Headquartered in Mumbai
IndiaFirst is one of India’s youngest life insurance companies promoted by two large public sector banks – Bank of Baroda and Andhra Bank along with Legal & General, UK’s leading risk, wealth and investment company. Bank of Baroda holds 44% stake in the company, while Andhra Bank and Legal & General have 30% and 26% stakes respectively.
Currently, IndiaFirst is serving in over 1000 cities and towns across the nation through more than 6000 partner bank branches. So far it has insured more than 2.7 million lives. Headed by Ms. R.M Vishakha, IndiaFirst Life Insurance Company works on the principal of Bancassurance (bank insurance model) and thus, it is using existing base of promoter banks.
Incorporated in November 2009, the product range of IndiaFirst Life Insurance covers typical needs of health, term insurance, savings and wealth. It is also offering a wide gamut of group insurance products ranging from credit life, term to employee liability (gratuity and leave encashment) plans.
Life insurance is a vital aspect of financial planning that needs to carefully chosen. Hence, IndiaFirst offers easy to comprehend life insurance plans which can be customized to fulfill needs at different life stages.
IndiaFirst Life Insurance – FAQs
1. How to pay premium? What are the modes of payment available?
INDIAFIRST Life Insurance offers the following modes of payment for paying premium namely:
Credit card/Debit Card
Electronic Clearing system(ECS)
Cash or cheque
For ECS you must register beforehand by duly signing and submitting the ECS form. This facility is available in select cities only.
Alternatively, you can drop in cash or cheque at your nearest branch in the city.
2. How can I check policy status?
To check the policy status login to your IndiaFirst Account with the designated User ID and password this is directly linked with your policy number. After login in a detailed tab will be displayed this contains all the relevant data related to your policy.
3. What is the policy renewal process?
For policy renewal process, login into your account and select the online payment for renewal policy.
You can also select the ECS or the Auto debit option for paying the premium had you initially signed up for the policy, else you can request the same by contacting customer helpdesk.
You can approach the nearest branch office and fill in the required forms, attaching the mandatory documents to get the policy renewed.
4. What is the company’s process to settle claim?
INDIAFIRST Life Insurancehas a clear and transparent process for settling claims. You must intimate the company about the incident within one week of it occurrence. There are different options available for intimation such as:
By couriering the details
Approaching us via Advisor.
Contacting us at any of our branch office.
A set of documents as listed in the website needs to be submitted to the company. Upon receipt of the same, the claim is settled within15 days’ time period.
5. What is the policy cancellation process?
In order to cancel a policy, you can fill in the required form and submit it to the nearest branch office along with the surrender charges as mentioned in the policy.
For new users, a period of about 15 days is allotted wherein one has the option to surrender the policy in case deemed necessary.