Choosing the right life insurance plan can make a significant difference to your family’s security. To ensure a secure future with a sense of certainty, it is necessary to select a plan that offers comprehensive protection at cost-effective rates. The Elite Term Plan from IndiaFirst Life Insurance is designed with this very purpose in mind. It combines extensive coverage with flexible options, ensuring that your loved ones receive financial support when they need it most. Let’s explore the features of Elite Term Plan and highlight the key benefits of Elite Term Plan to help you make an informed decision.
Understanding Elite Term Plan
The Elite Term Plan is a pure term insurance product. It provides a death benefit, and no maturity or survival payouts. With a plan like this, the policyholder can choose high coverage at competitive premiums. Customers can secure life cover up to the age of 99 years, making it one of the longest-duration term policies available in the market.
Term policies are known for their simplicity. You pay a regular premium for the plan which afford you peace of mind and a sense of financial security for your family. The Elite Term Plan is ideal for individuals seeking maximum protection without additional investment components.
Key Features of Elite Term Plan
Here are a few features of the Elite Term Plan you should know about.
Life Cover up to 99 Years of Age
One of the standout features of Elite Term Plan is the extended maximum maturity age of 99 years. This ensures coverage continues through most of your working life and well into retirement.
Flexible Premium Payment Options
You can choose to pay premiums monthly, quarterly, half-yearly, or yearly. The policy term ranges from 5 to 81 years. Premiums remain level throughout the chosen term. This flexibility helps policyholders align payments with their cash flow.
High Sum Assured at Competitive Rates
The minimum sum assured starts at ₹50 lakhs, with no upper limit (subject to underwriting). With cost-effective premiums offering high coverage for longer durations, the plan can be suitable for individuals who are looking to minimise the financial risk that their family may face if something unfortunate were to happen.
Online Life Insurance Purchase and Digital Discounts
The policy can be purchased entirely online. Early adopters of online life insurance benefit from a 10% discount on their first-year premium. This brings digital convenience and cost savings while allowing you to make an informed choice.
Premium and Discount Structures
When buying life insurance, premiums are one of the primary considerations. Not only does the premium have to match your budget, but it also has to offer value in the form of sum assured, plan features, and more. With the Elite Term Plan, you can expect discount and other lucrative features that enhance the value of your premium.
Special Concessions on Premiums
Policyholders enjoy a preferential rate on the first premium when they buy through digital channels. Additionally, those opting for a sum assured of ₹1 crore or more receive additional discounts for high sum assured.
Advance Payment Rebates
Paying premiums at least three months in advance can attract a rebate based on prevailing government bond yields. This feature can reward disciplined financial planning and reduce costs.
Using a Term Insurance Premium Calculator
Before committing, you can estimate your premiums using a term insurance premium calculator. Such tools take age, term length, and sum assured into account to project instalment premiums across different modes. This empowers you to select the most suitable payment frequency.
Death Benefit and Payout Options
In the event of the life assured’s demise during the policy term, the nominee receives the sum assured. Based on the choice made by the policyholder, they may receive a lump sum payout or level monthly instalments over five years. This flexibility in disbursal can ease budgeting for ongoing expenses.
All benefits under the Elite Term Plan qualify for tax treatment under Section 80C and Section 10(10D) of the Income Tax Act, subject to prevailing regulations. You may consult a tax advisor for specific guidance.
Policy Administration and Support
When buying life insurance, the purchase does not end once you complete the transaction. The support you receive after the purchase is of utmost importance. Here are a few things you need to know about support with the Elite Term Plan.
Grace Period and Policy Revival
The plan offers a 30‑day grace period for annual, half-yearly, and quarterly premiums, and 15 days for monthly premiums. During this time, coverage remains intact. If premiums remain unpaid past this window, the policy lapses. However, you may revive a lapsed policy within five years by settling outstanding dues and completing a health declaration or medical test, if required.
Free Look and Cancellation
You have 30 days from policy issuance to review all terms. Should you disagree with any condition, you may return the policy for cancellation. IndiaFirst Life will refund the premium after deducting proportional risk charges and stamp duty.
Suicide and Exclusions
If death occurs due to suicide within 12 months of policy commencement or revival, the nominee is entitled to 80% of premiums paid or the surrender value, whichever is higher. Beyond this period, the standard death benefit applies.
Why Choose this Term Insurance Plan?
The term insurance benefits of the Elite Term Plan lie in its straightforward design. By focusing solely on protection, it maximises cover at minimal cost. This plan, with its benefits, is most suitable for:
- Young professionals building their careers.
- Parents seeking long‑term security for dependants.
- Homeowners who wish to safeguard loan obligations.
- Retirees looking to leave a legacy for heirs.
With digital onboarding and a user‑friendly term insurance premium calculator, the plan simplifies both purchase and planning.
How to Apply?
You can purchase the IndiaFirst Life Elite Term Plan online in a swift, hassle-free manner. Here’s how.
Step 1. Visit the IndiaFirst Life website.
Step 2. Use the online quoting tool to select your term, sum assured, and premium mode.
Step 3. Complete the digital application and pay the first premium.s
Step 4. Receive policy documents electronically within minutes.
The entirely online process underscores the convenience of modern term insurance solutions.
The Elite Term Plan stands out as a robust, cost‑effective solution for those seeking long‑term protection. Its combination of high coverage, flexible premiums, digital purchase, and comprehensive policy support make it an attractive option. By focusing on core term insurance benefits without investment riders, this life insurance plan delivers a pure protection experience. Evaluate your needs today, run the numbers through a term insurance premium calculator, and consider making the Elite Term Plan a key part of your financial strategy.
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