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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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Key features

Income Flexibility

Get flexible income options like Immediate, Intermediate, or Deferred Income from the first policy month or according to your preferences. 

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Long-Term Security

Ensure a reliable income stream for 30 or 40 years, depending on your chosen income option with the plan. 

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Family Security

Ensure a secure future for your family throughout the entire policy term with comprehensive life insurance cover.

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Savings Rewards

 

Be rewarded for on-time premium payments with our Loyalty Benefits for long-term savings

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Missed Premium Protection

Stay covered even if you miss a premium with the Life Cover Continuance Benefit, incurring no additional cost.

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Pick Your Date

 

Schedule your income for a special day with our 'Save the Date' feature

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Extra Benefits for Women

Enjoy increased income benefits tailored for female recipients.

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How to buy IndiaFirst Life's Guarantee Of Life Dreams Plan?

Step 1

Enter Details

Fill in basic information like name, mobile number, and the person you're buying the plan for.

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Step 2

Choose Income Option

Pick from Immediate, Intermediate, or Deferred Income Options.

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Step 3

Decide Premium

Select a premium amount and frequency. Start investing with just ₹4,176 per month.

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Step 4

Review Quote

Check the provided quote to ensure it fits your needs.

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Step 5

Make Payment

Use any online payment method to complete your purchase, and your policy will be issued.

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Eligibility Criteria

Minimum Age at Entry

Answer
  • 90 days

Maximum Age at Entry

Answer
  • Immediate Income and Intermediate Income Option:

    For PPT 6 – 50 years

    For PPT 8 and 10 – 55 years

  • Deferred Income Option:

    For PPT 6 – 50 years

    For PPT 8 and 10 – 60 years

Minimum Age at Maturity

Answer
  • 30 years

Maximum Age at Maturity

Answer
  • 90 years

Premium Payment Terms (PPT, in years)

Answer
  • Options: 6 / 8 / 10

Policy Term (PT, in years)

Answer
  • Options: 30 / 40

Premium Payment Frequency and Minimum Premium (₹)

Answer
  • Yearly: 48,000

  • Half Yearly: 24,571

  • Quarterly: 12,432

  • Monthly: 4,176

Sum Assured (in ₹)

Answer
  • Minimum: 4,80,000

  • Maximum: No Limit, as per Board Approved Underwriting Policy

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)

How can we help?

View All FAQ

What is IndiaFirst Life Guarantee Of Life Dreams Plan?

Answer

This is a non-linked, non-participating, individual savings limited premium paying life insurance plan which offers a shorter pay commitment of 6, 8 or 10 years and provides regular income for 30 or 40 years along with a Life Cover to ensure your loved ones stay protected. Not just this, the policy will also ensure, 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.

What are the benefit options available in IndiaFirst Life Guarantee Of Life Dreams Plan?

Answer

There are three Income options in this plan. Income option, Policy Term, Premium Payment Term and Annualized Premium amount chosen at inception can’t be subsequently change.

 

Income Option/ Income Payment FrequencyYearlyHalf-yearlyQuarterlyMonthly
Immediate Income OptionEnd of 12th MonthEnd of 6th MonthEnd of 3rd MonthEnd of 1st Month
Intermediate Income Option End of 60th MonthEnd of 54th MonthEnd of 51st Month End of 49th Month
Deferred Income OptionEnd of 120th MonthEnd of 114th MonthEnd of 111th MonthEnd of 109th Month

 

Note: All benefits will be payable in arrears, i.e., at the end of specified frequency.

 

You can also choose to get your Income in Half-Yearly, Quarterly or Monthly frequency. In that case, the first income instalment payment will be done as follows:

 

Income Option/ Income Payment FrequencyYearly Half-yearlyQuarterlyMonthly
Immediate Income OptionEnd of 12th MonthEnd of 6th Month End of 3rd MonthEnd of 1st Month 
Intermediate Income OptionEnd of 60th MonthEnd of 54th MonthEnd of 51st MonthEnd of 49th Month
Deferred Income OptionEnd of 120th Month End of 114th Month End of 111th MonthEnd of 109th Month 

What are the basic eligibility criteria in IndiaFirst Life Guarantee Of Life Dreams Plan?

Answer

 

CriteriaMinimumMaximum
Age at Entry90 days

mmediate Income and Intermediate Income Option For PPT 6 – 50 years For PPT 8 and 10 – 55 years

Deferred Income Option For PPT 6 – 50 years For PPT 8 and 10 – 60 years

Age at Maturity30 years90 years
Premium Payment Terms (PPT, in years)6 / 8 / 10 
Policy Term (PT, in years)30 / 40
Premium Payment Frequency and Minimum Premium (Rs.)Yearly48,000
Half Yearly24,571
Quarterly12,432
Monthly4,176
Sum Assured (in Rs.)4,80,000No Limit, as per Board Approved Underwriting Policy

 

Note:

  1. If the policy has been taken on the life of a minor, on attaining the age of majority i.e. 18 years, the policy will vest on him/her. Thereafter, the Life Assured shall become the policyholder who will then be entitled to all the benefits and subject to all liabilities as per the terms and conditions of the policy. Life cover starts immediately for policies issued on minor life.
  2. Ages specified are as on last birthday.
  3. Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. 

Are there any additional features in IndiaFirst Life Guarantee Of Life Dreams Plan?

Answer
  • Save the Date Feature

Experience flexibility with our insurance saving plan - Save the Date feature! Unlike other income tax saving schemes, you can opt for annual income payments and select a date within 365 days after the first income due date to receive survival benefits. Align it with any Special Date, be it birthdays or anniversaries. Payouts occur on this chosen date, with an interest of 3.0% p.a. compounded monthly until then. Remember, the last instalment is paid on the Maturity date. Once chosen at the time of inception of the policy, this option remains fixed for the policy term.

 

  • Discount on Advance premium (Renewal)

Unlock discounts on renewal premiums with this savings policy. Pay premiums at least one month prior to the premium due date till eleven months within the financial year and enjoy savings. The discount rate is calculated based on the 5-year G-Sec bond yield at the quarter's start. Changes require IRDAI approval, and the rate is calculated from the advance premium payment date to the due date in complete months.

 

  • Life Cover Continuance Benefit

Secure your loved ones' future with our life insurance with a savings plan with a Life Cover Continuance Benefit. Even after the first unpaid premium, the full death benefit remains for one year. Options after this period include reviving the policy by paying all due premiums with interest, extending the period by paying one due premium with interest or continuing with reduced paid-up benefits by not paying due premiums.

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. Section 45 of the Insurance Act 1938, as amended from time to time states

 

  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. Notwithstanding anything contained in subsection (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.

Are there any Riders available in this policy?

Answer

Yes, you have an option to opt for 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 policyholder/ life assured suffers from death, accidental total permanent disability or critical illnesses as defined under the rider basis the rider option as chosen. The options for policyholder/ life assured are as mentioned below.

 

OPTIONBENEFIT
Waiver of Premium on DeathThis 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 IllnessThis 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 

 

In case you opt for this rider, premium under this rider shall not exceed 30% or 100% of premium under the base policy depending on the rider option chosen. Additionally, this rider will not be offered if the term of the rider exceeds outstanding Premium Payment Term under the base policy.

Can I get a loan in this policy?

Answer

You can avail a loan up to 80% of the acquired Surrender Value, if any. The minimum loan amount which can be availed is INR 25,000.

 

  • For in-force and fully paid-up policies, if the outstanding loan along with interest exceeds 90% of the surrender value, company will send a notice to the policy holder to repay the loan partially or completely. If loan is not repaid subsequent to receipt of the notice then we will adjust the outstanding loan along with interest before any payment of benefits. After recovering the outstanding loan along with interest, remaining benefit, if any, will be payable.
  • For otherthan in-force and fully paid-up policies, as and when the outstanding loan along with interest exceeds the surrender value for paid-up cases, company will send a notice to the policy holder to repay the loan partially or completely. If loan is not repaid within a stipulated period, the policy will be compulsorily surrendered and the outstanding loan along with interest will be recovered from the surrender proceeds or paid-upvalue.
  • The basis used for the calculation of interest rate on loan is 10-year G-Sec rate as at the end of last financial year plus the absolute margin of 250 basis points rounded up to the nearest 50 basis points. The derived interest rate will be applicable in the succeeding financial year.
  • Currently,the interest rate on loanfor FY2022-23 is 10.00% p.a. (simple), which may be revised by us from time to time subject to IRDAI approval. Any change in methodology of calculating loan interest rateis subject to prior approval from IRDAI.

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.

Surrender Value is acquired, if you have paid your Premiums for at least first two full policy years.

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).

The Guaranteed Surrender Value (GSV) will be GSV factor * Total Premiums Paid less sum of all survival benefits and Loyalty Cashback and Guaranteed Cashback, if any, already paid under the policy up to the date of surrender

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

 

The Special Surrender Value will be calculated as below:

SSV Factor1 * Max [(Paid-up Sum Assured on Death), (Paid-up Sum Assured on Maturity, minus the survival benefits paid to date)]

plus

SSV Factor2a * (Paid-up Income)

plus

SSVFactor 2b * (Future Loyalty Income, applicable for fullypaid-uppoliciesunderdeferredincomeoption)

plus

SSV Factor3 * [(Paid-up Sum Assured on Maturity)]

plus

SSV Factor4 * [(Paid Up Guaranteed Cashback)] 

 

For more details on guaranteed surrender value factors, please refer to Policy Document or visit our website, www.indiafirstlife.com or get in touch with your financial advisor

Any change in SSV factors is subject to Regulatory approval.

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.

What are your options to revive the policy?

Answer

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

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

 

A Policy will only be revived along with all its benefits in accordance with our board approved underwriting policy. The current interest charged in FY23 for revival is 10.50% p.a. which may be revised from time to time. Any change in revival interest rate is subject to prior approval from IRDAI.

 

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.

What is the Free Look Period available in your policy?

Answer

You can return your policy if you disagree with any of the terms and conditions within the first 15 days for all channels except Distance Marketing or electronic mode where it is 30 days from receipt of your policy document. You are required to send us the original Policy document and a written request stating the reasons for cancellation.

 

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

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 

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone-calling; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail, internet and interactive television (DTH); (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and, (v) Solicitation through any means of communication other than in person

Are there any additional benefits for higher premium policies in IndiaFirst Life Guarantee Of Life Dreams 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 and above

What happens in case you miss paying premiums?

Answer

Navigating missed premium payments is essential to safeguarding your financial stability. In case you miss paying premiums, here's what happens: Whether you have a savings insurance plan or just another life insurance plan, understanding the repercussions is vital.

 

In case you miss paying premiums, here's what happens:

 

  • Guaranteed Surrender Value Acquisition

    • This policy will acquire a guaranteed surrender value upon payment of the first two years' premiums in full.

  • Lapse of Policy

    • If premiums are not paid within the grace period and the policy hasn't acquired a guaranteed surrender value, it will lapse.

    • Risk cover ceases, and no further benefits are payable. However, you can revive the lapsed policy within the revival period.

  • Foreclosure of Lapsed Policy

    • If the policy remains lapsed and is not revived during the revival period, it will be foreclosed without paying any benefit.

  • Life Cover Continuance Benefit

    • If you miss paying a premium after the policy has acquired a Surrender Value, you'll be eligible for our Life Cover Continuance Benefit. Refer to section 5 in brochure for details.

  • Paid-up / Reduced Paid-up Benefits

    • In case of non-payment of premium within the grace period, the policy will acquire paid-up value provided at least two full years' premiums have been paid.

    • A Reduced Paid-Up policy can be revived within five years from the date of the first unpaid premium, subject to conditions.

    • If the policy in Reduced Paid-Up mode is not revived during the revival period, it will continue in the reduced paid-up mode until maturity, death, or surrender of the policy.

    • The Reduced Paid-up Sum Assured on death or Maturity, including paid-up benefits income benefits, shall not be less than the total premiums paid under the policy.

  • Benefits under Reduced Paid-up Policy

    • Death Benefit: The benefit will be higher of:

      • Paid-up Sum Assured on Death,

      • Paid-up Sum Assured on Maturity minus survival benefits paid to date, or

      • Applicable Surrender Value as on the date of death.

    • Survival Benefit: Paid-up Income based on Income option and payment frequency chosen at inception and Paid-up Guaranteed Cashback, if applicable, will be payable.

    • Maturity Benefit: The maturity benefit would be the Paid-up Sum Assured on Maturity.

       

      These provisions ensure that even if premiums are missed, there are options available to maintain the policy's benefits and value.

What are the Premium Payment modes available under this policy?

Answer

Regular 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 FrequencyFactor to be applied on Annual Premium
Yearly1.00
Half-Yearly0.5119
Quarterly0.2590
Monthly0.0870

 

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 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 FrequencyFactor
Yearly1.00
Half-Yearly0.49
Quarterly0.24
Monthly0.08

 

The income benefits will be payable in arrears as per the income payment frequency chosen. 

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.

Is there a grace period for missed premiums?

Answer

You are provided a Grace Period of 15 days under monthly mode and one month but not less than 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.

How do the Income Options work in IndiaFirst Life Guarantee Of Life Dreams Plan?

Answer

In all the Income Options, you pay premiums for a certain period and receive regular income till the end of the chosen policy term. The time at which income starts and the increase of income depends on the Income Option chosen. 

The amount of income payable has two components:

  • Base Income: Percentage of the Annualized Premium you will be eligible for at the start of the policy term. The Base Income shall vary based on Age at Entry, Gender, Premium amount, Premium Payment Term, Policy Term & Income Option chosen.
  • Loyalty Income: The increases on the base income awarded each year on the payment of premiums, as per the Income Option and Premium Payment Term opted.
     

a. Immediate Income Option:
 

I. Survival Benefit
 

  • Base Income starts at end of first policy year^ and continues till the end of the Policy term.
  • The base income payable every year will be enhanced by the Loyalty Income as per the table provided below, provided all the due premiums for that respective year has been paid. 
  • Income payable will stop increasing once the policyholder stops paying his due premium or after the end of the Premium Payment Term (whichever is earlier).
     

Loyalty Income (% Increase in Base Income)
 

Premium Payment TermPolicy Year
12345678910
60%6%12% 18% 24%30%     
80%8%16% 24% 32%40%48%56%   
100%10%20%30% 40%50%60%70% 80%90%

 

II. Maturity Benefit 
 

On survival till the end of the policy term provided all due premiums have been paid, Sum Assured on Maturity will be payable. 

Where,

Sum Assured on Maturity is equal to the 100% of sum of all Annualized Premium payable under the policy.
 

Illustration
 

Savi, a healthy 30 year old and a new mother, wants a second income to cater to the needs of her growing family. She opts to purchase ‘Immediate Income’ Option of IndiaFirst Life Guarantee Of Life Dreams, and chooses to pay an Annual Premium of Rs 1,00,000 annually (excl taxes) for 10 years with a policy term of 30 years. She chooses an Annual Income Payment frequency.
 

Premium Payment TermPolicy termAnnual PremiumBase Income (annual)% increase in Base Income from 2nd year onwards
10 years30 yearsRs 1,00,000 Rs 22,15310% every year

 

Income payable to Savi will increase every year till the end of the Premium Payment Term (PPT), provided all the due premiums for that respective year have been paid. The table below shows income schedule
 

End of Policy yearIncome 
122,153<--Income payable from this year
224,369 
326,584
428,799
531,015 
633,230
735,445
837,661 
939,876
10 to 3042,091 
Maturity Benefit10,00,000 

 

The table below shows the Base Income, for different combinations of premium payment term and policy term.
 

Premium Payment Term Policy term
30 years40 years 
6 years 16,88717,609
8 years 20,23121,320
10 years 22,15323,475

 

The income depicted in table will increase as detailed in section 4.a.I above.
 

b. Intermediate Income Option:
 

I. Survival Benefit

  • Income will be payable from the end of the 5th policy year^ and will continue till the end of the Policy Term. 
  • The base income will be enhanced by the Loyalty Income every year as per the table provided below, provided all the due premiums for that respective year has been paid. Even though the income will increase every year, the first income will be payable at the end of the fifth policy year. 
  • Income will stop increasing once the policyholder stops paying his due premium or after the end of the Premium Payment Term (whichever is earlier). 
     

Loyalty Income (% Increase in Base Income) 
 

Premium Payment TermPolicy Year
12345678910
60%5%10%15%20%25%    
80%10%20% 30% 40%50%60%70%  
100%15%30%45%60%75%90%105%120%135%

 

II. Maturity Benefit
 

On survival till the end of the policy term provided all due premiums have been paid, Sum Assured on Maturity will be payable. 

Where, 

Sum Assured on Maturity (SAM) is equal to 100% of sum of all Annualized Premium payable under the policy.
 

Illustration
 

Pranav, a healthy 35 years old man, buys IndiaFirst Life Guarantee Of Life Dreams Plan under the ‘Intermediate Income’ Option to by paying an Annual Premium of Rs. 2,00,000 (excl. taxes) for 10 years and choosing a policy term of 30 years. He chooses an Annual Income Payment frequency. 

 

Premium Payment TermPolicy term Annual Premium Base Income (annual) % Increase in Base Income from 2nd year onwards Income payable from end of 5th policy year
10 years30 yearsRs 2,00,000Rs. 46,28815% every year Rs. 74,061

 

Income for Pranav will increase every year till the end of the Premium Payment Term (PPT), provided all the due premiums for that respective year have been paid. The table below shows income schedule: 
 

End of Policy yearIncome 
1- 
2- 
3- 
4- 
574,061<--Income payable from this year
681,004 
787,947  
894,890  
91,01,834 
10 to 301,08,777 
Maturity Benefit20,00,000  

 

The table below shows the Income payable to Pranav at end of 5th Policy Year, for different combinations of premium payment term and policy term.

 

Premium Payment TermPolicy term
30 years40 years
6 years54,22654,859
8 years67,206 69,084
10 years74,061 76,701 

 

The income depicted in table will increase as detailed in section 4.b.I above.
 

c. Deferred Income Option:
 

I. Survival Benefit

  • Income will be payable to you starting from the end of the 10th policy year^ and will continue till the end of the Policy Term. 
  • Loyalty Income enhances Base Income every 5 years (as per the table below), starting from the 16th policy year, till the end of the policy term, provided all due premiums have been paid. 

 

Loyalty Income (% increase in Base Income) Policy Term = 30 yearsPolicy Term = 40 years
Policy Year \ Premium Payment Term6 years8 years10 years6 years8 years10 years
1-150%0%0%0%0%0%
16-20 15%30%45%15%30%45%
21-2530%60%90%30%60%90%
26-30 45%90%135%45%90%135%
31-35NA NA NA 60% 120%180% 
36-40 NA NA NA 75%150%225% 

 

  • Additionally,twoCashbacks shall also be payable; i.e.; 2 installments of lump sum benefit, both equalto 50% Annualized Premium,will be payable at the end of the 3rd policy year and at the end of Premium Payment Term.
     
Cashback TypeWhen will the Loyalty Cashback be paid?
Loyalty CashbackPayable at the end of the 3rd Policy year
Guaranteed CashbackPayable at the end of the Premium Payment Term

 

II. Maturity Benefit
 

On survival till the end of the policy term provided all due premiums have been paid, Sum Assured on Maturity will be payable.

Where,

Sum Assured on Maturity is equal to 150% of sum of all Annualized Premium payable under the policy.

 

Illustration

 

Vaibhav, a healthy 40 year old male, buys IndiaFirst Life Guarantee Of Life Dreams Plan under the Deferred Income Option by paying an Annual Premium of Rs. 5,00,000 (excl. taxes) for 10 years and choosing a policy term of 30 years. He chooses an Annual Income Payment frequency.
 

Premium Payment TermPolicy termAnnual PremiumIncome payable from end of 10th policy year
10 years30 yearsRs 5,00,000Rs. 2,23,146

 

Regular Income will be payable to Vaibhav from the end of 10th policy year. In addition, Loyalty Income will also be payable. The table below show the income benefit payable

 

End of Policy yearCashbacksIncome 
1 -
2 -
32,50,000 -
4 -
5 -
6 -
7 -
8 -
9 -
102,50,000 2,23,146 <--Income payable from this year
11-15 2,23,146 
16-20 3,23,562
21-25 4,23,977
26-30  5,24,393 
Maturity Benefit 75,00,000 

 

The table below shows the Income payable to Vaibhav at end of 10th Policy Year, for different combinations of premium payment term and policy term.
 

Premium Payment TermPolicy term
30 years40 years
6 years1,11,6991,24,236
8 years1,78,6681,89,378
10 years2,23,1462,29,824 

 

The income depicted in table will increase as detailed in section 4.c.I above.

^If Income payment frequency chosen is annual. For other than annual income payment frequency all benefits will be
payable in arrears, i.e., at the end of specified frequency.

Death Benefit (applicable to all income options)


In case of death of the Life Assured during the policy term, when the policy is in force and all due premiums have been paid, the death benefit will be payable, and the policy will terminate. 

Death Benefit will be highest of: 

  • Sum Assured on Death 
  • 105% of Total Premiums Paid till the date of death
  • Sum Assured on Maturity, minus the survival benefits paid to date
  • Surrender value as on the date of death


where Sum Assured on Death is 10 times of Annualized Premium Sum Assured on Maturity is X% of sum of all Annualized Premium payable under the policy where X% is 100% for Immediate and Intermediate Income options and 150% for Deferred Income option.

Where, Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Where, Total Premiums Paid means total of all premiums received, excluding any extra premium, any 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. 

 

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.

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