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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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Term Period: 15 - 25 years for Regular Premium
Yearly, Half-Yearly & Monthly
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)
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.
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.
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.
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.
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.
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.
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 –
This is a regular premium policy with the option of choosing from 15 to 25 year policy term.
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.
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.
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.
| 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 |
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).
You may pay your premium Monthly, Six monthly or Yearly.
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 –
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.
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.
Start a personalized journey with this guaranteed savings life insurance plan that provides flexible premiums, guaranteed survival benefits, and cash bonuses (if declared) along with life insurance cover during the entire policy term of 15 or 20 years.
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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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