IndiaFirst Life Insurance Company Limited
With a deep-rooted passion for serving customers, IndiaFirst Life firmly believes that the certainties in life far outweigh the uncertainties. This belief drives its commitment to helping individuals and families prepare for those unpredictable moments ever since its founding in the year 2009. The company is a joint venture among the Bank of Baroda, Union Bank of India, and Carmel Point Investments India Private Limited.
IndiaFirst Life works every day with a singular goal in mind: to make insurance easily accessible to every Indian household. By offering a wide range of insurance solutions, IndiaFirst Life aims to provide peace of mind and financial security to their valued customers. It offers a wide range of products that cater to the protection, savings, health, and retirement needs of its customers. With multiple distribution capabilities and various investment options, it is able to provide comprehensive solutions. Its offerings include participating plans, non-participating savings plans, non-participating protection plans, unit linked insurance plans, group protection plans, corporate funds plans, riders and so on.
In the financial year 2022-23, IndiaFirst Life Insurance Company Limited issued 1,45,92,104 policies and received 31,274 claims.
Awards & Recognition
IndiaFirst Life Insurance Company Limited has been recognised with several prestigious accolades and awards -
GPTW listed IndiaFirst Life Insurance Company Limited in the Top 50 Best Workplaces in BFSI 2023 for the fifth time in a row for consistently demonstrating their commitment to creating a positive and fulfilling work environment.
IndiaFirst Life Insurance Company Limited was recognised as the 16th best customer-centric company at the Customer Fest Leadership Awards 2023. This recognition speaks highly of its commitment to delivering a quality experience to its customers.
IndiaFirst Life Insurance Company Limited was the proud recipient of the esteemed ‘Leader in Customer Engagement Initiative Award’ in 2023 presented by Elets BFSI Tech Innovation Awards - highlighting its commitment to delivering excellent customer experience and engagement in the insurance sector.
It received the ‘Best HR Initiatives’ at the prestigious InsureNext Awards 2023 for its effectiveness in optimising HR operations and enhancing employee satisfaction.
IndiaFirst Life Insurance Company Limited achieved Great Place to Work-Certified Status for the 5th Consecutive Year in 2023 by Great Place to Work Institute for its amicable workplace culture - a testament to its strong commitment to providing a safe and comfortable work environment for all its employees.
It was honoured with the ‘Best Cyber Security Initiative’ at the BFSI Excellence Awards 2021 - highlighting its ability to keep up with the latest trends in cyber security and utilise cutting-edge technology for maximum effectiveness.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) plays a crucial role in assessing an insurance company's efficiency in managing and resolving claims. IndiaFirst Life Insurance Company Limited demonstrated remarkable performance in the fiscal year 2021-22, with an impressive Claim Settlement Ratio of 96.92%. This signifies that it has efficiently resolved a significant number of the claims it received. Furthermore, it achieved an impressive Claim Amount Settlement Ratio of 91.10% in the same period. This ratio indicates the percentage of the claim amount they received that they have paid.
By examining an insurance company's CSR, you can assess its efficiency in promptly fulfilling claims. An insurer with a high CSR is regarded as more reliable and trustworthy in terms of settling claims. It is also important to analyse their CSR track record over the past few years to ensure consistent performance.
The solvency ratio holds significant value in assessing the financial strength and stability of an insurance company. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have ample financial resources to meet their obligations and honour their commitments.
IndiaFirst Life Insurance Company Limited takes great pride in its current solvency ratio of 218% as of 31 March 2023. This outstanding number showcases its strong financial position, exceeding the minimum requirement by a significant margin. It has the financial capability to smoothly process claim payments and meet other responsibilities without any difficulties.
If you have any questions or need assistance regarding your insurance policies, you can get in touch with IndiaFirst Life’s customer support team via their toll-free number 1800-209-8700.
For any queries, doubts, or concerns, you can reach out to IndiaFirst Life Insurance Company Limited by sending an email to firstname.lastname@example.org.
IndiaFirst Life Insurance Company Limited also offers alternative contact options to help you with your doubts, issues, etc.
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