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Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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Key features

Future Goals

Choose Income or Lumpsum benefit options as per your financial needs and future goals

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Customise Plan

Customise your plan by selecting from 4 different choices under the Income Benefit option.

wealth-creation

Lumpsum Benefit

Enhance your savings with the lumpsum benefit option in the plan.

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Life Cover

Continuous life cover benefit for one year even if missed one premium (Applicable after two years’ premium).

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Waiver of Premium Rider

Opt for Waiver of Premium Rider and safeguard your family from uncertain incidents while continuing the policy. 

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Tax Benefits

Avail tax benefits, as per prevailing tax laws, available on the premium paid and benefits received

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How to buy IndiaFirst Life Guaranteed Benefit Plan?

Step 1

Enter required details

Enter essential details such as your name, date of birth, contact details, and other required information

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Step 2

Choose sum assured and life cover

Choose policy benefit options as well as sum assured based on your financial goals

premium-amount

Step 3

Review your quote

A quote will be generated for you to review all your details

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Step 4

Talk to Our Expert

After filling in all the details, our expert representative will connect with you and guide you further in the payment process 

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Visualize your Plan

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40 years

Mr Reddy, a Doctor by profession, invested in the Guaranteed Benefit Plan (Income benefit option) with a term of 18 years

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40-46 years

Mr Reddy pays an annual premium ₹1,42,948 (exclusive of taxes) for 6 years

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47-52 years

Policy gap period of 6 years

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From 53 years till maturity

Mr Reddy receives an annual income benefit of ₹1,75,000 for the next 5 years and ₹6,70,000 at the maturity of the policy.

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40 years

Mr Bani purchased a Guaranteed Benefit Plan after marriage (Lumpsum benefit option) with a policy term of 16 years 

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40-45 years

Mr Bani pays premium of ₹1,00,000 p.a. for 5 years continuously.

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From 55 years till maturity

The policy’s gap period is 10 years. Mr Bani receives lumpsum amount of ₹9,66,200 as maturity benefit at the end of policy.

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Eligibility Criteria

Age at Entry

Answer

Minimum
 

  • For Income Benefit Option: 4 years 
  • For Lumpsum Benefit Option: 8 years
     

Maximum
 

  • For Income Benefit Option: 55 years 
  • For Lumpsum Benefit Option: 60 years

Age at Maturity

Answer

Minimum

  • For Income Benefit Option: 23 years
  • For Lumpsum Benefit Option: 18 years

Maximum

  • For Income Benefit & Lumpsum Benefit Options: 76 years

Policy term

Answer

Minimum

  • For Income Benefit Option: 15 years
  • For Lumpsum Benefit Option: 10 years

Maximum

  • For Income Benefit Option: 21 years
  • For Lumpsum Benefit Option: 16 years

Sum Assured

Answer
  • Minimum: ₹5,00,000
  • Maximum: As per Board approved underwriting policy

Premium Payment Term

Answer

5/6/7 years under both options

Policy Term

Answer
  • For Income Benefit Option: 15/18/21 years 
  • For Lumpsum Benefit Option: 10 to 16 years

Annual Premium

Answer
  • Minimum: ₹50,000
  • Maximum: No limit as per board approved underwriting policy

Assured Financial Security

Answer
  • On maturity: Guaranteed Sum Assured on Maturity 
  • Death Benefits: Sum Assured on Death
    • Minimum: ₹5,00,000
    • Maximum: As per Board approved underwriting policy

How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

How can we help?

View All FAQ

What is the IndiaFirst Life Guaranteed Benefit Plan?

Answer

This is a non-linked, non-participating, limited premium, endowment life insurance policy which not only provides a shorter pay commitment of 5/ 6 or 7 years but also gives you savings and protection in a single policy. Not just this, the policy will also ensure, continuation of your life cover benefit even in case you miss to pay one premium, thus protecting your family with a continued life cover for one year. This policy will also take care of your liquidity needs through its Loan facility. 

What are the tax benefits in this policy?

Answer

Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before investing. 

Can I get a loan in this policy?

Answer

Yes, you may benefit from a loan facility under this policy.

The amount of the loan that you may avail at any point of time will depend on the surrender value.
You may avail a loan amount up to 70% of the available surrender value. The minimum loan amount should be Rs.1,000. We will charge interest at a rate of 9% per annum which may be revised by us from time to time subject to IRDAI approval. As and when the loan principal along with accrued interest exceeds the surrender value for paid-up cases, the policy will be compulsorily surrendered and outstanding loan along with accrued interest will be recovered from surrender proceeds or paid-up value. This compulsory surrender will not apply for in-force policies. For reduced paid-up policies post taking loan, as and when the outstanding loan along with interest exceeds the surrender value, the policy will be compulsorily surrendered and the outstanding loan along with interest will be recovered from the surrender proceeds or paid-up value.

Compulsory surrender will not be applicable for in force policies i.e. no in-force policy will be foreclosed.

In case the policy becomes due for any survival benefit or income benefit or maturity benefit or surrender benefit or becomes a claim by death, insurer shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all interest from the policy proceeds.

For in-force policies policyholder will be informed to repay the loan partially or completely when the outstanding loan amount including interest exceeds 90% of the surrender value.

Is there a grace period for missed premiums?

Answer

We provide you with a grace period which is the time provided for payment of premium from the premium due date during which the policy is considered to be in-force with the risk cover.
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. In case of death of the life assured during this period, death benefit after deducting due premiums till date of occurrence of death, will be paid to the nominee(s)/appointee/legal heir.
During this period, the policy will be considered to be in-force.

What is the Life cover continuance benefit in this policy?

Answer

Your policy will have life cover continuance benefit if the policy has acquired paid up value. Under this benefit; if you miss to pay premium for one policy year after your policy acquires paid up value; the death benefits under the policy will continue as per the in-force policy for one year from the date of “First Unpaid Premium”.
Policyholder will have an option to further extend the benefit of “Life Cover Continuance Benefit” if he/she pays due premium with applicable interest within one year from date of “First Unpaid Premium.” On such payment, Life cover continuance benefit will be applicable, for one year from the revised “Unpaid Premium” date. If you do not pay due premium within 12 months from the date of “First Unpaid Premium” then the policy will get converted to reduced paid up policy.

What are your options to revive the policy?

Answer

You may revive your policy within 5 years from the due date of first unpaid regular premium but before the Maturity Date by –

i. submitting a written request for revival of the lapsed Policy;

ii. paying all unpaid due Premiums along with interest; and

iii. providing a declaration of good health and undergoing a medical examination (at your own cost), if needed.

A lapsed Policy will only be revived along with all its benefits in accordance with our board approved underwriting policy.
Note: The current interest charged for delays in premium payment are 9.5% p.a. which may be revised from time to time. 

What is the Free Look Period available in your policy?

Answer

You can return your policy within the Free Look period;

In case you do not agree to the any policy terms and conditions, you have the option to review the terms & conditions of the policy and if you disagree to any of those terms or conditions. you have the option of returning the policy to us for cancellation stating the reasons thereof, within 15 days from the date of receipt of the policy. The free-look period for policies purchased through distance marketing or electronic mode will be 30 days.

Do you get any refund when you cancel your policy?

Yes. We will refund an amount equal to the –

Premium paid

Less: i. Pro-rata risk premium and rider premium, if any, for the time the policy was in force

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination, if any

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone calling; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail, internet and interactive television (DTH); (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and, (v) Solicitation through any means of communication other than in person.

What do you get at the end of the policy term (maturity benefit)?

Answer

You stand to receive the Guaranteed Sum Assured on maturity, at the end of the policy term as the maturity benefit in the policy. On payment of the maturity benefit, the policy will terminate, and no more benefits will be payable.
In case of Lumpsum Benefit, the Guaranteed Sum Assured on Maturity will be calculated by multiplying age and term wise maturity benefit factor with Annualized Premium. 
In case of Income Benefit, Guaranteed Sum Assured on Maturity is X times of Monthly Income. X for different premium payment terms are as follows:
 

Premium Payment Term (Years) Gap Period (Years)X
5542
6655
7765
7865


Please note that in any case, Sum Assured on Maturity including the annual and monthly income benefits paid shall not be less than the total premiums paid under this policy. 

Are there any Riders available in this policy?

Answer

Yes, you have an option to opt for IndiaFirst Life Waiver of Premium (WOP) Rider (UIN: 143B017V01) for Premium Paying Term of 6 and 7 years. This rider when opted, supports you, by waiving off the future premiums of your base policy in case the policyholder/ life assured suffers from death, accidental total permanent disability or critical illnesses as defined under the rider basis the rider option as chosen. The options for policyholder/ life assured are as mentioned below. 
 

OPTIONBENEFIT
Waiver of Premium on DeathThis option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force.
Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force.
Waiver of Premium on Death or Accidental Total Permanent Disability or Critical IllnessThis option provides the benefit of waving all future premiums due and payable under the base policy on earlier happening of either of the following events - Death of the rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy being in force.

To opt for this option, life assured and Policy Holder should be different individuals under base policy



In case you opt for this rider, premium under this rider shall not exceed 30% or 100% of premium under the base policy depending on the rider option chosen. Additionally, this rider will not be offered if the term of the rider exceeds outstanding Premium Paying Term under the base policy.

What happens in case you miss paying the premiums?

Answer

In the event of non-payment of due premiums under the policy within the grace period, the policy will lapse if the policy has not acquired a guaranteed surrender value. The risk cover will cease, and no further benefits will be payable in case of a lapsed policy.

The policy will lapse if less than two full years’ premiums have been paid. However, you can revive your lapsed policy within the revival period. If policy is lapsed and is not revived during the revival period, it will be foreclosed without paying any benefit after expiry of the revival period. You can see further sections below on Revival for more information.

In case of non-payment of premium before the expiry of grace period, policy will acquire paid-up value provided at least two full years’ premiums have been paid.

Note:
 
• A Reduced Paid-Up policy can be revived (to the original benefits) within five years from the date of first unpaid Premium subject to the conditions.

• If policy in Reduced Paid Up mode is not revived during the revival period, it will continue in the reduced paid up mode until maturity or death or surrender of the policy.

• A Policy becomes fully paid-up provided all due premiums are paid during the term of the policy and the benefits payable will be as per the terms and conditions of the policy.

• In any case the Reduced Paid-up Sum Assured on death or Reduced Paid-up Sum Assured on Maturity including the paid-up benefits income benefits paid as mentioned below shall not be less than the total premiums paid under this policy.

Once a policy becomes paid-up in Lumpsum Benefit Option:

• Death Benefit under Reduced Paid-up policy: The death benefit would be the Reduced paid-up Sum Assured on death.

• Where Reduced paid-up Sum Assured on death is defined as Sum Assured on Death as on the date of policy being madepaid-up*(Totalnumbersofpremiumspaid)/(TotalNumberofpremiumspayableoverthepolicyterm)
 
• Maturity Benefit under the Reduced Paid-up policy: The maturity benefit would be the Reduced paid-up Sum Assured on maturity.

• Where Reduced paid-up Sum Assured on maturity is defined as (Guaranteed Sum Assured on Maturity* (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term))

Once a policy becomes paid-up in Income Benefit Option:

• Death Benefit under Reduced Paid up policy: The death benefit would be the Reduced paid-up Sum Assured on death.

Where Reduced paid-up Sum Assured on death is defined as Sum Assured on Death as on the date of policy being made paid-up * (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term)

In case of death of the Life Assured during the Income Period whilst the policy is in reduced paid-up status, the death benefit will not be reduced to the extent of paid-up Monthly Income and paid-up Annual Income already paid, if any

• Survival Benefit under the Reduced Paid-up policy: On survival of the Life Assured whilst the policy is in reduced paid-up status, the following benefit will be payable during the Income Period which will commence after the completion of Gap period.

i. Paid-up Monthly Income – Paid-up Monthly Income will be payable on a monthly basis, at the beginning of each policy month during the Income Period.

Where Paid-up Monthly Income is defined as Monthly Income * (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term)

ii. Paid-up Annual Income – Paid-up Annual Income will be payable to the Policyholder at the end of each policy year during the Income Period (falling before maturity). Paid-up Annual Income will not be payable at the end of the policy term i.e. on maturity.

Where Paid-up Annual Income is defined as Annual Income * (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term)

• Maturity Benefit under the Reduced Paid-up policy: The maturity benefit would be the Reduced paid-up Sum Assured on maturity.

Where Reduced paid-up Sum Assured on maturity is defined as (Guaranteed Sum Assured on Maturity * (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term)) 

What happens in case of life assured’s demise in this policy (death benefit)?

Answer

The Sum Assured on Death in the policy will be paid to nominee(s) in case of death of the Life Assured. 
 

Minimum Sum Assured on DeathMaximum Sum Assured on Death
 Rs. 5,00,000As per board approved underwriting policy


In case of Lumpsum Benefit, the Sum Assured on Death is of 10 times of annualized premium.
In case of Income Benefit. Sum Assured on Death is of 11 times of annualized premium.
You can also opt for Waiver of Premium Rider for continuation of benefits. Please refer to IndiaFirst Life Waiver of Premium Rider brochure for more details on the said rider.
In the unfortunate event of life assured’s demise during the term of the policy, Death Benefit is paid out to nominee(s) either as lumpsum or as a monthly income over next 5, 10 or 15 years.
 

Policy OptionHow and when benefits are payableSize of such benefits 
Lumpsum BenefitPayable on Death of the Life Assured during the policy term given the policy is in force or fully paid-up Death Benefit is higher of Sum Assured on Death Or 105% of total premiums paid till the date of death.
Where Sum Assured on Death is of 10 times of Annualized Premium. 
Income BenefitPayable on Death of the Life Assured during the policy term given the policy is in force or fully paid-up Higher of Sum Assured on Death Or 105% of total premiums paid till date of death.
Where Sum Assured on Death is of 11 times of Annualized Premium.
In case of death of the Life Assured during the Income Period, Death Benefit shall be payable without deducting any monthly or annual income already paid under the policy. 


Note: Death benefit/Paid-up Death benefit will not be reduced by any monthly income/paid-up monthly income and annual income/paid-up annual income benefits already paid under in-force policy and/or paid-up policies respectively.
Death benefit will be paid either as lump sum amount or in monthly instalments over the period of 5,10 or 15 years as opted by the policyholder/nominee(s) at any time during policy period or on death of Life Assured. In case of death benefit in instalments; the monthly instalment amount will be calculated by multiplying the death benefit by annuity factor, where annuity factor will be arrived on the basis of prevailing SBI savings bank interest rate as on date of death. Once the instalment payment starts, this payment remains level throughout the instalment period. The prevailing SBI savings bank interest rate is subject to review at the end of every financial year. The prevailing interest rate will be decided on 31st March every year. 

What happens in case the life assured commits suicide (Suicide Exclusion)?

Answer

In case of life assured’s 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 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.

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Why IndiaFirst life

1.6 Crore

Lives secured since Inception

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Available in 16,500+

BOB & UBI Branches

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27,073 Crore

AUM as of Feb'2024

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1 Day

Claim settlement assurance

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1800 209 8700

Customer Care Number

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8828840199

For online policy purchase

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+91 22 6274 9898

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