Term Insurance 2828 views November 27, 2019

IndiaFirst Life Term Insurance

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 was awarded as “ACEF GRAND PRIX AWARD” for a best social media campaign. It provides various plans like term plans, investment plans, child plans, retirement plans, saving plans, etc. IndiaFirst life insurance company has insured 5.5+ million lives till now and has a claim settlement ratio of 89.83% for the financial year 2017-2018.

Term Insurance

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Life Insurance is a vital aspect of financial planning and one has to choose it carefully. Hence, IndiaFirst offers carious 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. A person can avail higher protection coverage at the same time.

Why Should You Choose IndiaFirst Life Term Insurance?

IndiaFirst Term Plans come with extensive coverages and impressive features that serve the purpose of many seeking comfort in turbulent times. The following are the benefits of IndiaFirst Life Term Insurance Plans:

  1. Enjoy life cover of 4 to 50 years.
  2. Assured lump sum benefit to the loved ones in case of any unfortunate event.
  3. You can pay premium monthly, half-yearly, yearly or even once
  4. You can avail tax benefits under section 80C and 10(10D) of the Income Tax Act.
  5. Flexible death benefit payouts – Lump Sum or monthly installments
  6. Eight different coverage options – Life Benefit Option, Accidental Shield Option, Disability Shield Option, Income Benefit Option, Income Plus Benefit, Income Replacement Benefit Option, Critical Illness Protector Benefit, and Comprehensive Benefit

Types of IndiaFirst Life Term Insurance Plans

IndiaFirst has three attractive term insurance plans that can help your dependents financially in your absence. Check out their descriptions below.

IndiaFirst Life Guaranteed Protection Plan

It’s a comprehensive term insurance plan that secures the future of your loved ones by offering multiple coverages and a host of other value-added features. Let’s check the coverage of this plan in detail.

Cover Against Terminal Illness  – Not only does this plan offer your dependents a lump sum amount in case of your death but also offers the sum in case you are diagnosed with a terminal illness. It is an ailment that cannot be cured adequately and eventually results in the death of the individual affected by the same.

Cover Against Inflation – Inflation erodes the value of money drastically over time. So, if you want to have an amount by looking at the current expenditure alone, don’t be surprised if that will be too less to meet the expenses years later. Understanding such concerns, IndiaFirst has designed this plan to accommodate inflation and help secure the future of your loved ones the best way. It has one Life Plus Option wherein you can earn a simple interest of 5% per annum every year.

Cover Against 40 Critical Illnesses – You’ll get a lump sum amount upon being diagnosed with any of the 40 covered critical illnesses.

Cover Against Accidental Death – In case you die due to an accident, the plan will offer a lump amount to your nominee.

Return of Premium Option – Normally, term plans don’t pay upon the survival of the life assured till maturity. But upon choosing the ‘Return of Premium’ option of this plan, you will get back the premiums paid over the policy period.

Retirement Proceeds – In case you choose the Dual Protect Option of this plan, you will receive the survival benefit as well as a life cover after attaining the age of retirement.

Other Attractive Features

Whole Life Cover – Enjoy a whole life cover till the age of 99 years by paying the premium for a much shorter duration.

Cover for Spouse – You can get your spouse covered under the same plan

Multiple Death Benefit Payout Options – Having the sum assured for your dependents upon your death is evident. But as a policyholder, you can be flexible while deciding the payout structure for your dependents. Yes, you can either opt for a lump sum disbursal or in the form of monthly income.

Cover Against COVID-19 – In case you die due to COVID-19, your dependents will get the sum assured even then.

Enhancement of Sum Assured – You can increase the sum assured at key stages such as marriage, the birth of your child or even when taking a home loan. The increased sum assured will come at the expense of additional premium though.

Online Term Plan

It’s a plan studded with the following features –

Financial Protection Against Inflation – The coverage can increase 5% per annum so that your dependents can receive an inflation-adjusted sum to carry on their lifestyle in your absence.

Cover Against Critical Illnesses – If you are diagnosed with a critical illness, you will receive a lump sum amount from the insurer. The Critical Illness Protector Benefit of the plan ensures regular monthly payouts to meet expenses owing to degenerative diseases such as Alzhemer’s.

Accidental Death Coverage – An additional payout is provided upon death due to an accident under the Accident Shield Benefit coverage option.

Accidental Disability Coverage – Upon disability due to an accident, a lump sum amount is payable under Disability Shield Benefit.

Cover Against COVID-19 – In case you die due to COVID-19, your dependents will get the sum assured even then.

IndiaFirst Anytime Plan

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

  1. Enjoy a life cover for up to 30 years at a reasonable price.
  2. It provides monthly income in installments to counter the burden of living expenses for your family.
  3. It covers 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 policy term, thereby ensuring that your family is secured even in your absence. The term plan can be there for a maximum of 40 years.
  5. It also provides Tax benefits as the premium paid for the insurance and claim received are exempted under Section 80C  and Section 10(10D) of Income Tax Act, respectively. The exemption could be either full or upto a specified portion, so read the tax laws carefully.
  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? Check Your Eligibility First!

  1. The minimum and maximum age for buying this plan is 18 years and  60 years, respectively
  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.

IndiaFirst Life Plan

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

  1. Enjoy a life cover for up to 40 years
  2. Assured benefits in case of the life assured’s death
  3. Under section 80C, you can enjoy tax benefits on the premium you pay
  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 and maximum age for buying this plan is 18 years and  60 years, respectively
  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.

Conclusion

Insurance policy can protect you and your family against unforeseen disasters. There are various types of term insurance plans. Before you make any decision, you must compare the best term insurance plans in India and choose the one that is suitable for you. Also check the Online Term Insurance Policy Plan with their Claim Settlement Ratio.

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