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How people have benefitted from IndiaFirst Life
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
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
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)
The IndiaFirst Life Mahajeevan Plus Plan is like a special savings and life insurance plan. It's a type of life insurance moneyback endowment plan where you only have to pay for 12 years, but it keeps you protected for a long time – either 15 or 20 years.
One of the most important aspects of this money-back plan is that the life cover benefit will continue even if a premium payment is missed. This ensures that the policyholder's family will still be protected for a year without any interruption. Additionally, the policy includes multiple money-back disbursements throughout the policy term, which helps to address any liquidity needs.
Section 41 of the Insurance Act, 1938, as amended from time to time, states
You stand to receive periodic money back in this policy. You will receive these payouts of 103% of the Annualized Premium at the end of 3rd, 7th and 11th policy year during the policy term. Maturity and Survival benefits are subject to survival of life assured and policy being in-force.
Yes, you may benefit from a loan facility under this policy.
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 80% of the available surrender value. The minimum loan amount should be Rs.1,000.
The basis used for the calculation of interest rate on loan is 10-year G-Sec rate as at the end of last financial year plus the absolute margin of 250 basis points rounded up to the nearest 50 basis points. The derived interest rate will be applicable in the succeeding financial year. Currently, the interest rate on loan for FY 2024-25 is 10.00% p.a. (Simple). It is arrived by adding a margin of 250 basis points on the effective annual 10-year G-Sec and rounding up to the nearest 50 basis points (10.00% ~ 7.18% + 2.50%).
For other than in-force and fully paid-up policies, if the outstanding loan along with interest exceeds 90% of the surrender value, company will send a notice to the policy holder to repay the loan partially or completely. If loan is not repaid subsequent to receipt of the notice, then we will adjust the outstanding loan along with interest before any payment of benefits. After recovering the outstanding loan along with interest, remaining benefit, if any, will be payable.
Your policy will have life cover continuance benefit if two full year premiums have been paid.
Under this benefit; if you miss to pay premium for one policy year after your policy acquires paid up value; the death benefits under the policy will continue as per the in-force policy for one year from the date of “First Unpaid Premium”.
Policyholder will have an option to further extend the benefit of “Life Cover Continuance Benefit” if he/she pays due premium with applicable interest within one year from date of “First Unpaid Premium.” On such payment, Life cover continuance benefit will be applicable, for one year from the revised “Unpaid Premium” date. If you do not pay due premium within 12 months from the date of “First Unpaid Premium” then the policy will get converted to reduced paid up policy.
At the end of life cover continuance period, you will have the following options to exercise –
Pay all the due premiums with revival interest as applicable and revive the policy
Pay one due instalment premium with revival interest and extend the life cover continuance benefit for one year from first unpaid premium date
If due premium(s) along with revival interest, if any are not paid then continue the policy with reduced paid up benefits
We will deduct due (before date of occurrence of death) instalment premium(s) from the death benefit in case of death of the life assured during the Life Cover Continuance period of one year from the date of First Unpaid Premium.
You may revive your policy within 5 years from the due date of first unpaid regular premium but before the expiry of the policy term by –
paying all unpaid due Premiums along with interest; and
providing satisfactory evidence of health, if required, as per the Board approved underwriting policy. The cost of medicals, if any, will be borne by the policyholder.
A lapsed Policy will only be revived along with all its benefits in accordance with our board approved underwriting policy. If the policy is revived, then all benefits as per policy terms and conditions for an in force policy will be restored.
Note: The basis used for the calculation of interest rate on revival is 10-year G-Sec rate as at the end of last financial year plus the absolute margin of 300 basis points rounded up to the nearest 50 basis points. The derived interest rate will be applicable during the next financial year. Currently, the interest rate on revival for financial year 2024-25 is 10.50% p.a. (Simple). It is arrived by adding a margin of 300 basis points on the effective annual 10-year G-Sec rate and rounding up to the nearest 50 basis points (10.50% ~ 7.18% + 3.00%)
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.
At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. The surrender value payable will vary by policy term and policy year of surrender.
Guaranteed Surrender Value (GSV)
The policy shall acquire a Guaranteed Surrender Value on payment of premium for at least two consecutive years.
The GSV factors are dependent upon policy year of surrender and policy term. The GSV factors will be applicable on Total Premium Paid and any subsisting Simple reversionary bonus accrued till date of surrender.
GSV = GSV factor for premium * Total Premium Paid
Plus GSV factor for Simple reversionary bonus * accrued Simple reversionary bonus (if any)
Less sum of all survival benefits paid, if any till the date of surrender.
Special Surrender Value (SSV)
Special Surrender Value shall become payable after completion of first policy year provided one full year premium has been paid. It reflects the notional asset share, guaranteed maturity, or survival benefits under the policy.
The SSV will be = { ( Total No of premiums paid/Total No of premiums payable during the policy term)*(Guaranteed Sum Assured on maturity plus sum of all survival benefits under the policy)
Plus Accrued Simple Reversionary Bonus(if any)} multiplied by the SSV1 factor prevailing at the time of surrender
Plus
{ ( Total No of premiums paid/Total No of premiums payable during the policy term)*(Guaranteed Sum Assured on Death)
Plus Accrued Simple Reversionary Bonus(if any)} multiplied by the SSV2 factor prevailing at the time of surrender
Less
sum of all survival benefits paid, if any, till the date of surrender
Surrender value will be higher of SSV and GSV, where SSV will be calculated as mentioned above plus Terminal bonus (if declared).
Terminal Bonus, if declared will be payable, only if policyholder surrenders the policy after completion of premium payment term
You can return your policy within the Free Look period;
In case you do not agree to any of the policy terms and conditions, you have the option to review the terms and conditions of the policy and if you disagree to any of those terms or conditions, you have the option of returning the policy to the insurer for cancellation, stating the reasons for your objection 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?
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 paid
Less iii. Expenses incurred on medical examination, if any
Yes, you can opt for the following riders in the policy –
A. IndiaFirst Life Waiver of Premium (WOP) Rider (UIN: 143B017V01)
B. IndiaFirst Term Rider (UIN:143B001V02)
IndiaFirst Life Waiver of Premium Rider
This rider when opted, supports you, by waiving off the future premiums of your base policy in case the policyholder/ life assured suffers from death, accidental total permanent disability or critical illnesses as defined under the rider basis the rider option as chosen. The options for policyholder/life assured are as mentioned below.
| OPTION | BENEFIT |
|---|---|
| Waiver of Premium on Death | This option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force. |
| Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness | This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force. |
| Waiver of Premium on Death or Accidental Total Permanent Disability or Critical Illness | This option provides the benefit of waving all future premiums due and payable under the base policy on earlier happening of either of the following events - Death of the rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy being in force. To opt for this option, life assured and Policy Holder should be different individuals under base policy. |
IndiaFirst Term Rider
IndiaFirst Term Rider will enhance your life cover in the policy. The additional sum assured opted under the rider policy will be payable in case of untimely event of the Life Assured’s demise. However, the sum assured under IndiaFirst Term Rider cannot be more than the sum assured opted for under the base policy.
Note: Rider will not be offered if the term of the rider exceeds outstanding premium paying term under the base policy. The premium for health related or critical illness riders benefit shall not exceed 100% of premium under the base policy, the premiums under all other life insurance riders benefit put together shall not exceed 30% of premiums under the base policy and any benefit arising under the mentioned riders shall not exceed the sum assured under the base policy.
We have explained the working of the policy with a sample illustration below.
Mr. Kumar, 25 years bought the IndiaFirst Life Mahajeevan Plus Plan for a policy term of 15 years. He paid annual premium of 24,000 for 12 years for a Guaranteed Sum Assured at Maturity of INR 2,33,040.
He received his survival payouts at the end of 3rd , 7th and 11th policy years of INR 24,720 which is 103% of the Annualized Premium.
At the end of the policy term, he will receive 3,41,404 @8% or 2,33,040 @4% inclusive of the bonuses, if declared.
Even in case he dies during the policy term, in 14th policy year, his loved ones will be safeguarded with the Death Benefit of INR (3,02,400 @8% or 3,02,400 @4%). His nominee(s) can choose to receive the death benefit as lumpsum or as income over a period of 5 years.
Sample Maturity Amount for Policy Term 15 years and 20 years
| Age | Annualized Premium | Survival Benefit at the end of 3rd, 7th and 11th Policy Year | Policy Term 15 years | Policy Term 15 years | Policy Term 20 years | Policy Term 20 years |
|---|---|---|---|---|---|---|
| Sum Assured at Maturity @8% p.a. | Sum Assured at Maturity @4% p.a. | Sum Assured at Maturity @8% p.a. | Sum Assured at Maturity @4% p.a. | |||
| 25 years | 1,00,000 | 1,03,000 | 14,93,641 | 10,19,550 | 21,77,280 | 10,88,640 |
| 35 years | 1,00,000 | 1,03,000 | 14,64,414 | 9,99,600 | 21,23,280 | 10,61,640 |
| 45 years | 1,00,000 | 1,03,000 | 13,27,496 | 9,74,400 | 20,76,840 | 10,38,420 |
| 55 years | 1,00,000 | 1,03,000 | 13,73,657 | 9,37,650 | 19,69,920 | 9,84,960 |
We provide you with a grace period which is the time provided for payment of premium from 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 till date of occurrence of death, will be paid to the nominee(s)/appointee/legal heir.
During this period, the policy will be considered to be in-force.
We will offer discount on renewal premium amount if you pay the premium at least one month prior to premium due date till 12 months prior to premium due date, provided this period falls within the same financial year as the premium due date. The premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium to be eligible for discount. No discount will be offered if premium is paid within one month prior to premium due date.
If premiums are not paid within the grace period, and the policy hasn't acquired a guaranteed surrender value, it will lapse. In case of a lapsed policy, the risk cover ceases, and no further benefits will be payable.
If less than two full years' premiums have been paid, the policy will lapse. However, it can be revived within the revival period. If not revived, it will be foreclosed after the revival period without any benefits.
After the grace period, if at least two full years' premiums have been paid and subsequent premiums are not paid, the policy acquires paid-up value.
Important Notes:
A Reduced Paid-Up policy can be revived to the original benefits within five years from the first unpaid premium.
If a Reduced Paid-Up policy is not revived during the revival period, it continues in that status until maturity, death, or surrender.
A Fully Paid-Up policy occurs when all due premiums are paid during the policy term.
After the policy becomes paid-up:
Death Benefit (Reduced Paid-Up): Upon death after one year from the first unpaid premium, the benefit is the Reduced Paid-Up Sum Assured on death plus accrued Simple Reversionary Bonuses.
Survival Benefit (Paid-Up): No survival benefit is payable on the survival of the Life Assured in reduced paid-up status.
Maturity Benefit (Paid-Up): The benefit is the Reduced Paid-Up Sum Assured on maturity plus accrued Simple Reversionary Bonus, if declared, less any paid survival benefit.
Yes, there is an enhancement of maturity benefit factor when paying high premium as per below table–
| High Premium Enhancement Factor (% of Maturity Benefit Factor Enhanced) | ||
|---|---|---|
| Annual Premium Band/ Policy Term | 15 years | 20 years |
| Less than 50K | Nil | Nil |
| 50K to less than 1L | 3% | 5% |
| 1L to less than 5L | 5% | 8% |
| 5 Lacs and above | 7% | 10% |
You stand to receive the Guaranteed Sum Assured on maturity PLUS accrued Simple Reversionary Bonus, if declared PLUS Terminal Bonus, if declared, as the maturity benefit at the end of policy term
On payment of the maturity benefit, the policy will terminate, and no more benefits will be payable.
Guaranteed Sum Assured on maturity which is X times the annualized premium as mentioned in Annexure – A.
In case of death of the Life Assured, the following death benefit will be paid to the nominee(s) given the policy is in force or fully paid-up. The defined death benefit is paid out and the policy terminates.
The nominee(s) will receive higher of:
a. Sum Assured on Death (SAD) PLUS Accrued Simple Reversionary Bonus, if declared, PLUS Terminal Bonus, if declared
or
b. 105% of total premiums paid till date of death.
Where Sum Assured on death (i.e. SAD)is defined as 10 times of the Annualized Premium.
You can also opt for riders as specified in Section 7.Please refer rider brochure for more details.
In the unfortunate event of life assured’s demise during the term of the policy, Death Benefit is paid out to nominee(s) either as lumpsum or as a monthly income over next 5 years.
Note:
The death benefit defined above will be paid either as lump sum amount or in monthly instalments over the period of 5 years as opted by the policyholder/nominee at any time during policy period or on death of Life Assured. In case of instalment payment of death benefit,
the instalment benefit amount = S/a(n)(12)
where
S – lump sum amount
a(n)(12) - annuity factor
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 off 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%). The annuity factor defined above will not be changed once the instalment payment starts.
The IndiaFirst Life Mahajeevan Plus Plan is eligible for two types of bonuses:
a) Simple Reversionary Bonus (SRB):
Calculated on the Guaranteed Sum Assured at Maturity.
Rates are not fixed or guaranteed, subject to change, but once declared, they become guaranteed.
In the event of the policy being under Paid-Up Mode, no future simple reversionary bonus (if declared) will be added.
b) Terminal Bonus (TB):
Declared based on the company's investment experience and in accordance with the Board-approved bonus policy.
Payable on death, maturity, or surrender, as per policy terms and conditions.
Payable after the completion of the premium payment term.
No Terminal Bonus (if declared) is payable if the policy is under Paid-Up Mode.
It's important to note that the declaration and payment of bonuses are subject to the Board Approved Bonus Policy of the company.
In case of life assured’s 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 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.
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One-time payment (Single Pay)
Tax saving benefits
Life Cover that is 1.25 times higher
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Choice of 3 income Options
Guaranteed Long-Term Income
Life Insurance Cover
Protection even if you miss one premium.
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.
Shorter pay commitment of 6,7,8,9 or 10 years.
Get Guaranteed survival benefit.
Accumulate benefits with interest.
Policy remains effective in your absence (WOP).
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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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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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