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India First Life Guaranteed Protection Plan logo

India First Life Guaranteed Protection Plan

Introduction to India First Life Guaranteed Protection Plan

India First Life Guaranteed Protection Plan is a term insurance plan offered by the India First company. Using a term insurance plan, you can get a large cover, for a very nominal premium (almost 1000X). This makes it one of the easiest, cost-effective, and simple ways to protect the financial interests of your loved ones, should your death happen during the term of the policy. With this term insurance plan from India First Life Insurance company, your family will be paid a sum of money as a death benefit, in case your death happens during the term of the policy.

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Verdict: India First Life Guaranteed Protection Plan

This product allows you to customize your plan with some top benefits such as increasing covers and rolling limited pay options. However, this plan doesn't allow you many options to customize how your family receives the claim amount. Also, the critical illness rider is an accelerated one (paid as an advance from the base cover). Further, the insurer has a poor track record with respect to both purchase and claims service experience.

Pros & Cons: India First Life Guaranteed Protection Plan

  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Rolling Limited Pay available, to speed up payments
  • arrow Not many options to customize claim payouts
  • arrow The Critical Illness rider is not an additional cover, it pays out from the life cover amount
  • arrow Received higher number of complaints on purchase process compared to other insurers
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About IndiaFirst Life Insurance Co. Ltd.

IndiaFirst Life Insurance Co. Ltd. logo

India First is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings and Unit Linked Insurance Plans. Founded in 2009, it is a joint venture between Bank of Baroda, Union Bank of India and Legal & General. The company is headquartered in Mumbai. The MD & CEO of India First is Mr. Ms.R.M.Vishakha
 

Founded in
2009
JV Partners
Bank of Baroda, Union Bank of India and Legal & General.
Turnover (GWP)
4,055.5 Crores
Number of Policies
202,592
Number of Claims
17,969

Detailed Product Specs & Rating: India First Life Guaranteed Protection Plan

Claims Experience 3.8/5 star green
Customer Service 2.5/5 star green
Product Benefits 3.7/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
94.35%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.13%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
96.65%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
88.88%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
181%
Personal relationship manager for claims
Not Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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What’s the Review of India First Life Guaranteed Protection Plan by India First?
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India First Life Guaranteed Protection Plan is a term insurance plan offered by the India First company.

If you are looking for a plan that comes with various benefits and customisation options, then India First Life Guaranteed Plan might be your ideal plan. It offers several customization options such as a rolling limited pay and increasing cover. 

On the flip side, however, this plan does not offer many claim payout options and the critical illness rider sold with this plan is an accelerated one, ie., it is  a part of the base cover itself, and not an additional amount. Further, the insurer also holds a comparatively poor track record in terms of its purchase and claim settlement process. So, there are chances your family is likely to face some hurdles during the claims process.

Here are some of the top benefits which come with the India First Life Guaranteed Protection Plan. 

What are the benefits of India First Life Guaranteed Protect Plan? 

  • Life cover Benefit: This term insurance plan pays your family an assured sum of money if you pass away during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
  • Increasing Cover: Once you choose an appropriate sum assured that fits your family’s current financial needs, you’ll have the option to choose an increasing cover, and grow your sum insured by 5% per year, beginning with the second year, until your policy cover doubles.
  • Cover Duration: The plan gives you the chance to choose a cover till the age of 99 years, which makes it an ultra long-term policy. This means you can enjoy the benefits of your term insurance post-retirement as well. 
  • Limited Pay Options: India First Life Guaranteed Protection Plan, provides you with the option to pay off the premiums quickly, and get the burden off your chest. Until you reach the age of 70 years, this plan allows you to customize the exact number of years you want to pay your premiums for through a Rolling Limited Pay from 5 year to 47 year options. 
  • Claim Payout Options: If you choose this plan, you can customize how your family receives the claim payout as it offers multiple claim payout options such as - 
    • Lump-sum: If you choose this option, your nominee will be paid the entire claim at once. 
    • Monthly income: In this option, your nominee will receive the claim amount in monthly installments. They can use this amount to fulfill their day-to-day needs. 
    • Lump-Sum with monthly income: In this option, your family will receive a part of the claim as a lump sum and the remaining amount will be paid in monthly installments.

What are the riders available with the India First Life Guaranteed Protection Plan? 

India First Life Guaranteed Protection Plan comes with some additional benefits called Riders, that you can choose with an additional cost. These additional benefits help you to boost your term insurance policy. The rider options available with this policy are - 

  • Accelerated Critical Illness Rider: If you get diagnosed with a serious disease listed in the policy, during the term, this rider will pay you a fixed amount of money as a critical illness benefit. However, this amount is simply an advance payment out of your total base cover. When you pass away, this amount will be reduced from your family's claim. 
  • Accidental Death Benefit Rider: With this rider, your family will receive an additional amount of money, if you die because of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family. 
  • Waiver of Premium Rider: This is one of the most helpful riders that everyone must consider purchasing. With this rider, if you are diagnosed with a serious disease or a disability - you will not have to pay any further policy premiums and you can keep your cover until the end of the term. 

However, you don’t require all the riders. Ensure you choose a rider as per your family’s financial needs. 

Why should you buy from India First? 

  • Speed of Claim Settlement: Despite holding a poor track record, India First has settled 94.35% of its claims in less than 30 days. This suggests that your family or nominee will not have to wait for too long to access the claim amount. 
  • Length of the Claim Form: India First provides a relatively short claim form, indicating that your family will have an easy and seamless claims process.
  • Online Tracking of Claims: The insurer provides your family or nominee with the option to track the claim settlement process online as well. It also provides dedicated toll-free services, in case of any query related to the claim settlement process. 

What are the disadvantages of buying from India First? 

Like every insurance company, India First also includes some disadvantages. Such as- 

  • Claim Settlement Ratio: The claim settlement ratio of India First is 96.65% and their claim amount settlement ratio is 88.88%. This large difference between these two amounts indicates that the insurer is more likely to settle off smaller claims, while rejecting larger ones. 
  • Claim Complaints: According to research conducted by our in-house research team, we gathered that India First holds a large number of complaints concerning its claim settlement process. This means that your family could face some issues during the claim settlement process. 
  • Personal Relationship Manager: India First does not provide you or your nominee the option of a personal relationship manager. 
  • Home pick up for Claims: The insurer does not provide the option to pick up the documents from home. Hence, your family/ nominee will have to visit the branch to submit the documents personally.

How is the Customer Service provided by India First?

As per the research carried out by our in-house research team, we gathered that the customer service is poor compared to other insurance companies. Despite carrying out toll-free services and connecting over social media platforms like Twitter, the response over both the services is slow. 

This suggests that your family or nominee is going to have trouble if they have some queries related to the claim process or while trying to gain information about the claim status. 

About the Insurer- India First

India First is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. Founded in 2009, it is a joint venture between Bank of Baroda, Union Bank of India, and Legal & General. The company is headquartered in Mumbai. The MD & CEO of India First is Mr. Ms.R.M.Vishakha

Final Review of India First Life Guaranteed Protection Plan

Based on the 100+ parameters analyzed by our in-house research team and considering its product benefits, customer service, and claims experience, India First Life Guaranteed Protection Plan gets a Beshak⭐Rating of 3.3/5

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