IndiaFirst Life Little Champ Plan - iflwebportal
IndiaFirst Life Little Champ Plan offers you regular guaranteed payouts for financing your child’s dream. Also secure child’s future even in your absence with comprehensive financial protection.
Reasons to buy IndiaFirst Life Little Champ Plan
Protection of dreams of the loved ones through an in built Waiver of premiums (WOP)
Get the advantage of choosing the Death benefit as a lump sum pay out or as regular income.
Choice of policy terms / premium payment terms and payment modes to suit your needs.
Choose from a range of 8 payout options offering guaranteed payouts from 101% - 125% of Sum Assured, during the policy term depending upon the needs.
Secured growth of your investments through bonus accumulation.
Tax benefits may be available on the premiums paid and benefits received as per prevailing tax laws
What are the eligibility criteria?
Minimum age at entry is 21 years and maximum age is 45 years
Premium Payment Term is 7 to 14 years. Minimum and Maximum Policy Term will depend on the chosen Premium Payment Term
Minimum Sum Assured for premium payment term 7 to 9 years is Rs. 150,000 and for premium payment term of 10 to 14 years is Rs. 200,000. There is no limit on Maximum Sum Assured subject to underwriting.
IndiaFirst Life Little Champ Plan
The IndiaFirst Life Little Champ Plan is a policy that makes your child's future comfortable and financially secure. With a periodic pay-out option, you can use this endowment child policy to pay for school-related milestones while still receiving a percentage of the sum assured plus bonuses accrued (if any) at the maturity of the child policy.
The IndiaFirst Life Little Champ Plan gets you one step closer to ensuring that your child's dreams come true. While your income may be enough to meet your child’s limited needs today, the future is a different story. Education costs alone are projected to rise ten times in the years to come. In addition, if your child wishes to pursue a higher degree abroad or wants to get a professional certificate as a pilot, engineer, or doctor, your income will no longer be sufficient to meet her needs. With a child insurance plan to support your offspring's dreams, you do not need to worry about failing to provide for her.
As an investment-cum-insurance child policy, the IndiaFirst Life Little Champ Plan is the friend you need to battle inflation and rising costs without breaking a sweat or letting your child down. Getting a child plan is not an optional financial choice; it is an obligation that you have to fulfil towards your child's future needs. As your little one creates castles in the air, you are responsible for buying the bricks that will make up the foundation of their dream castles. The IndiaFirst Life Little Champ Plan is a keystone brick to secure your child's future.
What are the key milestones the IndiaFirst Life Little Champ Plan could help you provide for?
In the course of your lifetime, there will be several milestones in your life and your child's life. Your savings and investment returns should be able to fund these milestones. Your personal financial planning has to factor in what you will need for the down payment towards your first house all the way to the corpus you will need to retire comfortably. Your child's life will have different milestones. The IndiaFirst Life Little Champ Plan equips you to meet these milestones easily.
School fees and education expenses
The IndiaFirst Life Little Champ Plan offers guaranteed pay-outs during the policy term via 8 pay-out options. If you need help with yearly payments such as annual fees, you can opt for a pay-out option that provides 5-11% money-back every year for the last 7 years of the policy term, and rounds it up with the remaining sum assured as maturity benefit and bonuses accrued (if any) at the end of the policy.
According to a study by the Associated Chambers of Commerce & Industry of India (ASSOCHAM), private school expenditure for one child went up 150% in the decade of 2005-2015. As a parent, you are no longer only looking at the rising cost of higher education, but also the increasing costs of school education. The yearly influx of money from the IndiaFirst Life Little Champ Plan will help you tide over these expenses.
There was a time when higher education financial planning was only done by those who wanted to send their children abroad to study, but this is no longer the case. The costs of higher education in India have increased exponentially, which has led to the popularity of a child higher education plan. Specialist and professional courses in India ask for exorbitant fees. As a parent, the IndiaFirst Life Little Champ Plan is what you need to ensure that you are capable of financially supporting your child's passions, whatever they might be.
With the IndiaFirst Life Little Champ Child Plan, you can create a significant corpus by choosing a pay-out option without periodic money-back. upon maturity, you would receive a total guaranteed pay-out that is equal to 125% of the sum assured and bonuses (if announced).
Traditionally, parents pay for a portion of a child's marriage expenses, if not all of it. If your child chooses to marry early in life, your financial aid might be indispensable. Even if your child is old enough to foot their own marriage expenses, you may want to extend your support in every way possible. If your child does not need funds for their marriage, you can put the lumpsum towards a home or a world tour as a gift for the newlyweds.
Why do you need the IndiaFirst Life Little Champ Child Plan?
The IndiaFirst Life Little Champ Plan is an investment-cum-insurance tool that helps plan your child's financial future and meet certain milestones with ease. With this child plan, you create a corpus over a period of time. This corpus is either doled out in the form of periodic pay-outs followed by a maturity benefit or a lump sum maturity benefit at the end of the child plan tenure. Since it is also a child insurance policy, the insurance component ensures that the child is taken care of with a death benefit in case of the untimely demise of the policy holder.
Here are a few vital IndiaFirst Life Little Champ Plan features and benefits that make it a must-have addition to your financial portfolio:
Ability to waive premiums
The Waiver of Premium (WoP) benefit is an in-built feature of the IndiaFirst Life Little Champ Plan. With any other investment option, the plan stops if payments cease to come in. With the IndiaFirst Life Little Champ Plan, the WoP benefit ensures that the insurer continues to make premium payments in case of the policy holder's death. The child receives the death benefit, but future premium payments are waived off, and the child still receives the maturity amount and bonuses (if any). Once you set the IndiaFirst Life Little Champ Plan in motion, it does not get derailed even in your absence.
High returns to combat inflation
As compared to most traditional insurance and savings instruments, the IndiaFirst Life Little Champ Plan is better placed to offer you higher returns that would help beat the effects of inflation. Government schemes provide an interest rate that changes every quarter and a long lock-in period. The IndiaFirst Life Little Champ Plan is a much better bet if you do not want to risk the loss of interest and liquidity.
Tax deduction benefits
As a child policy, the IndiaFirst Life Little Champ Plan falls under the top bracket of exemption under the Income Tax Act of 1961. This means that you can get a tax deduction on premiums paid as well as the maturity benefits at the end of the policy tenure, in line with the prevailing Income Tax laws.
Protection begins immediately
Losing a parent impacts a child's life in myriad painful ways. A child will also have to deal with a lack of financial security if provisions have not been made in advance. With the IndiaFirst Life Little Champ Plan, the child receives an immediate death benefit as a lump sum amount in case of the death of the premium-payer. This amount is helpful to meet the urgent expenses at that moment. Since the IndiaFirst Life Little Champ Plan continues even after the policy holder's untimely demise, the child's future is also protected in any eventuality.
Flexibility of IndiaFirst Life Little Champ Plan
You can choose an appropriate premium paying term in the IndiaFirst Life Little Champ Plan to ensure that your child begins to receive an influx of money when they require it the most. The IndiaFirst Life Little Champ Plan also offers flexibility in the amount of premium to be paid, the duration of premium payment, and the pay-out mode at maturity.
Addition of riders to IndiaFirst Life Little Champ Plan
You can choose from optional riders or risk covers that are beneficial in the case of accidental death, permanent disability, and critical illness.
Why should I buy the IndiaFirst Life Little Champ Child Plan?
The IndiaFirst Life Little Champ Plan is a non-linked, participating endowment insurance plan designed to help meet your financial planning goals for the apple of your eye. It helps you plan the financing for your child's education and other needs through pay-outs at regular intervals and securing the child's future even in the case of your death or ATPD. By way of its unique liquidity feature of guaranteed pay-outs, bonus accumulation (if declared), and life insurance benefit, this product offers a perfect blend for taking care of the financial needs of your child.
Key features of the IndiaFirst Life Little Champ Child Plan
- Protect the dreams of your little one through an in-built Waiver of premiums (WOP). In the case of the death of the life insured or if the life insured suffers from Accidental Total Permanent Disability (ATPD), if chosen, no more future premiums will be required to be paid.
- Get the advantage of choosing the Death benefit as a lump sum pay-out or as regular income
- Flexibility to choose the type of coverage required – Death with Accidental Death or Accidental Total Permanent Disability (ATPD) or a combination of these benefits for different premium amounts.
- Choice of policy terms/premium payment terms and payment modes to suit your needs.
- Choose from a range of 8 pay-out options offering guaranteed pay-outs from 101% - 125% of the sum assured during the policy term depending upon the needs.
- Secured growth of your investments through bonus accumulation
- Tax benefits may be available on the premiums paid and benefits received as per prevailing tax laws. Receive all your simple bonuses, if declared, accrued along with the last instalment pay-out at maturity.
- The IndiaFirst Life Little Champ Plan can be purchased online at your convenience.
What are the eligibility criteria to buy the IndiaFirst Life Little Champ Plan?
- The minimum age at entry is 21 years, and the maximum age is 45 years in the IndiaFirst Life Little Champ Plan.
- The premium payment term is 7 to 14 years, and the minimum and maximum policy term will depend on the chosen premium payment term in this child plan.
- The minimum policy term is 15 years, and the maximum policy term is 25 years in this child plan. For instance, a premium payment term of 7 years offers a minimum policy term of 15 years and a maximum policy term of 20 years.
- The minimum sum assured for the premium payment term of 7 to 9 years is Rs. 150,000 and for the premium payment term of 10 to 14 years is Rs. 200,000. There is no limit on the maximum sum assured, subject to underwriting.
What sets the IndiaFirst Life Little Champ Plan apart?
The IndiaFirst Life Little Champ Plan allows you to choose a policy term that pays dividends at the right age for your child, a risk-free investment instrument, and additional benefits such as the Waiver of Premium (WoP) benefit and 8 flexible pay-out options.
What is the minimum premium payment you can make under the IndiaFirst Life Little Champ Plan?
With the IndiaFirst Life Little Champ Plan, the policy holder has the flexibility to pay monthly/quarterly, half-yearly or yearly premiums, depending on your preferences. The minimum premium that can be paid to purchase the IndiaFirst Life Little Champ Plan is Rs. 1,349 per month, Rs. 4,015 per quarter, Rs. 7,934 per half-year, or Rs. 15,500 per year.
What do you mean by child life coverage in the IndiaFirst Life Little Champ Plan?
Child life coverage does not mean that the child's life is covered in the policy. It stands for coverage offered to the policy holder, who is typically the parent of the child. Since the life of the premium-paying parent is covered, you can rest assured that your child's financial needs will continue to be met in case of an unfortunate event.
When to buy the IndiaFirst Life Little Champ Plan?
You can buy the IndiaFirst Life Little Champ Plan as soon as your child is born. The best time to buy is as soon as possible. The earlier you buy the child plan, the lesser you will have to invest, and the more interest you will earn. Even if your child is older, expenses will continue coming up, so it is a good idea to buy the child plan at any age. For the IndiaFirst Life Little Champ Child Plan, the policy holder may be between 21 and 45 years of age.
What is the term of the IndiaFirst Life Little Champ Plan?
The IndiaFirst Life Little Champ Plan is a limited premium payment policy with the option of choosing a policy term from 15-25 years. The minimum premium payment term is 7 years with a total policy term of 15-20 years. You can also choose to pay premiums for a longer time such as 14 years with a total policy term of 22-25 years.
What risk cover options are available in the IndiaFirst Life Little Champ Plan?
The IndiaFirst Life Little Champ Plan provides coverage in case of death, accidental death and ATPD of the life assured. The following Risk Cover options are available under this plan where premium amount varies depending upon the choice of the options—Death Cover, Death Plus Accidental Death Cover (ADB), Death Plus Accidental Total Permanent Disability Cover (ATPD), and Death Plus ATPD Plus ADB (Comprehensive Cover).
Does the IndiaFirst Life Little Champ Plan offer a high sum assured rebate/discount?
Yes, depending on the sum assured per policy, the IndiaFirst Life Little Champ Plan offers a rebate/discount. For a policy sum assured of Rs. 3-5 lakhs, the plan offers 2.5% discount on premium rates. For a policy sum assured of Rs. 1 crore and more, the plan offers a substantial 8.40% discount on premium rates.
Can I surrender the IndiaFirst Life Little Champ Plan?
Yes. While surrender the policy is not recommended, you may choose to surrender the same for immediate cash requirement in case of an emergency. The policy can be surrendered for an immediate cash pay-out any time after acquiring the paid-up value. The IndiaFirst Life Little Champ Plan pays a surrender value, if the policy holder surrenders the policy any time during the policy term after payment of 2 full years’ premium. The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Is there a Free Look period option in the IndiaFirst Life Little Champ Plan?
Yes, you can return your policy within the Free Look period. In case you do not agree to the any policy terms and conditions, you have the option of returning the policy stating the reasons thereof, within 15 days from the date of receipt of the policy. The freelook period for policies purchased through distance marketing or electronic mode will be 30 days.