IndiaFirst Life Guaranteed Single Premium Plan

(Non- Linked, Non - Participating, Individual, Savings Life Insurance Plan)

Achieve your financial goals faster! Get as high as return on your investment with one-time payment for a policy term of 30 years. With guaranteed maturity benefit at the end of the policy term and a lump sum death benefit, it's the perfect choice for ensuring financial security for your family's future. Apply for a guaranteed online savings insurance plan today!

One-time payment (Single Pay)
Tax saving benefits*
Life Cover that is 1.25 times higher

Download Brochure

Overview
Key features
How to Buy
Sample Illustrations
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Guaranteed Single Premium Plan

Life cover

IndiaFirst Life Single Premium protects you and your loved ones through life insurance cover for up to 30 years.

One-time payment

Guaranteed financial security through life insurance cover for the entire policy term with One-time payment (single pay).

Flexible payout options

It gives your loved ones the benefit of guaranteed lumpsum or income payouts, over 5 years in case of untimely death of life assured.

Higher life cover

Option to avail insurance cover of either 1.25 times of single premium or 10 times of single premium (till Age at Entry - 45 years)

Enhanced Maturity Benefit

Get higher maturity benefits for higher premium bands.

Guaranteed Maturity Benefit

Live worry-free with a guaranteed maturity benefit.

Option to buy online

This policy can be purchased through online mode, at your convenience.

How to buy IndiaFirst Life Guaranteed Single Premium Plan?

Step 1

Enter your details

Fill in basic details like name, mobile number and other essential details of the person for whom you want to buy the plan

Step 2

Enter investment amount

You can start immediately with a minimum amount of ₹1 lakh as a one-time investment.

Step 3

Choose life cover options & maturity benefit amount

Select the amount for your life insurance cover & guaranteed maturity benefit as per your requirement.

Step 4

Review your quote

Check and review the quote generated. Ensure the plan meets your expectations and budget.

Step 5

Make the payment

Choose any online mode of payment to complete the process. Your guaranteed plan savings policy will be issued to you thereafter.

Visualize Your Plan

Mr. Rishi

Age 35

Rishi, a captain in the merchant navy invested a single-time premium of ₹20,00,000/- in IndiaFirst Life Single Premium Plan - a guaranteed savings insurance plan for 30 years.

Rishi's Family

Rishi & his loved ones will be safeguarded with the Death Benefit throughout the policy term. Nominee of Rishi will receive a death benefit of ₹25,00,000/- incase of untimely demise of life assured.

Age 65

He receives a lumpsum of Rs.1,37,70,000/- at the end of policy term.

Eligibility Criteria

Age

Premium Payment Term

Policy Term

Sum Assured on Maturity

Age at Entry

Question

Age at Entry

Sequence

Answer

Minimum age: (90 days) 0 years age

For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid

Maximum age: 45 years

For Death Benefit multiple of 10 times of Total Premiums Paid

Maximum age: 70 years

For Death Benefit multiple of 1.25 times Total Premiums Paid

Age at Maturity

Question

Age at Maturity

Sequence

Answer

Minimum age: 18 years

For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid

Maximum age: 60 years

For Death Benefit multiple of 10 times of Total Premiums Paid

Maximum age: 85 years

For Death Benefit multiple of 1.25 times Total Premiums Paid

Premium Payment Term

Question: Premium Payment Term
Sequence
Answer: Premium payment term: Single Pay
Single Premium (excluding GST)
Minimum: ₹1,00,000
Maximum: No limit, subject to Board approved underwriting policy
Tags

Policy Term

Question: Policy Term
Sequence
Answer: Policy term: 5 years, 10 years, 15 years, 20 years, 25 years, 30 years.
Tags

Sum Assured on Maturity

Question: Sum Assured on Maturity
Sequence
Answer: Minimum: ₹1,12,000
Maximum: No limit, subject to Board approved underwriting policy
Tags

How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

IndiaFirst Life Guaranteed Single Premium Plan FAQs

View All FAQ

General

Policy Types

Premium and Payments

Claim and Beneficiary

What is the IndiaFirst Life Guaranteed Single Premium Plan?

Answer: This a Non-Linked, Non-Participating, Individual, Single Premium Savings, Life Insurance Plan. Simply put, this is a simple savings plan that financially protect your loved ones. It is a one-time premium payment plan that a gets you life insurance coverage throughout the policy term. This plan not only ensures financial security for your family in case of an unfortunate event but also guarantees a lump sum benefit at the end of the policy term.

What are the basic eligibility criteria in this policy (product at a glance)?

Answer: Criteria Details
Minimum Age at Entry 90 days For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
Maximum Age at Entry 70 years For Death Benefit multiple of 1.25 times Total Premiums Paid
45 years For Death Benefit multiple of 10 times of Total Premiums Paid
Minimum Age at Maturity 18 years For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
Maximum Age at Maturity 85 years For Death Benefit multiple of 1.25 times Total Premiums Paid
60 years For Death Benefit multiple of 10 times of Total Premiums Paid
Premium Payment Term Single Pay
Policy Term 5 years, 10 years, 15 years, 20 years, 25 years, 30 years
Sum Assured on Maturity Minimum Maximum
INR 1,12,000 No limit subject to Board approved underwriting policy
Single Premium (excluding GST) Minimum Maximum
INR 1,00,000 No limit subject to Board approved underwriting policy

Note:

For minor life, the risk cover will commence immediately once policy gets issued. The policy will vest on life assured on attainment of majority i.e. 18 years.
Total Premiums Paid means total of all premiums received (i.e single premium), excluding any extra premium and applicable taxes.
Ages specified are as on last birthday.
Applicable taxes will be levied on the premium. The level of tax will be as per the rate of Applicable Tax for the product, declared by the Government from time to time.

What are the tax benefits in this policy?

Answer: Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before buying this policy.

What do you get at the end of the policy term (maturity benefit)?

Answer

Upon reaching the end of the policy term, you will receive the Sum Assured on Maturity (SAM). SAM is a guaranteed amount payable at the policy's maturity, calculated as the Guaranteed Maturity Multiple (GMM) multiplied by the Single Premium (excluding any extra premium). GMM varies based on the age of the insured, chosen Death Benefit Multiple, and Policy Term.

There is an enhancement of maturity benefit factor when paying high premium as per below table –

Premium Bands / Policy Term	5	10	15	20	25	30
5,00,000 to 9,99,999	1.01	1.01	1.01	1.01	1.01	1.01
10,00,000 and above	1.02	1.02	1.02	1.02	1.02	1.020

The above factors are multiplicative in nature and will be applied on the Guaranteed Maturity Multiple provided in Annexure A. You or your nominee have the option to receive the money either as a lump sum or in monthly instalments over 5 years.

In case of instalment payment of maturity benefit, the instalment benefit amount will be calculated as dividing lump sum amount (say, S) by annuity factor (i.e. a(n)(12)) i.e. S/a(n)(12)) where n is the instalment period of 5 years. The interest rate used to determine annuity factor is {5-year G-Sec rate less 2.00%, rounded down to the nearest 25 bps}, where the 5-year G-Sec is at the beginning of the financial year. The applicable interest rate for FY 24-25 is 5% p.a. (i.e. ~7.18% (5-year G-Sec rate) less 2.00%).

How does this policy work?

Answer: We have explained the working of the policy with a sample illustration below.

Mr. Kumar, 40 years bought the IndiaFirst Life Guaranteed Single Premium Plan. He decides to pay a single premium of INR 10 Lakhs (excluding taxes) for a policy term of 10 years.

At the end of the policy term, he will receive a maturity benefit of Rs. 17,85,000 as opted during policy inception. Maturity Benefit shall be subject to applicable tax laws.

Even in case he dies during the policy term, his loved ones will be safeguarded with the Death Benefit of INR 12.5 Lakhs. His nominee(s) can choose to receive the death benefit as lumpsum or as income over a period of 5 years.

Can I get a loan in this policy?

Answer: You can avail a loan up to 80% of the acquired Surrender value, if any. The minimum loan amount which can be availed is Rs. 25,000.

Can you surrender your policy?

Answer: It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand thatin certain circumstances you may wantto surrender your policy. The policy will acquire Surrender value immediatelyonthepaymentofSinglePremium.

At the time of surrender, higher of Guaranteed Surrender value (GSV) or Special Surrender value (SSV) will be payable. The GSV applicable will vary by policy term and policy year of surrender. In case of SSV, it will also vary basis attained age of life assured.

The GSV factors are dependent upon policy year of surrender and policy term and will be calculated as follows:

GSV factor applicable at the time of surrender multiplied with the Total Premiums Paid (TPP).

GSV factors are mentioned in Annexure B.

The SSV will be calculated as follows:

SSV Factor1* Sum Assured on Death (SAD) + SSV Factor2 * Sum Assured on Maturity (SAM)

The SSV factor will be determined by us from time to time subject to prior Regulatory approval.

What is the Free Look Period available in your policy?

Answer

You can return your policy within the Free Look period; In case you disagree with any of the policy terms and conditions and have not made any claim, you shall have the option of returning the policy to us for cancellation, stating the reasons for the same, within 30 days from the date of receipt of the policy whether received electronically or otherwise.

Do you get any refund when you cancel your policy within Free Look Period?

Yes. We will refund an amount (within 7 days of receipt of such request) equal to the –

Premium paid

Less i. proportionate risk premium for the period of cover and the expenses

Less ii. Any stamp duty charges

Less iii. Expenses incurred on medical examination of the proposer, if any

What happens in case of life assured’s demise in this policy (death benefit)?

Answer

In case of death of the Life Assured during the policy term, the following death benefit will be paid to the nominee(s). The defined death benefit is paid out and the policy terminates.

The nominee(s) will receive higher of:

a. Sum Assured on Death

b. Surrender value as on Date of Death

Where Sum Assured on Death is defined as: Death Benefit Multiple times Total Premiums Paid.

What happens in case the life assured commits suicide (Suicide Exclusion)?

Answer: In case of life assured’s death due to suicide within 12 months from the date of commencement of risk under the policy as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the Surrender value available as on the date of death whichever is higher.

What happens in case of submission of information which is false or incorrect?

Answer: Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

Please refer to the Sales brochure for more details.

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Disclaimer

*Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before buying this policy.

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For online policy purchase

+91 22 6274 9898

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Criteria	Details
Minimum Age at Entry	90 days	For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
Maximum Age at Entry	70 years	For Death Benefit multiple of 1.25 times Total Premiums Paid
Maximum Age at Entry	45 years	For Death Benefit multiple of 10 times of Total Premiums Paid
Minimum Age at Maturity	18 years	For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
Maximum Age at Maturity	85 years	For Death Benefit multiple of 1.25 times Total Premiums Paid
Maximum Age at Maturity	60 years	For Death Benefit multiple of 10 times of Total Premiums Paid
Premium Payment Term	Single Pay
Policy Term	5 years, 10 years, 15 years, 20 years, 25 years, 30 years
Sum Assured on Maturity	Minimum	Maximum
Sum Assured on Maturity	INR 1,12,000	No limit subject to Board approved underwriting policy
Single Premium (excluding GST)	Minimum	Maximum
Single Premium (excluding GST)	INR 1,00,000	No limit subject to Board approved underwriting policy

IndiaFirst Life Guaranteed Single Premium Plan

IRDAI Redg. No. 143 CIN U66010MH2008PLC183679 | UIN 143N068V04

Key features of IndiaFirst Life Guaranteed Single Premium Plan

Life cover

One-time payment

Flexible payout options

Higher life cover

Enhanced Maturity Benefit

Guaranteed Maturity Benefit

Option to buy online

How to buy IndiaFirst Life Guaranteed Single Premium Plan?

Enter your details

Enter investment amount

Choose life cover options & maturity benefit amount

Review your quote

Make the payment

Visualize Your Plan

Mr. Rishi

Age 35

Rishi's Family

Age 65

Eligibility Criteria

Age

Premium Payment Term

Policy Term

Sum Assured on Maturity

Age at Entry

Age at Maturity

Premium Payment Term

Policy Term

Sum Assured on Maturity

IndiaFirst Life Guaranteed Single Premium Plan FAQs

General

Policy Types

Premium and Payments

Claim and Beneficiary

What is the IndiaFirst Life Guaranteed Single Premium Plan?

What are the basic eligibility criteria in this policy (product at a glance)?

What are the tax benefits in this policy?

What do you get at the end of the policy term (maturity benefit)?

How does this policy work?

Can I get a loan in this policy?

Can you surrender your policy?

What is the Free Look Period available in your policy?

What happens in case of life assured’s demise in this policy (death benefit)?

What happens in case the life assured commits suicide (Suicide Exclusion)?

What happens in case of submission of information which is false or incorrect?

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1.64 Crore

Available in 16,500+

30,968 Crore

1 Day

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Most Searched Terms

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