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Our IndiaFirst Life Radiance Smart Invest Plan is a linked, non-participating, individual, endowment/ savings, life insurance policy, specially designed for high net worth individuals like you, who want to provide overall protection through insurance cover, maximize returns on their savings and create additional wealth for a comfortable life ahead.
This is a unique facility which allows you to ask us your queries and get responses from our market experts.
You will be allowed to ask 2 queries every year regarding your monies to our Chief Investment Officer or Fund Manager and get a personalized mail response specific to your queries raised.
This facility is free of any charges currently and is available for customers under all plan options.
We will value your units in line with the unit linked guidelines issued by the IRDAI. As per the prevailing guidelines of the Authority, Unit Price will be calculated as follows:
Market value of the assets, Plus: value of current assets, Less: value of current liabilities and provisions, if any, Divided: by the number of units existing on the valuation date (before creation/ redemption of units).
When divided by the total number of units in the fund at the valuation date (before any units are redeemed), we get the unit price of the fund under consideration.
Revival of the Discontinued Policy during lock-in period
Revival of the Discontinued Policy after lock-in period
You have a free look period of 30 days from receipt of your policy document whether received electronically or otherwise, to review terms and conditions and in case you disagree to any of those terms & conditions, you shall have an option to return the policy to us for cancellation, stating the reasons for your objection, we shall arrange to refund you the value of units allocated as per the Net Asset Value (NAV) on the date of cancellation along with premium allocation charge plus charges levied by cancellation of units, subject to deduction of the proportionate risk premium for the period on cover, stamp duty charges, and the expenses incurred by us on medical examination, if any Such a request received by us for free look cancellation of the policy shall be processed and the premium shall be refunded within 7 days of receipt of the request, subject to applicable deductions
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.
The discount rate applicable for the quarter will be calculated using 5-year G-Sec bond yield (rounded to nearest 5 bps) as at beginning of the quarter. Any changeoftheabovebasis is subjecttoIRDAIapproval.
Every premium (new business or renewal), is allocated into fund options as selected in the proposal form or through subsequent request or as per the investment strategy opted, after deducting allocation charges, if any.
When and how does your premium get allocated to units in your policy?
The allotment of units to you, the policyholder will be done only after we receive the premium amount.
New Business: We will allocate new units on Business the day we receive premiums if we receive these before 3:00 p.m. They are allocated the next day if we receive them after 3:00 p.m.
Renewal Premiums: We will allocate the premium on the Premiums due date, whether or not it has been received before due date. (This assumes that the full premium is received on the due date). We will keep the renewal premiums received before the due date in the deposit account. It will not earn any returns until the renewal premium due date. On the due date, we will use the same for unit funds.
How do we value your units at the time of renewals and redemptions of your premiums? We will value your units in line with the unit linked guidelines issued by the IRDAI.
For renewal premiums / funds switch/ maturity / surrender received till 3:00 p.m.: We will apply the closing unit price of the day on which your renewal premium/ funds switch/ maturity/ surrender is received. This can happen only if we receive it by 3.00 p.m. along with a local cheque or a demand draft payable at par at the place where the premium is received.
For renewal premiums / funds switch/ maturity / surrender received after 3:00 p.m.: We will apply the closing unit price of the next business day if we receive your renewal premiums/ funds switch/ maturity/ surrender after 3.00 p.m. This has to be accompanied with a local cheque or a demand draft payable at par at the place where the premium is received.
For outstation cheques/ demand drafts: We will apply the closing unit price of the day on which cheques/ demand draft is realized if the cheque you issue for premium renewal is an outstation cheque/demand draft.
We provide you a grace period of 30days for payment of all premiums under quarterly, half yearly and yearly modes and 15 days under monthly mode. This period starts from the due date of each premium payment. Your policy will be considered in-force and all your policy benefits will continue during this grace period.
In the untimely event of the life assured’s demise while the policy is in force or from the due date of first unpaid premium till the expiry of the grace period, the Nominee(s)/Appointee/Legal Heir, as the case may be, will receive the death benefit under the policy equal to higher of fund value as on date of death or sum assured (as specified in Section 3). For Life Option & Extra Shield Option the death benefit as specified in Section 3 and for Family Care Option, the lump sum amount payable at the time of death as specified in Section 3 will be paid either
If this option is opted for, the Nominee(s) /Appointee/ Legal Heir(s), as the case may be can ask to withdraw the balance death benefit at any time during the settlement period. No Partial Withdrawals of Funds will be allowed during this period.
The amount will be paid out to the appointee if the nominee is a minor. However, at any point of time, the death benefit will not be less than 105% of the total premiums paid during the policy term.
In case the event which has caused death due to an Accident has occurred during the Policy Term and Accidental death occurs after the Policy Term is over but within 180 days from the date of Accident, the Accidental Death Benefit shall be payable, i.e. even if the accident occurs on the last day of the policy term also, the cover will be provided for 180 days irrespective of the termination of the risk cover.
In case of reduced paid-up policies, on death of the life assured, an amount equal to the higher of the reduced paid-up sum assured or fund value as on the date of receiving intimation of death will be payable to the Nominee/ Appointee/ Legal Heir, as per the payout option selected by the policy holder at the inception of the policy and the policy will terminate.
Paid-up Sum Assured is defined as Sum Assured * (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term)
What is the impact of partial withdrawals/systematic partial withdrawal on death benefit?
In case of life assured’s untimely demise, the Nominee(s)/ Appointee/Legal Heir will receive the death benefit, where the sum assured will be reduced by an amount equal to the partial/systematic partial withdrawals made from fund value, during the 2 year simmediately preceding the date of death of the life assured.
What is the death benefit if the policy acquires a reducedpaid-upstatus?
The Sum Assured/paid up sum assured will be reduced by the amount of partial/systematic partial withdrawals made during the 2 years immediately preceding the date of death ofthe life assured as on the date of receiving in timation of death or the Fund Value.
A lump sum amount equalto higher ofthe paid-up sum assured orfund value (as on date of receiving intimation of death) will be payable to the Nominee(s)/Appointee/ Legal Heir, while the policy is in reduced paid-up status.
Family Care Option: In case of death of the life assured in a reduced paid-up policy, where the policyholder has stopped paying the premiums, higher ofreduced paid-up sum assured or fund value will be payable and the policy will terminate.
The mortality charges, if any for reduced paid-up policy before death will be calculated based on paid-up sum assured. All the charges other than FMC recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.
You, the policyholder will receive –
In case of maturity of a reduced paid-up policy
What are the payout options at the end of the policy term?
On maturity you may choose to
You may choose to receive this payment in equal units at regular intervals (i.e. monthly/quarterly/ half-yearly/yearly as chosen by the policyholder) over a period of time specified by you. This period is called the Settlement Period. During this period, only the fund management and mortality charges will be applicable. You can ask for the balance fund value at any time during the settlement period.
You may place your funds in the Liquid1 Fund or any other fund allowed under this product at the time of exercising the settlement option.
When does the settlement period start?
Your settlement period starts from the maturity date and is applicable up to a period of 5 years, as chosen by you. However, you have to opt for the Settlement Optionatleast3monthspriortothedateofmaturity.
Does the life cover benefit continue during the settlement period?
Yes, in case of the Life Assured’s demise during settlement period,wewill pay the higher offund value as on the date of intimation of death or 105% of total premiums paid, to the Nominee / Appointee / Legal Heirandthepolicyshallterminateimmediately.
On complete withdrawal during settlement period life cover ceases immediately.
Who bears the investment risk during the settlement period?
The investment risk & inherent risk will be borne by the policyholder during the settlement period.
Are you allowed to make switches and partial withdrawals during the settlement period?
No, Switches and partial withdrawals are not allowed.
