IndiaFirst Life Micro Bachat Plan

(A Non-Linked, Participating, Individual Savings, Life Insurance Plan)

Invest in your future with just five years of premium payments and secure protection for your family for 10 or 15 years. Earn periodic bonuses while enjoying uninterrupted life cover. Turn your savings goals into reality with the IndiaFirst Life Micro Bachat Plan.

5, 7 or 10 years premiums for long-term goals
Life cover for an entire year even if one premium is missed
Annual bonuses for boosting savings
Accidental Death Benefit option
Payouts in a lump sum or instalments over 5 years for death benefit
Tax benefits on premiums and maturity amount as per prevailing tax laws
Waiver of Premium Rider option

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Overview
Key features
How to Buy
Visualize Your Plan
Eligibility Criteria
Customer Feedback
FAQ

Key Features

Life Cover Continuity

Ensure uninterrupted coverage throughout the policy term.

Boost Savings

Get opportunities for increased savings and investment growth within the policy.

Maturity Benefits

Upon end of term, you get the sum assured on maturity, inclusive of accrued bonuses, if any.

Accidental Death Protection

Provides additional coverage specifically for accidental death.

Premium Waiver

Future premium payments are waived in case of certain events, like disability or a critical illness.

Death Benefit Options

Allows you to choose how your death benefit is paid out to the beneficiaries, such as lump sum or regular income stream.

Steps to Buy IndiaFirst Life Micro Bachat Plan

Enter the basic details

Enter your name, age, and contact details in the provided form.

Choose the sum assured

Pick a sum assured from ₹10,000 to ₹2 lakhs. Also, decide on a policy term of 10 or 15 years.

Review your quote

Receive detailed quote. Check coverage, premiums, and policy terms.

Talk to our experts

Discuss with our team and get personalised advice.

Visualize Your Plan

Mr. Kumar

40 years

Mr Kumar purchases the plan with a sum assured of ₹1,50,000 for 15 years

40 - 45 years

Mr Kumar pays an annual premium ₹24,963 for 5 years

52 years

Mr Kumar passes away in an accident

Mr. Kumar’s Spouse

Receives an Accidental Death Benefit of ₹4,99,260 (at 4% interest) and ₹5,33,460 (at 8% interest)

Survival Benefit

In the scenario where Mr. Kumar survives, at the end of the plan term, he receives a maturity benefit of ₹1,50,000 at 4% or ₹2,10,750 at 8% interest rate.

Eligibility Criteria

Age
Premium Payment Term & Policy Term
Premium
Premium Paying Modes – Modal Factors

Age at Entry

Question: Age at Entry
Sequence
Answer: Minimum:
18 years for policy term of 10, 12 and 15 years

Maximum:
45 years for policy term 10 years
45 years for policy term 12 years
50 years for policy term 15 years
Tags

Maximum Age at Maturity

Question: Maximum Age at Maturity
Sequence
Answer: 55 years for policy term 10 years
57 years for policy term 12 years
65 years for policy term 15 years
Tags

Premium Payment Term & Policy Term

Question: Premium Payment Term & Policy Term
Sequence
Answer: Premium Payment Term:
5
7
10

Policy Term:
10, 15
12, 15
15
Tags

Premium

Question: Premium
Sequence
Answer: Minimum:
Rs. 1000 Yearly
Rs. 512 Half yearly
Rs. 259 Quarterly
Rs. 87 Monthly

Maximum:
Subject to Maximum Sum Assured of Rs. 10,00,000
Tags

Premium Paying Modes – Modal Factors

Question

Premium Paying Modes – Modal Factors

Sequence

Answer

Yearly

Half yearly – 0.5119

Quarterly – 0.2590

Monthly – 0.0870

How can we help?

View All FAQ

General
Premiums and Payments
Claim and Beneficiary

Can I get a loan in this policy?

Answer

Yes, you may benefit from a loan facility under this plan.

The amount of the loan that you may avail at any point of time will depend on the surrender value. You may avail of a loan amount up to 95% of the available surrender value. The minimum loan amount should be Rs.1,000. We will charge interest at a rate of 9% per annum which may be revised by us from time to time subject to IRDAI approval. When the loan with accrued interest exceeds the surrender value, the policy will foreclose and outstanding loan along with accrued interest will be recovered from surrender proceeds. Loan outstanding along with interest, if any will be recovered from death/maturity proceeds in case if it is not repaid before the event of death or maturity.

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 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 before date of occurrence of death, will be paid to the nominee(s)/appointee/legal heir.

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 is the IndiaFirst Life Micro Bachat Plan?

Answer: This a limited premium paying, participating plan which not only provides a shorter pay commitment of 5, 7 and 10 years but also gives you savings and protection in a single policy. Not just this, our 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 life cover even in absence of premium payment. This policy will also take care of your liquidity needs through its Loan facility. Buying this policy as per your convenience is also a possibility as it can be bought online as well.

What is the Life cover continuance benefit in this plan?

Answer

Your policy will have life cover continuance benefit if the policy has acquired paid up value.

Under this benefit; if you miss to pay premium for one policy year after your policy acquires paid up value; the death benefits under the policy will continue as per the in-force policy for one year from the date of “First Unpaid Premium”. During this period no simple reversionary bonus will be paid for the year in which annual premium due for that year has not been paid.

Customer will have an option to further extend the benefit of “Life Cover Continuance Benefit” if he/she pays premium with applicable interest within one year from date of “First Unpaid Premium.” On such payment, Life cover continuance benefit will be applicable, for one year from the revised “Unpaid Premium” date. You will also receive reversionary bonus, if any for the year for which you paid the due premium. If you do not pay premium within 12 months from the date of “First Unpaid Premium” then the death benefit will be reduced as per the reduced paid up policy.

Are there any Riders available in this policy?

Answer

Yes, you have an option to opt for IndiaFirst Life Wa i ve r of Premium (WOP) Ride r (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.

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 ofPremium 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 ofPremium on Death or Accidental Total Permanent Disability or Critical Illness

This option provides the benefit of waving all future premiums due and payable underthe 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

What is the sum assured on Maturity in this policy?

Answer

The sum assured on maturity in the policy is as chosen by you at the inception of the policy and which is the minimum benefit payable at maturity. At maturity you also receive sum assured on maturity plus accrued Reversionary bonus and Terminal bonus if any.

Minimum Basic Sum Assured	Maximum Basic Sum Assured
Rs. 10,000	Rs 2,00,000 as per board approved underwriting policy

You can also opt for Waiver of Premium Rider for an enhanced benefit. Please refer to IndiaFirst Life Waiver of Premium Rider brochure for more details on the said rider.

What are the bonuses declared under this policy?

Answer: Your policy shall be eligible for Simple Reversionary Bonus and Terminal Bonus, if any, as applicable as per approved Bonus policy.

Simple Reversionary Bonus (SRB): The Simple Reversionary Bonus, if declared by us will be calculated on the Guaranteed Sum Assured at Maturity. The Simple Reversionary Bonus rates are not fixed or guaranteed and may change from time to time. However, once declared, they are then guaranteed. If the Policy is under Paid-Up Mode, no future simple reversionary bonus will be added

Terminal Bonus (TB): Terminal Bonus, if any, will be declared based on our investment experience and is at the discretion of the company. Terminal Bonus, if any will be paid either on death or on maturity or on surrender as per terms and conditions of the policy. No Terminal Bonus is payable if the Policy is under Paid-Up Mode.

What are the risk cover options available in this policy?

Answer: Cover Option Risk Coverage Benefit Details
Life Option Death
Guaranteed Sum Assured on Death (10 times of Annual premium) + Accrued bonuses (if any) and terminal bonus, if any will be paid.

Minimum death benefit shall be atleast 105% of Total Premiums paid as on date of death.

Extra Life Option Death and Accidental Death Death Benefit as mentioned above + An additional death benefit on Accidental Death which is equal to Guaranteed Sum Assured on death will be paid.

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

Answer

You stand to receive the following as Maturity Benefit:

Guaranteed Sum Assured at Maturity; plus
Accrued Simple Reversionary Bonuses, if any; plus
Terminal Bonus, if any

On payment of the maturity benefit, the policy will terminate, and no more benefits will be payable.

Guaranteed Sum Assured on Maturity.is the basic Sum Assured as chosen by the policyholder at inception of the policy

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

Answer

In the unfortunate event of life assured’s demise during the term of the policy, Death Benefit is paid out to nominee either as lumpsum or as a monthly income over next 5 years.

Events	How and when benefits are payable	Size of such benefits
Death	Payable on Death during the policy term given the policy is in force.	Guaranteed Sum Assured on death + Accrued Simple Reversionary Bonus (if any) and Terminal Bonus (if any). However, the minimum death benefit shall be atleast 105% of all premiums paid till date of death.
Accidental Death	Payable on Accidental Death during the policy term given the policyis inforce and given Accidental Death Benefit is opted.	Guaranteed Sum Assured on Death as additional benefit over and above death benefit.

Guaranteed Sum Assured on Death is 10 times of Annualized Premium

In case of death benefit payout in instalments; the monthly instalment amount will be calculated by multiplying the death benefit by annuity factor, where annuity factor will be arrived on the basis of prevailing SBI savings bank interest rate as on date of death. Once the instalment payment starts, this payment remains level throughout the instalment period. The prevailing SBI savings bank interest rate is subject to review atthe end of every financial year. The prevailing interest rate will be decided on 31st March every year.

Definitions

“Accident” shall mean an event or contiguous series of events, which are violent, unforeseen, involuntary, external and visible in nature, which causes Bodily Injury.

“Bodily Injury” means Injury must be evidenced by external signs such as contusion, bruise and wound except in cases of drowning and internal injury.

“Accidental Death” shall mean death:

which is caused by Bodily Injury resulting from an Accident and
which occurs due to the said Bodily Injury solely, directly and independently of any other causes and
which occurs within 180 days of the occurrence of such Accident irrespective of the expiry of policy term provided date of accident is within the policy term

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