IndiaFirst Life Guaranteed Monthly Income Plan

(Non Linked, Participating, Limited Premium, Endowment Life Insurance Plan).

Introducing the Guaranteed Monthly Income Plan by IndiaFirst Life. Say goodbye to financial uncertainties as you enjoy a regular monthly income post completion of your premium payment term & gap year (if opted). This endowment insurance plan offers financial stability, with life cover in case of any unfortunate event and bonuses (if declared) at maturity, ensuring your loved ones are protected.

Guaranteed monthly income
Enhance your savings with the help of bonus at maturity
Get up to 125% of your premiums annually
Life cover assurance

Overview
Key features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

What are the Benefits of IndiaFirst Life Guaranteed Monthly Income Plan?

Guaranteed Monthly Income

Enjoy a steady stream of income every month immediately post premium payment years, providing financial security and stability.

Bonus Accumulation

Earn additional bonuses throughout the policy term, if declared, enhancing your returns on investment.

Lifelong Coverage

Receive life cover for the entire duration of the policy, ensuring peace of mind for you and your loved ones in an unfortunate event

Flexible Payout Options

Receive benefits as a monthly income for 5, 10, or 15 years, adapting to your financial needs.

Get more than what you pay

Receive from 105% to 125% of your premiums annually in the form of regular monthly payouts.

Customizable Plan

Tailor the plan to suit your requirements with various premium payments, policy terms, and payment mode options.

Enhanced Sum Assured

Eligibility for Enhanced Sum Assured for higher premium payments which allows for higher bonuses (if declared), providing greater financial benefits.

Tax Benefits

Enjoy tax deductions on the premiums you pay and tax-free monthly income as per prevailing tax laws, optimizing your tax planning strategy.

How to buy IndiaFirst Life Guaranteed Monthly Income Plan?

Step 1

Provide Basic Information

Enter your name, mobile number, and other essential details.

Step 2

Select Income Options and Policy Tenure

Choose your preferred income payout terms and policy duration ranging from 16 to 27 years according to your requirements.

Step 3

Review Your Quote

Receive a generated quote for your review and consideration.

Step 4

Consult with Our Experts

Our sales representatives are available to guide you through the process and answer any questions you may have.

Step 5

Complete Payment

Finalize your application by making the payment through the provided channels.

Eligibility Criteria

Age at Entry

Question

Age at Entry

Sequence

Answer

Minimum

18 years

Maximum

50 years

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Age at Maturity

Question

Age at Maturity

Sequence

Answer

Minimum

34 years

Maximum

75 years

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Premium Paying Term (PPT)

Question: Premium Paying Term (PPT)
Sequence
Answer: For age at entry 18-35 years: 8 to 11 years
For age at entry 36-45 years: 9 to 11 years
For age at entry 46-50 years: 9 to 10 years
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Policy Term

Question: Policy Term
Sequence
Answer: For premium payment term of 8 years: 16/19/21 years
For premium payment term of 9 years: 18/21/23 years
For premium payment term of 10 years: 20/23/25 years
For premium payment term of 11 years: 22/25/27 years
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Gap Years

Question: Gap Years
Sequence
Answer: Options for 0, 3, or 5 years
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Sum Assured

Question

Sum Assured

Sequence

Answer

Minimum

₹75,000

Maximum

No limit (subject to underwriting)

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Minimum Premium

Question

Minimum Premium

Sequence

Answer

Monthly

₹2,088

Quarterly

₹6,216

Half-Yearly

₹12,286

Yearly

₹24,000

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Premium Options

Question: Premium Options
Sequence
Answer: Limited Premium
Tags

Premium Mode

Question: Premium Mode
Sequence
Answer: Monthly, Quarterly, Half-yearly, or Yearly
Tags

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

General
Policy Types
Premiums and Payments
Claim and Beneficiary

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

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.

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.

Notwithstanding 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 onusof disproving lies upon the beneficiaries, in case the policy holder is not alive.

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.

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.

What is the IndiaFirst Life Guaranteed Monthly Income Plan?

Answer: Introducing the IndiaFirst Life Guaranteed Monthly Income Plan, a comprehensive savings and insurance plan. This non-linked, participating plan, limited premium, life insurance plan acts as a money-saving plan, offering both risk cover and a guaranteed monthly income post completion of your premium payment term & gap year (if opted). You also receive enhanced benefits in form of accumulated simple reversionary bonus and terminal bonus, if declared, at the end of the policy term.

Are there any additional benefits in this policy?

Answer: Opting for a higher premium in this policy qualifies you for an Enhanced Sum Assured. It will help you yield a higher bonus. The yearly bonus (if declared) applies to the enhanced sum assured. The Enhanced Sum Assured factor, as a percentage of the Basic Sum Assured, varies based on the annualised premium before applicable taxes and extra premiums

Less than ₹36,000: 0% enhancement
₹36,000 to less than ₹60,000: 3% enhancement
₹60,000 to less than ₹96,000: 6% enhancement
₹96,000 to less than ₹1,20,000: 8% enhancement
₹1,20,000 and above: 10% enhancement

Can I get a loan in this policy

Answer: No, loan is not allowed in this policy.

Can you return your policy?

Answer

Yes, you can return your policy document 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, while stating your reasons for the same. We will refund your premium after deducting the pro rata risk premium, stamp duty and medical cost if any,

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 for the time the policy was in force

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination, if any

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. The policy will acquire guaranteed surrender value after 2 full years’ premiums have been paid. At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. GSV is GSV factor for premium * total premium paid excluding applicable taxes and extra premium, if any plus GSV factor for simple reversionary bonus* accrued simple reversionary bonus, if any less sum of all guaranteed regular income paid till the date of surrender. The SSV will be (total number of premiums paid/ total number of premiums payable over the policy term)*(annual guaranteed regular income* guaranteed regular income term) plus accrued simple reversionary bonus multiplied by the SSV factor at the time of surrender plus Terminal Bonus, if any* less sum of all guaranteed regular income paid till the date of surrender. *Terminal Bonus, if any on surrender will be applicable subject to the condition that the policy is fully paid up. GSV and SSV factors are attached with Annexure I

What are the tax benefits of 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 is the basic sum assured in this policy

Answer: The basic sum assured in the policy is notional Sum Assured which is used to calculate bonus amount and not paid at maturity. The basic sum assured will be calculated basis your (life assured’s) age, gender, annual premium, premium payment term or policy term and gap year chosen.

Minimum Basic Sum Assured Maximum Basic Sum Assured
INR 75,000 No limit subject to board approved underwriting policy

What is the eligibility criteria in the policy?

Answer: The eligibility criteria for the policy is as follows –

Minimum Age (as on last birthday) Maximum Age (as on last birthday)
Entry 18 Years 50 Years
Maturit 34 Years 75 Years

Is there a grace period for missed premiums?

Answer: We provide you with a grace period which is the time provided for payment of premium after 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 will be paid to the nominee(s)/appointee/legal heir.

What is the minimum/ maximum premium in this policy

Answer

You can choose to pay your premiums monthly, quarterly, half yearly or yearly as per your need. The premium limits are as specified below:

Frequency	Minimum Premium	Maximum Premium
Yearly	INR 24,000	No limit subject to Board approved underwriting policy
Half Yearly	INR 12,286
Quarterly	INR 6,216
Monthly	INR 2,088

The premium amounts are exclusive of extra premium (if any) and taxes as applicable.

What are the bonuses available in this policy?

Answer: The bonuses under the IndiaFirst Life Guaranteed Monthly Income Plan include a Simple Reversionary Bonus (SRB) and Terminal Bonus (TB), as per the company's declared bonus policy.

Simple Reversionary Bonus (SRB): This bonus is calculated at the end of every financial year. It is calculated based on either as a percentage or per 1000 of the sum assured of the policy. If your policy remains in effect for the full sum assured, the declared SRB will be added on its anniversary date following the bonus declaration. Once added, the SRB becomes vested and will be paid as part of death, maturity, or surrender benefits.
Terminal Bonus (TB): The Terminal Bonus, if declared, is based on the company's investment experience and is given at the company's discretion. It can be paid out on death, maturity, or surrender, according to the policy terms as a lump sum amount.

What are the premium paying modes available in the policy?

Answer: The life assured has the option to pay monthly, quarterly, half yearly or yearly premium in the policy.

What happens in case you miss paying the premiums?

Answer

In the event of non-payment of premium due under the policy afterthe 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. You can see further sections below on Revival for more information.
If you stop paying premiums after the policy has acquired a guaranteed surrender value, your policy will be made paid up at the end of the grace period.

Once a policy becomes paid-up:

Your policy will continue with reduced benefits – If at least two full years premium have been paid

Death Benefit: The paid-up Sum Assured on Death shall be the Reduced Paid up Sum Assured on Death plus accrued Simple Reversionary Bonus, (if any) plus terminal bonus, if any* till the date of policy becoming paid up, Where, Reduced paid-up Sum Assured on death is defined as Sum Assured on Death as on the date of policy being made paid-up * (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term)
Survival Benefit: You will receive the reduced Guaranteed Income Benefit during the Guaranteed Regular Income period. Reduced monthly Guaranteed Regular Income is ((Total numbers of premiums paid)/(Total Number of premiums payable over the policy term)* Annual Guaranteed Regular Income benefit))/12
Maturity Benefit: You will receive last installment of your reduced guaranteed monthly income (As explained above) along with accrued simple reversionary bonus till the date of paid up and accrued terminal bonus, if any*
A paid-up policy will not receive any further bonuses.

*Terminal Bonus, if any on death / maturity will be applicable subject to the condition that at least five full years premium have been paid

What are your options to revive the policy?

You may revive your policy within a specified period by -

Simply paying the pending premium along with interest/Late fees from the due date of first unpaid premium

You may revive your policy 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. If the policy is revived, then the policy will accrue all due bonuses, if any. The interest may change from time to time. The revival is subject to satisfactory medical and financial underwriting

What is the policy term and the premium payment term in the policy?

Answer

As per your need, you can choose between 16 years to 27 years as the policy term. The policy term is a sum of the premium payment term, gap year and guaranteed regular income term. It is to be noted that your premium payment term(years) will always be equal to the guaranteed regular income term(years). While a premium payment term will be the total number of years for which you pay the premium, the guaranteed regular income term will be the total number of years for which you will receive the guaranteed monthly payouts. The gap period of 0, 3 or 5 years will be the time in years between completion of premium payment period and start of first income payout. During this period, no guaranteed regular income will be paid, although death benefit continues and bonus will accrue, for an in-force policy.

Age at Entry (Years)	Premium Payment Term (Years)
18-35	8 to 11
36-45	9 to 11
46-50	9 to 10

Premium Payment Term	Gap Year	Guaranteed Regular Income Term	Policy Term
8	0	8	16
8	3	8	19
8	5	8	21
9	0	9	18
9	3	9	21
9	5	9	23
10	0	10	20
10	3	10	23
10	5	10	25
11	0	11	22
11	3	11	25
11	5	11	27

What do you get at the end of the policy term?

Answer: Upon completion of the policy term, you'll receive your final instalment of guaranteed monthly income, along with any accrued simple reversionary and terminal bonuses, if declared. This is termed as the maturity benefit.
Upon receiving the maturity benefit, the policy terminates, and no further benefits will be provided.

What happens in case of life assured’s demise in this policy?

Answer

In the unfortunate event of life assured’s demise during the term of the policy, the nominee(s) will receive higher of:

Sum Assured on death + accrued Simple Reversionary Bonus, + Terminal bonus, if any*, or
105% of total premiums paid excluding applicable taxes and underwriting extra premium, if any, till the date of death

Where Sum Assured on death is highest of:

10 times of Annualized Premium, or
any absolute amount assured to be paid on death
minimum guaranteed Sum Assured on Maturity

Where absolute amount assured to be paid on death is the Basic Sum Assured and minimum guaranteed Sum Assured on maturity is zero

The nominee(s) has the option to receive the death benefit as a lump sum one time amount orin monthly instalments over the period of 5, 10 or 15 years as opted at the inception of the policy. In case of death benefit in instalments; the monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. Once the instalment payment starts, this payment remains level throughout the instalment period.

Total guaranteed regular income benefit paid post date of death will be recovered from the death benefit payable on death in case of delay in intimation of death to Us.

* Terminal Bonus, if any on death will be applicable subject to the condition that at least five full years premium have been paid

What happens in case the life assured commits suicide?

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 at least 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.

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

What is the survival benefit of this policy?

Answer: You, the life assured will receive the guaranteed regular income as survival benefit in this policy. These monthly income payouts will be in the range of 105% to 125% of annualized premium basis the life assured’s age, gender, gap year and premium payment term chosen at inception. The payout of survival benefit starts after the completion of your premium payment term in the policy. You will receive the survival benefit till the last month of your policy or date of death whichever is earlier.

The table below provides the annual income percentage. For Monthly Guaranteed Regular Income, Yearly Guaranteed Regular Income Benefit will be divided by 12.

Age at entry PPT Gap year Yearly Guaranteed Regular Income as % of one annualized premium
18-35 10, 11 0 118%
3 120%
5 125%
8, 9 0 110%
3 120%
5 125%
36-45 9,10,11 0 110%
3 115%
5 115%
46-50 9,10 0 105%
3 110%
5 115%

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