India First Life Guaranteed Protection Plus

India First Life Guaranteed Protection Plan is a term insurance plan offered by the India First Life Insurance company.

This plan has a unique feature called Rolling Limited Pay that allows you to choose the exact number of years you want to pay premiums for, as determined by the insurer. However, it has some limitations as it doesn't offer options for increasing coverage or early exit. The plan also doesn't provide much flexibility in terms of how the claim amount will be received by your family. Moreover, it is relatively more expensive compared to other products in the market. Despite these limitations, our research shows that the insurer has a good track record of settling claims quickly, but has received a higher number of complaints during the claim settlement process.

Now, let’s look at some of the top benefits that the India First Life Guaranteed Protection Plan offers. 

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: If you choose this feature, your term insurance cover will automatically increase by a specified percentage at a predetermined frequency set by the insurer until it reaches the maximum limit. However, this feature is not offered under this plan. 
• 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. This plan allows you to customise the exact number of years you want to pay your premiums for through a Rolling Limited Pay from 5 year to 40 year options. 
• Claim Payout Options: If you choose this plan, you can customise 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 instalments for a specified period of time. They can use this amount to fulfil their day-to-day needs. 

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, which you can choose at an additional cost. These additional benefits help you to boost your term insurance policy. The rider available with this policy is - 

• 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 during the policy period - you will not have to pay any further policy premiums and you can keep your cover until the end of the term. 

Why should you buy from India First? 

• Speed of Claim Settlement: India First has settled 99.98% 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. 
• Claim Settlement Ratio: The claim settlement ratio of India First is 96.81% and their claim amount settlement ratio is 91.16%. 

What are the disadvantages of buying from India First? 

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

• Claim Complaints: According to research conducted by our in-house research team, we gathered that India First holds quite some complaints concerning its claim settlement process. This means that your family could face some issues during the claim settlement process. 
• Home pick up for Claims: The insurer does not provide the option to pick up the claim documents from home. Hence, your 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 having toll-free services and connecting over social media platforms like Twitter, the response over both is slow. 

This suggests that your nominee may have trouble if they have 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 analysed 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 3.2/5.