IndiaFirst Life Saral Bachat Bima Plan

Sahi Bachat Jahaan, Safal Jeevan Wahaan

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IndiaFirst Life Saral Bachat Bima Plan is a non-linked, non-participating, individual life, limited premium, savings policy, designed to ensure a long-term safety net for your loved ones through life insurance coverage, alongside guaranteed benefits while you pay for a duration shorter than your policy term.

REASONS TO BUY INDIAFIRST LIFE SARAL BACHAT BIMA PLAN

  • Create a long-term protection for your loved ones through life insurance cover of up to 12 or 15 years

  • Pay for a period of 5 or 7 years while benefitting from your policy for an entire policy term

  • Boost your savings with annual guaranteed additions

  • Provide your loved ones with the benefit of lumpsum amount or income over a period of 5 years in case of death of life assured

  • Get additional sum assured in case of accidental death during the 1st year of the policy only

  • Get Funeral Cover (accelerated and not additional benefit) of 10% of the Sum Assured on Death or Rs. 25,000 (whichever is lower) paid in advance on intimation of death

  • Add IndiaFirst Life Waiver of Premium Rider for enhanced benefits

  • No hassles of medical tests- just confirm to the health declaration.

WHAT ARE THE ELIGIBILITY CRITERIA?

  • The minimum age for applying is 3,6, and 46 years depending on the Policy term and death benefit. The maximum age for applying is 45 and 50 years depending on the death benefit.

  • The minimum age at the end of the plan is 18 years and the maximum is 60 and 65 years depending on the death benefit.

  • Minimum Sum Assured: Rs. 84,000. Maximum Sum Assured: Rs. 5,00,000.

  • Minimum premium is Rs. 12,000 yearly. Maximum premium is Rs. 50,000.

INDIAFIRST LIFE SARAL BACHAT BIMA PLAN


Presenting a simple and effective tool for the protection and safety of your family—the IndiaFirst Life Saral Bachat Bima Plan. In life, many uncertainties are all but certain to happen. But, with an intelligent saral bachat bima plan, you get the peace of mind of life cover, limited premium payments, and guaranteed benefits. Designed to protect your family in case of an unfortunate event, the IndiaFirst Life Saral Bachat Bima Plan is your anchor in times of economic uncertainty.

Like other saral plans, the IndiaFirst Life Saral Bachat Bima yojana is straightforward to understand. You get the benefits of quick processing, no medical tests, and a simple enrolment process. Create a long-term protection net for your loved ones while you pay premiums for a shorter term.

WHAT IS INDIAFIRST LIFE SARAL BACHAT BIMA PLAN?


If you are looking for a savings insurance plan in India, you will be spoilt for choice. You can opt for unpretentious options as well as comprehensive plans with all the bells and whistles. Depending on the insurance service provider you choose, you can avail of many features, benefits, facilities, and maturity payment options. However, to ensure that you have a policy that actually meets your needs, you will have to look through all the details, terms and conditions, and inclusions and exclusions that the policy comes with. With so many choices and fine print, most insurance seekers get understandably confused.

From January 2021 onwards, the Insurance Regulatory and Development Authority of India (IRDAI) has released guidelines and extended support to the people in the form of saral or straightforward plans. These saral policies are perfect for those who want to ensure that their family members have a safety net to fall back on in their absence.

The IndiaFirst Life Saral Bachat Bima Plan is a non-linked, non-participating, individual, limited premium savings life insurance policy. Under the Saral Bachat Yojana, the IndiaFirst Life Saral Bachat Bima Plan offers you the benefits of life cover and a limited premium payment term. Unlike a pure protection policy without any maturity or survival benefits, the IndiaFirst Life Saral Bachat Bima Plan is a savings insurance plan that allows you to enjoy the upside of guaranteed additions.

The IndiaFirst Life Saral Bachat Bima Plan enables you to enjoy life cover throughout the duration of the policy while you only pay premiums for a limited number of years. For example, under the IndiaFirst Life Saral Bachat Bima yojana, you can opt for shorter premium payment terms of five to seven years while you enjoy long-term life cover for 12 to 15 years.

WHAT ARE THE KEY FEATURES OF INDIAFIRST LIFE SARAL BACHAT BIMA PLAN?


The word 'Saral' means simple and straightforward. Such insurance plans are designed to ensure that the benefits of life insurance reach everyone in India. For example, with the IndiaFirst Life Saral Bachat Bima yojana, you can access an insurance product with the benefits of life cover and systematic savings.

As a non-linked saral bachat bima yojna plan, the IndiaFirst Life Saral Bachat Bima Plan is not connected to the ups and downs of the capital market. This means that irrespective of the market condition, you stand to receive a guaranteed sum assured at the time of the policy's maturity. Here are the key features of the IndiaFirst Life Saral Bachat Bima yojana:

  • Create a long-term protection net for your family members with life insurance cover that lasts through the term of the policy—you can choose a policy term of 12 to 15 years
  • Pay for a limited period of 5 or 7 years while benefiting for the entire term of the policy
  • Enjoy the upside of annual guaranteed additions
  • With a substantial death benefit, you can provide your loved ones with the benefits in a lump sum or in parts as income over a period of 5 years in case of the death of the life assured
  • In case of accidental death during the 1st year of the IndiaFirst Life Saral Bachat Bima Plan, your loved ones stand to get an additional Sum Assured on Death
  • By opting for the Waiver of Premium Rider, you can get future premiums of the base policy waived off in case the policyholder/life assured suffers from death, accidental total permanent disability or critical illnesses as defined under the rider option chosen
  • With the IndiaFirst Life Saral Bachat Bima Plan, you do not need to worry about medical tests as all that is required from you is a health declaration confirmation
  • Under the IndiaFirst Life Saral Bachat Bima Plan, your nominees get a Funeral Cover (accelerated and not additional benefit) of 10% of the Sum Assured on Death or Rs. 25,000 (whichever is lower) paid in advance on intimation of death of the Life Assured

What are the eligibility criteria for the IndiaFirst Life Saral Bachat Bima Plan?


To keep the IndiaFirst Life Saral Bachat Bima Plan simple and straightforward, a clearly defined list of criteria must be met before purchasing this saral bachat yojana plan.

  • Under the IndiaFirst Life Saral Bachat Bima Plan with a death benefit of 10x, the minimum age at entry is 6 years for a policy term of 12 years and 3 years for a policy term of 15 years.
  • Under the IndiaFirst Life Saral Bachat Bima Plan with a death benefit of 7x, the minimum age at entry is 46 years for a policy term of 12 or 15 years.
  • The maximum age at entry for this saral bachat yojana with a death benefit of 10x is 45 years, and a death benefit of 7x is 50 years.
  • The minimum age at maturity should be 18 years, while the maximum age at maturity can be 60 years (death benefit of 10x) or 65 years (death benefit of 7x)
  • Under the IndiaFirst Life Saral Bachat Bima Plan, the minimum sum assured on death is fixed as Rs. 84,000, while the maximum sum assured is Rs. 5,00,000.
  • Depending on your premium payment frequency, the minimum premium to be paid is Rs. 12,000 yearly, Rs. 6,000 half-yearly, Rs. 3,000 quarterly or Rs. 1,000 monthly.
  • The maximum premium paid under the IndiaFirst Life Saral Bachat Bima Plan is Rs. 50,000.

What are the benefits of the IndiaFirst Life Saral Bachat Bima Plan?


The IndiaFirst Life Saral Bachat Bima Plan is a straightforward plan that offers many benefits to the policyholder and their loved ones. Here's a quick look at the benefits that you stand to gain after buying this saral bachat bima plan:

Financial security for your loved ones

Whether you run a small business or are a homepreneur, your life has inherent value for your family members and loved ones. In times of economic ups and downs, your goal is to ensure that your family's financial security is a reality, whatever happens. With growing financial responsibilities and irregular income, it is essential to plan for the constant protection of your family's future. With the IndiaFirst Life Saral Bachat Bima Plan, you pay for a shorter period and enjoy long-term benefits and continuous protection of your family's future for the entire policy duration.

Flexible death benefit

As long as the policy is in force or is fully paid-up at the time of the death of the life assured, the defined death benefit is paid out to the nominees of the policyholder. As a result, your family will receive higher of the Sum Assured on Death (SAD) PLUS accrued guaranteed additions (if any till the date of death) or 105% of total premiums paid until death. In the unfortunate event of the life assured's demise during the policy term, Death Benefit is paid out to your nominee either as lumpsum or as a monthly income over the next 5 years.

Funeral Cover

10% of the Sum Assured on Death or Rs. 25,000 (whichever is lower) will be accelerated, not additional and paid in advance on intimation of death of the Life Assured.

Maturity benefits

Sum Assured on Maturity (SAM) PLUS accrued guaranteed additions, as the maturity benefit at the end of the policy term, provided you survive till the end of the policy term, and the policy is in force and fully paid-up. After that, the policy will terminate on payment of the maturity benefit, and no more benefits will be payable. Sum Assured on Maturity (SAM) is defined as a guaranteed amount to become payable on maturity of the policy.

Rider benefits

Suppose you opt for the IndiaFirst Waiver of Premium rider under the IndiaFirst Life Saral Bachat Bima Plan. In that case, your family stands to receive continued support in case of any unfortunate event because any future premium payments would be waived off in case the policyholder/ life assured suffers from death, accidental total permanent disability or critical illnesses.

Loan benefits

Under the IndiaFirst Life Saral Bachat Bima Plan, there is a loan facility that you may avail of in case of any emergency.

Tax benefits

With the IndiaFirst Life Saral Bachat Bima yojana, tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws.

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FAQs

  • Why should I buy the IndiaFirst Life Saral Bachat Bima Plan?

    The IndiaFirst Life Saral Bachat Bima Plan is a simple and straightforward savings insurance plan. This saral plan is designed to offer your family financial security in case of your untimely demise. Upon maturity or survival, this saral bachat bima plan offers you guaranteed savings that will help you design the future you want for your loved ones.

  • How much loan can I get under the IndiaFirst Life Saral Bachat Bima Plan?

    It is essential to have an influx of money during an emergency to help you tide over tough times. With the IndiaFirst Life Saral Bachat Bima Plan, you can use a loan facility to support yourself. The amount of the loan that you may avail of at any point in time will depend on the surrender value. You can avail of a loan of up to 70% of the acquired Surrender Value if any. The minimum loan amount which can be availed of is Rs. 1000.

  • Do I get a discount on IndiaFirst Life Saral Bachat Bima Plan renewal premiums if I pay in advance?

    Yes, under the IndiaFirst Life Saral Bachat Bima Plan, you can enjoy a discount on the renewal premium if you pay the premium at least one to 12 months before the premium due date. This is provided this period falls within the same financial year as the premium due date of the IndiaFirst Life Saral Bachat Yojana.

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