Loan On Your Plan

Life insurance plans work well if you keep investing regularly and for long term of over 10 years. The longer you keep saving the better is your accumulated wealth. You should not break the flow of funds accumulating in your account unless you have some urgent and unforeseen needs for money, when you may discontinue your plan or use the loan facility available on your plan (selected plans only). The terms and condition for availing the loan depends on the plan chosen by you.

IndiaFirst Smart Save Plan and IndiaFirst Young India Plan

You may avail the loan facility offered under these plans before the completion of five plan years. Under these plans, the maximum loan amount will not exceed 40% of the surrender value in those policies where equity accounts for more than 60% of the total share an d will not exceed 50% of the surrender value of those policies where debt instrument accounts for more than 60% of the total share. In case the surrender value at any time is less than the loan outstanding plus accrued interest, the plan will terminate. The company is allowed to charge interest at the rate of State Bank of India base rate plus 7.00%.on such a loan.

IndiaFirst Secure Save Plan

Under the IndiaFirst Secure Save Plan, the amount of the loan that you may avail at any point of time will depend on the surrender value. You may avail of a loan up to 90% of the available surrender value. The minimum loan amount should be Rs. 1,000. As and when the outstanding loan principal along with interest exceeds surrender value, the plan will be compulsorily surrendered and the outstanding loan along with interest will be recovered from the surrender proceeds.

How do you apply for a loan?

To apply for a loan, you need to submit the duly filled Loan Application Form and your Original Policy Document. You may submit these documents at the nearest IndiaFirst Financial Planning Centre or Bank of Baroda/ Andhra Bank branch. You may also you may courier the same to our corporate office address.