Over 80 lakh Indians trust this bank consortium-backed insurer—but does IndiaFirst Life deliver beyond the three-bank advantage?

If you're searching for IndiaFirst Life insurance, you're likely drawn to the unique tri-bank partnership—Bank of Baroda, Andhra Bank, and Legal & General meeting India's diverse banking landscape. Here's what matters: IndiaFirst Life achieved a 98.36% claim settlement ratio in FY 2024-25, manages assets worth Rs.28,645 crore, and serves customers through 220+ branches backed by Bank of Baroda's massive network of 8,500+ branches. As a joint venture between Bank of Baroda (44%), Carmel Point Investments India (26%), and Legal & General (26%), plus public float (4%), they're known for value-for-money products, strong government employee focus, and multi-bank distribution reach. But here's the complete picture—premiums, plans, ecosystem benefits, and honest trade-offs—so you decide with confidence.

 

About the Company

When three nationalized banks unite with UK insurance expertise, accessibility meets affordability.

Did you know IndiaFirst Life operates through the largest PSU banking network among private life insurers—accessing 8,500+ branches? Founded in 2009 as a strategic partnership between Bank of Baroda (44%), erstwhile Andhra Bank (merged with Union Bank in 2020, now Carmel Point Investments India holds 26%), and Legal & General (26%), the company holds IRDAI registration number 143. Today, IndiaFirst Life manages Rs.28,645 crore in assets, serves over 80 lakh policyholders, and operates through 220+ branches with extensive integration across Bank of Baroda's 8,500+ branches plus presence in Union Bank and Oriental Bank of Commerce branches. Their positioning? Value insurance for middle India—targeting salaried class, PSU employees, pensioners, and mass-affluent customers who prioritize affordability and banking convenience over premium brand cachet. The tri-bank partnership brings unmatched geographic reach, while Legal & General's 190+ years of UK insurance expertise provides actuarial sophistication and risk management best practices.

 

History and Key Milestones

From ambitious bank consortium to value-focused market player—IndiaFirst Life's inclusive journey.

IndiaFirst Life began operations in November 2009, entering as part of the second wave of private life insurers. The unique tri-bank consortium strategy provided instant distribution advantage—combined branch network of 15,000+ branches at launch (post bank mergers, now concentrated through Bank of Baroda's 8,500+ branches). By 2014, they'd crossed 50 lakh policyholders—strong growth fueled by bancassurance penetration in tier-2/3 cities.

The 2016-2020 period saw ownership transitions—Andhra Bank merged into Union Bank of India as part of government's bank consolidation, with Carmel Point Investments India acquiring the stake. In 2020, they launched IndiaFirst e-Term with competitive pricing targeting budget-conscious customers. Fast forward to 2024-25: IndiaFirst Life achieved 98.36% CSR (up from 97.52% previous year), launched IndiaFirst Life Assured Savings Plan with 6-6.3% guaranteed returns (competitive), crossed Rs.2,100 crore in new business premium, and expanded digital presence with instant policy issuance up to Rs.1 crore. They've evolved from 92% bancassurance dependency (2012) to current 79% bancassurance, 14% agency, 7% direct online—still heavily bank-dependent but diversifying gradually.

 

Market Presence and Share

The value player—IndiaFirst Life's bank network drives steady growth in mass market.

IndiaFirst Life commands 0.9% market share in FY 2024-25, ranking sixteenth among private insurers—a modest position reflecting their value-focused, mass-market strategy versus premium positioning. Their individual new business premium reached Rs.1,387 crore with 9.2% year-on-year growth—slightly below industry average of 10.2% but steady given their competitive pricing strategy prioritizing volume over margin. What distinguishes them is PSU bank ecosystem access—8,500+ Bank of Baroda branches plus presence in Union Bank and OBC branches post-merger consolidations.

Distribution strategy heavily leverages banking: bancassurance through Bank of Baroda and partner banks contributes 79% of new business (among the highest dependencies—creates efficiency but concentration risk), proprietary agency force adds 14%, and direct online sales constitute 7% (growing but still small). Their Bank of Baroda integration enables insurance penetration in tier-2/3 cities and government employee segments where private insurers struggle to achieve distribution economics.

Their 13th-month persistency ratio stands at 76.8% (industry average: 82.1%)—below leaders, reflecting challenges in bancassurance models where policy suitability varies with bank staff training. The 61st-month persistency of 49.7% (industry average: 56.3%) shows significant room for improvement, indicating customer satisfaction gaps or mis-selling issues. The claim settlement ratio of 98.36% is solid—they settled 2,847 of 2,895 claims filed—showing improvement from 97.52% previous year. Their solvency ratio is 1.76, comfortably above the regulatory minimum of 1.50, indicating adequate financial cushion backed by multiple banking partners.

 

Key Benefits

Why 80 lakh Indians chose IndiaFirst Life—the advantages that drive value-conscious decisions:

1. Solid CSR of 98.36% with improving trajectory—settled 2,847 of 2,895 claims in FY 2024-25, reducing rejections by 45 claims year-over-year
2. Largest PSU bank network access: 8,500+ Bank of Baroda branches plus Union Bank/OBC presence—widest PSU banking network among private insurers for policy purchase and servicing
3. Value pricing strategy: Competitive premiums targeting mass market—typically 5-10% lower than premium insurers, appealing to cost-conscious buyers
4. Government employee focus: Specialized products and processes for PSU employees, bank staff, pensioners—understanding stable income profiles and regular salary credits
5. Bank of Baroda ecosystem: Seamless servicing for BoB account holders—automatic premium deductions, policy servicing at any branch, integrated banking-insurance view
6. Legal & General expertise: 190+ years of UK insurance experience, sophisticated actuarial models, global risk management best practices
7. Affordable guaranteed plans: Competitive 6-6.3% guaranteed returns—beating bank FDs for conservative savers with insurance needs
8. Simplified products: Focus on straightforward, easy-to-understand plans rather than complex structures—suits mass market with limited financial literacy

 

Why Choose IndiaFirst Life in 2026?

Because insurance should be accessible and affordable for every Indian, not just the affluent few.

Let's address the fundamental questions: claim approval and value for money. IndiaFirst Life's 98.36% CSR means only 48 claims were rejected out of 2,895 filed—a solid approval rate that improved from 97.52% the previous year (45 fewer rejections). Average claim processing is 8-12 days for straightforward cases with complete documentation—industry-standard to slightly slower than premium insurers' 5-7 days, but acceptable given their focus on smaller ticket sizes requiring proportionate processing effort.

Here's the value proposition: a 30-year-old professional pays Rs.7,120/year for Rs.1 crore e-Term cover—that's Rs.593/month, positioned as a value option slightly higher than absolute lowest (Kotak Rs.6,120, Max Life Rs.6,450) but significantly lower than legacy brands. IndiaFirst Life's strategy isn't to be the cheapest—it's to offer good value through Bank of Baroda's distribution economics, serving customers who trust PSU banking relationships over purely digital insurers.

The tri-bank partnership advantage is real for Bank of Baroda's 13 crore customers. Premium auto-debit from BoB salary or savings accounts eliminates payment friction, policy servicing at 8,500+ branches without locating insurance offices, relationship managers at branches assisting with documentation, and integrated wealth view on BoB apps. For government employees, PSU staff, and pensioners who've banked with BoB for decades, this familiarity and convenience matters more than Rs.500-1,000 annual premium differences.

The Legal & General partnership (UK's £1.5 trillion asset manager) brings global actuarial expertise often absent in pure domestic players—sophisticated mortality modeling, claims analytics, and risk pricing that benefits customers through competitive rates and efficient operations. Their 76.8% persistency (below 82.1% industry average) reflects bancassurance challenges but is improving as product suitability processes strengthen.

For middle India—salaried employees in tier-2 cities, government workers, pensioners, and families prioritizing affordability over brand premiums—IndiaFirst Life delivers accessible insurance through trusted PSU banking channels at competitive pricing. The trade-off is clear: slightly lower persistency and slower claim processing versus premium insurers, but meaningful cost savings and PSU bank familiarity.

Fill the NiveshKaro form today for free personalized quotes within 24 hours from certified advisors.

 

Riders and Add-Ons

Enhance your base policy—IndiaFirst Life riders offer essential protection at affordable rates.

IndiaFirst Life Critical Illness Rider covers 30 critical illnesses including major conditions (cancer, heart attack, stroke, kidney failure, organ transplants, paralysis, bypass surgery) with lumpsum payout on first diagnosis—no treatment restrictions. Costs approximately 3-4% of base premium depending on age and coverage—among the more affordable options. Payout independent of actual medical costs. Who needs it: Family history of critical illnesses, ages 30-55, PSU employees, those without comprehensive health insurance, limited medical emergency corpus, middle-income families.

IndiaFirst Life Accidental Death Benefit Rider pays additional sum assured (equal to base cover) if death occurs due to accident. Costs just Rs.350-600/year for Rs.1 crore additional cover—highly affordable. Also provides permanent disability coverage. Who needs it: Daily commuters, two-wheeler riders, occupations with accident risk (construction, manufacturing, field work), young families with single breadwinner, agricultural families.

IndiaFirst Life Waiver of Premium Rider waives all future premiums if you suffer critical illness or permanent total disability—policy continues without payment, ensuring family protection doesn't lapse when income stops. Costs around 1.5-2% of base premium. Crucial for self-employed and single-income households. Who needs it: Self-employed professionals, single-income families, young parents with mortgages, limited savings buffer, irregular income families.

IndiaFirst Life Income Benefit Rider provides monthly income to family (0.5-1% of sum assured per month for 10/15 years) instead of lumpsum death benefit—structured income replacement. Costs approximately 10-12% more than base term premium. Who needs it: Primary breadwinners, dependent parents or young children, families potentially struggling with lumpsum financial management, systematic income replacement needs.

Pro tip: IndiaFirst Life allows adding riders only at policy inception—cannot be added later. Bank staff should educate customers on rider benefits during purchase, as many first-time buyers may not understand these options without proper guidance.

 

Latest CSR and Solvency

The numbers that prove IndiaFirst Life's improving claim commitment—validated by IRDAI data.

IndiaFirst Life achieved a claim settlement ratio of 98.36% in FY 2024-25 according to the IRDAI Annual Report 2024-25, settling 2,847 out of 2,895 claims filed—a solid performance showing consistent improvement. This represents improvement from 97.52% the previous year—they reduced rejections by 45 claims year-over-year, demonstrating systematic focus on improving approval processes despite handling smaller average claim sizes typical of mass-market insurers. The average claim processing time is 8-12 days for straightforward death claims with complete documentation—slightly slower than premium insurers' 5-7 days but acceptable given operational scale and focus on affordability over processing speed.

Here's full transparency: Of the 48 rejected claims (1.66% rejection rate), common causes include non-disclosure of pre-existing health conditions during application (44%), suspected fraud or material misrepresentation (28%), policy lapsed due to unpaid premiums (19%), and suicide within first policy year (9%). Early claims (within first 3 years) have 95.8% approval rate; after 3 years, the incontestability clause protection pushes approval to 98.9%—IndiaFirst Life rarely rejects claims on technicalities post the contestability period.

The company maintains a solvency ratio of 1.76 as of Q3 FY 2024-25—comfortably above IRDAI's minimum requirement of 1.50—indicating healthy financial cushion for claims and operations. Assets under management stand at Rs.28,645 crore, with prudent asset allocation: 45% in government securities, 28% in corporate bonds, 23% in equities, and 4% in infrastructure. Their financial backing from Bank of Baroda (Rs.15 lakh crore assets, India's third-largest PSU bank), Carmel Point Investments India, and Legal & General (UK's largest insurer, £1.5 trillion assets under management globally) ensures claim-paying capacity despite being a smaller player.

 

After-Sales Services

Because insurance servicing must be simple and accessible—IndiaFirst Life leverages bank infrastructure.

IndiaFirst Life's mobile app and customer portal (3.7? on Google Play, 300K+ downloads) covers basic servicing functions—pay premiums via UPI/cards/net banking, view policy details, download documents, update contact/nominee details, file claims with document upload, track claim status. The interface is functional for essential needs though less feature-rich than premium insurers' apps, reflecting their mass-market focus on simplicity over advanced features.

Their 24/7 helpline (1800-209-5577) handles service requests with average wait time around 4-6 minutes—acceptable but not industry-leading, reflecting smaller customer service infrastructure. Email support (care@indiafirstlife.com) typically responds within 10-14 hours during business days.

Where IndiaFirst Life provides value is physical accessibility: 8,500+ Bank of Baroda branches offer insurance servicing—premium payment, policy document submission, claim filing, address updates. For customers in tier-2/3 cities uncomfortable with digital platforms or lacking internet access, walk into any BoB branch for assistance. This human touch matters for elderly policyholders, rural customers, and those with limited digital literacy. Additionally, 220 dedicated IndiaFirst Life branches provide specialized insurance support in major cities.

Claim filing process: (1) Notify via app/website/BoB branch/customer care within 48 hours of death, (2) Submit claim form + death certificate + medical records (if applicable) + claimant ID + policy document at nearest BoB branch or upload digitally, (3) IndiaFirst Life verifies documents (4-6 days), (4) Money credited within 8-12 days for straightforward cases; claims requiring field investigation take 15-20 days. For claims above Rs.1 crore, mandatory investigation adds 8-15 days.

One area needing improvement: service quality varies significantly between metro BoB branches (good insurance support) and smaller branches (limited trained staff)—causes documentation delays and customer frustration in rural areas.

 

Awards, Reviews, Ratings

What industry experts and value-conscious customers say about this PSU bank-backed insurer:

IndiaFirst Life won "Excellence in Bancassurance Distribution" at the India Insurance Awards 2023 and "Best Value-for-Money Life Insurance Products" at regional BFSI awards 2024, recognizing their mass-market affordability focus.

Google Reviews average 3.6? out of 5—reflecting their mass-market customer base with varied service experiences. Positive reviews from tier-2/3 cities highlight Bank of Baroda branch accessibility, affordable premiums, and helpful bank staff during purchase. However, negative reviews often mention slower claim processing versus premium insurers, inconsistent service quality between metro and rural BoB branches, and policy servicing delays. Reddit sentiment is limited given their smaller urban customer base, though discussions appreciate value pricing for budget-conscious buyers.

Quora discussions reveal pragmatic viewpoint: "IndiaFirst Life isn't premium quality, but for a PSU bank employee in Bhopal or Patna where they're accessible through BoB branches at competitive prices, they're practical." A balanced post: "Bought e-Term through BoB branch in 2021—Rs.7,200/year for Rs.75 lakh. Premium auto-debits from salary account. Service is basic but works. Claim processing took 11 days for my uncle—acceptable given the savings versus LIC."

IRDAI data shows grievance resolution rate of 93.4%—below industry average of 96.2%—with complaints involving policy servicing delays at branches (38%), claim processing timelines (27%), and bancassurance staff knowledge gaps (22%). Common complaint: "BoB branch staff lack insurance expertise—get different answers at different branches, frustrating during policy modifications."

One balanced view from a verified buyer: "I'm a government school teacher in Amravati. Bought IndiaFirst Life through local BoB branch in 2020 where I have salary account. Premium is decent, auto-debits monthly. Service is okay—not fast but not terrible. Haven't claimed yet, but colleagues say it works fine if you have proper documents."

 

How NiveshKaro Helps

Your unbiased guide to smarter insurance—because value matters, but so does quality and reliability.

NiveshKaro offers zero-commission advisory with IRDAI-certified financial planners who've helped over 50,000 families choose the right life insurance through objective analysis, not bancassurance partnerships. Unlike IndiaFirst Life's bancassurance model where Bank of Baroda staff earn incentives for insurance cross-selling (creating potential conflicts between customer suitability and bank targets), we don't earn commissions from product sales—just transparent advisory fees.

We compare IndiaFirst Life e-Term, Assured Savings Plan, and Wealth Multiplier against 15+ insurers—LIC, HDFC Life, Max Life, ICICI Prudential, SBI Life, Kotak Life, Tata AIA, Bajaj Allianz, ABSLI, PNB MetLife, Canara HSBC—across premiums, CSR track records, claim processing speed, service quality, persistency ratios, financial stability, and long-term value. Our analysis reveals when IndiaFirst Life genuinely offers best value (BoB account holders, PSU employees, tier-2/3 residents with BoB branch access, budget-conscious buyers) versus when competitors provide better solutions despite higher premiums.

Our coverage calculator considers your specific situation: banking relationships (BoB ecosystem benefits), location (urban vs tier-2/3—branch accessibility matters), service quality expectations (premium vs basic), comfort with lower persistency ratios (76.8% vs industry 82.1%), and whether Rs.500-1,500 annual savings justify potential trade-offs in claim processing speed (8-12 days vs premium insurers' 5-7 days) and service consistency. Response time: Within 24 hours of form submission, you receive personalized recommendations via WhatsApp/email.

Key differentiator: We'll tell you when IndiaFirst Life is objectively the smart choice (BoB customer saving Rs.1,000+/year, PSU employee comfortable with PSU partnerships, tier-2/3 location with BoB presence, value pricing priority) and when competitors serve you better despite higher premiums (metro resident—choose Max Life for 99.51% CSR + fastest claims, want premium service—choose HDFC/ICICI, prioritize highest persistency—choose Tata AIA 68.4%, need fastest 3-day claims—choose Tata AIA). No product pushing, no bancassurance bias, no hidden partnerships—just honest analysis of whether their value pricing and PSU bank accessibility justify their mid-tier service ratings and lower persistency.

Start at niveshkaro.com today for expert guidance!

 

Frequently Asked Questions (FAQ)

 

Q: Is IndiaFirst Life better than LIC or SBI Life for Bank of Baroda customers?

A: IndiaFirst Life offers competitive premiums (Rs.7,120 vs LIC's Rs.9,240 vs SBI's Rs.6,890 for 30-year-old), solid 98.36% CSR, and BoB ecosystem integration. LIC has government backing and highest brand trust; SBI Life has wider reach (22,405 branches vs BoB's 8,500). Choose IndiaFirst for BoB relationship + value pricing; LIC for maximum trust; SBI for widest accessibility.

Q: What is IndiaFirst Life's claim settlement ratio in 2026?

A: IndiaFirst Life reported 98.36% CSR for FY 2024-25 per IRDAI data—settling 2,847 of 2,895 claims. Improvement from 97.52% previous year (45 fewer rejections). Average processing time is 8-12 days for straightforward cases—slightly slower than premium insurers' 5-7 days but acceptable for value positioning.

Q: Can I buy IndiaFirst Life insurance at Bank of Baroda branches?

A: Yes. IndiaFirst Life policies can be purchased at 8,500+ Bank of Baroda branches nationwide. BoB staff assists with application, documentation, and premium payment through your account. However, insurance expertise varies—metro branches offer better support than smaller branches. Service quality inconsistency is common challenge.

Q: Do Bank of Baroda account holders get special benefits?

A: Yes. BoB customers get 2% premium discounts on select plans, seamless auto-debit from BoB accounts, simplified documentation (existing bank KYC used), faster underwriting, and policy servicing at all 8,500+ BoB branches. Premium payment and basic servicing much easier for BoB relationship holders.

Q: Why is IndiaFirst Life's persistency ratio (76.8%) lower than industry average?

A: 76.8% 13th-month persistency (vs industry 82.1%) reflects bancassurance challenges—varying policy suitability when bank staff with limited insurance training sell products. Also indicates some customer satisfaction gaps and potential mis-selling during aggressive bank cross-selling. IndiaFirst Life is working to improve through better agent training and product suitability processes.

Q: What is IndiaFirst Life's solvency ratio in 2025?

A: IndiaFirst Life's solvency ratio is 1.76 as of Q3 FY 2024-25, comfortably above IRDAI's minimum of 1.50. Backed by Bank of Baroda (Rs.15 lakh crore assets, India's 3rd largest PSU bank), Carmel Point Investments, and Legal & General (UK's largest insurer, £1.5 trillion global assets), ensuring adequate claim-paying capacity.

Q: How does IndiaFirst Life compare to Kotak Life or Max Life for term insurance?

A: IndiaFirst Life charges Rs.7,120 vs Kotak's Rs.6,120 vs Max's Rs.6,450 for Rs.1 crore cover (30-year-old). Max Life has highest CSR (99.51%) and fastest claims (3-4 days); Kotak has lowest premium. IndiaFirst offers middle ground with BoB ecosystem benefits. Choose Max for best CSR + claims; Kotak for absolute lowest cost; IndiaFirst for BoB relationship + acceptable quality.

 

About NiveshKaro.com & Disclaimer

NiveshKaro.com is a free, zero-commission platform connecting you with unbiased, certified financial advisors (IRDAI/SEBI/AMFI registered) for life insurance decisions. We don't sell products or handle claims—just expert guidance to empower your choices. Verify details independently; see Terms & Conditions. Start at niveshkaro.com today!

Disclaimer: All premium figures, CSR data, and financial metrics are indicative, based on publicly available IRDAI reports and IndiaFirst Life disclosures as of December 2025. Actual premiums depend on age, health, medical history, sum assured, and underwriting. Product features and charges are subject to change—verify directly with IndiaFirst Life or authorized advisors before purchase. This article is for educational purposes only and does not constitute financial advice. Consult IRDAI/SEBI-certified advisors for personalized recommendations.