Overview
Choosing a term insurance plan involves looking beyond basic life cover and evaluating factors such as policy flexibility, payout options, and additional benefits. The IndiaFirst Life Super Protection Plan offers two choices: a pure risk life option and a Return of Premium option, along with features such as life stage benefit, joint life cover, and flexible death benefit payouts.
But how does the plan fare on coverage, features, premiums, and insurer performance?
What Is IndiaFirst Life Super Protection Plan?
The IndiaFirst Life Super Protection Plan (UIN: 143N075V01) is a term insurance policy designed to provide substantial financial security for your family while offering flexible policy terms and payout options. The plan allows policyholders to customize their protection via two primary options:
- Life Option: A pure term insurance choice providing pure risk cover up to age 99 at comparatively affordable premiums. If the policyholder dies during the policy term, the insurer pays out the death benefit to the nominees.
- Return of Premium (ROP) Option: A term-with-return-of-premium variant offering coverage up to 85 years of age that refunds 100% of the total base premiums paid at maturity upon surviving the policy duration.
Ditto’s Take: While the ROP option returns the premiums paid on survival, you pay a higher premium for this benefit. For most buyers, we prefer keeping term insurance focused on affordable protection and investing the premium savings separately.
Key Features and Coverage of IndiaFirst Life Super Protection Plan
Core Coverage Highlights
- Terminal Illness Benefit: On diagnosis of a covered terminal illness, the applicable death benefit is paid early, rather than waiting until death, and the policy terminates once the benefit is paid. The payout follows the option selected at policy inception: it can be paid as 100% lump sum, or 10% to 50% upfront with the balance paid as level monthly income over five years. The benefit is subject to the policy’s definition and applicable terms and conditions.
- Flexible Payout Options: Allows beneficiaries to receive the death benefit as a lump sum, or a combination of a lump sum and monthly income.
- Joint Life Option: Available only with the Life Option, this allows you to cover your spouse under the same policy, with coverage for both lives starting from policy inception. The spouse receives an additional cover equal to 50% of the primary life’s sum assured, capped at ₹1 crore. An additional premium is charged, with a 2% discount on the second life’s premium. If either life makes a claim, the policy continues for the surviving life until the benefits for both lives are exhausted or the policy term ends, whichever is earlier.
Tax Benefits
How Does the Life Stage Benefit Increase Your Cover?
Your financial responsibilities can increase with major life events such as marriage, parenthood, or buying a home. The IndiaFirst Life Super Protection Plan offers a built-in life stage benefit under the life option, allowing eligible policyholders to increase their life cover without fresh medical tests, subject to the policy conditions.
You must exercise the benefit within six months of a qualifying event, and you must pay an additional premium based on your attained age.
1) Increase Cover After Marriage
You can increase your base sum assured by 50% on marriage, subject to a maximum increase of ₹50 lakh.
2) Increase Cover After Childbirth
You can increase your base sum assured by 25% on the birth or legal adoption of your first child, capped at ₹25 lakh. You can get a further 25% increase, capped at ₹25 lakh, for a second child.
3) Increase Cover After Buying a Home
You can increase your cover by up to 50% of the base sum assured, capped at the lower of ₹50 lakh or the home loan amount.
Do You Need Medical Underwriting Again?
No. The life stage benefit does not require fresh medical tests, provided you exercise the option within the specified time window after the qualifying life event and remain within the applicable policy limits.
Note: The total increase across all qualifying events cannot exceed 100% of the initial sum assured.
Riders and Optional Features Available With IndiaFirst Life Super Protection Plan
- IndiaFirst Life Accidental Death Benefit Rider (UIN: 143B019V01): Provides an additional lump sum payout over and above the applicable base benefit if the life assured dies due to an accident within 180 days of the event, subject to the rider terms and conditions.
- IndiaFirst Life Total Permanent Disability Rider (UIN: 143B021V01): Pays 100% of the rider sum assured as a lump sum if the life assured suffers a qualifying total and permanent disability due to an accident and/or sickness during the rider term. A 90-day waiting period applies, subject to the rider definitions, conditions, and exclusions.
- Waiver of Premium: If selected at inception, future premiums are waived if the life assured is diagnosed with any of the listed 40 critical illnesses or suffers total and permanent disability due to an accident. An additional premium applies. For joint life policies, the benefit applies only to the primary life assured. A 180-day waiting period applies for critical illness.
- Reduce Sum Assured Option: Allows the policyholder to reduce the sum assured, subject to the applicable policy conditions.
Ditto’s Take: Don’t add riders simply because they are available. We prioritize riders that protect against loss of income due to disability or help keep the policy active when illness or disability affects your ability to pay premiums. For this plan, the total permanent disability rider can be worth considering, particularly for people with high-risk jobs or significant income dependency.
The waiver of premium option can also be useful for policyholders with dependants or ongoing financial commitments. We do not recommend the accidental death benefit rider, as accidental death is already covered under the base term plan and the additional payout may overlap with existing personal accident cover.
Sample Premium: IndiaFirst Life Super Protection Plan
Note: The indicative premiums are for a ₹2 crore sum assured for a healthy male non-smoker till age 60. Premiums vary by age, sum assured, discounts, gender, and tenure. The premium payment term is 5 years shorter than the selected policy term.
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IndiaFirst Life: Performance Metrics
Note: The above data is for the life insurer as a whole and comes from IRDAI annual reports and insurers’ public disclosures. You can also compare it with other insurers using Ditto Data Lab.
IndiaFirst Life vs. Other Insurers
Pros & Cons of IndiaFirst Life Super Protection Plan
Pros
Life-Stage Cover Enhancement
You can increase your sum assured after major events such as marriage, the birth/adoption of a child, or taking a home loan, without fresh medical underwriting, subject to eligibility conditions.
In-built Terminal Illness Benefit
A pre-determined benefit is payable on diagnosis of a terminal illness.
Joint-Life Option
Available only under the life option, with spouse cover equal to 50% of the primary life assured’s sum assured, capped at ₹1 crore. The premium for the second life receives a 2% discount, and the surviving life’s cover continues after a claim is paid on the other life.
Cons
Mid-Tier Claim Performance
IndiaFirst’s three-year average CSR of 98.46% is lower than Axis Max Life, HDFC Life, and ICICI Prudential Life. It also records a higher complaint volume and has a smaller business scale than these leading insurers.
Limited Rider Choice
The plan currently offers accidental death benefit and total and permanent disability riders but does not offer a dedicated critical illness rider providing a lump-sum payout on diagnosis.
Fewer Value-Added Features
Compared with some competing modern term plans, it lacks features such as health management services, premium break options, zero cost option, and instant partial payouts upon claim initiation.
IndiaFirst Super Protection Plan Claim Process Explained
- Register the Claim: The nominee can register the claim online, by email, phone, or by visiting an IndiaFirst Life branch.
- Submit Documents: Common requirements include the claim form, original policy document, death certificate, nominee's KYC and bank details, and relevant medical records.
- Additional Documents, if Applicable: Accidental or unnatural death claims may require an FIR, post-mortem report, panchnama, and other investigation documents.
- Claim Assessment: IndiaFirst evaluates the submitted documents and may request additional information or records.
- Claim Settlement: Once approved, the benefit is paid to the nominee according to the policy's chosen payout option. Under IRDAI requirements, a death claim that does not require investigation should generally be settled within 30 days from receipt of the last necessary document. Where an investigation is required, the applicable timeline is 90 days, after which the insurer must settle or reject the claim with reasons. The insurer may also be liable to pay interest for delays beyond the prescribed timeline, subject to applicable regulations.
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Conclusion
The IndiaFirst Life Super Protection Plan review examines a plan that offers useful features such as life stage benefits and flexible payouts. However, it does not feature in Ditto’s list of the 5 best term insurance plans in India, which includes Axis Max Life Smart Term Plan Plus, HDFC Life Click2Protect Supreme Plus, and ICICI Prudential iProtect Smart Plus.
It does, however, feature among term plans from up-and-coming insurers as it may suit buyers who value its life-stage benefit option.
Frequently Asked Questions
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