INDIA FIRST LIFE INSURANCE COMPANY LTD.,

IndiaFirst Life Insurance Company Ltd. is a Joint Venture company of our bank in association with Bank of Baroda and L&G a foreign partner and started its operations.

IndiaFirst Life Insurance Company is 23rd entrant in the domestic life insurance industry. It has received all the regulatory approvals for starting the business in India. The initial paid up capital is Rs. 200 crs. The logo is represented by a three-coloured wave symbolic of the colours of three partnership companies. It symbolizes the dynamic nature that the company will maintain and a motto to always keep the customer first.

In this perspective, to keep pace with the market trend, our Bank has entered into Insurance joint venture with Bank of Baroda and Legal & General. The stake of our Bank is 30%, Bank of Baroda 44% and Legal & General 26% in the joint venture.

Our Bank has now transferred our Corporate Agency to our Joint Venture Company after termination of our Agency arrangement with LIC of India.

IndiaFirst Life Insurance Company Ltd is making its debut with launch of three ULIP – Savings, Children and retirement plans in the market. These three products have versatile features, competitive premium rates, life insurance cover, good returns on investment keeping in track with the prevailing market trends in the insurance sector.

Initially the following 3 products are introduced by IndiaFirst and all the products are available at all our branches.

Salient features of the products –

1. IndiaFirst Savings Plan
2. IndiaFIrst Education Plan
3. IndiaFirst Future Plan

1) IndiaFirst Savings Plan:

• This is a insurance cum investment plan enabling creation of wealth.
• Builds savings corpus systematically, through investments in various funds.
• Customers interested in achieving their financial goals such as buying a house, car, planning vacations etc.
• Plan Term: Regular premium – 15, 20 and 25 yrs.  Single premium – 15 yrs Fixed Term.
• Minimum Investment – Regular Premium – Rs. 12,000/- pa; Single Premium – Rs. 30,000/- pa in multiples of Rs. 1,000/-.
• Maximum Investment – No limit.
• Fund Options – Equity Fund, Debt Fund, Balanced Fund.
• Benefits:
• At Maturity the fund value as on date of maturity will be paid.
• Secures the future of family, as they get an assured lump sum benefit in the event of untimely death of the life insured.
• Tax benefit on Premiums paid, Maturity benefit and Death benefits.

2) IndiaFirst Education Plan:

• This is a Unit linked Savings plan that not only helps the customers to grow their money through market linked investments but also ensures that their children receive financial support as planned by them even in their absence
• Under this scheme parent is the "Life insured and the beneficiary is the child".
• Married couples going in family way and Customers with young children in schools desirous of imparting quality education to their children. Plan Term: Regular premium – 10, 15, 20 and 25 yrs. 
• Minimum Investment – Regular Premium – Rs. 12,000/- pa;
• Maximum Investment – No limit.
• Fund Options – Equity Fund, Debt Fund, Balanced Fund.
• Benefits –
• Child will always receive funds at every momentous occasion in his/ her life. Be it High School/ College/ Professional course and any other life events.
• Child gets financial security even if any untoward incident results in parent death/ disability. Company pays the remaining premium amounts into the policy in one lump sum and child receives the fund value (Sum Insured) on the chosen date. 
• At Maturity the fund value as on date of maturity will be paid.
• Tax benefit on Premiums paid, Maturity benefit and Death benefits.

3) IndiaFirst Future Plan:

• Option to choose the term matching with retirement age (Called vesting age).
• The customer has to invest steadily / regularly during his income generating years to build a healthy retirement corpus / fund.
• Customers who are salaried class, businessmen, Professionals & Self employed and in private service can choose options suiting to their requirements.
• Plan Term: Regular premium – 15.  Single premium – 15 yrs.
• Minimum Investment – Regular Premium – Rs. 12,000/- pa; Single Premium – Rs. 50,000/- pa in multiples of Rs. 1,000/-.
• Maximum Investment – No limit.
• Fund Options – Equity Fund, Debt Fund, Balanced Fund, Liquid Fund.
• Benefits:
• At Vesting age the policyholder can either take Tax free returns upto 1/3rd of the fund value on a chosen date of retirement and for balance 2/3rd annuity plans to be purchased from the same insurance company or any other insurance company.
• Secures the future of family, as the nominee get an assured lump sum benefit in the event of untimely death of the life insured.
• Tax benefit on Premiums paid and 1/3rd Maturity benefits.

Common features:

• Option to invest in debt, equity or a balance fund with option to chose proportions of investment under each
• Switching facility from one fund to another
• Option to build up corpus through additional deposits by way of top-up facility
• Easy access to money by being able to withdraw partially after completion of 3 years i.e., from 4th year onwards. 
• No charges are applicable on partial withdrawal after completion of 5th year
• Tax benefit under Section 80C on the premium invested.
• Tax benefit on maturity proceeds of policy under Section 10 (10D)
• Units will be allotted after deduction of allocation & other charges p.a. We enclose herewith the details of allocation charges recoverable from the policy holders, concessions / discounts allowed to the staff members of the bank and the commission payable to the bank on various types of policies in Annexure -1.

The filled-in application forms submitted to the branches will be processed by the company and arrange issuance of policy direct to the policy holder.

The company's representatives are available at certain identified branches and they will serve the other branches too depending on the demand.

Operational Aspects –

1) Filling-up the proposal form:

Branches will support in filling the application form by the customer that every column in the application form is duly filled up by the customer. Certain clarifications relating to column to be filled in by Branch is given hereunder -

Please note that completely filled-in application form only can be processed by the company. Incomplete applications will be returned back for submitting the required information.

Applications filled-in all respects will only be accepted by the system for processing and issuance of policy.

There is also a mandatory requirement to be completed, which requires us to show 5-minutes duration "Video Clip" to every policy holder of "having understood the features of the policy" before getting the application signed as declared by the proposal in the application. It is also available in one-minute short version.

IV) Legal Aspects –

1) Notices.
2) Statutory Warning.

1) Notices:

Any notice relating to issue of policies, claims of policy holders/ legal heirs should be directly sent at the address of the company mentioned last page.

2) Statutory warning:

Please note that the products introduced are ULIP policies and are connected to investments which are subject to market fluctuations.

Bank does not give any assurance to investors / policy holders about the return on the investment.

Chief Manager

Annexure: 1
(Allocation charge & Commission payable to bank)

The following are the products going to be initially launched on the inauguration day.

• IndiaFirst Savings Plan
• IndiaFIrst Education Plan
• IndiaFirst Future Plan

All the above 3 products are ULIP policies and units will be allotted after deduction of the following allocation charges (one-time):

Commission structure:

The following are the details of commission payable to the bank on the above policies:

Address:

IndiaFirst Life Insurance Company Ltd.,
301, "B" Wing, The Qube, Infinity Park,
Dindoshi - Film City Road,
Malad (East) Mumbai 400 097.

Board No. +91 22 33259500
Fax No. +91 22 33259600

Customer Care (Toll Free Number) 1800-209-8700