We do believe taking care for life insurance plans

The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This rebate is can be availed up to a maximum of Rs 12,000 on a payment of yearly premium of Rs 60,000. By paying Rs 60,000 a year, we can buy anything upwards of Rs 10 lakh in the sum assured (depending upon the age of the insured and term of the policy.) This implies that we get Rs 12,000 as a tax benefit. But many people make the mistake of burdening themselves with too many life insurance policies to the detriment of the quality of their lives while they’re alive. 

Having come to terms with the importance of insurance now comes the dilemma of which insurance policy to choose since the Indian market is already saturated with about 23-odd players, each offering some benefit or the other. This is where IndiaFirst Life, a joint venture between Bank of Baroda, Andhra Bank and UK’s Legal & General, steps in to clear the worries and offer simple easy-to-use solutions. With its “customers first” approach, IndiaFirst Life has adopted a simple and transparent approach, doing away with technical jargons and huge policy statements which confuse and confound a customer.

Term plans - Price And More

Online term plans are evoking great interest among consumers and insurers. For consumers, these online plans are quick, easy to buy and come at a lower premium than what they would have paid if purchased through an agent. 

Since these term plans offer no benefits on maturity, the attractive pricing has been the unique selling proposition or the USP of these plans, leading to a price-war. However, as a consumer, there are many other factors, besides the price, that are worth considering before you sign on the dotted line. Before buying the policy, over and above the premium payable, you must also know the following -

§  Claims settlement ratio: In a term plan and more so for those purchased online, the claims settlement ratio i.e. the number of claims settled out of every 100 claim requests made to the company is of critical importance. A higher ratio not only speaks about the customer services of the particular insurer but also assures you that your beneficiaries/ nominees will not face any problems in case of an unfortunate eventuality.

§  Claims intimation TAT (turnaround time): This is the time period within which the beneficiary/nominee must inform the insurer in written form about the death of the policyholder. During a crisis, it may not be possible to inform the insurer of the same. Therefore, you must check with the insurer about the time period within which the insurer must be informed. See to it that the policy provides a reasonable amount of time.

Towards a better life insurance for the common man

Dr. P. Nandagopal, Managing Director and Chief Executive Officer

What insurance benefit does an Indian citizen expect from Budget 2011? He would want that the minimum amount for Life Insurance be raised, the premium he pays for the insurance be lowered and claims can be made available easily without any hassles.

The major problem faced by the common man in the insurance sector is a communication gap between the insurance company and the insurance policy. This happens most of the time because the agent does not disclose all the terms and conditions of the insurance policies. Several customer complaints have been based on these grounds.

Secondly, with a multitude of insurance players in the market, it not only becomes difficult but also complicated for the common man to decide which insurance plan to take and which provides the maximum benefits. This also happens due to major mis-communication in the advertisements put by various insurers where everyone says that they offer the maximum benefit.

Thirdly, there have been complaints that many-a-times, the procedure to recover claims has been a long and tedious one leading to disinterestedness and a corrosion of faith among the customers.

IndiaFirst Anytime Plan - online term insurance plan

Term insurance plans offer a higher life insurance cover at a lower fixed premium. A term plan can typically provide an insurance cover till 75 years of age. A term plan is a must to complete an individual’s financial plan and is used mainly to provide cover for financial needs of the insured and his family. For e.g. a term plan can be used by the family to pay up responsibilities like home loan or education of kids in case of an unfortunate demise of the insured

IndiaFirst Anytime Plan is an online term plan that offers a higher sum insured of upto Rs 49 lakhs at  a lower premium and ensures that the family of the insured is taken care of, even in his/her absence. In this plan, the sum assured is paid to the beneficiary in case of the unfortunate death of the life assured. IndiaFirst Anytime Plan provides the life assured the benefits of a life cover for a period of up to 30 years at a reasonable premium amount anytime and anywhere by directly visiting the IndiaFirst LifeStore.


An online term insurance plan cover for a maximum term of up to 30 years at a reasonable price. The customer can now get the life insurance cover through IndiaFirst Life Insurance website.  The family of the life assured is financially secured, as they get a lump sum amount immediately, in case of the an unfortunate death of the assured. The applicant can choose a minimum life cover of Rs. 10,00,000 and a maximum cover of Rs. 49,00,000.