IndiaFirst Life Assured Income For Milestones Plan

The IndiaFirst Life Assured Income for Milestones Plan is a non-linked, non-participating individual savings, life insurance plan, providing life cover and a guaranteed income for a defined period. Designed to help individuals achieve key financial milestones, this savings plan offers flexibility in income start options and payout duration, along with enhanced maturity benefits based on the chosen variant. It caters to those seeking a second income stream, retirement income, or a financial legacy, while also offering valuable tax advantages.

Guaranteed long-term income plan
Ideal for milestone-based financial planning
Three customizable benefit options
Immediate or deferred income variants
Life insurance cover throughout policy term
Enhanced maturity benefits
Loan facility

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Overview
Key Features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Key Features

Assured Second Income

Get guaranteed, regular income upto40¹years to support major life goals like retirement, child’s education, or travel.

Flexible Benefit Options

Choose from three plan options – Income, Income Plus, and Income with Enhanced Maturity—to match your income and savings needs

Customizable Income Start

Start receiving income either immediately (from the end of 1st policy month)² or defer it (to start from end of 10th or 12th year)³, based on your financial goals.

Enhanced Maturity Benefits

Receive atleast 150% of total premiums paid as a maturity benefit⁴ under the Enhanced Maturity option.

Life Cover Protection

Stay protected with life insurance throughout the policy term—even if you miss a premium—with the Life Cover Continuance Benefit.⁵

Save the Date Option

Personalise your annual income payouts to fall on a special date like a birthday or anniversary, with additional benefit accumulation.⁶

Advance Income Flexibility

Need cash early? Receive future income payouts in advance at a discounted rate during the income payout period.⁷

Loan Facility for Financial Flexibility

Need funds during the policy term? You can avail a loan of up to 80% of the surrender value, with a minimum loan amount of ₹25,000. This feature provides liquidity while keeping your policy benefits intact.

Tax Benefits

Enjoy tax advantages on premiums paid and benefits received, as per prevailing income tax laws.

How to Buy IndiaFirst Life Assured Income for Milestones Plan?

The IndiaFirst Life Assured Income for Milestones Plan bring you the key features of savings plans, and more, along with a simple and convenient online purchase process.

Step 1

Assess Your Income Needs

Start by identifying your future financial goals—be it retirement, your child’s education, or creating a second income. You can use our online life insurance calculator to estimate the income and maturity benefits based on your chosen premium and term.

Step 2

Choose Your Plan Configuration

With estimates from the life insurance calculator, you can now select the plan option that best suits your needs—Income, Income Plus, or Income with Enhanced Maturity. Then, decide whether you prefer immediate or deferred income, and choose the policy term, premium payment term, and income payout frequency.

Step 3

Review Your Plan Details

Verify all your choices—premium amount, policy duration, income start date, and total benefits. Review your life cover and maturity benefits based on the configuration you've selected.

Step 4

Complete the Payment Securely

Proceed to make the payment through our secure online portal or via any of our authorised sales representatives. Once payment is confirmed, your policy documents will be issued digitally or physically. You can review the same at the earliest opportunity.

Eligibility Criteria

Age at Entry

Age at Maturity

Premium Payment Term (PPT)

Policy Term

Annualised Premium

Sum Assured

Income Payment Frequency

Age at Entry

Question: Age at Entry
Answer: Minimum: 90 days (for minor life; policy vests upon attaining majority)

Maximum:

Income & Income Plus Options:

60 years (Policy Term: 15/20/30/ years)

50 years (Policy Term : 40 years)

Income with Enhanced Maturity Option:

60 years (Policy Term: 20/30 years)

50 years (Policy Term: 40 years)

Note: Entry age varies by plan option and policy term. Check plan brochures for specific combinations.
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Age at Maturity

Question: Age at Maturity
Answer: Minimum: 18 years
Maximum: 90 years
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Premium Payment Term (PPT)

Question: Premium Payment Term (PPT)
Answer: Available Options: 6 / 8 / 10 / 12 years
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Policy Term

Question: Policy Term
Answer: Available Terms: 15 / 20 / 30 / 40 years (depending on plan and variant)
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Annualised Premium

Question: Annualised Premium
Answer: Minimum:

₹48,000 (Yearly)

₹24,571 (Half-Yearly)

₹12,432 (Quarterly)

₹4,176 (Monthly)

Maximum: No limit (subject to underwriting)
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Sum Assured

Question: Sum Assured
Answer: Minimum: ₹2,40,000

Maximum: No limit (as per Board Approved Underwriting Policy)
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Income Payment Frequency

Question: Income Payment Frequency
Answer: Yearly

Half-Yearly

Quarterly

Monthly
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How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

FAQs

View All FAQ

General

Premium Payment

Eligibility

Benefits

Policy Management

What is IndiaFirst Life Assured Income for Milestones Plan?

Answer: This is a non-participating, non-linked, individual savings, life insurance plan which offers a shorter pay commitment of 6, 8, 10, or 12 years and provides level income for 15 or 20 or 30 or 40 years along with a life cover to ensure your loved ones stay protected. Additionally, the policy will also ensure the continuation of your life cover benefit even in case you miss to pay one premium, thus protecting your family with a continued life cover for one year. It combines the key features of a savings plan with some lucrative features, making it a reliable source of guaranteed income.

What are the Benefit Options in the Plan and how does the plan options work?

Answer

The plan offers three benefit options and two income variants, allowing customers to tailor their policy based on financial goals and income needs.

Step 1: Choose a Plan Option

Income Option: Provides regular income (excluding the last policy year) with a nominal maturity benefit equal to last year’s income. No additional maturity.
Income Plus Option: Offers regular income and a maturity benefit of at least 100% of total premiums paid (TPP) under the immediate variant and 150% of TPP under the deferred variant.
Income with Enhanced Maturity: Delivers regular income plus a higher maturity benefit of at least 150% of TPP (immediate) or 200% of TPP (deferred), making it ideal for long-term wealth creation.

Step 2: Choose the Income Variant

Immediate Income: Starts from the end of the first policy month and continues until one year before policy maturity.
Deferred Income: Begins from the end of the 10th policy year or the premium payment term (PPT), whichever is later, and continues until the penultimate year.

In all cases, survival and maturity benefits are paid only if the policy is in force and all premiums are paid. Additionally, a comprehensive death benefit ensures financial protection for the family throughout the policy term.

What is the Free Look Period available in your policy?

Answer: You can return your policy within a free look period, in case you disagree with any of the terms and conditions and have not made any claim, you shall have the option of returning the policy to us for cancellation, stating the reasons for same, within 30 days from receipt of your policy document whether received electronically or otherwise.

Are there any Riders available in this policy?

Answer

There are 3 riders under this plan for more comprehensive coverage –

IndiaFirst Life Waiver of Premium Rider
IndiaFirst Life Accidental Death Benefit Rider
IndiaFirst Life Total and Permanent Disability Rider

Please refer to rider brochure for more details on rider benefits. Rider will not be offered if the term of the rider exceeds outstanding premium paying term under the base policy.

What are the tax benefits in this policy?

Answer: Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before investing.

Can I get a loan in this policy?

Answer

You can avail a loan amount upto 80% of the acquired surrender Value, if any. The Minimum Loan amount should be Rs 25000.

This may be subject to further conditions, please consult your insurance provider for details.

What are the Premium Payment modes available under this policy?

Answer

Premiums can be paid to us by monthly/ quarterly/ half yearly/ yearly payment mode, as selected by you in the Proposal Form. The Premium Payment frequency can be altered at any policy anniversary, subject to meeting minimum premium criteria. The following premium frequency factors will apply on annual premiums:

Premium Frequency	Factor to be applied on Annual Premium
Yearly	1.00
Half-Yearly	0.5102
Quarterly	0.2577
Monthly	0.0865

The Premiums should be paid on or before the due dates to avoid any lapsation. You are provided a Grace Period of 15 days under monthly mode and 30 days for other premium payment modes in case you miss your due premium on the due dates.

What happens in case you miss paying premiums?

Answer

Before acquiring paid-up Value

If you don’t pay the due premium during the grace period, then on expiry of the grace period, the Policy shall Lapse, if less than one full year premium has been paid and all benefits under the policy, including the insurance cover, shall cease and no benefits shall be payable, however, you will have the option to revive the Policy within 5 years from the due date of first unpaid premium.

After Acquiring the Paid-Up Value

In case of non-payment of premium after expiry of grace period from the date of first unpaid premium after completion of first policy year provided one full year premium has been paid and subsequent due premium has not been paid, the policy will acquire paid-up value provided at least one full years’ premium has been paid.

This is subject to further conditions based on the policy specifications chosen. Please consult your policy document or your insurance provider for details.

Is there a grace period for missed premiums?

Answer: You are provided a Grace Period of 15 days under monthly mode and 30 days for other premium payment modes in case you miss your due premium on the due dates. In case of the Life Assured’s death or occurrence of any covered event as per the benefit option chosen during the Grace Period, we will pay the benefit after deducting the unpaid due premiums till date of death or date of the covered event. During this period the policy will be considered in-force.

What are the basic eligibility criteria in IndiaFirst Life Assured Income for Milestones Plan?

Answer: To be eligible for the IndiaFirst Life Assured Income for Milestones Plan, individuals must be at least 90 days old at entry, with the maximum entry age capped at 60 years, depending on the plan and term selected. The policy matures anytime between ages 18 and 90. Buyers can choose from policy terms of 15, 20, 30, or 40 years, and pay premiums for 6, 8, 10, or 12 years. The minimum annual premium starts at ₹48,000, with no upper limit, subject to underwriting. The plan is available for both adults and minors, with vesting on majority in the latter case. So, you can buy life insurance for your little that also offers income for their milestones to come.

Are there any additional benefit features in IndiaFirst Life Assured Income for Milestones Plan?

Answer

Yes, the IndiaFirst Life Assured Income for Milestones Plan includes several unique benefit features that enhance flexibility and policyholder convenience.

Save the Date Feature:

This option allows policyholders choosing annual income frequency to receive their income payout on a personally significant date—such as a birthday or anniversary—rather than the policy anniversary. The selected date must fall within 365 days after the original income due date. The payout amount is enhanced by 3.0% per annum (compounded monthly) for the deferment period. This option must be chosen at policy inception and cannot be altered later.

Discount on Advance Premiums:

Policyholders can pay renewal premiums in advance—up to three months early within the same or previous financial year—and receive a discount. The applicable discount rate is based on the 5-year government securities (G-Sec) yield, reviewed quarterly. No discount is given for payments made within one month of the due date.

Life Cover Continuance Benefit:

If a premium is missed after two full years of payment, the life cover continues for one additional year. Within this period, the policyholder can revive the policy, extend the continuance by paying one annual premium, or let it convert to reduced paid-up status.

Advance Income Option:

Policyholders may request early payout of their due income, discounted at 8.5% per annum. This is available only for annual income frequency and must be requested at least one month before the policy year ends.

Are there any additional benefits for higher premium/sum assured policies in IndiaFirst Life Assured Income for Milestones Plan?

Answer: We will pay enhanced Base Income if higher Annualized Premium is chosen by you. The Annualized Premium bands are –

48,000 - 99,999

1,00,000 -2,49,999

2,50,000 – 4,99,999

5,00,000 – 24,99,999

24,99,999 and above.

What happens in case the life assured commits suicide (Suicide Exclusion)?

Answer

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

Nomination: The member can appoint a nominee as per section 39 of the Insurance Act, 1938 as amended from time to time.
Assignment: As per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time.
You are prohibited from accepting rebate in any form

For more details, please refer to our website www.indiafirstlife.com

Do you get any refund when you cancel your policy?

Answer

Yes. We will refund an amount (within 7 days of receipt of such request) equal to the –

Premium paid

Less: i. Pro-rata risk premium

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination if any

Where pro-rata risk premium is the proportionate risk premium for the period of cover.

What are your options to revive the policy?

Answer

You may revive your Policy within 5 years from the due date of first unpaid premium but before the Maturity Date by:

submitting a written request for revival of the Policy.
paying all unpaid due Premiums along with interest; and
providing a declaration of good health and undergoing a medical examination at your own cost, if needed.

In case of revival of a lapsed policy, all the Survival Benefits payouts as applicable and due while the policy was in lapsed status shall be paid out as lump sum without any interest.

In case of revival of a paid-up policy, all the Survival Benefit payouts as applicable and due for an In-force policy minus any paid-up Survival Benefit payouts already paid while the policy was in Paid-Up status, shall be paid out as a lump sum without any interest.

On revival, all the benefits as per policy Terms and Conditions will be restored as for an in-force policy.

If the lapsed Policy is not revived till the expiry of the revival period, the Policy will terminate, and you will not be entitled to receive any benefits.

Can you surrender your policy?

Answer

It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand that in certain circumstances you may want to surrender your policy.

You may surrender this Policy during the Policy Term, by submitting a written request to us any time after the Policy has acquired the Surrender Value. Please remember, you cannot revive your Policy once it is surrendered.

The amount payable on surrender will be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Guaranteed Surrender Value (GSV) is acquired, if you have paid Premiums for at least first two full policy years.

The Guaranteed Surrender Value (GSV) will be:

GSV = GSV factor * Total Premiums Paid

Less

Sum of all Survival Benefits already paid up to the date of surrender.

GSV factors are dependent upon policy year of surrender and policy term.

Special Surrender Value (SSV) is acquired, if you have paid full Premiums for the first policy year provided one full year premium has been received.

The Special Surrender Value will be calculated as:

Expected present value of paid-up death benefit plus Expected present value of paid-up survival benefit plus Expected present value of paid-up maturity benefit

The basis of calculation of SSV factors are as follows:

Interest Rate: 7.68% p.a.

Interest rate is derived using the following approach:

7.68% = 7.18% [(1+7.05%/2)2 -1] plus spread of 50 bps

where 7.05% p.a. is the 10 year G-sec rate (convertible half yearly) as at the end of the financial year ending 31st March 2024.

Mortality: 90% of Indian Assured Lives Mortality (2012-14) Ultimate with mortality improvement of 2% p.a.

The applicable SSV shall be reviewed at least annually based on the prevailing yield on 10 Year G-Sec and the underlying experience.

What are the available Income Payment Frequencies?

Answer

Income can be taken in Yearly, Half-Yearly, Quarterly or Monthly frequency. Income instalment amount will be determined by multiplying the yearly income with the factors as per table below.

Income Payment Frequency	Factor
Yearly	1.00
Half-Yearly	0.49
Quarterly	0.24
Monthly	0.08

At any policy anniversary, income frequency may be altered as per the policyholder preference, by giving advance notice at least one month in advance. This option can be exercised once every 5 years.

What happens in case of submission of information which is false or incorrect?

Answer

Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

As per Section 45 of the Insurance Act, 1938 (amended in 2015), a life insurance policy cannot be questioned after three years from the latest of the policy issuance, risk commencement, revival, or rider addition—on any grounds. However, within this three-year window, the insurer may repudiate the policy on grounds of fraud, provided written reasons and supporting evidence are shared with the policyholder or nominee. Fraud includes knowingly providing false information, concealing facts, or deceptive actions. Silence isn't considered fraud unless it amounts to deliberate suppression. If misstatement occurs without fraudulent intent, the insurer must refund premiums within 90 days of repudiation. Material facts must directly impact underwriting decisions, and the insurer holds the burden of proof. Age-related discrepancies are not governed by this section, and policies can be adjusted accordingly without repudiation.

[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to Insurance Laws (Amendment) Act, 2015 dated 23.03.2015 for complete and accurate details.]

Disclaimer

¹Policy term available in the plan is 15/20/30/40 years

²Only if immediate income is selected with monthly payout frequency

³Income for 6/8/10 PPT will start from end of 10th PY and for 12 PPT will start from end of 12th PY

⁴Maturity Benefit will vary as per Plan option and income variant chosen. Also, income for last year is a part of maturity benefit

⁵Applicable with life cover continuance benefit provided if atleast first 2 full years premium has been paid

⁶Only annual income payment frequency allowed

⁷Applicable only for annual income frequency and request should be placed at least 1 month before the completion of Policy year

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