By far the youngest life insurance company in India, IndiaFirst Life Insurance started its operations in March 2010. It happens to be a joint venture of the titans. Its major partner Bank of Baroda holds 44% stake while the other two viz., Andhra Bank and Legal & General boast of 30% and 26% stake respectively. This establishment is headquartered in Mumbai and prides itself as one of the most capital efficient insurance companies of India with a capital base of Rs. 455cr. This insurance company currently covers more than 1000 cities and towns in India. IndiaFirst Life Insurance Co. Ltd. has targeted the 'bancassurance' model that it extends to over 4800 promoter branch banks across the country.
There has been considerable progress during the initial year of operation with respect to branch growth, sales processes, productivity and customer support. A simple rule that the employees follow at this company is to place the customers 'first' in everything they do. Simplicity, fair prices, high quality and honest advice is what differentiates them from the established insurance giants. A benchmark of domain expertise, customer needs and knowledge and innovative products has been set by IndiaFirst Life Insurance Co. Ltd. In their words, "We want IndiaFirst to become a life insurance and pension business leader in providing value for all stakeholders through customer delight." Read about the products which are offered in the next section.
IndiaFirst Life Plan
A life cover of about 30 years is provided and you decide the amount based on age and income. There are options to pay monthly or yearly and not forgetting the benefits of tax that you receive.
IndiaFirst Anytime Plan
Life cover can be provided anywhere and anytime up to a period of 30 years. In case of death, beneficiaries are given the lump sum. Premium can be paid monthly, six-monthly or annually.
IndiaFirst Simple Life Plan
This is a micro insurance plan that provides a life cover for 5-10 years at reasonable rates. In case of untimely death, the family is secured since they get a lump sum benefit immediately. An amount between Rs. 5000 to Rs. 50000 can be chosen.
IndiaFirst Annuity Plan
In this pension annuity plan, individuals are asked to choose a retirement age and depending on this, they get returns between 40 to 80 years. A regular monthly income is also given throughout the period of retirement.
IndiaFirst Smart Save Plan
In this type of plan, savings are systematically built up by various funds. Investments can be made in different asset classes. A life insurance is also provided along with this and you can even partially withdraw your money at any time.
IndiaFirst Young India Plan
Life's special occasions like education and marriage of young ones are provided for by this scheme. In case of death, lump sums are given to the family and the remaining premiums are paid for.
IndiaFirst Group Term Plan
In this group protection plan, life cover is provided at reasonable rates to all members-either employees or customers. There is an option of the premium paying frequency and the plan can be renewed yearly. Tax benefits are also given.
IndiaFirst Group Credit Life Plan
Combining insurance with credit or loan products, this is a loan liability plan. Coverage and mode of payment can be chosen amongst members - level term or reducing term cover is opted for. Two borrowers are allowed under a single loan.
IndiaFirst Employee Benefit Plan
Employees' future liabilities can be managed through a value for money plan. It can be chosen as a future gratuity benefit and deductible as a business expense or you may also choose to cover the leave encashment liability of all your employees.
IndiaFirst Secure Save Plan
A regular premium contributes to your savings that is built step-by-step. The benefit is that the basic sum along with a bonus and terminal bonus is payable at the end of the term.
Baroda Corporate Centre
Bandra Kurla Complex,
Mumbai - 400 051
Office Fax no - 022 33259500