IndiaFirst Life Elite Term Plan: Features & Review

The IndiaFirst Life Elite Term Plan is a pure protection plan that offers life cover up to age 99, with the option to receive the death benefit as a lump sum or as monthly installments over five years. It also offers discounts on higher sum assured and eligible online purchases. However, these features need to be weighed against the plan’s premium, rider availability, and overall value compared with other term insurance options.

In this article, we break down the plan's eligibility, coverage, premium structure, payout options, rider availability, and performance of IndiaFirst Life to help you assess whether the IndiaFirst Life Elite Term Plan is the right fit for your insurance needs.

What Is the IndiaFirst Life Elite Term Plan?

The IndiaFirst Life Elite Term Plan (UIN: 143N070V01) is a non-linked, non-participating, individual pure term insurance plan designed to provide financial protection to the policyholder’s family in case of the policyholder’s untimely demise during the policy term.

You can choose a policy term between 5 and 81 years, subject to the maximum maturity age of 99 years. The minimum entry age is 18 years, and the maximum entry age is 65 years.

The minimum sum assured is ₹50 lakh, while the maximum has no specified limit and is subject to the insurer’s board-approved underwriting policy. You can pay premiums monthly, quarterly, half-yearly, or yearly.

IndiaFirst Life Elite Term Plan: Key Features and Riders

Unlike some term insurance plans that offer multiple variants and add-on covers, the IndiaFirst Life Elite Term Plan keeps its structure relatively simple. Its main features include:

• High Sum Assured Discount: Policies with a sum assured of ₹1 crore or more qualify for an additional discount, which increases with higher cover amounts.
• First-Year Discount: Additional first-year discounts are available for policies sourced through online channels, direct sales, web aggregators, and certain eligible employees.
• No Maturity Benefit: If you survive the policy term, there is no survival or maturity payout because this is a pure term insurance plan.
• No Riders: This is a key limitation. The plan does not offer critical illness, waiver of premium, accidental death, or permanent disability riders. The plan also lacks several in-built features commonly offered by newer term insurance plans, such as terminal illness benefit, insta payout, auto cover continuance, smart exit, and wellness benefits. This makes the plan less feature-rich and limits the additional flexibility available to policyholders.

IndiaFirst Life Elite Term Plan Sample Premium Comparison by Age and Cover

To understand how the Elite Term Plan compares on pricing, here is an indicative comparison for a ₹2 crore cover until age 70 for a male non-smoker (pincode 110010). These estimates are before first-year discounts and can vary based on individual underwriting.

Note: Elite Plan premiums are higher than those of our recommended insurers, despite offering a relatively basic feature set.

Pros & Cons of IndiaFirst Life Elite Term Plan

Pros

• Coverage Up to Age 99: Provides long-term life cover for those seeking protection into their later years.
• Flexible Death Benefit Payout: The nominee can choose between a lump sum payout or monthly installments over five years.
• High Sum Assured: Offers a minimum cover of ₹50 lakh, with no stated upper limit, subject to underwriting.
• High Sum Assured Discount: Additional discounts are available for cover of ₹1 crore and above.
• First-Year Discount: Eligible policies sourced through online, direct, or web-aggregator channels can receive an additional first-year discount. 

Cons

• No Rider Options: The plan does not offer additional riders, limiting customization of coverage.
• Regular Premium Only: There is no limited-pay option. Premiums are payable throughout the selected policy term.
• No Surrender Value or Loan: The plan does not provide a surrender value or loan facility.
• Higher Complaint Volume: IndiaFirst Life records 71.39 complaints per 10,000 claims, significantly above the industry median of 13.10, which may indicate a weaker customer experience.
• Higher Premiums: The Elite Plan’s premiums are higher than those of our recommended insurers, despite offering a relatively basic feature set.

Why Choose Ditto for Term Insurance?

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Conclusion 

Overall, IndiaFirst Life Insurance’s claims and financial metrics are average, while its relatively high complaint volume points to potential customer experience concerns. The Elite Term Plan offers basic life protection with coverage up to age 99 and flexible death-benefit payouts, but its lack of riders and limited feature set are notable drawbacks.

At Ditto, we prefer term insurance plans that offer adequate coverage, competitive premiums, and greater customization. The Elite Term Plan may suit buyers looking for basic life protection without additional features or rider customization, provided they are comfortable with IndiaFirst Life’s service experience and find the premiums reasonable.

On the other hand, buyers who prefer more established insurers with stronger metrics, more comprehensive plans, greater flexibility, or better value for the premiums paid may find other options more suitable. For more details, you can refer to our guide on the best term insurance plans in India.