Choosing a life insurance policy can feel overwhelming for a first-time buyer. You want something simple, cost-effective, and reliable. This is where the IndiaFirst Life Guaranteed Single Premium Plan comes in. This plan stands out among other life insurance plans and savings plans because it offers guaranteed benefits with just one payment.
Here’s why this plan makes sense for all kinds of people whether it is young professionals or anyone seeking peace of mind.
One-time Payment, Lifetime Benefits
The most attractive feature of a guaranteed single premium plan is that you pay your premium only once. This means no monthly EMIs or recurring payments. You simply decide on the amount, make a single payment, and your policy remains active for the chosen term which can be anywhere between 5 and 30 years. This setup is especially helpful for people who want to avoid budgeting for monthly premiums. It also removes the risk of missing a payment, which can happen if you forget or face temporary financial constraints.
Guaranteed Maturity Benefit
When you survive the policy term, you receive a maturity benefit. The amount you get is calculated by multiplying your single premium by a guaranteed maturity multiple (GMM). These multiples are fixed based on your age, policy term, and chosen death benefit option. In simple terms, you know exactly how much you will receive at maturity. With many savings plans, market fluctuations can affect returns. But under this plan, your maturity benefit is guaranteed so you can plan ahead without worrying about market ups and downs.
Flexible Death Benefit Options
A key concern when buying life insurance is ensuring your family is financially secure if something happens to you. The IndiaFirst Life Guaranteed Single Premium Plan offers two death benefit multiples: 1.25x or 10x the single premium (available until age 45). For example, if you pay ₹100,000 as a one-time premium and choose the 10x option, your family will receive ₹1,000,000 if you pass away during the policy term (subject to age limits). If you choose the 1.25x multiple, they will receive ₹125,000. This flexibility lets you tailor cover to your needs and budget.
Income Payout Option for Beneficiaries
The nominee under this plan can receive the death benefit in two ways: a lump sum or as a regular income over five years. The income option can be useful for families who prefer a steady cash flow to manage monthly expenses, education fees, or other financial commitments. If you think a one-time payout might be difficult to manage, you can ask for monthly instalments instead. This feature ensures your loved ones have a continuous income stream rather than a single lump sum.
Enhanced Benefits for Higher Premiums
The plan becomes even more rewarding when you invest a higher premium. If your single premium is ₹10,00,000 or more, you qualify for enhanced maturity benefits. This means the guaranteed maturity multiple increases, translating to a larger payout at the end of the term. For someone who has saved up a sizeable amount and wants to lock it in a secure savings plan, this feature makes the IndiaFirst Life Guaranteed Single Premium Plan more attractive than other life insurance plans with similar premiums.
Riders for Additional Protection
You can boost your coverage by opting for riders at an extra cost. The plan offers an Accidental Death Benefit Rider and a Total & Permanent Disability Rider. These riders ensure that your family gets more if your demise is due to an accident or if you become permanently disabled. For a student or a young professional, these riders are a cost-effective way to add extra protection without increasing your base premium.
Loan Facility in Times of Need
At any point in your life, for various reasons, you might need funds unexpectedly. Once your policy acquires a surrender value, you can take a loan up to 80% of this value, subject to a minimum loan amount of ₹25,000. The interest rate is linked to the 10-year government security yield plus 2.50%, rounded to the nearest 50 basis points. As of 2024–25, this works out to about 10% per annum. This facility ensures that you have quick access to funds without liquidating other assets.
Easy Surrender Option
If circumstances change and you wish to surrender the policy, you receive either the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV), whichever is higher. GSV is calculated based on a fixed factor determined by the policy term and year of surrender. SSV is determined by the insurer, subject to regulatory approval. For a college student uncertain about long-term commitments, knowing you have an exit route can be very reassuring.
Tax Benefits and Financial Planning**
Premiums paid toward this plan and benefits received may qualify for deductions and exemptions under the Income Tax Act. However, bear in mind that tax laws are subject to change and it is ideal to consult a tax advisor to understand how these benefits apply to your unique situation. Even if you’re just starting out, these tax advantages make the plan more cost-efficient compared to regular life insurance plans.
Simple and Transparent Process
You can purchase the plan online, using the IndiaFirst Life website or an insurance calculator to estimate your benefits. The online process takes only a few minutes, requiring minimal documentation. There is a free look period of 30 days. If you decide within 30 days of receiving the policy that it is not suitable, you can return it for a refund, minus certain charges. This period allows you to read the terms carefully and ensure you understand the plan fully.
A Plan that Grows with You
Even if you are a fresh graduate or in the early days of your career, the IndiaFirst Life Guaranteed Single Premium Plan can be a stepping stone for disciplined savings. As your income grows, you can explore other savings plans or investment options. Meanwhile, knowing that your one-time payment is working for you under a guaranteed structure brings peace of mind.
An insurance calculator helps you determine how much single premium you need to invest to get a desired maturity amount or death cover. Simply enter your age, policy term, chosen death benefit multiple, and the desired benefit amount.
For anyone looking for a straightforward, no-fuss way to secure their family’s future and earn guaranteed returns, the IndiaFirst Life Guaranteed Single Premium Plan ticks all the boxes. It combines the security of a life insurance policy with the predictability of a savings plan. With one upfront payment, you lock in coverage, guaranteed maturity benefits, and flexible death benefit options. Whether you’re a college student keen to start saving early or a young professional wanting to protect loved ones, this plan offers clarity, flexibility, and peace of mind. Use an insurance calculator today to see how this plan can fit into your financial journey.
** Tax exemptions are as per applicable tax laws from time to time.
Disclaimers:
Disclaimer: IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North Tower, Building 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 18002098700. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and IndiaFirst Life Guaranteed Single Premium Plan UIN 143N068V04 is only the name of the Life Insurance Product and does not in any way indicate the quality of the contract, its future prospects, or returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License.
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