India First Life Guaranteed Protection Plus Plan is a term insurance plan offered by the India First Life Insurance company.

This plan comes with the rolling limited pay option that allows you to choose the exact number of years you want to pay premiums for, as determined by the insurer. However, it has some limitations as it doesn't offer increasing cover, critical illness rider, etc. The plan also doesn't provide much flexibility in terms of how the claim amount will be received by your family. Moreover, it is relatively more expensive compared to other products in the market. And, our research shows that the insurer has received a higher number of complaints during the claim settlement process and fewer complaints related to policy purchase process.

Now, let’s look at some of the top benefits that the India First Life Guaranteed Protection Plan offers.

What are the benefits of India First Life Guaranteed Protection Plus Plan?

Life cover Benefit: This term insurance plan pays your family an assured sum of money if you pass away during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy.
Early Exit Option: This option lets you opt out of the plan while it is active. You can do so during a specific timeframe determined by the insurer and you’ll receive a refund of all the premiums you’ve paid up to that point. However, this plan has no early exit option.
Increasing Cover: If you choose this feature, your term insurance cover will automatically increase by a specified percentage until it reaches the maximum limit. However, this feature is not offered under this plan.
Cover Duration: The plan gives you the chance to choose a cover till the age of 99 years, which makes it an ultra long-term policy. This means you can enjoy the benefits of your term insurance post-retirement as well.
Limited Pay Options: India First Life Guaranteed Protection Plus Plan provides you with the option to pay off the premiums quickly and get the burden off your chest. This plan allows you to customise the exact number of years you want to pay your premiums for through a Rolling Limited Pay from 5 year to 40 year options.
Claim Payout Options: Under this plan, you can customise how your family receives the claim payout using multiple claim payout options such as -
- Lump-sum: If you choose this option, your nominee will be paid the entire claim amount at once.
- Lump-sum with monthly income option: This is a combination of both lump sum and monthly income. Here, a part of the claim will be paid to your family as a lump sum and the remaining amount will be paid in monthly installments.

What are the riders available with the India First Life Guaranteed Protection Plus Plan?

India First Life Guaranteed Protection Plus Plan comes with some additional benefits called Riders, which you can choose at an additional cost. These additional benefits help you to boost your term insurance policy. This plan offers Waiver of Premium for Critical Illness and Waiver of Premium for Accidental Disability Rider. In case you are diagnosed with a serious disease or a disability during the policy period, these riders will waive off further policy premiums and retain your cover until the end of the term.

Why should you buy from India First Life Insurance Company?

Speed of Claim Settlement: India First has settled 99.73% of its claims in less than 30 days. This suggests that your family or nominee will not have to wait for too long to access the claim amount.
Online Tracking of Claims: The insurer provides your family with the option to track the claims process online.
Claim Settlement Ratio: The claim settlement ratio of India First is 97.04% and their claim amount settlement ratio is 91.10%.

What are the disadvantages of buying from India First Life Insurance Company?

Like every insurance company, India First also includes some disadvantages. Such as-

Claim complaints: According to research conducted by our in-house research team, we found that India First has received a higher number of complaints concerning its claim settlement process, compared to other insurers, accounting to 0.54%. This means that your family could face some issues during the claim settlement process.
Length of the claim form: India First provides a relatively long claim form, indicating that your family will find it challenging to complete the same.
Home pick up for claims: The insurer does not provide the option to pick up the claim documents from home. Hence, your nominee will have to visit the branch to submit the documents personally.
Personal relationship manager: India First does not provide a personal relationship manager - someone to help your nominee throughout the claim settlement process.

How is the Customer Service provided by India First Life Insurance Company?

Response on Toll-free: As per the research carried out by our in-house research team, we gathered that the customer service is poor compared to other insurance companies.
Response on Twitter: Your family can also contact the company through their twitter handle. But, the response rate in this channel is average.

About the Insurer- India First Life Insurance Company

India First is a Life Insurance company in India. Founded in 2009, it is a joint venture between Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited. The company is headquartered in Mumbai. The MD and CEO of India First is Ms.R.M.Vishakha.

Final Review of India First Life Guaranteed Protection Plus Plan

Based on the 100+ parameters analysed by our in-house research team and considering its product benefits, customer service, and claims experience, India First Life Guaranteed Protection Plus Plan gets a Beshak⭐Rating of 2.9/5.