ensure that your insurance cover is large enough to meet your liabilities. The right insurance cover will enable your family to manage the EMIs and daily expenses.

 

Financial goals

 

We always have many financial goals like children’s higher education and marriage that require a substantial amount of money. While estimating the amount of life cover, factor in these expenses. 

 

Age of the policyholder

 

 

Your life requirements and goals change at different stages of your life. Therefore, your age is also a key factor in deciding the amount of policy cover. You have to analyze the various factors at that particular point in your life. Reviewing your policy periodically is also necessary to understand what you want at different stages of your life.

 

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FAQs

Q.What is endowment plan?
Ans. The endowment plans offered life cover along with savings benefits to the policyholder. The endowment plans provide the maturity benefits and periodic benefits on outliving the term of the plan. It is the best way to have saved along with life cover.
Q.Who is a life insurance agent?
Ans. A life insurance agent is an individual who has done the requisite training and cleared the examination conducted by the Insurance Regulatory and Development Authority of India. After passing the examination, IRDA provides the license that authorizes an individual to sell insurance policies to the public. The agents also have to provide after-sales services including assistance in claim settlement. An agent can have a license for life insurance or general insurance or both. ?It is very important to verify the credentials of an agent such as an identity card, license before buying the policy.
Q. Who is beneficiary in life insurance?
Ans. In life insurance, the beneficiary is the person who is entitled to receive the sum assured amount of the life insurance policy in case of the untimely demise of the policyholder.
Q. What is life insurance?
Ans. Life insurance is the best tool to protect your family from any financial crunch that may come up after your unfortunate demise.
Q. What are the benefits of life insurance plan?
Ans. Life insurance plans help to safeguard the financial interest of your family in your absence. It also provides you critical illness benefits, wealth creation, retirement planning, children's education, benefits of tax deductions under section 80C.
Q. What is life insurance premium?
Ans. The life insurance premium is the amount paid by the policyholder to the insurance company in exchange for life coverage.
Q. What are the different life insurance plans? ?
Ans. There are various types of insurance plans in the market to secure the future of your family like a Term life insurance plan, Endowment Plan, Unit Link Insurance Plan/ULIP, Retirement Plans, etc.
Q. What is a life insurance policy?
Ans. A life insurance policy is a contract between a life insurance-providing company and an individual/policyholder, where the policyholders pay an agreed amount as a premium, while the insurer pays an agreed amount to his family members on the sudden or untimely demise of the life insured. ?
What ULIP ?
Ans. ULIP/ Unit link insurance plan comes with dual benefits. It provides you life cover along with market-linked returns on your investment. A certain portion of the premium is invested in the different funds to provide market-linked returns along with life cover. A child plan is also a unit link insurance plan to support the higher education of the child by investing in different funds based on your requirements and financial conditions.
Q. How to decide the right amount of insurance cover?
Ans. The decision of the amount of insurance cover should be smart based on your financial goals and liabilities. Identify your goals like children's education, marriage, etc. to estimate the right life insurance cover for yourself.
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