Health insurance has become an essential part of financial planning in India. A growing number of private insurers are offering a wide range of policies to meet different needs. Among them is the India First Life Insurance Company. It provides plans that combine life cover with long-term savings and investment options. With multiple product categories and a strong distribution network through banking partnerships, the company caters to individuals at different stages of their financial journey.
This article offers a comprehensive overview of the insurer, covering its background, product offerings, key benefits, claim settlement approach, distribution model, and customer experience.
Table of Contents
- IndiaFirst Life Insurance Company Overview
- Product Categories Offered by IndiaFirst Life Insurance Company
- Term Insurance Plans
- Endowment Plans
- Unit Linked Insurance Plans (ULIPs)
- Savings Plans
- Retirement and Pension Plans
- Guaranteed Returns Plans
- Life Insurance Riders
- Group & Corporate Life Insurance Plans
- Child Insurance Plans
- Claim Settlement Performance of IndiaFirst Life Insurance Company
- Benefits of Policies Offered
- Customer Reviews and Service Experience
- Important Considerations Before Purchasing Life Insurance
- Conclusion
- Frequently Asked Questions (FAQs)
India First Life Insurance Company Overview
Established in November 2009, India First Life Insurance Company began through a partnership linking Bank of Baroda, Andhra Bank (now, Union Bank of India), and Legal & General Middle East Limited. In February 2019, Legal & General sold its stake to Carmel Point Investments India Private Limited. It started as the 22nd entrant in the private Life Insurance Industry, operating across India’s private life insurance landscape, and it delivers various plans focused on protection and retirement needs.
Product Categories Offered by India First Life Insurance Company
India First Life Insurance offers a mix of life coverage options, shaped around varied financial goals. Each plan is designed with distinct features and fits a separate purpose. Some protect income, others target savings; each moves toward a specific outcome.
Term Insurance Plans
Payouts go to loved ones if the insured passes away while the plan is active. Coverage amounts are large, yet costs stay small compared to other policies.
Pure coverage defines the term insurance plans from India First Life Insurance Company. Built to protect, these policies do not offer any savings or market-linked features.
Coverage and Benefits
- Protection of the family’s breadwinner
- Coverage for terminal illnesses
- Protection of the lifestyle of a family
- Return of premium options
- Premium waived, and policy continued in your absence
- Coverage for COVID-19
Plans
- IndiaFirst Life Elite Term Plan
- IndiaFirst Life Super Protection Plan
- IndiaFirst Life Plan
- IndiaFirst Life Protect Shield Plan
- IndiaFirst Life Saral Jeevan Bima Plan
Endowment Plans
An endowment plan is a type of life insurance that combines financial protection with disciplined long-term savings. This can help you grow a corpus while securing your family’s financial future. It works like a mix of insurance and investment. A lump-sum payout will be given to you on maturity or to your nominee.
Coverage and Benefits
- Strong financial security for the future
- Guaranteed returns for growing your wealth
- Protects your family’s lifestyle and future
- Regular savings to meet long-term milestones
- Combined advantage of insurance protection and personal savings
Plans
- Guarantee of Life Dreams Plan
- Guaranteed Single Premium Plan
- Mahajeevan Plus Plan
- Guaranteed Income Plan
Unit Linked Insurance Plans (ULIPs)
Life cover comes bundled with investments that follow market shifts in ULIPs. Depending on what the customer picks, money goes into stock-based plans, fixed-income choices, or a mix of both.
A single Unit Linked insurance plan from India First gives steady protection plus a way to grow money through market movements.
Coverage and Benefits
- Potential for market-linked growth
- Multiple flexible fund options
- Long-term wealth accumulation
- Opportunity for tax savings
- Partial withdrawal options
- Freedom of switching funds
Plans
- IndiaFirst Life Radiant Smart Invest Plan
- IndiaFirst Life Money Balance Plan
- IndiaFirst Life TULIP Plus Plan
- IndiaFirst Life TULIP Pro Plan
- IndiaFirst Life Wealth Maximizer Plan
Savings Plans
A savings plan is a low-risk financial product where you invest regularly over time so your money grows at a steady rate. It often has benefits like life cover, tax advantages, and guaranteed returns. This makes it suitable for long-term goals such as retirement, children’s education, or buying a home.
Coverage and Benefits
- Savings for retirement
- Diversification of risk
- Protection for family and loved ones
- Education funds for children
- Savings for specific milestones
Plans
- IndiaFirst Life Assured Income For Milestones Plan
- IndiaFirst Life Guarantee of Life Dreams Plan
- IndiaFirst Life Guaranteed Single Premium Plan
- IndiaFirst Life Mahajeevan Plus Plan
Retirement and Pension Plans
When you think about later years, saving becomes key. Some plans from India First Life Insurance work toward building that fund step by step. Once set, the money can start delivering steady payouts post-retirement. Instead of a lump sum, people get ongoing support each month. These options shift savings into a reliable cash flow naturally over time.
Coverage and Benefits
- Income source after retirement
- Flexibility in premium options
- Protection against critical diseases
- Return of purchase price benefits
- Joint life insurance for multiple members
- Guarantee of income for life
Plans
- IndiaFirst Life Smart Retirement Plan
- IndiaFirst Life Guaranteed Pension Plan
- IndiaFirst Life Guaranteed Annuity Plan
- IndiaFirst Guaranteed Retirement Plan
Guaranteed Returns Plans
A Guaranteed Return Plan is a low-risk policy that combines life insurance with assured, pre-decided returns. It guarantees a fixed payout during the policy term or at maturity, regardless of market volatility. It helps in growing wealth while safeguarding your finances. This plan acts as a safety net and disciplined savings tool for long-term milestones.
Coverage and Benefits
- Returns are guaranteed
- Coverage for family members and loved ones
- Tax benefits
- Easy claims settlement process
- Payment of premiums in flexible terms
- Benefits received on policy maturity
Plans
- IndiaFirst Life Assured Income for Milestones Plan
- IndiaFirst Life Guarantee of Life Dreams Plan
- IndiaFirst Life Guaranteed Single Premium Plan
- IndiaFirst Lifelong Guaranteed Income Plan
Life Insurance Rider
These are optional policies that you can add to your base plan for extra financial protection at an additional cost. They provide accidental death benefit or waiver of premium if the policyholder passes away. While buying a life plan, you can choose suitable riders to match your needs to boost your base plan’s coverage.
Coverage and Benefits
- Add-on benefits for enhanced protection
- Designed for meeting only specific requirements
- Additional benefits over the base life insurance plan
- Eliminates the need to get any other add-ons
- Protects your family financially
Plans
- IndiaFirst Term Rider
- IndiaFirst Life Waiver of Premium Rider
- IndiaFirst Life ADB Rider
- IndiaFirst Life TPD Rider
Group & Corporate Life Insurance Plans
Group insurance is a type of collective policy that provides financial protection to people under a single plan. This can include company employees or association members. Instead of each person purchasing a separate policy, a single master policy covers all members. This lowers costs and simplifies administration. They help in securing the financial future of members’ families in case of unforeseen events.
Coverage and Benefits
- Customizable policies for all employees
- Flexible and cost-effective premiums
- Choose from suitable insurance riders
- Tax benefits on premiums
- Protection against critical diseases
- Financial security for nominees
Plans
- IndiaFirst Life Group Living Benefits Plan
- IndiaFirst Group Term Plan
- IndiaFirst New Corporate Benefit Plan
Child Insurance Plans
Insurance plans for children help parents systematically collect funds for their child’s future studies while offering financial protection. They involve regular or one-time premiums over a chosen term. A lump sum amount is provided at maturity. In the unfortunate event of a parent’s death, these plans offer comprehensive support to the child.
Coverage and Benefits
- Several flexible payout options
- Benefits of waiver of premium
- Growth of wealth through bonuses
- Tax benefits
- Comprehensive support to children
- Lump sum payout at maturity
Plans
- IndiaFirst Life Little Champ Plan
Claim Settlement Performance of India First Life Insurance Company
Claim settlement performance is one of the most important indicators of an insurer’s reliability. It reflects how consistently a company honours claims raised by policyholders. Over the years, IndiaFirst Life Insurance Company has shown a steady improvement in its claim settlement ratio, highlighting a focus on efficient processes and timely payouts.
The company’s claim settlement ratio has grown from 92.82% in FY 2018-19 to 98.22% in FY 2024-25, with consistent year-on-year progress. This upward trend suggests improvements in claim processing systems, documentation handling, and overall operational efficiency.
Benefits of Policies Offered by India First Life Insurance Company
Each policy from India First Life Insurance may come with different perks based on how it’s built.
Common benefits include:
- Life coverage for financial protection
- Maturity benefits for savings-based plans
- Tax benefits under applicable laws
- Flexible ways to pay your premiums
- Optional riders for additional protection
Customer Reviews and Service Experience
Customer experience with IndiaFirst Life Insurance Company can vary depending on individual cases and policy types.
Overall feedback often highlights a mix of factors, including the ease of purchasing policies through banking partners, access to digital servicing tools, and the responsiveness of customer support teams. Experiences may also differ based on the complexity of the request, documentation requirements, and the nature of the policy.
Important Considerations Before Purchasing Life Insurance
Before purchasing a life insurance policy, individuals should evaluate:
- Coverage needs
- Policy tenure
- Premium affordability
- Rider options
- Insurer claim settlement history
Conclusion
IndiaFirst Life Insurance Company fits into the broader range of insurers available in India, offering versatile product options, banking partnerships, and digital services. Features and benefits may vary across plans. It is important to review policy details carefully before making a decision. Factors like coverage, affordability, and claim processes should be considered together.
FAQs
What are the India First Life Insurance plan types?
Policies come in different forms, such as term insurance, savings plans, ULIPs, retirement-focused choices, and more.
How do I choose the right life insurance plan?
You should consider your financial goals, coverage needs, policy duration, and premium affordability before selecting a plan.
What is the minimum and maximum policy tenure available for India First term insurance?
The policy tenure for First term insurance can range between 5 and 81 years.
What is the age criterion for India First pension plans?
The minimum age eligible is 18 years, and the maximum age for entry ranges between 60 and 75 years.
Are tax benefits available on India First Life Insurance Policies?
Possible tax savings come through rules like 80C or 10(10D), depending on who qualifies.