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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)
Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.
Section 45 of the Insurance Act 1938, as amended from time to time states
Introducing the IndiaFirst Life Guaranteed Monthly Income Plan, a comprehensive savings and insurance plan. This non-linked, participating plan, limited premium, life insurance plan acts as a money-saving plan, offering both risk cover and a guaranteed monthly income post completion of your premium payment term & gap year (if opted). You also receive enhanced benefits in form of accumulated simple reversionary bonus and terminal bonus, if declared, at the end of the policy term.
Opting for a higher premium in this policy qualifies you for an Enhanced Sum Assured. It will help you yield a higher bonus. The yearly bonus (if declared) applies to the enhanced sum assured. The Enhanced Sum Assured factor, as a percentage of the Basic Sum Assured, varies based on the annualised premium before applicable taxes and extra premiums
No, loan is not allowed in this policy.
Yes, you can return your policy document if you disagree with any of the terms and conditions within the first 15 days for all channels except Distance Marketing or electronic mode where it is 30 days from receipt of your policy document, while stating your reasons for the same. We will refund your premium after deducting the pro rata risk premium, stamp duty and medical cost if any,
Do you get any refund when you cancel your policy?
Yes. We will refund an amount equal to the – Premium paid
Less: i. Pro-rata risk premium for the time the policy was in force
Less ii. Any stamp duty paid
Less iii. Expenses incurred on medical examination, if any
It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand that in certain circumstances you may want to surrender your policy. The policy will acquire guaranteed surrender value after 2 full years’ premiums have been paid. At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. GSV is GSV factor for premium * total premium paid excluding applicable taxes and extra premium, if any plus GSV factor for simple reversionary bonus* accrued simple reversionary bonus, if any less sum of all guaranteed regular income paid till the date of surrender. The SSV will be (total number of premiums paid/ total number of premiums payable over the policy term)*(annual guaranteed regular income* guaranteed regular income term) plus accrued simple reversionary bonus multiplied by the SSV factor at the time of surrender plus Terminal Bonus, if any* less sum of all guaranteed regular income paid till the date of surrender. *Terminal Bonus, if any on surrender will be applicable subject to the condition that the policy is fully paid up. GSV and SSV factors are attached with Annexure I
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 investing.
The basic sum assured in the policy is notional Sum Assured which is used to calculate bonus amount and not paid at maturity. The basic sum assured will be calculated basis your (life assured’s) age, gender, annual premium, premium payment term or policy term and gap year chosen.
| Minimum Basic Sum Assured | Maximum Basic Sum Assured |
|---|---|
| INR 75,000 | No limit subject to board approved underwriting policy |
The eligibility criteria for the policy is as follows –
| Minimum Age (as on last birthday) | Maximum Age (as on last birthday) | |
|---|---|---|
| Entry | 18 Years | 50 Years |
| Maturit | 34 Years | 75 Years |
We provide you with a grace period which is the time provided for payment of premium after the premium due date during which the policy is considered to be in-force with the risk cover. This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date. In case of death of the life assured during this period, death benefit after deducting due premiums will be paid to the nominee(s)/appointee/legal heir.
You can choose to pay your premiums monthly, quarterly, half yearly or yearly as per your need. The premium limits are as specified below:
| Frequency | Minimum Premium | Maximum Premium |
|---|---|---|
| Yearly | INR 24,000 | No limit subject to Board approved underwriting policy |
| Half Yearly | INR 12,286 | |
| Quarterly | INR 6,216 | |
| Monthly | INR 2,088 |
The premium amounts are exclusive of extra premium (if any) and taxes as applicable.
The bonuses under the IndiaFirst Life Guaranteed Monthly Income Plan include a Simple Reversionary Bonus (SRB) and Terminal Bonus (TB), as per the company's declared bonus policy.
The life assured has the option to pay monthly, quarterly, half yearly or yearly premium in the policy.
In the event of non-payment of premium due under the policy afterthe grace period, the policy will lapse if the policy has not acquired a guaranteed surrender value. The risk cover will cease and no further benefits will be payable in case of a lapsed policy. The policy will lapse if less than two full years’ premiums have been paid
However, you can revive your lapsed policy within the revival period. You can see further sections below on Revival for more information.
If you stop paying premiums after the policy has acquired a guaranteed surrender value, your policy will be made paid up at the end of the grace period.
Once a policy becomes paid-up:
Your policy will continue with reduced benefits – If at least two full years premium have been paid
*Terminal Bonus, if any on death / maturity will be applicable subject to the condition that at least five full years premium have been paid
What are your options to revive the policy?
You may revive your policy within a specified period by -
You may revive your policy within five years from the due date of the first unpaid premium but before the maturity date. No benefits will be payable during this period other than the paid-up value, if any, in the event of death. If the policy is revived, then the policy will accrue all due bonuses, if any. The interest may change from time to time. The revival is subject to satisfactory medical and financial underwriting
As per your need, you can choose between 16 years to 27 years as the policy term. The policy term is a sum of the premium payment term, gap year and guaranteed regular income term. It is to be noted that your premium payment term(years) will always be equal to the guaranteed regular income term(years). While a premium payment term will be the total number of years for which you pay the premium, the guaranteed regular income term will be the total number of years for which you will receive the guaranteed monthly payouts. The gap period of 0, 3 or 5 years will be the time in years between completion of premium payment period and start of first income payout. During this period, no guaranteed regular income will be paid, although death benefit continues and bonus will accrue, for an in-force policy.
| Age at Entry (Years) | Premium Payment Term (Years) |
|---|---|
| 18-35 | 8 to 11 |
| 36-45 | 9 to 11 |
| 46-50 | 9 to 10 |
| Premium Payment Term | Gap Year | Guaranteed Regular Income Term | Policy Term |
|---|---|---|---|
| 8 | 0 | 8 | 16 |
| 8 | 3 | 8 | 19 |
| 8 | 5 | 8 | 21 |
| 9 | 0 | 9 | 18 |
| 9 | 3 | 9 | 21 |
| 9 | 5 | 9 | 23 |
| 10 | 0 | 10 | 20 |
| 10 | 3 | 10 | 23 |
| 10 | 5 | 10 | 25 |
| 11 | 0 | 11 | 22 |
| 11 | 3 | 11 | 25 |
| 11 | 5 | 11 | 27 |
Upon completion of the policy term, you'll receive your final instalment of guaranteed monthly income, along with any accrued simple reversionary and terminal bonuses, if declared. This is termed as the maturity benefit.
Upon receiving the maturity benefit, the policy terminates, and no further benefits will be provided.
In the unfortunate event of life assured’s demise during the term of the policy, the nominee(s) will receive higher of:
Where Sum Assured on death is highest of:
Where absolute amount assured to be paid on death is the Basic Sum Assured and minimum guaranteed Sum Assured on maturity is zero
The nominee(s) has the option to receive the death benefit as a lump sum one time amount orin monthly instalments over the period of 5, 10 or 15 years as opted at the inception of the policy. In case of death benefit in instalments; the monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. Once the instalment payment starts, this payment remains level throughout the instalment period.
Total guaranteed regular income benefit paid post date of death will be recovered from the death benefit payable on death in case of delay in intimation of death to Us.
* Terminal Bonus, if any on death will be applicable subject to the condition that at least five full years premium have been paid
In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 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, provided the policy is in force.
For more details please refer to our website www.indiafirstlife.com
You, the life assured will receive the guaranteed regular income as survival benefit in this policy. These monthly income payouts will be in the range of 105% to 125% of annualized premium basis the life assured’s age, gender, gap year and premium payment term chosen at inception. The payout of survival benefit starts after the completion of your premium payment term in the policy. You will receive the survival benefit till the last month of your policy or date of death whichever is earlier.
The table below provides the annual income percentage. For Monthly Guaranteed Regular Income, Yearly Guaranteed Regular Income Benefit will be divided by 12.
| Age at entry | PPT | Gap year | Yearly Guaranteed Regular Income as % of one annualized premium |
|---|---|---|---|
| 18-35 | 10, 11 | 0 | 118% |
| 3 | 120% | ||
| 5 | 125% | ||
| 8, 9 | 0 | 110% | |
| 3 | 120% | ||
| 5 | 125% | ||
| 36-45 | 9,10,11 | 0 | 110% |
| 3 | 115% | ||
| 5 | 115% | ||
| 46-50 | 9,10 | 0 | 105% |
| 3 | 110% | ||
| 5 | 115% |
Start a personalized journey with this guaranteed savings life insurance plan that provides flexible premiums, guaranteed survival benefits, and cash bonuses (if declared) along with life insurance cover during the entire policy term of 15 or 20 years
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IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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