IndiaFirst Simple Benefit Plan

(A Non Linked, Participating Endowment Life Insurance Plan)

The IndiaFirst Life Simple Benefit Plan is a well-rounded solution that combines lump sum maturity benefits, life cover, and steady savings. With flexible savings options and lump sum payouts for events like maturity or death—plus potential bonuses—it ensures financial security and peace of mind for your family.

Lumpsum at Maturity
Flexible premium paymen
Receive reversionary & terminal bonus (if declared)
Tax benefits on investment and maturity as per prevailing tax laws

Overview
Key features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Key features

Flexible Savings

Save at your convenience, building a corpus effortlessly.

Lumpsum Benefit at Maturity

Walk away with a lump sum along with Bonuses, if declared, at the end of the policy term.

Family Security

Get assured benefit plus bonuses (if declared) in case of an unfortunate event.

Participate in Bonuses

Enjoy annual bonus (if declared) additions as a percentage of sum assured, ensuring steady growth on your investment.

Tax Benefits

Tax* benefit may be available on the premiums paid and benefits received as per prevailing tax laws.

How to buy IndiaFirst Life Simple Benefit Plan?

Step 1

Provide Basic Information

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

Step 2

Select Sum Assured and Policy Tenure

Choose the sum assured and policy period that suits your requirements.

Step 3

Review Your Quote

A quote will be generated for your review.

Step 4

Speak with Our Experts

Our sales representative will assist you further.

Step 5

Complete Payment

Finalize your application by making the payment.

Eligibility Criteria

Age
Policy Term
Sum Assured
Premium Payment Options
Premium Payment Mode

Age at Entry of Life Assured

Answer: Minimum: 18 years
Maximum: 50 years

Age at Maturity of Life Assured

Answer: Minimum: 18 years
Maximum: 70 years

Policy Term

Answer: Term Period: 15 - 25 years for Regular Premium

Sum Assured

Answer: Minimum: ₹20,000
Maximum: ₹5,00,000

Premium Payment Options

Answer: Minimum: ₹2,000 (yearly) ₹1,024 (half-yearly) ₹174 (monthly)
Premium Options: Regular Premium

Premium Payment Mode

Answer: Yearly, Half-Yearly & Monthly

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
Premium & Payments
Claim and Beneficiary

Can you avail of a loan under this policy?

Answer

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

The maximum 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 90% of the available surrender value. The minimum loan amount should be Rs.1,000. As and when the outstanding loan principal along with interest exceeds the surrender value or paid-up value, the policy will be compulsorily surrendered. Compulsory surrender will not be applicable to premium paying policies. The outstanding loan along with interest will be recovered from the surrender proceeds and the policy will terminate. In case of untimely demise of the life assured, maturity or surrender, any outstanding loan principal along with interest will be recovered before making the payout.

Under current situation we would charge 10% p.a. Any change in loan interest rate is subject to prior approval from IRDAI.

Can you surrender your policy?

Answer

Yes. While we do not encourage you to surrender your policy, you may choose to surrender the same for immediate cash requirement, in case of an emergency any time after the payment of two full year’s premiums.

The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). The GSV factors are dependent upon policy year of surrender and policy term.

The GSV factors will be applicable on total premium paid excluding rider premium, if any, and subsisting bonus, if declared, accrued till date of surrender as mentioned in Annexure A

The SSV is

Paid up value X SSV factor at the time of surrender The SSV factor will be determined by us from time to time.

Can you return your policy (freelook)?

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 of returning the policy to us stating the reasons thereof, 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 return your policy?

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

Less: i. Pro-rata risk premium and rider premium for the time the policy was in force

Less ii. Any stamp duty paid

Lessiii.Expensesincurredonmedicalexamination,ifany 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 do you receive at the end of the policy term?

Answer: At the end of the policy term, you'll receive a guaranteed sum of money, which includes the initial amount you were promised, plus any bonuses the insurance company decides to give you. These bonuses might change every year.

A "simple reversionary bonus" is a bonus declared by the insurance company each year. It's a percentage of the amount you were promised initially. The rate of this bonus can vary from year to year.
A "terminal bonus" is another bonus that the insurance company might give you at the end of the policy term. This bonus, if declared, will be added to your policy when the term ends.

Tax benefits under 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 purchasing this policy.

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) Apolicyoflifeinsurancemaybecalledinquestionat 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 orthe legalrepresentatives or nominees or assignees of the insured the grounds andmaterialsonwhichsuchdecisionisbased.

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 amaterial 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 preventthe insurerfrom 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 ofthe policy are adjustedonsubsequentproofthatthe ageofthe Life Insuredwas incorrectlystatedintheproposal.

What is the life cover under this policy?

Answer

Youmay choose the life coverbasedonyourneeds from the table mentioned below. However the death benefit shallnotbelessthan105%ofthetotalpremiumspaid,at anytimeduringthetenureofthepolicy.

Sum Assured	Limit
Minimum	Rs 20,000
Maximum	Rs 5,00,000

Smoker and non smoker individuals will be treated separately as per underwriting norms, provided the sum assured opted under all individual policies clubbedtogetherissuedbyus ismorethan`2,00,000 The Sum Assured will depend on the Life Assured’s’ age, gender, policy term and per1000 premium paid. It can be determined from the table given below

Age/Premium Amount	Rs 5000 p.a.	Rs 10000 p.a.	Rs 20000 p.a.
25 years	86,045	1,72,090	3,44,180
30 years	85,690	1,71,380	3,42,760
35 years	84,920	1,69,840	3,39,680
40 years	83,390	1,66,780	3,33,560
45 years	80,840	1,61,680	3,23,360
50 years	77,305	1,54,610	3,09,220

Example:

Life Assured’s Age: 35 years (Male) Term of the Policy: 15 years Premium Amount: ` 10,000 per annum Hence the Life Assured will be eligible for –

Sum Assured of Rs 1,69,840for15 years in case ofthe LifeAssured’suntimelydemiseduringthepolicyterm. The policy will be available Over the Counter issuance for the Sum Assured upto ` 2,00,000. This may include multiple policies clubbed together. For female lives an age set back of 3 years shall be applicable for aged 21 last birthday and above for the purpose of calculation of the premium rates. For females lives aged between 18 to 20 last birthdays, male rate for age 18 shall be applicable.

What is the term of the policy?

Answer: This is a regular premium policy with the option of choosing from 15 to 25 year policy term.

Who are the people involved in the policy?

Answer

This policy may include the ‘Life Assured’, the ‘Policyholder’, the ‘Nominee’ and the ‘Appointee’.

Who is a Life Assured’?

Life assured is the person, on whose life the policy depends. Death Benefit starts immediately on the policy start date. On the Life Assured’s death, the benefit is paid out and the policy ends. Any Indian citizen can be the life assured, as long as -

Minimum age at the time of applying for the policy	Maximum age at the time of applying for the policy	Maximum age at end of the policy term
Maximum age at end of the policy term	50 years as on the last birthday	70 years as on the last birthday

Who is a Policyholder?

A policyholder is the person who holds the policy. The policyholder may or may not be the Life Assured. You must be at least 18 years as on your last birthday at the time of applying for the policy, to be a policyholder.

Who is a nominee(s)?

A nominee(s) is(/are) the person(s) who receives the death benefit in case of the untimely event of Life Assured’s demise. The nominee(s) is appointed by you, the policyholder. The nominee(s) can even be a minor (i.e. below 18 years of age).

Who is an appointee?

An appointee is the person whom you may nominate at the time of applying for the policy in case your nominee(s) is a minor. The appointee takes care of the policy in your absence.

You are prohibited from accepting rebate in any form

Answer

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 as amended from time to time states.

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person, to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

What is the IndiaFirst Simple Benefit Plan?

Answer

The IndiaFirst Simple Benefit Plan is a non-linked endowment insurance plan that offers both protection and a means to save for the future through safe instruments. You have the flexibility to choose your regular premium, ensuring it aligns with your financial goals. Your sum assured is determined based on factors like your age, policy term and per thousand premium, providing you with a guaranteed payout.

It's essential to ensure this amount meets your family's needs to avoid cash flow problems in the event of an untimely demise. This plan qualifies for income tax saving schemes and serves as a valuable savings plan insurance, offering peace of mind and financial security for you and your loved ones.

How much can you pay?

Answer

Premium Paying Mode	Minimum Premium	Maximum Premium
Monthly	Rs174	Rs 2,814
Six monthly	Rs 1,024	Rs 16,555
Yearly	Rs 2,000	Rs 32,340

The following premium frequency factors for monthly and six monthly policies will apply on the yearly premium to get instalment premium.

Premium Frequency	Factor To Be Applied To Yearly Premium
Monthly	0.0870
Six monthly	0.5119

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(s)/legal heir(s).

What are the premium paying modes available?

Answer: You may pay your premium Monthly, Six monthly or Yearly.

Your options if you miss paying your premium

Answer

Within two policy years

The policy does not acquire any value, if you stop paying your premium during the first two policy years.

We offer a five year revival period during which you can revive your policy. No benefits will be payable during this period

After two policy years

The policy acquires a guaranteed paid up value, if you stop paying your premiums after two full policy years. The paid up value will be the proportional Sum Assured plus the accumulated bonus, if declared. We will pay the paid up value at the date of maturity or on death of the life assured before the maturity date. The policy stops participating in the profit once it becomes paid up.

The proportional basic sum assured is equal to – (Sum Assured X No. of Premiums Paid) / Total Number of Premiums Payable

What are your options to revive the policy?

You may revive your policy within a specified period by –

submitting a written request for revival of the lapsed Policy;
paying all unpaid due Premiums along with interest; and
providing a declaration of good health and undergoing a medical examination at your own cost, if needed. You may revive your policy as long as you do it 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. The revival is subject to satisfactory medical and financial underwriting. If you do not revive your policy by the end of the revival period and if you have paid your regular premiums for less than two years, then the policy does not acquire any paid up value and the policy terminates. Note: The current interest charged for delay in premium payment is 10% p.a. Any change in basis of calculation of revival interest rate is subject to prior approval from IRDAI.

What happens in case of the life assured’s demise?

Answer

In case of the Life Assured’s untimely demise, a lump sum amount as mentioned in the table below, will be payable to the Nominee(s) / Appointee(s) / Legal Heir(s).

Death Benefit, provided the policy is in force	Higher of (Guaranteed Sum Assured or 10 times Annualized Premium) + Accrued Bonus till death, if declared

However the death benefit payable at any point of time shall not be less than 105% of the total premiums payable.

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 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.

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