How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
IndiaFirst Life Insurance Company
Key Insights
 |
Claim settlement ratio (2019-20) | |
Inception | |
| 96.81% | 2009 | |||
|
Presence | |
Total death benefit paid | |
| 500+ offices | Rs. 310.71 Crore | |||
|
Solvency ratio | |||
| 1.81 |
|
Claim settlement ratio (2019-20) |
| 96.81% | |
|
Inception |
| 2009 | |
|
Presence |
| 500+ offices | |
|
Total death benefit paid |
| Rs. 310.71 Crore | |
|
Solvency ratio |
| 1.81 |
About IndiaFirst Life Insurance Company
IndiaFirst Life Insurance Company Limited is a joint venture between the UK- financial and investment company Legal and General and India’s public sector banks Bank of Baroda and Union Bank of India. It has more than 500 branches across the country, making it easily accessible from different parts of the country.
The company offers comprehensive life insurance plans of different categories like term plans, investment plans, micro life insurance plans, savings plans, retirement plans and many more catering to the needs of its customers.
With Pazcare employers can provide their employees with a group term life insurance policy from IndiaFirstLife Insurance company. Get the best quotes for the IndiaFirst group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
How to buy IndiaFirst group term life insurance from Pazcare?
These simple steps allow you to purchase the IndiaFirst group term life insurance policy online from Pazcare.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the IndiaFirst Life group term life insurance policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your IndiaFirst Life group term insurance policy offering with Pazcare.
- Product demo & sharing active employee data
We provide you with a product demo of how to administer the IndiaFirst Life group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the IndiaFirst Life group term life insurance for employees.
- Getting quotes & onboarding
We get you competitive quotes from IndiaFirst Life Life Insurer and other 4+ life insurers. Choose the best offering, say IndiaFirst Life group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
IndiaFirst group term insurance renewal with Pazcare
The IndiaFirst group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to renewing your IndiaFirst Life group term insurance policy, we recommend you review our offerings before purchasing the IndiaFirst Life group term life policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours regarding the IndiaFirst Life group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
- Product demo & personalisation
We provide you with the product demo if you are new to buying/renewing the IndiaFirst Life group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your IndiaFirst Life group term policy according to the previous offerings.
- Getting quotes & onboarding
We get you competitive quotes from IndiaFirst Life Life Insurance and other 4+ insurers. Choose the best IndiaFirst Life group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
IndiaFirst Life Insurance claim settlement ratio
The claim settlement ratio is the percentage of the claims settled by the IndiaFirst Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year, 2019-20, the claim settlement ratio of IndiaFirstLife Insurance is 96.81%.
IndiaFirst group term insurance premium
The IndiaFirst group term insurance premium depends on various factors like
IndiaFirst Life group term insurance benefits from Pazcare
Purchasing your group term life insurance policy for employees from IndiaFirst Life Insurance company has the following benefits.
Tax benefits
As employers, when you pay the premium towards the IndiaFirst group term life insurance policy from Pazcare, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
No medical screening needed
The IndiaFirst group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.
500+ branches
IndiaFirstLife Insurance company has 500+ branches present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline.
High claim settlement ratio
The claim settlement ratio of IndiaFirst Life Insurance company for the financial year 2019-20 is 96.81%. This means the chances of settling the claims for your group term life insurance policy are high.
IndiaFirst Life group term insurance claim
Documents required to claim IndiaFirst Life group term insurance
Here are the documents that you require to claim the IndiaFirstgroup term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
- Choose the suitable policy with our consulting approach
- Custom-made plan with health and mental wellness add-ons
- The tech-enabled Pazcare dashboard to manage endorsements
- Integrate the dashboard with your HRMS tool
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IndiaFirst Life Insurance Company customer care number
IndiaFirst Life Insurance customer care is available 24X7 for all the group term life policy related assistance.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
IndiaFirst Life Insurance Company FAQs
What is IndiaFirst Life Insurance contact number?
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The IndiaFirstLife Insurance contact number is 1800 209 8700. Alternatively, you can email them at distribution.service@indiafirstlife.com
What is IndiaFirst Life Insurance Company claim settlement ratio?
The claim settlement ratio of IndiaFirstLife Insurance for the financial year 2019-2020 is 96.81%.
How is the premium calculated for IndiaFirst group term life insurance for employees?
The premium for IndiaFirst group term life insurance for employees is calculated based on various factors like
- Sum assured for employees
- CTC of employees
- Grade of employees
- Covid and vaccination status
- Risk of the job
How do I go about renewing my IndiaFirst term life insurance policy?
You can now easily renew your IndiaFirst term life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.
Do the riders available in IndiaFirst Life Insurance come at a cost?
The riders in IndiaFirst Life Insurance term insurance are optional. You have to pay an additional premium to avail additional riders to your existing policies.
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