IndiaFirst Life Insurance
“Getting insurance is YOUR responsibility to your family and loved ones. You may hate it, but it is your responsibility”- Jeremiah Say
Today’s generation is exceptionally aware of their responsibilities towards the needs of their loved ones. Additionally, with a pandemic looming large over us, times are even more critical, and it is high time that we take things under our control. However, we should not let the ‘gloom and doom atmosphere’ overcome us as life is also giving us an opportunity to better ourselves. There are so many options today to plan our future right and getting the best insurance plan for you and your family is a great way to start!
Back in the day, the word “insurance” did not feature at all in the vocabulary of the average Indian individual, especially if he/she was just starting to make their way forward in life as a healthy, carefree 20 plus individual. But today, Gen Y has got into the groove of things and a good insurance plan is a prominent feature for any planning – financial or otherwise! The luxury of getting everything done online has made a tech-savvy gen perfect for investing with prudence for a secure future much earlier in life. Gone too, are the days of waiting for agents to spare us their precious time. Today, you are in control and you do whenever you choose to irrespective of the generation you belong to.
Modern life is riddled with complications of all kinds and the emerging lifestyle diseases are at the forefront. Breakdown of the family system from the traditional joint to nuclear style has overburdened the main breadwinners of the family. Rising costs of living, climbing rates of inflation and an economy that is stumbling, thanks to the pre and post-pandemic actions of the government lead us to a point where we are now basically left to our own devices in the struggle for survival.
In short, we must now do our best to secure the future and security of our loved ones at the very outset. In such a scenario, the term “insurance” has assumed a whole new aspect and has come as a tremendous lifesaver. How?
We can choose to insure our life to ensure that our families may not suffer in case misfortune strikes. This means that one’s adversity may go a long way in ensuring the future wellbeing of one’s family. New age insurance schemes provide us with flexible and affordable options by offering customized plans to suit every pocket and priority.
The IndiaFirst approach
IndiaFirst is an insurance company which was started as a joint venture between Bank of Baroda (India), Andhra Bank (India) and Legal & General (U.K.). Starting in 2009, the company has its headquarters in Mumbai with over 1600 employees. The company follows the Bancassurance model where the promoter banks offer its existing customer base insurance products and benefits.
There are multiple schemes offered including Term Plans which are a type of Life insurance that provides substantial coverage for a fixed period of time and in case the person insured expires during that tenure, the financial benefit would be payable to the nominees (securing a safe future in a time of tragedy).
Let’s take a look at the key features of IndiaFirst Life e- Term Plan, a plan which provides the ultimate shield to your family in distressing times:
- Protection – IndiaFirst Life e- Term Plan ensures protection for you and your family in unforeseen circumstances. In case of any unfortunate event such as the death of the main breadwinner whose life is insured; your family is secured financially even in the absence of the breadwinner.
- Purchase online – This plan can be purchased online directly on bimakaro.in using a credit card, debit card or net banking.
- Multiple payment options – You have the option of paying your premiums monthly, quarterly, half-yearly or yearly or as a single payment as per the dictates of your pocket.
- Exceptional Coverage – You can opt to insure yourself for as high an amount as INR 50 crore. You stand to gain a high protective cover in lieu of low premiums – that’s a total win-win!
- Affordability – You can opt for plans which suit your pocket and needs. This feature is very attractive since you buy exactly what you can afford to ensure your family’s security.
- Policy terms –The Policy tenure ranges from 10 to 40 years. A longer policy term is more beneficial in terms of safety. The minimum term you can opt for is 10 years for all options except for Income Replacement Benefit. The maximum entry age for a new policy is 55 years (except for Income Replacement Benefit option).
- Stay Healthy, pay Healthy – This plan encourages you to stay healthy – a lower premium is offered for non-smokers versus smokers.
- Option to enhance/ reduce coverage/sum assured – In case you need to enhance your sum assured for any essential requirement such as Home loan, hospitalization, you can go for it. This comes at an enhanced premium payment, of course.
- Freelook period –A free look period is provided to review the terms of the policy you have chosen. In case you decide that this is not the right plan for you, you may cancel the plan within 15 days. In case you have purchased the plan through electronic mode, you have 30 days in hand to cancel the plan.
- Non-linked, non-participating plan – This plan is not linked with any equity schemes and therefore does not get affected by ups and downs in the market. Premium and payout remain fixed and there are no bonuses applicable.
- Grace period – The Company provides a grace period of 30 days after the due date for payment of premium and in the case of monthly premiums, a grace period of 15 days is provided and all benefits remain in force for this period.
- Surrender Value – There is an option to surrender this policy subject to certain conditions. Surrender value on this policy will be payable only after the third policy year and only on the Single Premium Mode.
- Revival of Policy – In case you have been unable to pay and your policy lapses, you will be able to revive your policy within 2 years by paying all unpaid premiums and regularizing your premium payments.
Now that we’ve seen the features, let’s look at the available benefits of this plan.
- Life benefit – 100 percent of the sum assured is paid as a lump sum upon death during the tenure of the policy.
- Income benefit – This benefit is a combination of the death benefit as well as income benefit where 10 percent of the sum assured is paid upon Death during the tenure of the policy and remaining 90 percent is paid out as income over 5/10/15/20 years as preferred. The calculation of monthly instalment which is based upon the multiplication of death benefits by the factor which will be derived as per the prevailing rate of savings bank interest of SBI and is subject to review at the end of each financial year.
- Income Plus Benefit – 100 percent sum assured paid out on death during the term of the policy + 100 percent Sum Assured paid out as flat income over a given period of time as chosen at the time of policy commencement. This option offers a Death Cover as well as an income. Once the lump sum and income benefit are paid to the nominee, the policy terminates.
- Income Replacement Benefit – This benefit acts as a salary replacement benefit. A regular sum which is calculated upon the initial amount disclosed by the insured will be paid out monthly as a death benefit until the end of the policy term. This income will start at the end of the monthly policy anniversary immediately after the death of the assured. The monthly income payout will be subject to a minimum policy term of 2 years.
- Accident shield benefit – In case of accidental death, in addition to the 100 % payment of the sum assured, an additional death benefit equal to the Sum Assured will be paid subject to a maximum limit of INR 1, 00, 00,000. The Accidental Death Benefit is capped at INR 1, 00, 00,000 if Sum Assured at inception is greater than or equal to INR 1, 00, 00,000.
- Disability Shield Benefit – In case of the occurrence of Total Permanent Accidental Disability, 100 percent of the Sum Assured will be paid out as monthly income over a period of 5/10/15/ 20 years from the commencement.
- Critical Illness Protector Benefit – In case of a critical illness diagnosed, you will receive Sum Assured as a lump sum or as monthly payouts over a period of 5/10/15/20 years as chosen at inception. But we need to note here that this payment is not additional but accelerated i.e. the payout which is intended as a sum assured after death is payable due to the critical illness factor.
- Comprehensive Benefit – Comprehensive benefit covers all the occurrences – death, accidental death, total permanent Disability as well as life-threatening illnesses and benefits will be paid based on several riders.
At a later stage you can opt to reduce your Sum Assured, however this will only be applied to the equal amount of Sum Assured increased under the specified life event stage opted for. Partial reduction is not allowed. There will be of course a corresponding decrease in the premium charge which will be correspondent to the premium increase at the time of increase of Sum Assured. Once decreased, Sum Assured cannot be increased in future.
However, this term insurance does not carry any maturity or survival benefits. Benefits can only be availed upon death, accidental death, disability or in case you are diagnosed with a critical illness posing a threat to your very existence.
What are the advantages?
- Peace of mind – The biggest advantage of choosing India First Life e-Term Plan is that it ensures peace of mind to the insured that their loved ones are provided for in case of any unfortunate event such as death or disability.
- Multiple coverage and premium options – IndiaFirst Life e- Term Plan has plans to suit each individual with varied needs. Premium can be paid monthly, half-yearly, and annually and if convenient, Single premium option is also available. The premium term ranges from 10 – 40 years depending upon the age at which you start paying the premiums.
- Low Entry Age: The entry age has been kept at 18 years. It always makes sense to start early as the premiums would be lower and consequently benefits would be maximal.
- Online Advantage: You can opt to go for online payment from the comfort of your home. You may additionally benefit from this as premium may be lower.
- Grace Period: Once you have opted for a plan, you have an additional 15-30 days (depending upon whether you have chosen to pay online) to review the terms and conditions. So, if you’re not satisfied with the plan or it’s just not fitting your need, you can easily cancel it without any headache.
- Death Benefits: Death benefits are received as a lump sum or in monthly instalments. You can choose to go in for additional benefits under the Critical Illness, Death and Accidental Death Benefit and Accidental Total Permanent Disability.
- Tax Benefits: Easy premium options –The India First e life plan is eligible for tax benefits under section 80C of the Income Tax Act and the policy proceeds are entitled to receive the tax benefits under section 10 (10D) of the Income Tax Act.
- Non-Linked Plan – All the features remain unaffected by the market forces.
- Large Sum Assurance -Sum assured opted for can be as large as 50 crores. The premium payable would be based on the Coverage option chosen.
What are the downsides?
Every plan isn’t perfect and there are some compromises to be made. Of course, if the pros outweigh the cons, you know you are getting a good deal. The con is that this is a pure term life insurance plan – there are no maturity or survival benefits payable at the end of the policy term. Benefits are only available after death, accident, or disability. So, in case there isn’t a tragedy (which one hopes we never have) there are no payouts. This is also a non-participating plan, so no bonus is paid on this policy.
Now that we know what this insurance policy is about from end to end, it makes definite sense to capitalize on it and get it for you and your loved ones. The pros outweigh the cons and it would be judicious to invest in something that guarantees a safe future for your loved ones in these perilous times.
Want to get started?
Click here to check out the plans in details: https://bimakaro.in/
IndiaFirst Life Insurance - FAQs
- Debit card/ Credit card
- ECS- Electronic Clearing System
- Through cheque
You need to first login to your IndiaFirst Account using your assigned User ID and Password directly linked to your policy. After login, all your details related to the policy will be shown in a detailed tab.
To renew your policy, you need to log in to your account and select the desired online payment method for renewing the policy.
Moreover, you can also opt for ECS or auto-debit option for premium payment while initially signing the policy or contacting the customer care for the same.
You can also visit any nearest branch, fill the required forms and attached all the mandatory documents and get your policy renewed.
IndiaFirst Life insurance boast of a transparent process to settle claims wherein you need to inform the company about the incident within 1 week from the date it happened. You can notify via different options such as
- Through couriering the required details
- Approaching BimaKaro via advisors
The claim settlement process requires a set of documents to be submitted to the company listed on the website. Upon receiving, the claim gets settled within 15 days’ time period.
If you are an existing user, you need to fill the required form and submit at the nearest branch and the surrender charges.
If you are a new user, then a period of 15 days, now 30 days is given to you to cancel the policy.