The IndiaFirst Life Elite Term Plan is a Non-Linked, Non-Participating, Pure Risk Premium Life Insurance Plan designed for consumers who prioritize maximum coverage at the lowest possible premium. It delivers straightforward protection: a lump sum death benefit is paid to the nominee if the policyholder passes away during the term.
The plan’s main selling point is its ability to extend coverage for a long duration, offering security until the age of 99 years. However, this simplicity comes at the cost of customization, as the plan does not offer crucial modern features like the Limited Pay option, Critical Illness riders, or flexible claim payout (income) options.
Quick Overview: IndiaFirst Life Elite Term Plan
| What’s Good? | What’s Not Good? |
| High Maturity Age: Offers protection until age 99 years, providing true lifetime financial security. | No Limited Pay Option: Premiums must be paid for the entire policy term (Regular Pay). |
| High CSR: IndiaFirst Life maintains a strong 98.22% Claim Settlement Ratio (FY 2024-25), reflecting high reliability. | No Payout Customization: Death Benefit is paid only as a fixed, one-time Lump Sum. Monthly income payout option is not available. |
| Affordability: Generally offers low premium rates due to its “no-frills,” pure protection structure. | No Critical Illness Rider: Essential riders like Critical Illness and Waiver of Premium (WOP) are not available. |
| High Coverage Limit: Minimum Sum Assured starts at ₹50 Lakhs, with no upper limit (subject to underwriting). | No Increasing Cover: No option to automatically increase the Sum Assured to keep pace with inflation. |
| Fast Claim Settlement: High percentage of genuine claims settled within 30 days (99.97% as per public disclosure). | Complaint Volume: Research indicates the insurer receives a slightly higher number of claim settlement complaints compared to top-tier competitors. |
Pricing and Insurer Track Record
This reflects the company’s reliability and financial backing.
| Detail | IndiaFirst Life Insurance Company Limited |
| Founded in | 2009 (JV between Union Bank of India, Bank of Baroda, and Carmel Point Investments) |
| Claim Settlement Ratio (FY 2024-25) | 98.22% (Individual Death Claim Paid Ratio) |
| Solvency Ratio (FY 2024-25) | 200.40% (Well above IRDAI mandate of 150%) |
| Maximum Maturity Age | 99 years |
Detailed Product Overview of IndiaFirst Life Elite Term Plan
The IndiaFirst Life Elite Term Plan focuses intensely on providing a high Sum Assured for a low premium over a very long term. The ability to cover the insured until age 99 is a significant advantage for those seeking to protect assets or ensure an inheritance for their dependents well into retirement.
The structure of the plan mandates Regular Pay, meaning the premium must be paid every year for the duration of the policy term, and there is no Limited Premium Payment Term option available. Furthermore, the death benefit payout is restricted to a Lump Sum, offering no flexibility for the nominee to choose a monthly income stream, which many modern plans provide to hedge against inflation. .
The plan’s simplicity also extends to its limited rider options. Crucially, the plan does not offer a Critical Illness Rider, a Waiver of Premium Rider, or an Accidental Death Benefit Rider as part of the core policy or as an add-on. This necessitates that the buyer considers purchasing these protection riders separately from another insurer.
At A Glance
| Product Benefit | Feature Details (IndiaFirst Life Elite Term Plan) |
| Product Type | Non-Linked, Non-Participating, Pure Term Plan |
| Coverage Term | Flexible terms, up to Max Maturity Age of 99 years. |
| Death Benefit Payout | Lump Sum only (no monthly income or combination options). |
| Premium Payment Term (PPT) | Regular Pay only (same as the policy term). |
| Minimum Sum Assured | ₹50 Lakhs. |
| Terminal Illness | Not an inbuilt feature (check latest policy documents for updates, but generally accelerated payout is not available). |
| Riders Available | Generally No Critical Illness, WOP, or Accidental Death Rider options. |
| Tax Benefits (80C) | Premiums eligible for deduction up to ₹1.5 lakh. |
| Tax Status (10(10D)) | Death Benefit is fully tax-exempt. |
Frequently Asked Questions
1. What is the IndiaFirst Life Claim Settlement Ratio (CSR)?
IndiaFirst Life Insurance has a strong Claim Settlement Ratio (CSR) of 98.22% (FY 2024-25), demonstrating a high commitment to settling claims efficiently.
2. Does the IndiaFirst Life Elite Term Plan offer a Return of Premium (ROP) option?
No, the Elite Term Plan is a pure term insurance plan and does not offer a Return of Premium (ROP) option. There is no maturity benefit available upon survival.
3. What is the maximum age I can be covered until?
The plan offers one of the highest maturity ages in the market, allowing you to secure cover until the age of 99 years (provided the entry age is below 65).
4. Can I customize the claim payout into monthly installments?
No. The death benefit under the IndiaFirst Life Elite Term Plan is paid only as a Lump Sum. There is no option to receive the claim amount as monthly income installments.
5. Does the plan offer Limited Premium Payment Term (LPPT)?
No. The plan requires Regular Premium payment, meaning the premium paying term is the same as the policy term. Limited Pay options are not available.
6. Is the Critical Illness Rider available with this plan?
No. The IndiaFirst Life Elite Term Plan generally does not offer key riders like the Critical Illness Rider or the Waiver of Premium Rider. If you require these features, you must purchase a separate base policy from another insurer.
7. Does the plan offer an optional Accidental Death Benefit (ADB) Rider?
No. Like other essential riders, the Accidental Death Benefit Rider is typically not available with this product, limiting the scope of coverage against accidental causes of death.
8. How quickly are claims settled by IndiaFirst Life?
IndiaFirst Life has demonstrated high efficiency, settling 99.97% of genuine claims within 30 days of receiving all necessary documentation, ensuring prompt financial support for the nominee.
9. Can I take a loan against my policy?
No. As a pure term insurance plan with no surrender value, a loan facility is not available under this policy.
10. Can I buy IndiaFirst Elite Term with a decreasing Sum Assured?
No, the IndiaFirst Life Elite Term Plan is a Level Term Plan, meaning the Sum Assured remains constant throughout the policy term. It does not offer decreasing cover or increasing cover options.
Important Disclaimer & Disclosure
Please Read Before Proceeding: The information provided in this blog post about IndiaFirst Life Elite Term Plan is for informational and educational purposes only. This content is based on our interpretation of policy brochures and market research as of November 2025.
- Not Financial Advice: This is not insurance or financial advice. Always consult with a certified financial advisor or insurance expert before making any purchase decisions.
- Policy Wording is Final: Features, limits, premium rates, exclusions, and benefits are subject to change. The final, legally binding terms and conditions are those stated in the official Policy Wording document issued by the insurer. Please review this document thoroughly before committing to a plan.
- Tax Disclaimer: Tax benefits are subject to changes in the Income Tax Act, 1961. Consult a qualified tax professional to confirm current tax implications for your specific financial situation.
