IndiaFirst Life Elite Term Plan

Share your basic details to calculate the premium

How to buy IndiaFirst Life Elite Term Plan

1. Enter Details

Fill in your name, mobile number, gender and other required essentials, accurately and completely.

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2. Choose Cover

Select the amount that will best fulfil your family’s future financial needs.

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3. Review Quote

Review your quote & premium amount details thoroughly, as any misinformation can impact your eligibility.

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4. Make Payment

Choose your preferred online mode of payment to complete the process and receive the policy.

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How Does The IndiaFirst Life Elite Term Plan Work?

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At age 40

Jayesh is a bank manager with a wife and 8-yr old daughter. He buys IndiaFirst Life Elite Term Plan.

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His Plan Options

Jayesh opts for a Sum Assured of Rs. 1 Crore and coverage till age 80 years, to secure his family’s future. As he receives a 10% discount on his 1st year premium, he pays an annual premium of Rs. 26,344 (Inclusive of GST) for the 1st year

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Premium Payment

He pays an annual premium of Rs. 29,272 (Inclusive of GST) regularly from the 2nd year onwards, at age 42 years.

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At age 54

Jayesh unfortunately passes away from an illness. His wife, who is the nominee, takes the Sum Assured of Rs. 1 Crore as a lumpsum and the policy terminates.

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Why Choose IndiaFirst Life Insurance Plans?

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1.64 Crore

Lives secured since inception

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Available in 16,500+

BOB & UBI Branches

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30,968 Crore

AUM as of Mar’25

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1 Day

Claim settlement assurance

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Claim Settlement Process

Step 1: Claim Registration

You can register your claim using any of the given modes: online in our website, through email or call, by visiting us at branches, by courier or by immediate registration. Click here to learn more in detail

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Step 2: Claim Assessment

Our team will thoroughly evaluate the claim details and notify you if any further information is needed. All the information will be shared with you on your registered contact details – SMS/Email/Letters.

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Step 3. Claim Settlement

After a comprehensive evaluation, we will render a fair and timely decision on the claim.

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Claim Documents

  • Plans

  • Investment strategies

Death Claims

  • Duly filled and signed Claim Intimation Form
  • Original Policy Document
  • Original or Attested* Death Certificate issued by local authority
  • Claimant’s Valid bank passbook/statement or Cancelled Cheque with pre-printed Name and pre-printed Bank account number
  • Copy of claimant's photo identification proof and current address proof -
  • Copy of medico legal cause of death certificate/MCOD
  • Medical records (admission notes, discharge/ death summary, indoor case papers, test reports, etc.)
  • Prior medical records of insured/ Life assured
  • Medical attendant's/ hospital certificate issued by doctor
  • Certificate from employer (for salaried individuals)
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Accidental/Suicidal Death

  • Post mortem report and chemical viscera report.
  • FIR/Panchnama/Inquest Report along with the final investigation report
  • Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if 'Accident and Disability Benefit Rider' is opted)
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Maturity Claims

  • A fully completed and signed claim intimation form.
  • Original policy documents.
  • Policyholder's PAN Card copy.
  • A cancelled cheque indicating the account number and policyholder's name, or a copy of the bank passbook.
  • NRI declaration (if applicable for NRIs)
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How can we help?

View All FAQ

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.

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.