The IndiaFirst Smart Save Plan combines the benefits of both an insurance cover as well as a wealth builder. Depending on your risk appetite, it uses market-linked investments to help you save systematically and build your wealth portfolio.
REASONS TO BUY INDIAFIRST SMART SAVE PLAN
Build your savings systematically, through investments in various funds.
Life cover in case of the life assured's untimely death.
Optimise investments by ‘switching' or ‘redirecting your premium' from one fund to another.
Protect your savings by transferring your investments into a liquid fund over the last 3 years of the plan.
Tax benefits may be available on the premiums paid and benefits received as per prevailing tax laws
WHAT ARE THE ELIGIBILITY CRITERIA?
Minimum age at entry is 5 years and maximum age at entry is 65 years
Maximum age at the end of policy term is 75 years
Premiums can be paid monthly, half-yearly, and yearly
Flexibility to choose your Policy Term from 10 to 70 years under Regular Premium
Flexibility to choose your Policy Term from 5 to 20 years under Single Premium
IndiaFirst Smart Save Plan
Introduced to the Indian market in the year 1971, ULIP or unit-linked insurance plan is a money savings plan that also provides life cover. While every ULIP offers these dual, all ULIPs are not created the same. The IndiaFirst Smart Save Plan is a ULIP designed to help you grow your corpus with market-linked returns while enjoying the peace of mind of having your life insured.
With the IndiaFirst Smart Save Plan, save systematically from the first day, choose fund options that reflect your financial goals and risk appetite, and reap the returns of your intelligent financial planning in the years to come.
What is the IndiaFirst Smart Save Plan?
The IndiaFirst Smart Save Plan is a unit-linked, non-participating life insurance endowment money savings plan. Besides enjoying the benefit of life insurance cover, this money savings plan provides market-linked returns via four unique fund options tailored to your risk appetite.
Not only can you choose which fund option to invest in, but you can also allocate a percentage of your premiums to each of these funds to spread the risk. Make the most of your savings by switching and redirecting your premium between funds at your convenience.
What Are the Features of IndiaFirst Smart Save Plan?
A unit-linked insurance plan like the IndiaFirst Smart Save Plan is an exclusive financial instrument that allows you to maximise your investment opportunities and enjoy life cover. In a single product, this ULIP gives you the best of all worlds.
Dual advantage
When you invest in this money savings plan, a part of the premium is diverted towards paying for the life insurance cover. The rest of the premium is invested in different fund options so you can reap financial gains. In this way, you can systematically build a corpus for the future while enjoying the peace of mind of knowing that your life is covered in any unfortunate eventuality.
Fund options
With the IndiaFirst Smart Save Plan, you can systematically build your savings using the multiple fund options available to you. Under this money savings plan, the policyholder can choose between four unit-linked funds to invest in. Every fund option presents different levels of risks and returns.
The Equity1 fund offers a high real rate of return when investing for the long term by parking your funds in equity instruments. There is a high probability of negative returns, particularly in the short term. In this fund, 80-100% of your investment is diverted towards equity funds while the remaining 0-20% is placed in the money market. The Debt1 fund offers returns that are expected to exceed the rate of inflation in the long term. This medium-risk profile fund option presents a low probability of negative returns in the short term. 70-100% of your investment is placed in debt assets in this fund, while 0-30% is allocated to the money market.
The Balanced1 fund presents a medium risk profile where 50-70% funds are placed in equity funds, 30-50% in debt, and 0-20% in the money market. Designed to help your corpus beat inflation rates in the long term, this fund presents a moderate probability of negative returns in the short term.
The Value fund offers moderate to high real rate of returns in the long term by investing a high proportion in equity shares that are expected to provide long-term capital appreciation. 70-100% of assets are allocated to equity funds in this fund, while the remaining 0-30% is diverted to the money market. The Value fund presents a high probability of negative returns in the short term.
Protect your fund value
During the last three years of this money savings plan, the policyholder can transfer their funds to a Liquid1 Fund. By doing this, you can protect your current fund value from market-related ups and downs. If opted for, 3% of your fund value in every policy fund will be automatically switched to the Liquid1 Fund in each of the last thirty-six monthly anniversaries before the end of the policy term.
Flexible premium payment modes
The IndiaFirst Smart Save Plan allows you to pay regular premiums, limited premiums, or a single, one-time payment. In the regular and limited premium mode, you can make payments monthly, half-yearly, and yearly. The single premium option allows for a one-time payment only. For this money savings plan, the minimum premium for regular mode is Rs. 1,000 monthly, Rs. 6,000 half-yearly, or Rs. 12,000 yearly. In the limited premium mode, the minimum premium is Rs. 1,250 monthly, Rs. 7,500 half-yearly, or Rs. 15,000 yearly. The single premium mode allows for a minimum one-time premium of Rs. 45,000. There is no maximum limit subject to underwriting.
Partial withdrawal provision
Access your money in case of any financial emergency through partial withdrawals after completing the lock-in period. There are no partial withdrawal charges applicable.
Online purchase
With the IndiaFirst Smart Save Plan, you do not need to step out of your home to visit the branch or meet with an agent. The process of purchasing and starting this money savings plan can be completed at your convenience from inside your home via the online mode.
Tax benefits
Reap tax benefits and exemptions under applicable laws when you invest in the IndiaFirst Smart Save Plan. Policyholders may claim tax benefits and exemptions on premiums paid under Section 80C and the maturity/death benefits received under the IndiaFirst Smart Save Plan.
What Are the Benefits of Buying IndiaFirst Smart Save Plan?
The IndiaFirst Smart Save Plan is a worthy addition to anyone’s financial portfolio. As a unit-linked policy, this money savings plan provides the dual benefits of insurance and investment. Not only can you hope to build a substantial corpus, but you can also mitigate risk as much as possible by using the different fund options available under this money savings plan.
Complete parity
Like other IndiaFirst Life policies, the IndiaFirst Smart Save Plan is also presented to you with complete transparency. Every important detail about how the plan functions, the structure of charges, fund investment methods, expected returns rate, and NAV tracker are shared to ensure that you make the most informed choices for your financial health. The IndiaFirst Smart Save Plan is an intelligent policy for discerning investors.
Tailored to your risk profile
Investing in the capital market may not be everyone’s piece of cake. However, if you hope to save and invest enough to beat inflation in the long run, you need all the help you can get from the market.
With the IndiaFirst Smart Save Plan, you get to enjoy the wealth creation benefits of the capital market while being protected against the market’s vagaries and fluctuations. Spread your risk by opting for and switching between different fund options. With two free switches in a month and premium redirection facilities, you can change where you are investing your money at no additional cost to you.
Life cover and death benefit
The IndiaFirst Smart Save Plan offers a life cover in case of the life assured’s untimely death. For regular and limited premium plans, the minimum sum assured is seven times the annualised premium. For single premium policies, the minimum sum assured is 125% of the single premium.
However, the death benefit will not be less than 105% of the total premiums paid at any point in time. The maximum sum assured depends on the premium payment mode and age of the policyholder.
Maturity benefits
At the end of your policy term, you will receive the fund value at that moment. The policyholder can choose to accept the entire amount in a single lump sum pay-out or select the Settlement option. Under the IndiaFirst Smart Save Plan, the Settlement option allows you to receive your pay-out in the form of monthly instalments for a period of up to 5 years.
Why Do You Need the IndiaFirst Smart Save Plan?
The world is full of uncertainties. Your savings plan has to help you plan for tomorrow while safeguarding today. With the IndiaFirst Smart Save Plan, you can afford to turn this dream into reality.
Life cover + Investment
When you become an earning member of your family, you are privy to a host of rights and responsibilities that you have to fulfil. One of these responsibilities is ensuring that your family is taken care of even in your absence.
The IndiaFirst Smart Save Plan is not just an investment instrument; it is also a life insurance product. Enjoy the benefits of investing in the capital market while protecting your investment against market fluctuations and your family members against any untoward eventuality.
Systematic saving against inflation
Indians are raised to put away money for a rainy day. However, squirreling away money into fixed deposits or leaving it sitting in your bank account will not help you achieve this goal. In the 21st century, you need to do more than just save for a rainy day; you need to invest for the future. With the IndiaFirst Smart Save Plan, you can build the habit of systematically saving money and putting it to work for you.
What Are the Eligibility Criteria to Buy IndiaFirst Smart Save Plan?
- Under the IndiaFirst Smart Save Plan, the minimum age at entry is 5 years, while the maximum age at entry is capped at 65 years.
- The minimum age at maturity is 18 years, while the maximum age at maturity is capped at 75 years.
- The policy term extends from 10 to 70 years with an equal premium paying term for the regular premium payment option.
- The policy term extends from 10 to 25 years with 5/7 years of premium paying for limited premium payments in this money savings plan.
- In a single premium IndiaFirst Smart Save Plan, the policy term extends from 5 to 20 years with a one-time payment option.
- Premiums can be paid monthly, half-yearly, yearly, or as a one-time single payment.
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FAQs
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What is the IndiaFirst Smart Save Plan?
IndiaFirst Smart Save Plan is a unit-linked, non-participating life insurance endowment plan that offers market-linked returns along with the security of a life cover. Towards the end of the policy term, you have the option to safeguard your money against market fluctuations while staying invested by opting to move your funds to the Liquid1 fund, which presents a low risk. With this money savings plan, you get the benefits of systematic savings, market-linked investment value, and essential life cover.
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What are the fund options under the IndiaFirst Smart Save Plan?
Under the IndiaFirst Smart Save Plan, you have four fund options to choose from. You can switch from one fund to another for free two times every month. Redirect your premiums as you see fit.
- Equity1 Fund: 80-100% equity, 0-20% money market investment—High risk profile
- Balanced1 Fund: 50-70% equity, 30-50% debt, 0-20% money market investment—Medium risk profile
- Debt1 Fund: 70-100% debt, 0-30% money market investment—Medium risk profile
- Value Fund: 70-100% equity, 0-30% money market investment—High risk profile
- Liquid1 Fund: 0-20% debt, 80-100% money market—Low risk profile. Transfer your money to Liquid1 fund during the last three years of your policy to protect your fund value from market fluctuations.
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When can I use the Liquid1 fund?
The Liquid1 fund option is a unique offering of the IndiaFirst Smart Save Plan. Under this alternative, your can protect your fund value from market fluctuations by moving it to the Liquid1 fund during the last three years of the policy term. A reminder about this option will be sent to you three years before the end of your policy term with further details about the same.
3% of your fund value in each policy fund will be automatically switched to the Liquid1 Fund in each of the last thirty-six monthly anniversaries before the end of the policy term. When funds are transferred to the Liquid1 fund, the ratio in which your remaining funds are allocated is not affected.
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Are partial withdrawals allowed under the IndiaFirst Smart Save Plan?
Yes, you may withdraw your funds partially in case of any financial emergency. In the case of regular and limited premium policies, you can withdraw your money partially after the fifth policy year as long as you have paid your IndiaFirst Smart Save Plan premiums for the first five years.
In the case of a single premium IndiaFirst Smart Save Plan, you can withdraw after completing the fifth policy year. Partial withdrawal is allowed after the life assured attains age 18 years, in case of a minor policyholder.
The minimum withdrawal limit is Rs. 5,000. The maximum withdrawal limit for regular and limited premium policies is up to 25% of the fund value, only if your fund is left with a minimum balance equal to 110% of your annual premium after the partial withdrawal. The maximum withdrawal limit for single premium policies is the amount that does not reduce the fund value after withdrawal to less than Rs. 45,000. There are no partial withdrawal charges applicable.
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Are there any tax benefits under the IndiaFirst Smart Save Plan?
ULIP policies are well-known for being good tax-saving instruments. Under the IndiaFirst Smart Save Plan, tax benefits may be available on premiums paid and benefits receivable per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws.
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What are the charges under the IndiaFirst Smart Save Plan?
The IndiaFirst Smart Save Plan is a transparent ULIP policy designed to meet your requirements of life cover, money savings plan, and wealth creation. Some fixed charges are associated with the IndiaFirst Smart Save Plan, including:
- Premium allocation charge (deducted before investing)
- Fund management charge (deducted daily before NAV calculation)
- A policy administration charge (deducted monthly)
- Mortality charges (deducted on the first business day of each policy month by way of cancellation of units)
Other charges that may be applicable depending on the services you use under the IndiaFirst Smart Save Plan include:
- Discontinuance charge (not applicable from the 5th policy year onwards)
There are no switching or partial withdrawal charges under this policy. If a switching charge is introduced later, it will be subject to prior approval from the IRDAI.
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What if I miss paying my IndiaFirst Smart Save Plan premiums?
There is a grace period of 30 days to pay all premiums under half-yearly and yearly premium payment modes and 15 days under the monthly mode in this money savings plan. This period starts from the due date of each premium payment. All your IndiaFirst Smart Save Plan benefits continue during this grace period.
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Is there are free-look period under the IndiaFirst Smart Save Plan?
Yes, you can return the IndiaFirst Smart Save Plan to the insurer within the free-look period if you disagree with the terms and conditions of the plan. This free-look period is capped at 15 days from the date of receipt of the policy. The free-look period for policies purchased through distance marketing or electronic mode will be 30 days.
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