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Visualize your Plan
1 month for a Policy Term of 20 years with a Death Benefit multiple of 10x
3 years for a Policy Term of 15 years with a Death Benefit multiple of 10x
51 years for a Policy Term of 15 or 20 years with a Death Benefit multiple of 7x
50 years with a Death Benefit multiple of 10x
60 years with a Death Benefit multiple of 7x
20 years for a Policy Term of 20 years
18 years for a Policy Term of 15 years
70 years with a Death Benefit multiple of 10x
80 years with a Death Benefit multiple of 7x
Options include 6, 7, 8, 9, 10, 11 and 12 years
Minimum Sum Assured on Death: INR 168,000
Maximum Sum Assured on Death: No limit, subject to Board-approved underwriting policy
Minimum Annual Premium: INR 24,000
Maximum Annual Premium: No limit, subject to Board-approved underwriting policy
Options include Yearly, Half-yearly, Quarterly & Monthly.
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)
IndiaFirst Life Fortune Plus is a life insurance savings plan provides life insurance cover during the entire policy term of 15 or 20 years. You commit to paying premiums for a shorter duration (6, 7, 8, 9, 10, 11 & 12years), and in return, it offers financial protection for your loved ones in case of any unforeseen events. You also have the flexibility to choose between a regular income or a lump sum benefit with this savings policy based on your preference. It's a simple and comprehensive solution for both savings and life coverage over 15 or 20 years.
Let's break it down with an example:
Mr. Kumar, aged 35, opts for a 15-year policy term with an annual premium of INR 1 Lakh for 6 years. He chooses to receive his survival benefits annually.
From the end of 6th policy year onwards till maturity, Mr. Kumar receives an annual income payout of INR 37,505 (Guaranteed Income = INR 20,000 and Cash Bonus if declared = INR 17,505 @8%) or INR 20,000 (Guaranteed Income = INR 20,000 and Cash Bonus if declared = NIL @4%).
At the policy term's end, he receives INR 6,96,755 @8% or INR 5,37,500 at 4%, inclusive of Final Guaranteed Survival payout, final payout of Cash Bonus if declared, and Terminal Bonus if declared.
In the unfortunate event of Mr. Kumar's demise during the policy term, his loved ones are safeguarded with a Death Benefit of INR 10,00,000.
His nominee can choose to receive this benefit as a lump sum or as income over a 5-year period.
This illustration showcases benefits at assumed interest rates of 8% and 4%.
While some benefits are guaranteed, others may vary based on the insurer's future performance.
Assumed rates are not guaranteed and do not represent upper or lower limits. Actual returns depend on various factors, including future investment performance.
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.
You may revive your policy within 5 years from the due date of first unpaid premium but before the expiry of the policy term by –
i. paying all unpaid due Premiums along with interest; and
ii. providing satisfactory evidence of health, if required, as per the Board approved underwriting policy. The cost of medicals, if any, will be borne by the policyholder.
A lapsed or Reduced Paid-Up Policy will only be revived along with all its benefits in accordance with our board approved underwriting policy. If the policy is revived, then all benefits as per policy terms and conditions for an in-force policy will be restored.
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. The policy will acquire Surrender Value after payment of first full year premium; At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. The surrender value payable will vary by policy term and policy year of surrender. Surrender value will be higher of SSV and GSV.
Guaranteed Surrender Value
The policy shall acquire a Guaranteed Surrender Value on payment of premium for at least two consecutive years.
Special Surrender Value (SSV)
Special Surrender Value shall become payable after completion of first policy year provided one full year premium has been received
Note :- For more details on surrender, Please refer the sales Brochure
You can return your policy within the Free Look period.
In case you do not agree to any of the 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 the insurer for cancellation, stating the reasons for your objection within 30 days from the date of receipt of the policy.
Do you get any refund when you cancel your policy?
Yes. We will refund (within 7 days of receipt of such request) 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
Where pro-rata risk premium is the proportionate risk premium for the period of cover
Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time. Section 45 of the Insurance Act 1938, as amended from time to time
1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
3) Not with standing anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.
| Criteria | Details | |
|---|---|---|
| Minimum Age at Entry |
| Death Benefit multiple of 10x |
| 51 years | Death Benefit multiple of 7x | |
| Maximum Age at Entry | 50 years | Death Benefit multiple of 10x |
| 60 years | Death Benefit multiple of 7x | |
| Minimum Age at Maturity | 20 years | For Policy Term 20 years |
| 18 years | For Policy Term 15 years | |
| Maximum Age at Maturity | 70 years | Death Benefit multiple of 10x |
| 80 years | Death Benefit multiple of 7x | |
| Premium Payment Term | 6, 7, 8, 9, 10 ,11 & 12 years | |
| Policy Term | 15 years, 20 years | |
| Sum Assured on Death (SAD) | Minimum | Maximum |
| INR 168,000 | No limit subject to Board approved underwriting policy | |
| Annual Premium | Minimum | Maximum |
| INR 24,000 | No limit subject to Board approved underwriting policy | |
| Premium Paying Modes and Modal Factors | Premium Frequency | Factor to be applied to Annual Premium |
| Yearly/ Annual | 1 | |
| Half – yearly | 0.5119 | |
| Quarterly | 0.2590 | |
| Monthly | 0.0870 | |
Note:
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.
We will offer discount on renewal premium amount if you pay the premium at least one month prior to premium due date till 11 months prior to premium due date, provided this period falls within the same financial year as the premium due date. 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 as maximum of 5-year G-Sec bond yield (rounded to nearest 5 basis points) as at beginning of the quarter or interest rates on savings bank account of State Bank of India as at beginning of each financial year (i.e. as on 1st April) plus 100 basis points. The same discount rate will be applicable to all the advance premiums being paid by the policyholder during that quarter. Any change of the above basis is subject to IRDAI approval. The discount rate will be calculated from advance premium paid date to premium payment due date (in complete months).
In the event of non-payment of due premiums under the policy within the grace period, the policy will lapse if the policy has not acquired a guaranteed surrender value. The risk cover will cease, and no further benefits will be payable in case of a lapsed policy.
The policy will lapse if less than two full years’ premiums have been paid. However, you can revive your lapsed policy within the revival period. If policy is lapsed and is not revived during the revival period, it will be foreclosed without paying any benefit after expiry of the revival period. You can see the Section below on Revival for more information.
The policy will acquire paid-up value after expiry of grace period from the date of first unpaid premium if at least two (2) full years premium have been paid and any subsequent due premiums are not paid.
Note:
• A Reduced Paid-Up policy can be revived (to the original benefits) within five years from the date of first unpaid Premium subject to the conditions.
• If policy in Reduced Paid Up mode is not revived during the revival period, it will continue in the reduced paid up mode until maturity or death or surrender of the policy.
• A Policy becomes Fully Paid-Up provided all due premiums are paid during the term of the policy and the benefits payable will be as per the terms and conditions of the policy.
Once a policy becomes Paid-Up:
• Death Benefit under Reduced Paid-Up policy: On Death during the policy term, the death benefit is paid and the policy terminates.
The death benefit would be the Paid-up Sum Assured on Death, where Paid-up Sum Assured on Death is defined as Sum Assured on Death * (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term) Plus Terminal Bonus if declared
• Survival Benefit under the Reduced Paid-Up policy: On survival of the Life Assured whilst the policy is in reduced paid-up status, following benefit will be payable from the end of the Premium Paying Tern till maturity: Paid-up Guaranteed Survival Benefit which is defined as Guaranteed Survival Benefit * (Total numbers of premiums paid) / (Total Number of premiums payable over the policy term) Plus Cash Bonus if declared.
In case the policyholder has opted to defer the survival benefit(s) at inception and subsequently the policy becomes Reduced Paid-Up, then the policyholder will enjoy the Paid-Up guaranteed survival benefits plus the cash bonus if declared. The accumulation of the said benefits along with interest, if any will be payable at the termination of the policy in the form of Death, Surrender or Maturity, whichever is earlier.
• Maturity Benefit under the Reduced Paid-up policy: On survival till the end of policy term, following benefit will be payable:
The maturity benefit would be the Paid-up Sum Assured on Maturity, where Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity * (Total numbers of premiums paid)/ (Total Number of premiums payable over the policy term))
Plus Terminal Bonus,
if declared In any case the total benefits paid in case of death or maturity as mentioned above shall not be less than the Total Premiums Paid under this policy.
The Guaranteed Survival Benefit, along with any declared Cash Bonus, shall be payable from the end of the Premium Payment Term till Maturity, provided the policy remains in-force and fully paid-up. The factors determining the Guaranteed Survival Benefit as a percentage of the Annualized Premium are detailed in 'Annexure A'.
| Guaranteed Survival Benefit & Cash Bonus if declared, payout frequency | Modal Factor |
|---|---|
| Monthly | 0.0808 |
| Once in every two months | 0.1622 |
| Quarterly | 0.2440 |
| Once in every 4 months | 0.3263 |
| Half Yearly | 0.4920 |
| Annual | 1.0000 |
At the inception of the policy, the policyholder has the option to defer the Guaranteed Survival Benefit and any declared Cash Bonus, which will accrue annually at a compound interest rate calculated as the Reverse Repo rate published by the RBI, minus 25 basis points. For the fiscal year 2021-22, the applicable compound interest rate is 3.10% per annum, compounded annually, derived from 3.35% (Reverse Repo Rate as of April 1, 2021) minus 0.25%.
This interest rate will be reviewed annually. The policyholder may withdraw the accumulated Guaranteed Survival Benefit and Cash Bonus, along with earned interest, at any time during the policy term. If these benefits are not withdrawn during the policy tenure, they will be payable along with other benefits at the time of policy termination, whether due to death, maturity, or surrender.
Guaranteed Survival Benefit PLUS Cash Bonus if declared, shall be payable from the end of the Premium Payment Term till Maturity, on survival of the life assured provided the policy is in-force and fully paid-up. Guaranteed Survival Benefit factors as % of Annualized Premium are provided in the ‘Annexure A’. The survival benefit will be paid from the end of premium paying term in arrears. Policyholder can avail this benefit in different frequencies wherein following factors will be applied.
| Guaranteed Survival Benefit & Cash Bonus if declared, payout frequency | Modal Factor |
|---|---|
| Monthly | 0.0808 |
| Once in every two months | 0.1622 |
| Quarterly | 0.2440 |
| Once in every 4 months | 0.3263 |
| Half Yearly | 0.4920 |
| Annual | 1.0000 |
Atinception of the policy, the policyholder shall have an option to defertheGuaranteed Survival Benefit and Cash Bonus if declared, which shall get accumulated annually at Reverse Repo rate published by RBI on its website as at the beginning of financial year less 25 bps. The applicable compound interest rate for FY 2021-22 is 3.10% p.a. (compounded annually)which is calculated as 3.35%(ReverseRepoRateasat1stApril2021) less0.25%. This rate will be reviewed at the beginning of every financial year. The policyholder can withdraw the full accumulated Guaranteed Survival Benefit & Cash Bonus if declared, along with earned interest at any point during the policy term. If the accumulated benefits are not taken by the policyholder during the policy tenure, the same shall be payable along with other benefits payable at the time of termination of the policy in the form of death, maturity or surrender.
Yes, you can opt for the IndiaFirst Life Waiver of Premium (WOP) Rider (UIN: 143B017V01). This rider when opted, supports you, by waiving off the future premiums of your base policy in case the policy holder/ life assured suffers from death (only applicable for the Policyholder – for policies wherein Life Assured & Policyholder are different individuals), accidental total permanent rider basis the rider option as chosen. The options for policyholder/ life assured are as mentioned below.
| OPTION | BENEFIT |
|---|---|
| Waiver of Premium on Death | This option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force. |
| Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness | This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force |
| Waiver of Premium on Death or Accidental Total Permanent Disability or Critical Illness | This option provides the benefit of waving all future premiums due and payable under the base policy on earlier happening of either of the following events - Death of the rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy being in force. To opt for this option, life assured and Policy Holder should be different individuals under base policy. |
Yes, there is an enhancement of maturity benefit factor when paying high premium as per below table –
| High Premium Enhancement Factor (% of Maturity Benefit Factor Enhanced) | |||
|---|---|---|---|
| Annualized Premium Band (INR)/ Premium Paying Term | PPT = 6 years | PPT = 7 years | PPT = 8 years and above |
| Less than 3 Lakhs | 4.00% | 4.00% | 4.00% |
| 3 Lakhs to less than 5Lakhs | 4.80% | 4.65% | 4.55% |
| 5 Lakhs and above | 5.00% | 4.85% | 4.70% |
On survival up to the end of policy term provided the policy is in force and fully paid-up, you shall receive the Sum Assured on Maturity PLUS Terminal Bonus
if declared.
Where, Sum Assured on Maturity (SAM) = Maturity Benefit Factor x Annualized Premium (AP) x Premium Paying Term.
Sum Assured on Maturity (SAM) is defined as guaranteed amount to become payable on maturity of the policy Maturity Benefit Factors have been provided in ‘Annexure B’.
The maturity benefit defined above will be paid either as lump sum amount or in monthly instalments over the period of 5 years as opted by the policyholder/ nominee at any time during policy period / on death of Life Assured. In case of instalment payment of maturity benefit,the instalment benefit amount will be calculated as dividing lump sum amount (say, S) by annuity factor (i.e. a(n)^12 )i.e. S/a(n)^12where n is the instalment period of 5 years. The SBI savings bank interest rate as on the beginning of financial year will be used to calculate the annuity factor. The current prevailing SBI savings bank interest rate for FY 21-22 is 2.70% p.a. Once the instalment payment starts, this payment remains level through out the instalment period.The interest rate used to calculate annuity factor is subject to review on every financial year and will be changed in case of change in SBI savings bank interest rate.
On payment of the maturity benefit, the policy will terminate, and no more benefits will be payable.
In case of death of the Life Assured during the policy term, the following death benefit will be paid to the nominee(s) given the policy is in force or fully paid-up. The defined death benefit is paid out and the policy terminates.
The nominee(s) will receive higher of:
a. Sum Assured on Death
or
b. 105% of total premiums paid till date of death.
PLUS Terminal Bonus if declared
Where Sum Assured on death is defined as: Higher of X times of Annualized Premium (AP) or an absolute amount (Basic Sum Assured) assured to be paid on death;
X is defined as:
For age at entry 0 years to 50years (lastbirthday)=10 For age at entry 51 years and above(lastbirthday)=7 Total Premiums Paid means total of all premiums received, excluding any extra premium, rider premium and applicable taxes.
The death benefit defined above will be paid either as lump sum amount or in monthly instalments over the period of 5 years as opted by the policyholder/ nominee at any time during policy period / on death of Life Assured. In case of instalment payment of death benefit, the instalment benefit amount will be calculated as dividing lumpsum amount (say,S) by annuity factor (i.e. a (n) (12)) i.e.S/a(n)(12) where ‘n’ is the instalment period of 5 years. The SBI savings bank interest rate as on the beginning of financial year will be used to calculate the annuity factor. The current prevailing SBI savings bank interest rate for FY 21-22 is 2.70% p.a. Once the instalment payment starts, this payment remains level throughout the instalment period. The interestrate used to calculate annuity factor is subject to review on every financial year and will be changed in case of change in SBI savings bank interest rate.
In case of life assured’s 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.
Your policy may be eligible for Cash Bonus if declared and Terminal Bonus if declared, in accordance with the Board Approved Bonus Policy.
Cash Bonus (CB) if declared:
Calculated on the Sum Assured at Maturity.
Payable along with Guaranteed Survival Benefit, starting from the end of Premium Paying Term till maturity, based on the selected payout mode.
Rates are not fixed or guaranteed and may change but once declared, they become guaranteed.
Terminal Bonus (TB) if declared:
Based on the company's investment experience and aligned with the Board-approved bonus policy.
Payable on death, maturity, or surrender as per policy terms and conditions.
Calculated based on Policy Term multiplied by Sum Assured on Maturity.
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Disclaimer
Get Guaranteed survival along with cash bonuses if declared post premium paying term
At maturity, get Sum Assured at Maturity plus terminal bonus, if any plus accumulated survival (if any)
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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