IndiaFirst.com is the official website of Indiafirst Life Insurance Company, India’s latest and new life insurance company. IndiaFirst Life Insurance is a combined project among three parties, Bank of Baroda, Andhra Bank and Legal and General. The Insurance Regulatory and Development Authority (IRDA) gives its final R3 approval to three parties, which said that in December 2009, the company plans to launch operations. Bank of Baroda’s Chairman and Managing Director Shri. M. D. Mallya, and Chairman of IndiaFirst Life Insurance in the presence of Chairman and Managing Director of Andhra Bank, Shri. R.S. Reddy, Mr. Gareth Hoskin, Group International Director, Legal & General and Dr. P. Nandagopal, CEO, IndiaFirst Life Insurance have made this announcement.
Screenshot of Www.IndiaFirst.com
To test company’s procedures and operational willingness, the Company plans to enter the market initially with a soft launch. The typical needs of savings, education and retirement are covered by the initial product range. At a Mumbai press conference, the company’s chief executive officer P. Nandagopal said that for starting business in India, IndiaFirst Life Insurance Co. Ltd has got all the regulatory approvals and will offer its products through at least 500 branches of the two banks together.
Shri Reddy said, “This joint venture brings together a real understanding of the Indian consumers by the promoter banks with international best practices developed by Legal & General. We aim to provide world class products and services that are customized to meet the requirements of the Indian consumer”. In addition, “While acknowledging the fact that the Indian consumer today has multiple choices available, we want to develop ourselves by virtue of our products and services as their First choice for any insurance and financial requirement. We aim to strengthen the bond developed with our customers over the years, by catering to all their financial requirements under one roof.”
“Our name and logo are distinctive. They are a testimony to the commitment of our promoters of always putting our customers first in everything we do. We represent India's new found confidence, its resolve, grit and spirit,” Speaking on the new identity, said Dr. Nandagopal. In addition, “IndiaFirst is an open, modern and hardworking organization. We believe in doing things right for the customer, the distributors and our shareholders. We as a company are committed to providing value for money products and service excellence to our customers.”
For every stage of your life, IndiaFirst has customized plans with believe that it is never too late to take first step towards securing family’s financial future. This company provides benefit illustration tools, application tracker, knowledge center and information about current NAV, NAV history, and Market overview, users can download forms and product literature. Latest news and NAV updates you can see on the home page. Indiafirst Life Insurance Company website provides products such as Saving plan, Education plan, and Future plan.
Saving plan is provided to save money for future dreams such as foreign vacations, buying house, daughter’s wedding, etc. This is a Unit Linked or market linked Insurance plan. Users can get benefits such as death benefit to the family, systemic savings of corpus etc. Users can choose option of investment in equities, debt or balanced funds, can switch between these funds anytime they want and can withdraw partially. Users can enjoy Tax Benefits on the premium they invest, under Section 80C and get tax benefits on the benefits they receive at maturity of their policy, under Section 10 (10D).
Education plan is provided for children’s best education or any dream. At every momentous occasion in your children life such as High School or College or Professional course or any other life event, they always get funds from this plan. If any untoward incident results in your death or disability, your child gets financial security with this plan. You can withdraw money partially with this Plan. You can enjoy Tax Benefits on the premium you invest, under Section 80C and 10 (10D).
Future plan is the retirement solution policy to help you save or set aside some amount in your prime years to make it available for use during your retirement years. You have to choose the option to invest in Debt, Equity or a Balanced fund of your investment into each. You get easy access to your money by being able to withdraw partially. You can enjoy tax free returns up to 1/3rd of the fund value as at your chosen date of retirement.
Advantages of Indiafirst Life Insurance:
- Marketability and liquidity are better.
- In the event of death, the settlement is easy because of the facility of nomination and assignment.
- There is a certain amount of compulsion to go through the plan of savings.
- The beneficiary’s interest will remain secure.
- Creditors cannot claim the life insurance money. There are tax benefits.
- Possible to protect a life insurance policy being attached by debtors.
The customer care IndiaFirst helpline number is 1800-209-8700 and you can call anytime from 8 a.m. to 8 p.m. between Monday to Saturday.
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