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India First Life Guaranteed Protection Plus logo

India First Life Guaranteed Protection Plus

Introduction to 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. A term insurance plan is one of the most cost-effective ways to ensure your family will have a secure financial future. With this plan, your family will be paid a sum of money as a death benefit, in case you pass away during the policy period. This money can help them meet their financial needs, without compromising on their current lifestyle - as well as pay off any pending loans or liabilities you might leave back. 

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: India First Life Guaranteed Protection Plus

This product provides the Rolling Limited Pay option, which allows you to choose the exact number of years over which you'd like to pay your premiums (as specified by the insurer). However, it doesn’t allow you to choose other important customizations such as increasing cover, critical illness rider. It also doesn’t give you many options to customize how your family will receive the claim amount. Further, it is expensive compared to other products in the market. And, while the insurer has received fewer policy purchase complaints, they have a poor track record of settling claims faster and received a higher number of claim settlement complaints compared to other insurers - as per our research.

Pros & Cons: India First Life Guaranteed Protection Plus

  • arrow Rolling Limited Pay option available, to speed up payments
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Expensive than other products in the market
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow Not many options to customize claim payout
  • arrow No option to exit the plan while it is still active and receive a refund of premiums
  • arrow Critical illness rider is not available
  • arrow Received higher number of complaints on claim settlement compared to other insurers

About IndiaFirst Life Insurance Co. Ltd.

IndiaFirst Life Insurance Co. Ltd. logo

India First is a Life Insurance company in India. Founded in 2009, it is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments India Private Limited. The company is headquartered in Mumbai. The MD & CEO of India First is R. M. Vishakha. 

Founded in
2009
JV Partners
Bank of Baroda, Union Bank of India and Carmel Point Investments India Pvt Ltd.
Turnover (GWP)
1,578.73 Crores
Number of Policies
74,13,140
Number of Claims
10,431

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

Claims Experience 3.4/5 star green
Customer Service 4.69/5 star green
Product Benefits 1.9/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.73%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.54%
How complex is the Claim Form?
The longer, the more hassles during claims
Very Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
97.04%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
91.10%
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
225%
Personal relationship manager for claims
Not Available
Can you track claims online?
Yes
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 Plus Plan by India First?

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.

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