Life Insurance
Plans & Policy

Ensure a certain and secure future for your loved ones

LIFE INSURANCE POLICY

IndiaFirst Life Insurance, a leading life insurance company in India, offers various types of life insurance plans and policies to ensure your loved ones' protection and financial health. A life insurance policy need not be difficult to understand. At IndiaFirst Life, we take pride in creating life insurance solutions that are simple, affordable, and effective.

Choose from various types of life insurance policy options that are tailor-made to suit your life insurance needs. The arena of life insurance of India is a robust one, and IndiaFirst Life Insurance offers a life insurance policy to match your requirements at every stage of life.

WHAT IS LIFE INSURANCE?

At its essence, a life insurance policy is a contract signed between the life insurance provider and a policy holder. Life insurance plans offer a substantial life cover in the form of an assured sum that the insurer pays to the nominees/beneficiaries listed in the life insurance policy if the insured person dies during the life policy term. In return for this guarantee, the policy holder agrees to pay a specific premium amount at regular intervals during their lifetime.

To safeguard the legally-binding nature of a life cover contract, it is essential for the policy holder to accurately divulge all details about their past and present health conditions. No medical life insurance plans allow you to start life insurance without medical tests. However, accurate disclosure of pertinent details is mandatory.

While a term life insurance policy offers life cover for a specific term, permanent life insurance policies continue to remain effective until the death of the policy holder at any age, the payment of life insurance premiums stops, or the life insurance investment is surrendered.

WHY DO YOU NEED LIFE INSURANCE?

Life insurance provides financial security to your loved ones after your demise. There are many reasons to buy life insurance, depending on the stage of your life you are at. Different types of life insurance policies fulfil different needs. However, one of the prime benefits of life insurance is the guarantee that your surviving dependents will have the financial support they need in the future.

Every single person faces the same two fears—the fear of dying too soon and the fear of living too long. If you die too soon, you leave behind dependents who do not have the financial wherewithal to take care of themselves. If you live too long, you are likely to run out of money and become dependent yourself. Life insurance plans help ease both these fears.

  • YOU NEED A LIFE COVER INSURANCE POLICY FOR YOUR DEPENDENTS.

    One of the fundamental reasons to buy life insurance is to ensure that your nominees or immediate family members have financial support in case of your demise. Often, responsibilities do not end even after you are gone. Different types of life insurance policy options serve to ensure that you replace your family's lost income, pay for your children's education, and financially support your spouse even after your death.

  • YOU NEED A LIFE INSURANCE POLICY TO DEAL WITH DEBT.

    Most adults have at least a liability or two to pay off. If you have an outstanding home loan, car loan, credit card dues, or personal loan payments to make, you are in debt. In case of your untimely demise, your family will be burdened with these financial liabilities. Life insurance policy plans provide lump sum death benefit payments and life cover to take care of these debt payments after your passing.

  • YOU NEED PERMANENT LIFE INSURANCE OR WHOLE LIFE INSURANCE IN INDIA FOR YOUR FUTURE.

    It is a misnomer that life cover policy options only help when you die. What happens if you live too long? With medical advancements and improved access to medical facilities, most humans live way past their 80s. If you retire at the age of 60, do you have enough savings to maintain your living standard and beat inflation for 3-4 decades after retirement?
    A permanent life insurance policy stays in effect for as long as you live and continue making life insurance premium payments or surrender the permanent life insurance investment policy. A whole life assurance policy is a type of permanent life insurance that accrues cash value over the years. This makes the insurance whole life policy an attractive life cover option at any age. Retirement life insurance plans provide guaranteed monthly pay-outs to safeguard your golden years.

  • YOU NEED LIFE INSURANCE INVESTMENT OPTIONS TO ACHIEVE YOUR LONG-TERM GOALS.

    A life insurance investment policy is designed to keep you systematically invested for an extended period of time. Different types of life insurance plans are connected to different investment instruments. Some life insurance plans are market-linked for higher returns, while other types of life insurance policy options offer profit-participation and bonuses. If you opt for life insurance with cash back, you reap the dual benefits of life insurance cover and periodic cashback to meet your expenses.

  • YOU NEED LIFE INSURANCE WHOLE LIFE POLICY OPTIONS TO MEET YOUR RETIREMENT NEEDS.

    While saving for retirement, you hope that your savings last as long as you do. However, when you factor in increasing health-related expenses and inflation, your savings alone are unlikely to meet your needs. Whole life insurance in India serves to fulfil this gap and supplement your retirement corpus. With the right types of life insurance plans, you can ensure that a second stream of income is created to replace your professional income after retirement.

  • YOU NEED LIFE INSURANCE WITH CASH BACK TO PROVIDE FOR FISCAL CONTINGENCIES.

    Life's uncertainties are the only certainty in life. Plans that offer life insurance with cash back provide you periodic payments of a percentage of the sum assured that you could use to meet financial contingencies and other expenses with ease. Depending on the chosen types of life insurance plans in India, you can avail of many benefits of life insurance to meet your specific requirements.

  • YOU NEED LIFE INSURANCE PLANS TO PROVIDE FOR YOUR CHILDREN.

    Irrespective of their age, your children will always be your responsibility. When your children are young, life insurance investment plans and life insurance with cash back help you provide for their education expenses and other lifestyle needs. The power of compounding plays out in life insurance investment policies to ensure that your money grows at a guaranteed pace. In the case of special-needs children, their age is irrelevant—they are likely to require lifelong physical and financial help. Life insurance cover can ensure that their needs continue to be taken care of after their primary caregivers/parents' death.

  • YOU NEED THE BENEFITS OF WHOLE LIFE INSURANCE TO NOT BURDEN YOUR CHILDREN.

    In your old age, life comes a full circle. The children you raised now have the responsibility to take care of you. However, as parents, the goal is to help your children thrive and not be a burden for them to carry. Various types of whole life policy options ensure that a portion of your life insurance premium is directed at earning cash value and interest that you can withdraw or get a loan against. Life insurance with cash back and retirement life cover ensure a stream of income that provides you financial independence.

WHAT ARE THE LIFE INSURANCE TERMS
YOU SHOULD KNOW?

In order to understand life insurance policy details and buy life insurance, there are a few basic life insurance terms you should know.

  • Policy holder – When you buy life insurance and make periodic life insurance premium payments, you become a life insurance policy holder. While you own the policy, the life assured within the life insurance cover could be someone else.
  • Life assured – The insured person who has life cover as mentioned in the life insurance policy details.
  • Life insurance premium – The amount you pay to buy life insurance and keep the policy active.
  • Sum assured – The guaranteed sum of money that your nominees/beneficiaries will receive in case of the life insurance policy holder's demise.
  • Death benefit – This is the amount paid to the nominee if the policy holder dies during the policy term. The death benefit and the sum assured are not the same—the death benefit is likely to be higher than the sum assured as it includes rider benefits and bonuses (if any).
  • Survival/maturity benefit – A survival benefit is paid to the policy holder upon completing a pre-determined amount of life policy tenure. In contrast, a maturity benefit is paid when the insured outlasts the life insurance policy term. Pure protection or term life insurance plans do not offer either benefit.
  • Riders – Riders are additional features that can be added to life insurance plans for a fee to expand the scope of the base life cover policy. Typical life insurance rider options include accidental death benefit rider, accidental total and permanent disability benefit, critical illness cover, and waiver of life insurance premium rider.

WHAT ARE THE TAX BENEFITS OF LIFE INSURANCE PLANS?

Life insurance plans are tax-efficient instruments.

  • TAX BENEFITS ON LIFE INSURANCE PREMIUM AMOUNTS

    Under provisions of the IT Act – Section 80C, you can claim a tax deduction of up to Rs. 1.5 lakhs on premiums paid for life insurance of India. Pension life insurance cover premiums are eligible for deductions under Section 80CCC. A maximum deduction of Rs. 25,000 is allowed under Section 80D for health insurance plans.

  • TAX BENEFITS ON LIFE INSURANCE COVER CLAIMS

    One of the best benefits of life insurance plans is that the claims received are tax-free under Section 10(10D).

  • COMMUTED PENSION TAX BENEFITS

    Under Section 10(10A) of the IT Act, 1/3rd of the sum withdrawn as cash from deferred annuity life insurance policy plans is called commuted pension and is tax-free.

WHAT ARE THE TYPES OF LIFE INSURANCE POLICIES?

There are many types of life insurance plans in India that you can opt for depending on your needs.

  • Term life insurance plans are also known as pure protection plans. They offer life cover at a fixed premium. There are no survival or maturity benefits in term life cover plans.
  • ULIP or unit-linked insurance plans invest in the market and pay the life insurance investment portfolio value upon death or maturity.
  • Endowment life insurance plans offer maturity and death benefits. There are several endowment life insurance with cash back plans to choose from to receive periodic endowments from the life insurance investment.
  • Permanent life insurance and types of whole life policy cover the insured person throughout their life and have a cash value component.
  • Retirement plans are life insurance investment products that help you create a corpus for your future.
  • Child life insurance investment plans help secure your child's future financially and typically offer regular pay-outs at intervals.

HOW TO CHOOSE THE RIGHT LIFE INSURANCE PLAN?

Life insurance plans are tax-efficient instruments.

  • ANALYSE YOUR NEEDS

    The first step to choosing the best life insurance plans is to consider your needs. Take into account your budget, the policy term you would like, future goals, liabilities, and dependents.

  • FACTOR IN INFLATION

    Your lifestyle today will cost much more to maintain in a few decades. Consider the rate of inflation before you decide on a sum assured.

  • BUY LIFE INSURANCE ONLINE

    By cutting out intermediaries, you can ensure that you get the best life policy deals. An online life insurance policy is typically cheaper than offline plans pushed by agents.

  • UNDERSTAND LIFE INSURANCE POLICY DETAILS

    Do your due diligence to ensure that you understand life insurance policy details, types of life insurance policy options on offer, and benefits of life insurance before you buy life insurance plans.

HOW MUCH LIFE INSURANCE COVER DO YOU NEED?

Analyze your financial situation—income, liabilities, and future responsibilities before you buy life insurance. Calculate the life insurance cover you need based on your current income, potential growth prospects in terms of salary, current living standards and expenses, projected future living costs, inflation, financial liabilities such as loans, and responsibilities such as children's education and marriage.

WHAT ARE THE FACTORS AFFECTING THE
LIFE INSURANCE PREMIUM?

The life insurance premium you pay depends on several factors, such as:

  • Age – The earlier you buy life insurance online or offline, the lower the life insurance premium will be.
  • Gender – Women tend to live longer than men and are typically offered lower life insurance premium rates.
  • Medical history – Even with no medical life insurance policies, you are required to disclose past medical history and family history of illnesses as it impacts your life insurance premium.
  • Smoking habit – Smokers have a higher mortality rate and tend to contract more illnesses than non-smokers. Life insurance premium amounts reflect risk, so smokers tend to pay a higher life insurance premium.
  • Insurer – Choose a transparent and reliable company offering life insurance plans in India to ensure that you get the most competitive rates

WHAT ARE THE BENEFITS OF BUYING A LIFE INSURANCE
PLAN ONLINE VS. OFFLINE?

Buying online life insurance offers many advantages. If you buy life insurance online, you are purchasing directly without paying commission to intermediaries. You can make an informed choice by checking online life insurance policy reviews, comparing types of life insurance policy options, and the benefits of life insurance plans. You get access to online services and 24x7 customer support when you buy online life insurance policy plans. As compared to offline purchasing, you can buy life insurance online quickly, easily, and in a paperless manner.

WHAT ARE THE OPTIONS AVAILABLE IN INDIAFIRST FOR LIFE INSURANCE PLANS?

IndiaFirst Life Insurance provides different types of life insurance policy options, including whole life assurance policy, permanent life insurance plans, pure protection life cover, and life insurance investment plans. The primary categories or types of life insurance plans offered by IndiaFirst Life include:

  • Term plans or pure protection life insurance policy plans – IndiaFirst Life Plan
  • Life insurance investment plans or ULIPs – IndiaFirst Wealth Maximizer Plan and IndiaFirst Money Balance Plan
  • Savings plans – IndiaFirst Maha Jeevan Plan, IndiaFirst Life Smart Pay Plan, IndiaFirst Simple Benefit Plan
  • Insurance whole life policy plans – IndiaFirst Life Long Guaranteed Income Plan
  • Pension or retirement plans – IndiaFirst Guaranteed Retirement Plan, IndiaFirst Immediate Annuity Plan, and IndiaFirst Guaranteed Annuity Plan
  • Child plans – IndiaFirst Life Little Champ Plan
  • Micro-insurance plans – IndiaFirst Micro Bachat Plan and IndiaFirst Life Insurance Khata Plan
  • Common service centre plans (CSC) – IndiaFirst CSC Shubhlabh Plan
  • No medical life insurance plans
  • Online life insurance – Online Term Plan, IndiaFirst Life Guaranteed Protection Plan, IndiaFirst Life Guaranteed Annuity Plan, and IndiaFirst Guaranteed Retirement Plan
  • Life insurance with cash back plans – IndiaFirst Life Cash Back Plan

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FAQs

  • How can I contact IndiaFirst Life Insurance?

  • What are the different modes available to send documents for any request?

    • Email us: on customer.first@indiafirstlife.com
    • Courier: Send your documents to our Head Office or to any of our IndiaFirst Life Branch Address
      • For Claims-related request address it to – ‘Claim Department’
      • For any other requests or concerns address it to – Customer Service
    • Fax: on 022 33259600
    • Visit Us: Walk in to any of our IndiaFirst Life branch

  • What should I do if I don’t get a confirmation letter for my request?

    The confirmation letter will be sent to your registered address within 7-10 working days from the request processing date. In case you still do not receive the confirmation letter within the given period, you could contact us to place a request for resending the confirmation letter.

  • What are the charges applicable on my ULIP plan and when/ how are they deducted?

    Following are the charges applicable on your ULIP plan:

    • Premium Allocation Charge: We deduct the premium allocation charges before we make any investments or before we apply any other charge.
    • Fund Management Charge (FMC): Fund management charge and applicable service tax are both deducted on a daily basis from the fund value before calculation of the NAV (Net Asset Value).
    • Policy Administration Charge: We deduct a monthly administration charge and applicable service tax on the first business day of each plan month by cancelling units in advance. We do this at the beginning of each monthly anniversary of the plan.
    • Mortality Charges: We deduct this charge and applicable service tax on the first business day of each plan month by way of cancellation of units.
    • Switching Charge You may make only two switches in a calendar month. We currently do not levy a switching charge. However we reserve the right to introduce charges, subject to prior notification.

    You may refer to your policy document for details of the charges applicable.

  • How can I find out the fund value for my policy?

    • Online: You can view the fund value of your policy on the dashboard and on the policy details page after you Login to the Customer Portal.
    • Email us: Mention your policy number when sending us a request to view the fund value from your registered email address to customer.first@indiafirstlife.com
    • Call us:
      • On our Toll free number 1800-209-8700 and press option 1 on the IVR.
      • Call the Toll free number and speak with our Customer Care Executive.
    • SMS: Fund policy number to 92444 92444

  • What are the different modes available to send documents for any request?

    • Email us: on customer.first@indiafirstlife.com
    • Courier: Send your documents to our Head Office or to any of our IndiaFirst Life Branch Address
      • For Claims-related request address it to – ‘Claim Department’
      • For any other requests or concerns address it to – Customer Service
    • Fax: on 022 33259600
    • Visit Us: Walk in to any of our IndiaFirst Life branch

  • What is the use of life insurance?

    The primary benefit of having a life insurance policy is that financial security in the form of the sum assured is paid to your dependents in the case of the insured person's demise while the policy is in force. There are many different types of life insurance plans that offer a range of benefits.

    For instance, term life insurance plans  offer life cover at affordable rates, so you can rest assured that your family's financial future remains secure even in your absence. An endowment plan is a traditional risk-free savings plan with a life insurance component, so it serves the dual purpose of being a tool for both saving and insurance needs. Whole life insurance plans typically cover you for the rest of your life.

    IndiaFirst Life insurance plans can be customised to suit your specific needs, so you get the benefits you want from your life insurance policy.

     

  • Should I get life insurance at 30?

    Looking through different types of life insurance plans and getting life cover at 30 is a smart and practical idea. You get the benefits of buying life insurance at a relatively younger age, so currently, your premiums are the lowest they will ever be.

    At this age, you are making more money than you used to, and you have a family or are planning one. Also, your health plays a significant role in how much premium you are required to pay. Since younger, healthier individuals present a low risk to the insurer, they are also offered lower rates. The smartest thing to do is lock in a reasonable rate when you are healthy and earning a professional income.

  • What is the maximum amount of life insurance I can get?

    For most types of life insurance plans, there is no defined upper limit on the amount of life insurance you can avail of. The maximum sum assured is typically subject to underwriting. The goal is to ensure that you are getting a life cover that satisfies your needs and is financially manageable. Generally, a ballpark limitation of 10-20 times your annual income is recommended.

  • Which factors influence your life insurance premiums?

    Whether you are interested in purchasing an offline or online life insurance policy , a few factors help determine the life insurance premium amount. Age is a primary factor because the younger you are, the lesser risk you present to the insurer. Gender is another pivotal life insurance factor because women generally live longer than men, so they pay less for premiums.

    Other influencing factors include personal health history, family history of illness, smoking habit, risky hobbies or occupations, and the different types of life insurance you could opt for. An online life insurance premium calculator helps you understand how these factors affect your life insurance plan and what you can do to get the right life insurance policy at the right price.

     

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