India First

IndiaFirst Life Insurance Plan

IndiaFirst Life Insurance Company Limited (IndiaFirst Life), which is headquartered in Mumbai is one of the country's youngest life insurance companies. Our key differentiators are our simple, easy-to-understand products that are fairly-priced and efficiently serviced. They ended FY20 on a strong footing with INR ?3,360 crore worth of total premiums collected and AUM of INR ?14,723 crore.

They’ve had Bank of Baroda, Andhra Bank (now, Union Bank of India) and Legal & General as our founding partners. After journeying with them through our years of growth, Legal & General sold its stake in February 2019 to Carmel Point Investments India Private Limited, a Warburg Pincus LLC company. This is the first deal wherein a private equity fund has taken an interest in a life insurance company. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Their current shareholding pattern as of today stands at: Bank of Baroda – 44%, Union Bank of India – 30% and Carmel Point Investments India Private Limited – 26%.

They offer a diversified suite of 31 need-based products (as of 31 st March 2020) catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health and Group Funds for Employee Liabilities form a complete suite of offerings that help our customers prepare for the certainties of life.

IndiaFirst Life Insurance had a claims settlement ratio of 94.23% in 2018-19, they also covered 0.51 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 65.88% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website. The company’s solvency ratio of 1.74 which is higher than the prescribed IRDAI limit, showing the company’s financial ability to pay claims promptly.
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IndiaFirst Life insurance review

IndiaFirst Life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
1 lac / 50 crs
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

IndiaFirst Life Insurance Plans - review

  • Why Should we buy?
  • Key Features
  • Claims Process
  • Exclusions

Why Should one Choose IndiaFirst Life?

  • Great Legacy - Promoted by two large public-sector banks, Bank of Baroda (44.00% stake) and Union Bank of India (30.00% stake) whose footprint and experience continue to fortify the value proposition it offers to all stakeholders
  • Technology Driven - Technology is integrated across the pre-purchase, purchase and post – purchase cycle for a seamless experience for all our stakeholders
  • Mostly Need Based Product Offerings – They have products that are in sync with your individual needs and life goals
  • 5.5+ million lives insured since inception
  • Efficient 24 x 7 Customer and Claims Support - Have all your queries resolved by our friendly chat bot IRIS
  • Quick Issuance : Your policy will be issued in 2 days of completion of medicals (if applicable) and submission of documents.
  • Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount.
  • Widespread Network of Branches : We have 29 branches across the country, and growing rapidly to expand the presence beyond the boundaries.

The key features of the term plans include:
  • Get financial protection for yourself and your family at an affordable cost
  • With multiple options, tailor this policy to suit your safety needs as you get a choice of 8 different coverage options to choose from
  • Flexibility to receive the death benefit as a lump sum or as a monthly income(as per the selected coverage options)
  • Want to enhance your sum assured? IndiaLife provides you with the flexibility to do soon life stages like Marriage, taking a Home Loan, Child Birth (in selected coverage options). This enhanced sum assured would be available on payment of additional premium
  • Tax benefit may be available on the premiums paid and benefits received as per prevailing tax laws.

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit Indiafirst Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at: Toll Free 1800 209 8700 (Monday to Saturday - 9 am to 7 pm)
Call us at: +91 22 62749898 (for callers from outside India)
Email us at:
Register Claims Online at:
Write to Us at: IndiaFirst Life Insurance Company Limited
12th and 13th Floor, North [C] wing,
Tower 4, Nesco IT Park, Nesco Center,
Western Express Highway, Goregaon (East),
Mumbai – 400063
Visit our nearest branch: Anywhere in India, closest or in your city of residence

Mandatory Documents for Individual Life Claims

  • Completely filled & signed claim intimation form.
  • Original policy document(s).
  • Original death certificate/ attested copy of death certificate.
  • Copy of ID & address proof of nominee.
  • Copy of bank passbook along with cancelled cheque of nominee's personal account.
  • Copies of identity and age proof of the life insured.
  • Copies of First Information Report, Post Mortem Report, Panchnama, duly attested by police officials, in case of unnatural deaths including accidents, murder, suicide etc.
  • Copy of hospitalisation documents (discharge summary, all investigation/diagnosis reports) in case the member was treated for any illness related to the cause of death.
All the copies should be self-attested.

Mandatory Documents for Maturity Claims

  • Completely filled & signed claim intimation form.
  • Original policy documents.
  • Copy of Pan Card of policyholder.
  • Cancelled cheque bearing account no. & policy holder's name or copy of bank passbook.
  • NRI declaration (for NRI).
*All the copies should be attested by bank branch.

Exclusions under the Plan

  • Non-organic disease such as neurosis and psychiatric illnesses; and Alcohol-related brain damage.
  • Self-inflicted Injury: Intentional self- Inflicted injury including the injuries arising out of attempted suicide.
  • Criminal acts: Life assured involvement in Criminal and/or unlawful acts with unlawful or criminal intent.
  • War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
  • Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
  • Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.
  • Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the Company
  • Suicide Exclusion : In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.
  • Accidental Death Exclusions : Death due to the consequences of or occurring during the events as specified below are not covered:
  • Infection: Death caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained.
  • Drug Abuse: Life assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner.
  • Any congenital condition.
  • Intentional self-inflicted injury, attempted suicide, while sane or insane.
  • Failure to seek or follow medical advice.
  • War, invasion, act of foreign enemy, hostiles( whether war be declared or not)
  • Armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes. Armed person will be covered subject to general and Critical illness specific exclusion (Not covered during war & military operations etc. Otherwise they may be covered
  • Taking part in any naval military or air force operation during peace time.
Disclaimer : For the detailed list of exclusions under the policy, kindly refer to the same provided in your policy kit”)

Increase of Sum Assured under the Policy

One can choose to increase your Sum Assured, without any medical underwriting, at various life events, up to the age of 55 years, as specified in the table below. The maximum increase in Sum Assured will be subject to overall limit of 100% of initial Sum Assured and payment of the additional premium which will be based on attained age at the time of increase in Sum Assured. Additionally, this option to increase your Sum Assured will be available for you up to a time period of six months from the date of specified event.

However, note that you will be able to avail this benefit only if you have opted for Life Benefit, Income Benefit, Income Plus Benefit or Accident Shield Benefit Option.
Event Extent of Increase Coverage Options
Marriage 50% of initial Sum Assured subject to ₹10000000 This additional benefit is available under:
  1. Life Benefit,
  2. Income Benefit,
  3. Income Plus Benefit,
  4. Accident Shield Benefit only
1st Child Birth or Adoption 25% of initial Sum Assured subject to ₹5000000
2nd Child Birth or Adoption 25% of initial Sum Assured subject to ₹5000000
Home Loan Equivalent to loan amount subject to overall limit of ₹10000000
Note: In case one wishes to Reduce your Sum Assured, they can do so, to the equal extent of Sum Assured increased under the specified event in the life of the Life Assured( as above). Partial reduction of the increased Sum Assured is not allowed. The reduction in Sum Assured will be effective from the annual policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time.

Other Terms & Conditions

Maturity Benefit Nil since this is a Term policy
Tax Benefits Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws.
Loan Benefit Nil, the assured can’t avail a Loan on this Term policy
Revival of Lapsed Policy The life assured may revive the lapsed Policy within 5 years from the due date of first unpaid regular premium but before the Maturity Date by:
  • submitting a written request for revival of the lapsed Policy
  • paying all unpaid due Premiums without any interest/late fees; and
  • providing a declaration of good health and undergoing a medical examination at their own cost, if needed.

A lapsed Policy will only be revived along with all its benefits in accordance with our board approved underwriting policy. The Policy will terminate and you will not be entitled to receive any benefits, if the lapsed Policy is not revived till the expiry of the revival period.
Grace Period This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date.
Surrender of Policy Regular Premium No surrender value payable
Single premium mode under all benefit options except Income Replacement Surrender value is payable only if you surrender the policy any time after the third policy year and before the end of the policy term.
It is calculated as –
40% x Single Premium Paid x{(Unexpired Policy Term*/Total Policy Term).
Single premium mode under Income Replacement Benefit Surrender value is payable only if you surrender the policy any time after the third policy year and before the end of the policy term.
It is calculated as –
40% x Single Premium Paid x {(Unexpired Policy Term*/ Total Policy Term)^2.
Free Look Period The freelook period for policies purchased through distance marketing or electronic mode will be 30 days and other modes 15 days.

*Unexpired Term will be calculated as in the date of surrender request received.

What are the various coverage options available under this policy?

There are 8 options to choose from as per your need to cover any unfortunate event. Please refer to the below table mentioning the coverage options:
1 Life Benefit 100% Paid out on Death during the Policy Period
2 Income Benefit 100% Paid out on Death during the Policy Period + 90% of Sum Assured paid out as level income during 5/10/15/20 years
3 Income Plus Benefit 100% Paid out on Death during the Policy Period + 100% of Sum Assured paid out as level income during 5/10/15/20 years
4 Income Replacement Benefit Level income will be paid as death benefit till the end of the policy term subject to minimum term of 2 years
5 Accident Shield Benefit Additional pay out on Death due to Accident
6 Disability Shield Benefit Pay out on any type of Disability
7 Critical Illness Protector Benefit Pay out in case of occurrence of any of the defined Critical Illnesses
8 Comprehensive Benefit Combination of death + Accidental death + ATPD + critical illness
  • For all options except Critical Illness Protector Benefit and Comprehensive Benefit, a rate down of 3 years shall be applicable, for female lives aged 21 years as on last birthday and above, for the purpose of calculation of the premium rates.
  • For female lives aged below 21 years as on last birthday, male rate for age 18 shall be applicable under Critical Illness Protector Benefit and Comprehensive Benefit option. A separate list for male and female life is provided.
  • For transgender lives male rates will be applicable
  • Premium rates for the Critical Illness Protector Benefit and Comprehensive Benefit are guaranteed for ten years only from the date of commencement of the policy.
  • Survival Period - There will be a survival period of 30 days applicable between the diagnosis of a critical illness and eligibility for critical illness benefit payment
  • Cancer of Specified Severity (malignant tumour) A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukaemia, lymphoma and sarcoma.

IndiaFirst Life Insurance FAQ’s

You can check the same on the website eindiainsurance.Please note that the network hospital list gets updated regularly due to addition and deletion of hospitals. Hence, there is a possibility that a hospital reflecting in this list may not actually be there in the panel on a later date.

You may :

  • Call us: On the Mediassist Toll free number - 1800-425-9449/ 1800-208-9449 and follow the instructions to get the details.
  • Online: You can also know the hospitalisation benefits by downloading the policy documents from the website. To do so login to the customer portal, download the policy documents from download section.
  • Email us: on or

Ideally you should report a claim within 30 to 60 days from the date of demise of the policyholder. This will help us settle your claim as soon as possible.

The claim benefit can be received by:

  • The nominee or the guardian (in case the nominee is a minor), if you are the life assured
  • The proposer, in case you are not the life assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit such as maturity claim, claim under disability

IndiaFirst Life Insurance Company will send a rejection/repudiation letter including the detailed reason for the rejection/repudiation of the claim to your registered address. This will also be communicated on your registered email ID and mobile number.

In such circumstances, we would require the proof of title/succession certificate issued by the court. The claim would then be paid to the person specified in the said proof.

Yes, you can change your plan within 15 days (free look period) if you disagree with any of the terms and conditions. In case of distance marketing, the free look period is 30 days from the date of receipt of your plan document. Simply return the plan to us while stating your specific objections. In order for us to process your request, you will need to provide:

  • A request letter duly written &signed by the policy holder
  • A fresh application form (Common Proposal Form), if you wish to apply for a different plan
  • A benefit illustration (wherever applicable)

You can send us these documents via:
  • Email us: On
  • Courier: Send us a duly signed request letter and other required documents. You may mail it to our Head Office
  • Visit us: Walk in to any of our IndiaFirst Life branch

Addition of the members is allowed during the plan anniversary, immediately preceding the policy year, subject to underwriting in the event of marriage or child birth or legal adoption of a child.

  • Addition is allowed under regular premium option only
  • Deletion of other members is allowed in case of death of any member or divorce or ineligibility of cover due to age.

An indemnity letter needs to be submitted in lieu of the policy document which is lost. The indemnity letter needs to be executed on a stamp paper and duly notarised and sent to our Head office or IndiaFirst Life branches addressed to customer service. Value of the stamp paper would be as applicable in the state.

  • Email us: The change request form duly signed by the policy holder to from your registered email id.
  • Courier: Send us the change request form duly signed by the policy holder to our Head Office addressed to Customer Service.
  • Visit Us: Walk in to any of our IndiaFirst Life branch
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

Yes. The average Indian woman lives longer than the average Indian man, therefore, the premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:

  • Accidental death and dismemberment
  • Critical Illness
  • Waiver of premium
  • Income benefit
  • Partial and permanent disability

Yes, the insurer can reject a life insurance claim on grounds of

  • Misrepresentation of actual information
  • Non-disclosure of correct information
  • Fraud

This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.

Your insurer can reject a life insurance claim on grounds of:

  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Death in a war : This is a common exclusion. Many policies do not cover accidental death in a war or during active military service.
  • Death in a high-risk activity : Sure, you have only one life to live and you should make the most of it. But partaking in extreme sports like skydiving, is not generally covered by an insurance policy. In fact, an insurer can reject a death claim if you were not wearing a helmet while riding a motorcycle (yup, it is a high-risk activity).
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy

If you buy term insurance, you are doing it for the financial security of your family, which relies on you, and to get multiple benefits such as tax exemption and planning for your child’s higher education.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

The life assured has the option to pay monthly, quarterly, half yearly, yearly premium or a single premium in the policy.

Other Life Insurance products from IndiaFirst Life

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025