IndiaFirst Life Micro Bachat Plan is a non-linked, participating, limited pay, micro life insurance plan, is designed to provide you with disciplined savings for your future goals, while you pay premiums just for 5 years. The plan will also ensure that your loved ones are safeguarded in case of eventualities with a life cover.
REASONS TO BUY INDIAFIRST LIFE MICRO BACHAT PLAN
Pay premiums only for five years to fulfil your long-term goals
Continue to enjoy life cover benefit for one full year even if you miss to pay one premium (applicable after you have paid one full years’ premiums)
Boost your savings with upside of annual bonuses (if any)
At the end of term, you get Sum Assured at Maturity plus accrued bonuses (if any)
Opt for Accidental Death Benefit option and secure your loved ones from adverse effects of such unfortunate event
Choose to receive the death benefit as one-time payment or in instalments over a period of 5 years
Tax benefit may be available on the premiums paid and benefits received as per prevailing tax laws
IndiaFirst Life Micro Bachat Plan
Even when you know that certain expenses will be coming up, saving up for them is connected with your earning potential. With limited earnings, your capacity to save for your family’s future may seem limited too—but it does not have to be. The IndiaFirst Life Micro Bachat Plan is here to help you achieve your aspirations. As the name suggests, the IndiaFirst Life Micro Bachat Plan is a savings insurance plan designed to take you closer to your savings goals in a step-by-step manner.
What is IndiaFirst Micro Bachat Plan?
The IndiaFirst Life Micro Bachat Plan is a non-linked, participating, limited pay, micro life insurance plan. Under this plan, you get to save systematically and with discipline for a limited time period of five years. Even though the premium payment term is a short 5-year period, the policy term stretches up to 10 or 15 years. Make your savings dreams a reality with the IndiaFirst Life Micro Bachat Plan—this bachat plan is designed to offer you all the benefits of long-term saving in an insurance plan.
Presenting the perfect blend of savings and insurance, this policy gives you the peace of mind that comes from knowing your life is protected for the duration of the plan while you pay limited premiums and enjoy higher savings. Make use of the shorter pay commitment, life protection and savings facilities with the IndiaFirst Life Micro Bachat Plan. In addition, the IndiaFirst Life Micro Bachat Plan offers multiple features and benefits such as continuation of life cover benefit and added bonuses, if any are announced.
Why Do You Need IndiaFirst Micro Bachat Plan?
Everyone requires a safety net—something to fall back on. Having a little bit of money put aside so you know you have something to bank on is essential for your peace of mind. When it comes to putting away small amounts, most people assume that it will not make a large dent in your quest to fulfil your family’s dreams. The IndiaFirst Life Micro Bachat Plan is here to make your quest a reality, one small payment at a time.
Life uncertainties are the only events that are certain to occur. Therefore, planning for them in advance is prudent. With this policy you get to enjoy the life cover benefit for one full year even if you have missed paying a premium as long as you have already paid one full year’s premiums on the policy. With the addition of optional riders, you can ensure your family’s financial future at nominal cost to you.
Furthermore, unlike term life policies, you stand to receive a maturity benefit when you outlive the policy term. This policy is a participating plan which means that you will be privy to any simple reversionary and terminal bonuses that the insurance company might declare—so you get that little something extra from your savings insurance plan.
What Are the Features of IndiaFirst Micro Bachat Plan?
As a limited premium paying, participating plan that provides a shorter pay commitment of five years with the benefits of savings and life protection in a single policy, this plan is a sounds savings instrument to help you meet your life goals while you protect your family’s future. Chockful of all things good, this IndiaFirst Life plan offers features like:
Limited premium payment term
With most savings insurance plans, you have to continue paying premiums for as long as the policy is in force. However, the IndiaFirst Life Micro Bachat policy gives you the opportunity to enjoy a limited premium payment term. Irrespective of whether you choose a 10 or 15-year long policy term, your premium payment term remains just five years. With this policy, five years of disciplined savings are enough to set you on the path to achieving your long-term financial goals.
Continuation of life cover benefit
Depending on life circumstances, it is possible that you may not be able to make your annual premium payment. With this policy, you get to enjoy a key feature called the continuation of life cover benefit which allows you to continue to avail of the life cover benefit for one full year even if you miss paying one premium. This feature can be utilized only after you have paid one full years’ premium.
As a participating policy, this plan is eligible to receive certain bonuses if announced by the insurance company. These include the Simple Reversionary Bonus or SRB which is calculated on the guaranteed sum assured at maturity (if declared) and the Terminal Bonus or TB which, if any, is declared based on the insurance company’s investment experience.
This is a savings insurance plan that offers life cover benefits along with maturity or survival benefit. At the end of the entire policy term, you stand to receive a guaranteed sum assured at maturity, accrued simple reversionary bonuses if any and a terminal bonus, if announced.
With this policy, you have the option of enhancing your coverage by adding riders to the policy. Opt for the Accidental Death Benefit option and secure your loved ones from adverse effects of such unfortunate event. You also have the option to add Waiver of Premium Rider on payment of rider premium to secure your loved ones from the burden of paying future premiums in case of the policyholder’s untimely death, accidental total permanent disability or any of the defined critical illnesses while continuing the benefits of the plan.
After the policyholder pays the premium for the limited premium payment term, the policy continues to be in effect till the end of the policy term of 10 or 15 years as chosen at the beginning of the plan. This means that even though premium payment stops after five years, the life cover benefits from the policy can be reaped for the duration of the policy. In case of an unfortunate event such as the death of the policyholder while the policy is in force, the nominees stand to receive a death benefit in the form of the sum assured chosen at the start of the plan. Your family members can choose to receive the death benefit as a one-time payment in lump sum or in the form of instalments paid out in parts over the period of the next five years.
Tax benefits may be available on the premiums paid and benefits received under the prevalent tax laws.
What Are the Benefits of Buying IndiaFirst Micro Bachat Plan?
The IndiaFirst Life Micro Bachat Plan offers a number of benefits to the policyholder and your loved ones.
Upon starting the micro bachat policy
At the very start of the plan, you get to choose your policy term with a limited premium payment term of five years. As per the IndiaFirst Life Micro Bachat Plan, the policyholder pays premiums at a monthly, quarterly, half-yearly or yearly frequency for the first five years of the policy. After this period, you can reap the benefits of a plan that continues for the duration of the policy term without any additional premium from you.
Upon maturity of the policy
At the time of maturity of the in-force policy, you stand to receive the sum assured as a maturity benefit. This amount is chosen at the start of the policy and is the minimum benefit payable upon maturity.
In addition to the sum assured at maturity, you also stand to receive additional bonuses (simple reversionary bonus and terminal bonus) as announced by the insurance company. As per the plan, the minimum basic sum assured is Rs. 10,000 while the maximum basic sum assured is capped at Rs. 2,00,000 as per board approved underwriting policies.
With risk cover options in the policy
With the Life option that covers death, you stand to receive benefits equal to the guaranteed sum assured on death (10 times the annual premium) plus accrued bonuses if any and termina bonus if announced. The minimum death benefit shall be at least 105% of the total premiums paid as on the date of death.
With the Extra Life option that covers death and accidental death, you stand to receive the aforementioned death benefit and an additional death benefit in the case of accidental death which is equal to the guaranteed sum assured on death.
In case of policyholder’s untimely demise
If the policyholder does not survive the term of the policy, a death benefit is paid out to the nominee either as a lump sum or as monthly income over the next five years.
What Are the Eligibility Criteria to Buy IndiaFirst Micro Bachat Plan?
- The minimum age at entry is 18 years for 10 and 15-year policy terms
- The maximum age at entry is 45 years for the policy term of 10 years, and 50 years for the policy term of 15 years
- The maximum age at the end of the plan term is 55 years for the 10 years policy term and 65 years for the 15 years policy term
- You pay premiums for 5 years for policy terms of 10 and 15 years
- The minimum basic sum assured is Rs. 10,000 and the maximum basic sum assured is Rs. 2,00,000 as per board approved underwriting policy
- The minimum premium for applicants is Rs. 1,000 (yearly), Rs. 512 (half-yearly), Rs. 259 (quarterly), and Rs. 87 (monthly), while the maximum premium that can be paid does not have any upper limit and is subject to board approved underwriting policy
Who should opt for the IndiaFirst Life Micro Bachat Plan?
The IndiaFirst Life Micro Bachat Plan is the perfect savings insurance plan for those with fixed paying capacities who want to enjoy the benefits of disciplined savings, life cover, limited premium payment terms, and additional bonuses. With this policy by IndiaFirst Life, you can also add riders to enhance the basic coverage offered in the plan.
What are the risk cover options available under the IndiaFirst Life Micro Bachat Plan?
There are two risk cover options to choose from—Life and Extra Life. Under the Life option, you get basic risk coverage for death with benefits such as guaranteed sum assured on death (10 times of annual premium) and accrued bonuses (if any) and terminal bonus, if any. The minimum death benefit shall be at least 105% of total premiums paid as on date of death.
Under the Extra Life option, you get death and accidental death coverage with death benefit as mentioned above and an additional death benefit on accidental death which is equal to guaranteed sum assured on death.
Are there any riders available under the IndiaFirst Life Micro Bachat Plan?
Yes, you can opt for riders to enhance the basic life coverage offered under the plan. You can choose to add the Waiver of Premium (WOP) on Death, Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness, and Waiver of Premium on Death or Accidental Total Permanent Disability or Critical Illness riders.
Can I get a loan under the IndiaFirst Life Micro Bachat Plan?
Yes, you can avail a loan under the IndiaFirst Life Micro Bachat Plan. In times of financial emergency, you do not need to surrender or close your policy. You can use the loan facility as outlined by the plan document. 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 amount up to 90% of the available surrender value. The minimum loan amount should be Rs.1,000.
WHAT OUR CUSTOMERS HAVE TO SAY
Your Customer Service team is amazing. I required an invoice urgently to submit to my HR, and as promised by your team I received my invoice on the committed date.
Jathin Rao (Karnataka, 7th March 2022)
The Customer Service team of IndiaFirst Life Insurance is excellent. The staff understands the problems of the customers and they have a very cooperative & helping nature.
Ziauddin Malik (Uttar Pradesh, 4th March 2022)
I recently applied for the assignment of my term life insurance plan and my request was completed within 4 working days. I am extremely happy with your prompt response.
Anshul Barskar (Madhya Pradesh, 1st March 2022)