IndiaFirst Life Elite Term Plan

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Can you cancel your policy?

Answer

Yes, you can cancel your policy if you disagree with any of the terms and conditions within 30 days (free look period) from receipt of your policy document, whether electronically or

otherwise. You can return the policy to us, while stating your specific objections. Request for cancellation of policy during free look period will be processed and premium will be refunded within 7 days of receipt of request.

Can you surrender your policy?

Answer

No, there is no surrender value payable under this plan.

Do you get any loan benefits under your policy?

Answer

Loan facility is not available under this policy.

What are the options to revive a lapsed policy?

Answer

You may revive the lapsed policy within 5 years from the due date of first unpaid regular premium but before the maturity date by:

  1. Submitting a written request to revive the lapsed Policy
  2. Paying all unpaid due remiums without any interest; and
  3. Providing a declaration of good health and undergoing a medical examination at your own cost, if needed.

 A lapsed policy will only be revived along with all its benefits in accordance with our board approved underwriting policy. The policy will terminate and you will not be entitled to receive any benefits, If the lapsed policy is not revived before the expiry of the revival period.

What happens in case of submission of information which is false or incorrect?

Answer

Fraud/ Misstatement will be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

What is IndiaFirst Life Elite Term Plan?

Answer

IndiaFirst Life Elite Term Plan is a pure protection plan which offers an insurance cover on your life till age 99. This policy secures your family and loved ones in case of your untimely demise. You can easily purchase the term insurance plan online.

How much Premium do you need to pay?

Answer

Premium will depend on the life assured’s age, the policy term and the sum assured chosen.

The mode of premium payment and frequency will also impact the premium amount. The following premium frequency factors will apply on the yearly premium to avail of installment premium. 


Premium FrequencyFactor To Be Applied To Yearly Premium
Monthly0.0870
Half Yearly0.5119
Quarterly0.2590
Yearly1


A term insurance calculator is a simpler alternative to calculating your premium manually. Based on certain inputs, it can offer premium estimates for your plan.

What happens if you miss paying premiums? Is there a grace period for missed premiums?

Answer

We provide a grace period of 30 days for Yearly, Half-Yearly or Quarterly premium mode and 15 days for Monthly premium mode. This period starts from the due date of each premium payment. All your policy benefits continue during this grace period. In case of death during the grace period, we will pay the sum assured to the nominee/appointee/legal heir after deducting the due premium.

If you do not pay your premiums before the end of the grace period, your life cover ceases, and your policy will lapse.

What do you receive at the end of the policy term? (Maturity Benefit)

Answer

There is no maturity or survival benefit payable under this policy. This is a non-participating pure term insurance policy.

What happens in case the life assured commits suicide?

Answer

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force.

What is the benefit payable in case of the life assured’s demise? (Death Benefit)

Answer
Coverage OptionsDeath Benefit
Option: Life Benefit 

Sum Assured as a lumpsum amount is payable on the death of the life assured, during the term of the policy.

However, the nominee has an option to receive level monthly instalments over a period of 5 years.

The policy terminates once the full amount of benefit is paid out.

What is the Sum Assured in this policy?

Answer

The Sum Assured under this policy will be higher of:

 

⦁ Sum Assured on Death

⦁ 10X theannualized premium

⦁ 105% of Total Premiums Paid (TPP) till date of death.

 

Customer to choose the Sum Assured on Death subject to minimum and maximum Sum Assured conditions as per Board approved underwriting policy. Premium will be calculated on the basis of Sum Assured chosen. Please refer to the eligibility criteria mentioned above for more details.

Product Related Documents

Answer

Download essential documents and forms here

STEP 1: CONTACT US

Answer

ONLINE:

  • Log in to the Customer Portal  here.
  • Go to the QRC (Queries, Requests and Complaints) section and raise the request/complaint.
     

EMAIL US:

For Life Insurance Policy:

Email ID: customer.first@indiafirstlife.com
 

CALL US:

  • On our Toll free number 1800-209-8700 from Monday to Saturday between 9am to 7pm.
  • Walk in to any of our IndiaFirst Life branch. Locate the nearest branch here.
     

VISIT US:

Walk in to any of our IndiaFirst Life branch and submit your grievances.

Click here to contact our grievance redressal officers in your city.
 

MAIL/COURIER:

Write to us at the address mentioned below:

Customer Care
IndiaFirst Life Insurance Company Ltd
12th and 13th Floor, North [C] wing, Tower 4,
Nesco IT Park, Nesco Center, Western Express Highway,
Goregaon (East), Mumbai – 400063

A written communication giving reasons of either redressing or rejecting the grievance will be sent to you within 14 (Fourteen) days from the date of receipt of the grievance

You can view our Grievance Redressal Policy here.

STEP 2: TAKE YOUR GRIEVANCE FURTHER

Answer

If you are not satisfied with our resolution provided or have not received any response within 14 (Fourteen) days, then, you may approach our Grievance Officer at any of our branches Click here  

 

Or you may write to our Grievance Redressal Officer through email - grievance.redressal@indiafirstlife.com.  

Alternatively, you can also write to the Grievance Redressal Officer at the address mentioned below:

Rajnish Kumar
Grievance Redressal Officer
IndiaFirst Life Insurance Company Ltd
12th and 13th Floor, North [C] wing, Tower 4,
Nesco IT Park, Nesco Center, Western Express Highway,
Goregaon (East), Mumbai – 400063

Please quote your Complaint/Service Request ID. This would have been provided to you on registration of your complaint in Step 1


If no reply is received from the customer within fifty-six days from the date of registration, then the complaint/grievance shall be disposed as per the disposal guidelines laid down by the Authority.

 

STEP 3: APPROACH IRDAI GRIEVANCE CELL

Answer

If you are not satisfied with the response or do not receive a response from us within 14 days, you may approach the Grievance Cell of the Insurance Regulatory and Development Authority of India (IRDAI) on the following contact details:

IRDAI Grievance Call Centre (IGCC) TOLL FREE NO: 155255 or 18004254732 Email ID: complaints@irda.gov.in

You can also register your complaint online at:  https://bimabharosa.irdai.gov.in/

 

Alternatively, you can also follow the below steps:

MAIL/COURIER:

Write to us by communicating your complaints at the address mentioned below:

Consumer Affairs Department
Insurance Regulatory and Development Authority of India,
Sy. No. 115/1, Financial District, Nanakramguda
Gachibowli, Hyderabad- 500032, Telangana
 

FAX:

Number: 91- 40 – 6678 9768

 

STEP 4: REACH OUT TO INSURANCE OMBUDSMAN

Answer

In case you are dissatisfied with the resolution or your problem remains unsolved you may then directly approach the Insurance Ombudsman. Click here to find the address

The complaint should be made in writing duly signed by the customer/complainant or by his legal heirs with full details of the complaint and the contact information of customer/complainant.

As per provision 13(3) of the Redressal of Public Grievances Rules 1998, the complaint to the Ombudsman can be made

  • Only if the grievance has been rejected by the Grievance Redressal Machinery of the Insurer
  • Within a period of one year from the date of rejection by the insurer
  • If it is not simultaneously under any litigation

Disclaimer

*Monthly premium for 1 Cr sum assured bought offline for 20-year-old healthy male for cover up to age 75 would be Rs. 608 (Rs. 20.27 per day) Regular monthly premium from year 2 for the same parameters would be Rs. 676 (22.53/day).

 

Tax exemptions are as per applicable tax laws from time to time.

 

IndiaFirst Life Insurance Company Limited, IRDAI Regn No.:143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll-free No – 18002098700. Email Id: customer.first@indiafirstlife.com, Website: www.indiafirstlife.com, Fax No. +91226570600. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd.

BEWARE OF SPURIOUS/FRAUD PHONE CALLS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.