Insurance Plans 378 views November 27, 2019

IndiaFirst Life Insurance Term Plan

With a passion for serving customers, IndiaFirst believes the certainties far outweigh the uncertain and we all should be prepared for those moments. At IndiaFirst, the goal is to make insurance available to every Indian household. It is powered by Bank of Baroda and Andhra Bank. In 2019, IndiaFirst has been awarded as “ACEF GRAND PRIX AWARD” for a best social media campaign. It provides various plans like term plan, investment plan, child plans, retirement plans, saving plans, etc. IndiaFirst has insured 5.5+ million lives and is totally reliable with an 89.83% claim settlement ratio in the financial year 2017-2018.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

Life Insurance is a vital aspect of financial planning that needs to be carefully chosen. Hence, IndiaFirst offers many easy to comprehend insurance plans to fulfil the needs at different stages of one’s life.

Term Insurance is the most affordable form of Insurance, which provides the maximum sum assured at the lowest possible premium. It is the cheapest in the market with such a low amount of premium, a person can avail higher protection coverage. It has many advantages. The main benefit is that premiums are inexpensive while the financial protection offered is much broader than regular plans.

Why you should choose IndiaFirst Life Insurance Term Plan?

The following are the benefits of IndiaFirst Life Insurance Term:

  1. Enjoy life cover 4 to 50 years.
  2. Assured lump sum benefit to the loved one in case of any unfortunate event.
  3. You can pay monthly, half-yearly, or in a single premium.
  4. You can avail tax benefits under section 80C and 10(10D) as per Income Tax Act.

IndiaFirst offers the following types of Life Insurance Term Plan-

1. IndiaFirst Anytime Plan

It is a pure term insurance plan that ensures your loved ones are taken care of, even in your absence. The key features of the plan are listed below.

  1. Enjoy a life cover for a period of up to 30 years at a reasonable price.
  2. It provides monthly income in instalments to counter the burden of living expenses for your family.
  3. It offers to cover for major critical illness as well as accidental death and disability.
  4. It pays the sum assured to the nominee in case of death of an insured person during the tenure of the plan hereby ensuring that your family is secured even when in your absence with a policy term up to 40 years.
  5. It also provides Tax benefits as premium paid for the insurance and claim received is exempted under section 80C  and section 10(10D) of Income Tax Act respectively.
  6. The premium may be paid in one lump sum at the time of inception or during the entire duration of the plan.

Interested to buy IndiaFirst Anytime plan then check your Eligibility:

  1. The minimum age for applying is 18 years and the maximum age for applying is 60 years.
  2. The maximum age at the end of the plan is 70 years.
  3. Minimum Sum Assured: Rs10,00,000 and Maximum Sum Assured: 49,00,000.

2. IndiaFirst Life Plan

IndiaFirst Life Plan assures your family of a lump sum benefit in case of your untimely death. Benefits of term life insurance are listed below.

  1. Enjoy a life cover for a period of up to 40 years.
  2. Assured benefit in case of the life assured’s ultimate death.
  3. Under section 80C, you can enjoy tax benefit on the premium you invest.
  4. No Tax on the claim received by your family as it is exempt under section 10(10D).

Check your eligibility first:

  1. The minimum age for applying is 18 years and the maximum age for applying is 60 years.
  2. The maximum age at the end of the plan is 70 years.
  3. Minimum Sum Assured: Rs1,00,000 and Maximum Sum Assured: 5,00,00,000.

Questions to know before applying for IndiaFirst Life Insurance Term Plan in India

There are certain questions that you need to know before applying for term insurance in India like:

  1. How much insurance do you need?
  2. What is the tenure of the insurance policy that you need?
  3. How to claim for the death benefit in this plan?

These are decisions that you need to take before opting for a Term Insurance Plan in India.

Top Life Insurance Companies in India:

  1. LIC Insurance Corporation of India
  2. ICICI Prudential Life Insurance
  3. SBI Life Insurance
  4. HDFC Standard Life Insurance

How buying term insurance will make your family safe?

Term insurance will take care of your family ‘s financial requirements and opt to enhance your cover at key stages in life.

What are the pros and cons of term life insurance?

Pros:

  1. It provides a lump sum of cash that can be used for pretty much anything.
  2. It’s an easy to understand insurance product and it’s much cheaper than any other type of life insurance.
  3. Premium does not increase once the policy is issued.

Cons:

  1. It ends at a predetermined point in the future.
  2. There is no maturity benefit in this plan.

What are the premium paying modes available?

  1. You can pay either monthly (through ECS or direct debit), six-monthly, yearly.
  2. You can make the premium payment in a lump sum in one-time payment only.

How to find the best term insurance plan in India?

  1. Make sure you make your purchase as per your need and not in influence.
  2. You should buy more policies offline than online.
  3. You must consider inflation before selecting a term insurance plan
  4. You must compare the benefits and the cost of various term insurance plans online.
  5. You must also check the claim settlement ratio of the insurance company before deciding to buy its term insurance plan.

Conclusion

Insurance policy can protect you and your family from unforeseen disasters. There are various types of online term insurance plans. Before you make any decision, you must know what are the best term insurance plan and policy in India by comparing the insurance plans. You must also check the Online Term Insurance Policy Plan with their Claim Settlement Ratio.

FAQs

What are the documents required while buying term insurance plans? 

The following documents are accepted as ID proof: PAN Card, Passport, Aadhaar Card.

Do term insurance plans also offer joint policies for spouses?

Yes, as a married couple you can opt for a joint life insurance plan or even go for two separate term insurance plans.

Do I need to buy term insurance even if I am not married? 

While there is no right age to buy term insurance, you need to be at least years old. Married or unmarried, you have children or parents who are dependent on you, you should definitely consider a term insurance plan.

People Also Read