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For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
For Death Benefit multiple of 10 times of Total Premiums Paid
For Death Benefit multiple of 1.25 times Total Premiums Paid
For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
For Death Benefit multiple of 10 times of Total Premiums Paid
For Death Benefit multiple of 1.25 times Total Premiums Paid
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)
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.
| 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:
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.
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%).
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.
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.
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.
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
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
or
b. Surrender value as on Date of Death
Where Sum Assured on Death is defined as: Death Benefit Multiple times Total Premiums Paid.
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.
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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12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
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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