The IndiaFirst Life Elite Term Plan is a term insurance plan provided by IndiaFirst Life Insurance Company. This plan provides comprehensive coverage at a fair price, typically more affordable than comparable policies offered by other insurers. It is considered a necessary and affordable addition to a person's financial portfolio if they have dependents who rely on their income. If the individual passes away within the policy's term, the family gets a sum of money to help with their financial requirements.

The plan excludes important features including limited pay, increasing coverage, and a critical illness rider, despite having a competitive price when compared to other market offers. Furthermore, there are no possibilities to customise how the nominee would receive the claim payout. In comparison to certain other insurers, this company has recorded a higher percentage of complaints pertaining to claim settlements, although receiving comparatively few complaints regarding insurance policy purchases.

Here’s the term plan review-

Key product features of IndiaFirst Life Elite Term Plan

The following are the primary highlights of the IndiaFirst Life Elite Term Plan:

Life Cover Benefit: In the event that the person insured passes away within the policy's term, the plan pays the individual's family a predetermined sum assured as a death benefit. Additionally, it provides tax benefits under the Income Tax Act's Section 80C.
Early Exit Option: Some term insurance plans offer an early exit feature, giving you the flexibility to terminate your coverage within a specified period, even before the plan's tenure ends. The IndiaFirst Life Elite Term Plan does not offer an early exit option.
Increasing Coverage: The Increasing Cover option allows your coverage amount to automatically rise at regular intervals, up to a predetermined maximum limit. Although some plans provide this option in order to meet evolving needs, IndiaFirst Life Elite Term Plan does not offer this kind of feature.
Coverage Duration: This plan stands out by extending coverage until the age of 99 years, far beyond the typical limit of 60-65 years. This ensures you can enjoy continued protection even well into your retirement years.
Limited Pay Options: The Limited Pay Option is one where premium payments can be completed before the policy term expires. However, the IndiaFirst Life Elite Term Plan lacks the Limited Pay Option.
Claim Payout Options: The nominee will get a fixed, one-time payout as the death benefit in the case of a claim.

What are the Riders available with IndiaFirst Life Elite Term Plan?

Riders, or additional benefits, offer flexibility in tailoring your coverage to better suit your individual needs:

Critical Illness Rider: This rider provides a sum of money if the individual is diagnosed with a critical illness listed in the policy during the term. However, the IndiaFirst Life Elite Term Plan does not include this rider as part of its offerings.
Accidental Death Benefit Rider: If the individual passes away due to an accident during the policy term, this rider provides an additional payout, in addition to the basic life insurance benefit. This rider is also not available with the IndiaFirst Life Elite Term Plan.
Waiver of Premium Rider: This rider exempts the individual from paying future premiums if they become disabled or are diagnosed with a critical illness covered under the policy, thereby reducing financial burden. However, the IndiaFirst Life Elite Term Plan does not offer this rider.

Each rider serves a specific purpose. It is important to assess your family's financial objectives and circumstances to determine which riders best meet your needs.

Why should you choose India First Life Insurance Company?

Here is an overview of the claims experience with IndiaFirst Life Insurance Company:

Speed of Claim Settlement: The company is efficient in processing claims, with 99.94% of claims being settled within 30 days of receiving all necessary documents. This ensures prompt financial support for the individual’s families.
Online Claim Tracking: The insurer offers an online claim tracking facility, providing claimants with an easy way to monitor the status and progress of their claims, enhancing convenience and transparency.
Claims Settlement Ratio: The IndiaFirst Life Insurance Company has a track record in processing and honoring claims and a claims settlement ratio of 98.04%.

What are the drawbacks of buying from India First Life Insurance Company?

Here are some potential limitations to consider when dealing with IndiaFirst Life Insurance Company:

Lengthy Death Claim Form: The company’s death claim form is relatively long compared to those of other insurers, which may make the claim process more time-consuming and less convenient.
Absence of Personal Relationship Manager: Unlike some other insurers, IndiaFirst Life Insurance Company does not provide a personal relationship manager to assist nominees during the claim settlement process. As a result, the nominee may not receive as much personalized guidance and support.
No Home Pickup for Claims: The company does not offer a home pickup service for claim-related documents. Nominees are required to visit a branch to submit the necessary paperwork, which could be inconvenient for some families.
Claim Complaints: The company has a claim complaint rate of 0.69%. This is slightly higher than some other insurers, and it surely shows grounds for improvements in the claims process.

How is the customer service quality of India First Life Insurance Company?

The customer service quality of IndiaFirst Life Insurance Company can be summarised as follows:

Toll-Free Support: The company’s toll-free number has a slower response rate compared to other insurers, which may affect the overall customer service experience.
X (Twitter) Response: IndiaFirst Life Insurance Company’s response rate through its X (Twitter) handle is average, with room for improvement in responsiveness on social media channels.
Percentage of Complaints Received for After-Sales Service: Research shows that 0.02% of customers express dissatisfaction with the after-sales service.

About the Insurer - India First Life Insurance Company

IndiaFirst Life Insurance is a life insurance provider based in India. Founded in 2009, it is a joint venture between Union Bank of India, Bank of Baroda, and Carmel Point Investments India Private Limited. The company is headquartered in Mumbai, with R. M. Vishakha who serves as the Managing Director and CEO.

Final Review on IndiaFirst Life Elite Term Plan

After evaluating over 100 parameters, including product benefits, customer service, and claims experience, the IndiaFirst Life Elite Term Plan has received an overall Beshak⭐Rating of 2.2 out of 5 from our in-house research team.