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Ask an Expert to Buy Life Insurance
We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.
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15 years
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9/ 12/ 15 years
How people have benefitted from IndiaFirst Life
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
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
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)
IndiaFirst Life Cash Back Plan is a non participating, non linked, money back insurance plan. The policy provides periodical payouts and security for your family despite the ups and downs of life. Under this policy, you can choose how much you would like to insure yourself based on your requirements. We suggest you make sure this amount is what your family needs to avoid cash flow problems in case of the Life Assured's untimely demise.
This is a limited premium policy with the option of choosing a policy term of 9/ 12/ 15 years.
What is the premium paying term available under the policy?
| Policy Term | Premium Payment Term |
|---|---|
| 9 years | 5 years |
| 12 years | 7 years |
| 15 years | 10 years |
The life assured has the option to pay monthly/ quarterly/ six monthly or yearly.
This policy may include the 'Life Assured', the 'Policyholder', the 'Nominee' and the 'Appointee'.
Who is a Life Assured'?
Life assured is the person, on whose life the policy depends. Risk Cover starts immediately on the Policy start date. On the Life Assured's death, the benefit is paid out and the policy ends. Any person can be the life assured, as long as –
| Policy Term | Minimum Age at Entry attained | Maximum Age at Entry attained |
|---|---|---|
| 9 Years | 15 Years | 45 Years |
| 12 Years | 15 Years | 50 Years |
| 15 Years | 15 Years | 55 Years |
| Maximum Maturity age | 70 years as on the last birthday |
|---|
Who is a policyholder?
A policyholder is the person who holds the policy. The policyholder may or may not be the Life Assured. You must be at least 18 years as on your last birthday at the time of applying for the policy, to be a policyholder.
Who is a nominee(s)?
A nominee(s) is the person who receives the death benefit in case of the untimely event of the Life Assured’s demise. The nominee(s) is appointed by the life assured. The nominee(s) can even be a minor (i.e. below 18 years of age). Nomination should be in accordance with provisions of Sec 39 of the Insurance Act 1938 as amended from time to time.
Who is the appointee?
An appointee is the person whom life assured may nominate. In case nominee(s) is a minor, the appointee receives the policy money on behalf of the nominee(s), on the life assured’s untimely demise.
The Risk commencement date is the date from which the insurance coverage starts under this Policy. The Risk Commencement date is the same as the date of issuance of the policy or the policy start date.
| Premium Paying Mode | Minimum Premium |
|---|---|
| Monthly | Rs 522 |
| Quarterly | Rs 1554 |
| Half Yearly | Rs 3071 |
| Yearly | Rs 6000 |
The following premium frequency factors for monthly, quarterly and six-monthly policies will apply on the yearly premium to pay the premium for the below frequency.
| Premium Frequency | Factor to be applied to Yearly Premium |
|---|---|
| Monthly | 0.0870 |
| Quarterly | 0.2590 |
| Half Yearly | 0.5119 |
In the IndiaFirst Life Cash Back Plan, you can choose the sum assured between ₹50,000 and no official maximum limit, subject to underwriting. When you pass away, your loved ones will receive the following benefits:
This means the longer you're covered money back life insurance policy, the bigger the potential payout your loved ones receive.
Yes, the policy offers a high sum assured rebate as mentioned below -
| Sum Assured Band | Discount in premium per thousand Sum Assured on maturity (in Rs) |
|---|---|
| Rs 50 thousand to less than Rs 1 lakh | Nil |
| Rs 1 lakh to less than Rs 2 lakhs | 6 |
| Rs 2 lakhs to less than Rs 5 lakhs | 9 |
| Rs 5 lakhs and above | 10 |
In case of life assured’s unfortunate demise, we will pay the death benefit to the nominee(s)/ appointee/ legal heir/ assignee / person as directed by a court of competent jurisdiction. The death benefit payable will be the sum of Sum Assured on death and guaranteed addition, till date of death where Sum Assured on death is defined as:
Higher of 10 times of annualized premium or 105% of all premiums paid, excluding applicable taxes and extra premium / rider premium, if any, as on date of death or guaranteed sum assured on maturity. Annualized premium is the annual premium excluding modal factor, extra premium and rider premium, if any.
In the life assured’s unfortunate demise, after the payment of death benefit, the policy gets terminated and hence no Survival Benefit or Maturity benefit is payable.
In case of policyholder’s untimely demise while the life assured is a minor, the surviving parent or legal guardian or anyone with an insurable interest in the minor’s life will be the policyholder.
Under this policy the total benefit payable will always be more than total premiums paid excluding applicable taxes and extra premium if any. The life assured can be the policyholder provided he/ she is 18 years or more at the time of policyholder’s demise.
The life assured will receive periodical payouts during the policy term. The payout amount will vary depending upon sum assured at maturity opted by the policyholder. The payout frequency and the amount are given below -
| Payout Year/Policy Term | 9 Years | 12 Years | 15 Years |
|---|---|---|---|
| 3 | 20% of Sum Assured on Maturity | - | - |
| 4 | - | 20% of Sum Assured on Maturity | - |
| 5 | - | - | 20% of Sum Assured on Maturity |
| 6 | 20% of Sum Assured on Maturity | - | - |
| 8 | - | 20% of Sum Assured on Maturity | - |
| 10 | - | - | 20% of Sum Assured on Maturity |
The life assured will receive 60% of the sum assured at maturity along with guaranteed additions based on the policy term as maturity benefit. The benefit will be payable at the end of policy term.
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.
The life assured has the option to pay monthly/ quarterly/ six monthly or yearly.
Before Acquiring Paid-up Value
The policy lapses without acquiring any paid-up value, if you stop paying your premium during the first two policy years. We offer a five year revival period during which you can revive your policy. No benefits will be payable during this period.
| Policy Term | Number of years premium needs to be paid to have paid up value |
|---|---|
| 9/ 12/ 15 years | 2 Years |
After Acquiring Paid-up Value
The policy acquires a guaranteed paid up value, if you stop paying your premiums after two full years, as mentioned in the table above. Survival Benefit and Guaranteed Additions will not be payable once the policy becomes paid up.
| Paid up value payable on maturity | Paid up value payable on death |
|---|---|
| Sum Assured on Maturity X (No. of Premiums Paid / Total Number of Premiums Payable) + Guaranteed Additions – Survival Benefit paid, if any | Sum Assured on death X No. of Premiums Paid / Total Number of Premiums Payable) + Guaranteed Additions |
What are your options to revive the policy?
You may revive your policy within a specified period by –
i. submitting a written request for revival of the lapsed Policy;
ii. paying all unpaid due Premiums along with interest; and
iii. providing a declaration of good health and undergoing a medical examination at your own cost, if needed.
You may revive your policy as long as you do it within five years from the due date of the first unpaid premium but before the maturity date. No benefits will be payable during this period other than the paid up value, if any, in the event of death. Upon revival of your policy within the revival period you will be entitled to any survival benefits due after the policy became paid-up.
The revival is subject to satisfactory medical and financial underwriting. If you do not revive your policy by the end of the revival period and if you have paid your regular premiums for less than two years, then the policy does not acquire any paid up value and the policy terminates.
We provide you with a grace period which is the time provided for payment of premium from the premium due date during which the policy is considered to be in-force with the risk cover. This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date. In case of death of the life assured during this period, death benefit after deducting due premiums till date of occurrence of death, will be paid to the nominee(s)/appointee/ legal heir.
During this period the policy will be considered to be in-force.
Early Termination Value:
Surrender Value:
You can return your policy within the Free Look period;
In case you do not agree to the any policy terms and conditions, you have the option to review the terms and conditions of the policy and if you disagree to any of those terms or conditions, you have the option of returning the policy to us stating the reasons thereof, within 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.
Do you get any refund when you cancel your policy?
Yes. We will refund an amount equal to the – Premium paid
Less: i. Pro-rata risk premium and rider premium, if any for the time the policy was in force
Less ii. Any stamp duty paid Less iii. Expenses incurred on medical examination, if any
Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through voice mode, SM electronic mode, physical mode (like postal mail) or any other means of communication other than in person.
Loan facility is not provided under this policy.
If the life assured commits suicide within 12 months from the date of risk commencement, we will pay 80% of the total premium paid to the nominee(s)/ appointee/ legal heir. This is irrespective of whether the life assured, was sane or insane at the time death.
If the life assured commits suicide within 12 months from the date of revival/ re-instatement, the benefit payable will be equal to the higher of surrender value or 80% of total premium paid.
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Disclaimer
#Benefits are guaranteed when all due premiums are paid.
*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 buying this policy.
BEWARE OF SPURIOUS PHONE CALSS AND FICTIOUS/FRADULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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