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IndiaFirst is a young insurer in the Indian life insurance scene commencing its operations in 2009 from Mumbai. Their term insurance bouquet rides the affordable pure-risk bandwagon offering comprehensive term plans. Accordingly, you get various options to tailor plans to meet your specific preferences. Moreover, it promises a seamless online claim process. It is prudent to understand their term plans first before exploring their claim settlement mechanism.
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IndiaFirst offers three unique plans under the term insurance genre, of which the Guaranteed Protection Plus epitomizes the entire gamut of innovations possible in a term insurance cover. Policy buyers have an eclectic choice to design a customized coverage.
With the return of the premium option, you get a survival benefit which is not a typical term insurance characteristic. Understanding the product’s coverage spectrum leads you to study the claim process as the ultimate experience lies in its efficacy.
Note: Know more about what is term insurance first before reading this article.
Term Plans
The measure for the insurer’s success at first glance is their Claim Settlement Ratio endorsed by the insurance regulator IRDAI. IndiaFirst is no exception and their CSR for the 2020-21 financial year is 96.81%. In addition, IndiaFirst Life guarantees a 100% genuine claim settlement experience.
Claims are of two primary possibilities under the plan apart from the rider benefits:
Death Claim: The fundamental claim in a term plan is the death benefit. The claimant raises the claim upon the breadwinner’s demise during the policy term, provided it is in force. In addition, the policyholder chooses the benefit disbursement in a lump-sum or staggering for a regular income stream to suit the surviving family’s financial needs.
Maturity Claim: IndiaFirst Guaranteed Protection Plus goes against the term insurance grain, providing the option to enjoy a survival benefit with the return of premium option. However, you can choose either a 50% or 100% accumulated premium return, minus the taxes.
Even though IndiaFirst is new in the insurance business, it has set up a robust claim settlement process. It has accordingly devised a three-step formula to handle claims in the following sequence:
Claim Registration: Involves registration and submission of the mandatory set of documents for a specific claim.
Claim Assessment: IndiaFirst claim assessors review and validate the submitted documents and guide the claim settlement process.
Claim Settlement: Claims are approved if no further investigation is required and all the documents are in order. The final claim amount is credited to the claimant’s bank account through electronic banking channels.
Your claim processing commences with registration. IndiaFirst has an elaborate ecosystem in place where you can register a claim. However, it is essential to remember that the claim is registered only when the mandatory documents reach IndiaFirst head office.
Here are these:
Online: The best way to register a death claim is through the official website of IndiaFirst. the compulsory inputs for an individual claimant are:
Policy Number
Date of Birth
Date of Demise
Email: You can shoot an email at the claims.support@indiafirstlife.com address and attach all the mandatory soft copies to notify the claim.
Telephone: You are guided through the claim registration process by calling the toll-free number 1800-209-8700.
Write: You can write at the company’s registered address intimating the event and submit the documents at: North “C” Wing Floor – 12 and 13, Tower 4 Nesco IT Park, Western Express Highway, Goregaon (E), Mumbai 400063.
Visit: You can visit any touch-point at Bank of Baroda or Union Bank of India branches to submit the claim supported by mandatory documents.
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The following points are essential to remember for a seamless claim experience while coping with the trauma of losing a dear one:
Report and submit the claim ideally within 30 to 60 days from the policyholder’s demise.
The final decision regarding the claim is communicated within 15 days from the receipt of the mandatory documents.
All claims are settled electronically through the banking channels per IRDAI guidelines.
Death claim settlement timelines mandated by IRDAI are tabulated below:
| IRDAI turn-around time for Claims | |
| Raising claim requirements | Within 15 days of claim receipt |
| Claim decision without investigation | Within 30 days of claim receipt |
| Claim decision with the investigation | Investigation within 90 days and 30 days after that for the final decision |
The unique IndiaFirst facility settles claims to cope with difficult times. The following conditions apply for approval under the facility:
The scheme covers only individual death claims.
The policy coverage must be uninterrupted for three years and above up to the policyholder’s demise.
The mandatory documents listed with the claim must reach the IndiaFirst office no later than 3 PM on any working day.
The total claim amount must not exceed Rs.50 Lac.
Claims that need investigation are excluded from the scheme.
The timeline of a one-day settlement commences only after receiving all the mandatory documents supporting the claim.
Claims satisfying the above are settled within one day.
Detailed submission of documents is the prerequisite to a seamless claim experience. Let us find out what documents to submit to make the process flawless quick disposal. Remember to self-attest all the documents.
Completed and duly signed claim intimation form
Original policy document
Original or attested copy of the death certificate
Claimant’s KYC documents for identity and address verification
Copy of claimant’s bank passbook along with a cancelled cheque
Copy of policyholder’s age and identity proof
Copies of the FIR. Post Mortem Report, Police Panchnama attested by officials in case of unnatural death
Copies of hospital documents, including diagnosis and investigation reports, discharge summary, and other illness-related documents causing death
Completed and duly signed claim intimation form
Original policy document
Copy of policyholder’s bank passbook along with a cancelled cheque
Copy of policyholder’s PAN card
The IndiaFirst claim process is tuned to a customer-centric philosophy ensuring a seamless claim experience. In addition, the term insurance claims are primarily confined to death, and the policy terminates once the benefit is settled.
The return of premium entails a survival benefits too. Finally, the shorter instant claim settlement is a unique IndiaFirst feature to help cope better in traumatic times.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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