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Ask an Expert to Buy Life Insurance
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For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
For Death Benefit multiple of 10 times of Total Premiums Paid
For Death Benefit multiple of 1.25 times Total Premiums Paid
For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid
For Death Benefit multiple of 10 times of Total Premiums Paid
For Death Benefit multiple of 1.25 times Total Premiums Paid
How people have benefitted from IndiaFirst Life
From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.
Mohit Agarwal
(Mumbai, 21st March 2024)
How people have benefitted from IndiaFirst Life
Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.
Satyam Nagwekar
(Mumbai, 22nd March 2024)
How people have benefitted from IndiaFirst Life
IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.
Paulomi Banerjee
(Kolkata, 21st March 2024)
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.
| Criteria | Details | |
|---|---|---|
| Minimum Age at Entry | 90 days | For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid |
| Maximum Age at Entry | 70 years | For Death Benefit multiple of 1.25 times Total Premiums Paid |
| 45 years | For Death Benefit multiple of 10 times of Total Premiums Paid | |
| Minimum Age at Maturity | 18 years | For Death Benefit multiple of 1.25 times/ 10 times of Total Premiums Paid |
| Maximum Age at Maturity | 85 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 Term | Single Pay | |
| Policy Term | 5 years, 10 years, 15 years, 20 years, 25 years, 30 years | |
| Sum Assured on Maturity | Minimum | Maximum |
| INR 1,12,000 | No limit subject to Board approved underwriting policy | |
| Single Premium (excluding GST) | Minimum | Maximum |
| INR 1,00,000 | No limit subject to Board approved underwriting policy | |
Note:
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.
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 Term | 5 | 10 | 15 | 20 | 25 | 30 |
|---|---|---|---|---|---|---|
| 5,00,000 to 9,99,999 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
| 10,00,000 and above | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.020 |
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.
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.
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.
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.
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.
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.
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.
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
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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.
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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