IndiaFirst Life Insurance is the latest and new life insurance company in India.  It is a combined effort of three companies namely Andhra Bank, Bank of Baroda and Legal and General (UK).  Both the banks from India are nationalized banks and have been of service to Indians for many years.  Legal and General (L&G Group) is one of the oldest and leading financial institution in UK.  Already they have been providing life insurance, investment, pension and general insurance plans and needs to the people in UK and they have collaborated with the above mentioned Indian Banks to offer the new Life Insurance plan in India, namely India First.

It is head quartered in Mumbai.  And planning to open more branches and offices across India.  For the first year of its launch it is going to stay to the bancassurance option.  Then eventually expanding to agency mode.  They have an aim of breaking even with other life insurance companies in India in another 5 to 6 years which at the current scenario seems indeed an achievable target for India First Life Insurance.

Products:

India First Insurance has three plans or products or categories.  The three plans namely savings plan, future plan and education plan.  As the name suggests all these plans cater to the needs of all by way of helping us save, pension, and children plans.

IndiaFirst Savings Plan:

This plan is for those who are aspiring to save money for future dreams like buying house, foreign vacations, daughter’s wedding, etc.  This is a market linked or Unit Linked Insurance plan.  There are benefits like systemic savings of corpus, death benefit to the family.  You can even choose your own option of being invested in equities, debt or balanced funds.  You can switch between these funds anytime you want.  One can even withdraw even partially.  The other final advantage being tax benefits.

IndiaFirst Education Plan:

This plan, as the name suggests is for your kid’s education needs.  It is prepared in such a way that your child will receive funds during any major occasion like high school, finishing school, graduation, professional courses, etc.  Of course you have death benefit with it incase of anything untoward happened to you.  This is also an unit linked insurance policy with tax benefits under section 80C.  You can even withdraw money partially in between with this India First Education Plan.

IndiaFirst Future Plan:

This is the retirement solution policy from IndiaFirst.  This will help you save or set aside some amount to make it available for use during your retirement years.  The age of retirement can be determined by yourself.  Again this is an ULIP policy with the option of choosing between equity, debt or balanced.  One can even add in additional deposit to your policy to build more wealth during your retirement years.  Partial withdrawal is allowed.  One can get tax free return of 1/3 of the total fund value.

The customer care IndiaFirst helpline  s 1800-209-8700 and can call anytime of 8 to 8 p.m. between Monday to Saturday.