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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

Life cover

IndiaFirst Life Single Premium protects you and your loved ones through life insurance cover for up to 30 years.

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One-time payment

Guaranteed financial security through life insurance cover for the entire policy term with One-time payment (single pay).

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Flexible payout options

It gives your loved ones the benefit of guaranteed lumpsum or income payouts, over 5 years in case of untimely death of life assured.

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Higher life cover

Option to avail insurance cover of either 1.25 times of single premium or 10 times of single premium (till Age at Entry - 45 years)

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Enhanced Maturity Benefit

Get higher maturity benefits for higher premium bands. 

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Guaranteed Maturity Benefit

Live worry-free with a guaranteed maturity benefit.

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Option to buy online

This policy can be purchased through online mode, at your convenience.

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How to buy IndiaFirst Life Guaranteed Single Premium Plan?

Step 1

Enter your details

Fill in basic details like name, mobile number and other essential details of the person for whom you want to buy the plan

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Step 2

Enter investment amount

You can start immediately with a minimum amount of ₹1 lakh as a one-time investment.

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Step 3

Choose life cover options & maturity benefit amount

Select the amount for your life insurance cover & guaranteed maturity benefit as per your requirement.

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Step 4

Review your quote

Check and review the quote generated. Ensure the plan meets your expectations and budget.

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Step 5

Make the payment

Choose any online mode of payment to complete the process. Your guaranteed plan savings policy will be issued to you thereafter. 

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Visualize Your Plan

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Age 35

Rishi, a captain in the merchant navy invested a single-time premium of ₹20,00,000/- in IndiaFirst Life Single Premium Plan - a guaranteed savings insurance plan for 30 years. 

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Rishi's Family

Rishi & his loved ones will be safeguarded with the Death Benefit throughout the policy term. Nominee of Rishi will receive a death benefit of ₹25,00,000/- incase of untimely demise of life assured.

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Age 65

He receives a lumpsum of ₹1,42,80,000/- at the end of policy term.

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Eligibility Criteria

Age at Entry

Answer
  • Minimum age: (90 days) 0 years age

 

For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid

 

  • Maximum age: 45 years

 

For Death Benefit multiple of 10 times of Total Premiums Paid

 

  • Maximum age: 70 years

 

For Death Benefit multiple of 1.25 times Total Premiums Paid

Age at Maturity

Answer
  • Minimum age: 18 years

 

For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid

 

  • Maximum age: 60 years

 

For Death Benefit multiple of 10 times of Total Premiums Paid

 

  • Maximum age: 85 years

 

For Death Benefit multiple of 1.25 times Total Premiums Paid

Premium Payment Term

Answer
  • Premium payment term: Single Pay
  • Single Premium (excluding GST) 
    • Minimum: ₹1,00,000 
    • Maximum: No limit, subject to Board approved underwriting policy

Policy Term

Answer
  • Policy term: 5 years, 10 years, 15 years, 20 years, 25 years, 30 years.

Sum Assured on Maturity

Answer
  •  Minimum: ₹1,12,000 
  •  Maximum: No limit, subject to 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 the IndiaFirst Life Guaranteed Single Premium Plan?

Answer

This a Non-Linked, Non-Participating, Individual, Single Premium Savings, Life Insurance Plan. Simply put, this is a simple savings plan that financially protect your loved ones. It is a one-time premium payment plan that a gets you life insurance coverage throughout the policy term. This plan not only ensures financial security for your family in case of an unfortunate event but also guarantees a lump sum benefit at the end of the policy term.

What are the basic eligibility criteria in this policy (product at a glance)?

Answer
CriteriaDetails
Minimum Age at Entry90 daysFor Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid 
Maximum Age at Entry70 yearsFor Death Benefit multiple of 1.25 times Total Premiums Paid 
45 yearsFor Death Benefit multiple of 10 times of Total Premiums Paid 
Minimum Age at Maturity18 yearsFor Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid 
Maximum Age at Maturity85 years For Death Benefit multiple of 1.25 times Total Premiums Paid 
60 years For Death Benefit multiple of 10 times of Total Premiums Paid
Premium Payment TermSingle Pay
Policy Term5 years, 10 years, 15 years, 20 years, 25 years, 30 years
Sum Assured on MaturityMinimumMaximum 
INR 1,12,000No limit subject to Board approved underwriting policy
Single Premium (excluding GST)MinimumMaximum 
INR 1,00,000No limit subject to Board approved underwriting policy


Note: 

  • For minor life, the risk cover will commence immediately once policy gets issued. The policy will vest on life assured on attainment of majority i.e. 18 years. 
  • Total Premiums Paid means total of all premiums received (i.e single premium), excluding any extra premium and applicable taxes. 
  • Ages specified are as on last birthday. 
  • Applicable taxes will be levied on the premium. The level of tax will be as per the rate of Applicable Tax for the product, declared by the Government from time to time.

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 buying this policy. 

What do you get at the end of the policy term (maturity benefit)?

Answer

Upon reaching the end of the policy term, you will receive the Sum Assured on Maturity (SAM). SAM is a guaranteed amount payable at the policy's maturity, calculated as the Guaranteed Maturity Multiple (GMM) multiplied by the Single Premium (excluding any extra premium). GMM varies based on the age of the insured, chosen Death Benefit Multiple, and Policy Term.

There is an enhancement of maturity benefit factor when paying high premium as per below table – 

 

Premium Bands / Policy Term510 15202530 
5,00,000 to 9,99,9991.011.011.011.011.011.01
10,00,000 and above1.021.021.021.021.021.020

 

The above factors are multiplicative in nature and will be applied on the Guaranteed Maturity Multiple provided in Annexure A. You or your nominee have the option to receive the money either as a lump sum or in monthly instalments over 5 years.

If the instalment option is selected, the instalment amount is determined by dividing the lump sum amount (S) by the annuity factor (a(n)(12)), where 'n' represents the instalment period of 5 years. The annuity factor is based on the prevailing SBI savings bank interest rate, currently at 2.70% p.a., and remains constant throughout the installment period.

Upon initiation of installment payments, the annuity factor remains unchanged, subject to yearly review based on the SBI savings bank interest rate.

When you receive the final payment, your term policy ends, and there won't be any more benefits provided.

How does this policy work?

Answer

We have explained the working of the policy with a sample illustration below.

Mr. Kumar, 40 years bought the IndiaFirst Life Guaranteed Single Premium Plan. He decides to pay a single premium of INR 10 Lakhs (excluding taxes) for a policy term of 10 years.

At the end of the policy term, he will receive a maturity benefit of INR 17,62,250 as opted during policy inception. Maturity Benefit shall be subject to applicable tax laws.

Even in case he dies during the policy term, his loved ones will be safeguarded with the Death Benefit of INR 12.5 Lakhs. His nominee(s) can choose to receive the death benefit as lumpsum or as income over a period of 5 years. 

Can I get a loan in this policy?

Answer

Yes, you may avail loan facility under this policy.

The amount of the loan that you may avail at any point of time will depend on the Surrender value. You can avail a loan up to 80% of the acquired Surrender value, if any. The minimum loan amount which can be availed is Rs. 25,000. The current rate of interest on loan for FY 2022-23 is 9.50% p.a. (simple interest) which may vary from time to time. 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 during the next financial year. Any change in basis of calculation of loan interest rate is subject to prior approval from IRDAI.

Basis Point refers to 1/100th of 1% or 0.01% or 0.0001 per annum.

On availing loan, this Policy will be assigned to us. We will reassign this Policy to you provided you have repaid the entire loan amount along with interests.

We will recover any unpaid loan amount along with interest before paying the death benefit to the Nominee(s) / Appointee/ legal heir(s) or the maturity benefit to the Life Assured. 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. 

Can you surrender your policy?

Answer

It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand thatin certain circumstances you may wantto surrender your policy. The policy will acquire Surrender value immediatelyonthepaymentofSinglePremium.

At the time of surrender, higher of Guaranteed Surrender value (GSV) or Special Surrender value (SSV) will be payable. The GSV applicable will vary by policy term and policy year of surrender. In case of SSV, it will also vary basis attained age of life assured.

The GSV factors are dependent upon policy year of surrender and policy term and will be calculated as follows:

GSV factor applicable at the time of surrender multiplied with the Total Premiums Paid (TPP).

GSV factors are mentioned in Annexure B.

The SSV will be calculated as follows:

SSV Factor1* Sum Assured on Death (SAD) + SSV Factor2 * Sum Assured on Maturity (SAM)

The SSV factor will be determined by us from time to time subject to prior Regulatory approval.

What is the Free Look Period available in your policy?

Answer

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 where 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 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 within Free Look Period?

Yes. We will refund an amount equal to the – Premium paid

Less: i. Pro-rata risk premium, if any

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.

What happens in case of life assured’s demise in this policy (death benefit)?

Answer

In case of death of the Life Assured during the policy term, the following death benefit will be paid to the nominee(s). 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.  Surrender value as on Date of Death

Where Sum Assured on Death is defined as: Death Benefit Multiple times Total Premiums Paid.

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 lump sum 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 22-23 is 2.70% p.a. 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.

The annuity factor defined above will be calculated based on the prevailing SBI savings bank interest rate and once the instalment payment starts, it shall remain level throughout the instalment period. On payment of the death benefit, the policy will terminate, and no more benefits will be payable. 

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

Answer

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.

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 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.

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Why IndiaFirst life

1.6 Crore

Lives secured since Inception

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Available in 16,500+

BOB & UBI Branches

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26,796 Crore

AUM as of Feb'2024

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1 Day

Claim Settlement Assurance

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Disclaimer

*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.

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