FAQs: India First POS Insurance Khata

What is IndiaFirst Life POS Insurance Khata Plan?

IndiaFirst Life POS Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The plan is designed to offer financial protection in the form of a life cover for the family along with return of total premium paid, (excluding applicable taxes) in case the life assured survives till the end of the policy term.

What are benefits of the plan for the customer?

There are dual benefits in the plan. If an unfortunate event occurs within the policy term, then the Life insured’s family gets the insurance cover. However, if the term of the insurance is completed and there is no claim filed, then the insurance premium is returned.

What are the cover terms of this plan?

Pay through single premium and get life cover for 5, 7 or 10 years as per your choice. However, the customer has the option of buying multiple policies. These will keep on adding to the total insurance coverage and term of the policy.

Can the customer buy multiple policies of the same plan?

Yes, the customer can buy multiple policies of the plan whenever they want. This will keep on increasing the total coverage limit and term of the policy

Can the customer limit increase during the term of the policy?

The customer cannot increase the coverage limit of an existing policy, but overall coverage can be increase by buying new policies

What is the amount that will be paid to customer’s Nominees in case of an unfortunate event?

The nominee will receive the chosen sum assured at inception of the policy which could be either 5 or 7 or 10 times of single premium. If there are multiple POS Insurance Khata policies, the total sum assured payable will be combined sum assured of all policies.

What are the maturity benefits of the policy?

At maturity of each policy, IndiaFirst will refund the single premium paid for purchasing the policy, excluding GST.

What are the tax benefits of this policy for the customer?

Tax benefits are available on premiums paid and benefits are receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult a tax consultant before purchasing the policy.

Does the customer have to make regular premium payments for the policy?

The customer doesn’t have to make regular premium payments as this policy is only through single premium payment.

What is the minimum and maximum term of this plan?

The minimum term of the plan is 5 years and the maximum is 10 years.

What are the minimum and maximum policy premium?

The minimum premium for the policy is Rs.500 and the maximum is Rs.15,000.

What is the minimum and the maximum insurance cover per policy?

The minimum insurance cover is Rs.2500 and the maximum is Rs.15,0000.

Are there any limits to the number of policies that a customer can buy?

The customer can keep on buying multiple single premium insurance policies, thus increasing the total coverage.

Are there any limits on the age of the policy holder?

No, they aren’t any limits. However, the policy holder should be in between 25 to 50 years of age at the time of buying the policy.

What are the different payment modes for buying the policy?

The policy can be bought using Oxigen Wallet. Alternatively, other payment methods such as Net banking, Debit Cards and Credit Cards are also available.

What all customer documentation is required to buy the policy?

To buy this policy, customer only needs his Aadhaar number and the mobile number which is registered with Aadhaar.

What are the retailer benefits for selling this insurance?

For every policy sold, every retailer will earn some margin. Since this product has been specifically designed keeping in mind the current customer profile of an Oxigen Retailer, this is an oppurtinity for every retailer to provide a new service to his existing customers and add new customers too.

Is there any registration required to avail this service?

No, there is no registration required to avail this service. All RBL approved CSPs are eligible for this service.

Are there any requirements that the retailer needs to fulfil?

Yes, there are a few requirements for the retailers:

  • The Retailer should have an Aadhar card and a Pan Card.
  • Educationally, the retailer should be minimum a metric pass.
  • The retailer should not be registered to sell any other insurance product.

When will the Retailer be paid commission for sale of the policy?

The retailer will be paid commissions in their monthly commission cycle.

How can a customer’s nominee file a claim incase an unfortunate event occurs?

Claim can be filed with the help on the supporting documents. The supporting documents can be forwarded to
claim department at head office by courier to the below address.
Claims Department
IndiaFirst Life Insurance Company Ltd

301, 'B' Wing, The Qube,
Infinity Park,
Dindoshi - Film City Road,
Malad (East), Mumbai - 400 097
Intimation with supporting scanned documents can also be sent by email to: claims.support@indiafirstlife.com

Where should a policyholder contact in case there is any issues related with the policy?

Policyholders can contact the following toll-free service help line

  • Policyholders 1800 209 8700
  • Operational Hours: Monday to Saturday 8:00 AM to 8:00 PM
  • Alternatively, they can send a mail to the below mentioned Email ID: customer.first@indiafirstlife.com

Where should a retailer contact if he is facing any issues?

Distributors can contact the following toll free service help line

  • Distributor/Sales 1800 200 5700
  • Operational Hours: Monday to Saturday 8:00 AM to 8:00 PM
  • Alternatively, they can send a mail to the below mentioned Email ID: distribution.services@indiafirstlife.com