Life Insurance
IndiaFirst Life
IndiaFirst Life Insurance is a private life insurer in India headquartered in Mumbai. It is backed by Bank of Baroda (65% stake), Union Bank of India (9% stake), and Carmel Point Investments India Private Limited, an affiliate of Warburg Pincus (26% stake). The company has been in operation since 2009 and services over 1.6 crore customers across 90% of India's pin codes. It reaches policyholders through an extensive bancassurance network of approximately 22,000 partner branches, around 115 third-party distributors, and corporate agents spread across the country. The insurer primarily uses a bancassurance model, leveraging the branch networks of Bank of Baroda and Union Bank of India for distribution.
| Annual Business | ₹2,969 cr |
| Claims Settled | 97.98% (Avg. of last 3 years) |
| Claims settled within 30 days | 99.98% |
Term Insurance offered by IndiaFirst Life
Elite Term Plan
The Elite Term Plan is a pure protection plan that provides life cover up to age 99. It focuses entirely on financial protection for the nominee with no maturity or survival benefit. The plan is straightforward, making it easily accessible.
Benefits Under the Policy
- Coverage Duration::
The plan extends life cover to age 99, one of the longest durations available in the market.
- Payout Options::
Nominees can receive the death benefit as a lump sum or as monthly installments, depending on what works best for the family.
- Death Benefit::
This can be taken as a lump sum or monthly installments for 5 years, depending on your family’s requirements.
Note: There are no riders available under the IndiaFirst Life Elite Term Plan.
Super Protection Plan
The Super Protection Plan is a more feature-rich term insurance option that offers greater flexibility and enhanced protection than the Elite Term Plan. It is designed for policyholders who want broader coverage beyond just death protection.
Benefits under the policy:
- Two Coverage Options::
Customize your plan by choosing from two coverage options (Life or Life with Return of Premium) to suit your safety needs.
- Long-term Life Cover::
You can get term insurance cover until age 99 by paying premiums for only a short duration.
- Boost Sum Assured: :
The plan allows you to enhance your coverage at key life stages by paying additional premiums, without new underwriting.
- Joint Life Option: :
You can add your spouse to the same policy for coverage
- Waiver of Premium: :
You can opt for the premium waiver option to ensure continuous coverage on 40 critical illnesses or total disability.
- Terminal Illness Benefit: :
An in-built terminal illness benefit provides an early accelerated payout on diagnosis, giving the family financial support when it is needed most.
Riders Available Under the Policy
- Accidental Death Benefit (ADB) Rider: :
It provides an additional payout (up to ₹2 crore) in case of accidental death, over and above the base sum assured. However, at Ditto, we generally don’t recommend ADB riders because their coverage is limited to specific scenarios, and the base cover already includes accidental deaths.
- Total and Permanent Disability (TPD) Rider::
This add-on provides a lump-sum benefit (up to ₹1 crore) if the policyholder suffers total and permanent disability due to an accident or illness. It acts as an income protection layer, helping maintain financial stability during life-altering events.
Life Plan
The IndiaFirst Life Plan is a no-frills, pure-term insurance policy (non-linked, non-participating) built for one job: paying out a lump sum to your family if you pass away during the policy term. It suits someone who wants straightforward, affordable death-only protection without bells and whistles, but it's a more basic, older product than IndiaFirst's Elite Term or Super Protection plans (it covers you only up to age 80 rather than 99, has no return-of-premium option, and offers no riders).
Benefits Under the Policy
- Pure Life Cover: :
On the life assured's death during the policy term, the nominee receives a lump sum equal to the sum assured. The death benefit is always at least 105% of all premiums paid up to that point.
- Flexible Cover Amount: :
You can choose a sum assured anywhere from ₹1 lakh up to ₹50 crore, in multiples of ₹1,000, depending on your protection needs.
- Choice of Premium Payment::
Pay regularly (monthly via ECS/direct debit, half-yearly, or yearly) or as a one-time single premium.
No riders are offered under this plan.
Protect Shield Plus
The Protect Shield Plus Plan is an instant-issue, pure-term policy that gives you life cover with no medical checkup and no paperwork. It's built for speed and convenience rather than depth, cover maxes out at just ₹10 lakh, so it works as a quick top-up or as entry-level protection for someone who wants something in force immediately, but it's far too small to serve as anyone's primary term cover (where you'd typically want cover running into crores).
Benefits Under the Policy
- Instant Cover, No Medicals: :
You get coverage without any medical examination or paperwork, making issuance quick and hassle-free.
- Advance Premium Discount: :
A discount applies on renewal premiums paid in advance within the same financial year (up to three months early), calculated on the 5-year G-Sec yield.
- Death Benefit: :
On death during the policy term, the nominee receives a lump sum equal to the highest of Sum Assured on death, 10× the annualized premium, or 105% of total premiums paid.
Riders Available Under the Policy
- Accidental Death Benefit (ADB) Rider: :
Adds an extra payout if death is caused by an accident, over and above the base cover.
IndiaFirst Life Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Elite Term Plan | 18 years to 65 years | ₹50 lakh to No limit (Subject to underwriting) | Yearly, half-yearly, quarterly, and monthly |
Super Protection Plan | 18 years to 65 years | ₹50 lakh and above (for life) and ₹25 lakh and above (for Return of Premium) | Yearly, half-yearly, quarterly, and monthly |
Life Plan | 18 years to 60 years | ₹1 lakh to ₹50 crore | Year, half-yearly and monthly |
Protect Shield Plus | 18 years to 50 years | ₹1 lakh to ₹10 lakh | Annually, half-yearly, quarterly and monthly. |
ULIP Plans
A Unit Linked Insurance Plan, or ULIP, is a life insurance product that combines protection with investment. When you pay a premium, it is split into two parts. One part provides life cover, while the other goes into market-linked funds such as equity, debt, or a mix, based on your choice. Since these investments depend on market performance, returns are not guaranteed.
ULIPs also come with a 5-year lock-in period, meaning you cannot access your money during this time. After five years, partial withdrawals or a surrender/full exit may be available, subject to the specific product terms, applicable charges, and policy conditions.
In addition, several charges apply each year, including premium allocation, policy administration, and fund management fees. Because of these deductions, your full premium does not get invested, which can reduce overall returns over time.
ULIP Plans offered by IndiaFirst Life
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Radiance Smart Invest Plan | 0 to 65 years | Total segregated funds: 11
Equity: 6
Hybrid: 2
Low: 3
|
| Money Balance Plan | 3 to 65 years | Total segregated funds: 5
Equity: 3
Hybrid: 0
|
| Wealth Maximizer Plan | 0 to 65 years | Total segregated funds: 8
Equity: 4
Hybrid: 2
Low: 2
|
| Smart Retirement Plan | 25 to 70 years | Total segregated funds: 4
Equity: 1
Hybrid: 0
Low: 3
|
| Term with ULIP Plus (TULIP Plus) | 3 to 65 years | Total segregated funds: 12
Equity: 7
Hybrid: 2
Low: 3
|
| TULIP Pro | 18 to 65 years | Total segregated funds: 11
Equity: 8
Hybrid: 0
Low: 3
|