IndiaFirst Life Smart Pay Plan

(Non-Linked, Participating, Limited Pay, Money Back Life Insurance Plan)

A smart solution designed to offer shorter pay commitments and liquidity during the premium paying period. This savings plan is tailored to support your financial goals by providing money back benefits throughout the premium period, ensuring continuous life cover even if you miss apayment, and offering potential bonuses (if declared) at maturity. Protect your loved ones while achieving your financial aspirations with ease.

Pay for limited period
Protection even if you miss one premium.
Receive 103% of one annual premium as survival benefit
Get Sum Assured at Maturity + bonuses (if declared)
Policy remains effective in your absence (WOP)
Tax benefits*

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

Key Features

Flexible Payment Options

Pay for shorter period with options suiting your payment schedule to fulfil your long-term goals.

Enjoy Uninterrupted Life Cover

Maintain insurance protection, even if you miss one premium payment, applicable after paying full premium for two years.

Potential Benefit

Enjoy upside of earnings with an annual bonus, if declared.

Survival Benefit

Receive 103% of one annual premium back as survival benefit.

Maturity Benefits

At the end of term receive Sum Assured at Maturity along with accrued bonus (if declared).

Waiver of premium rider

Add the Waiver of Premium Rider^ to ensure uninterrupted policy benefits & secure your loved ones from burden of paying future premiums in case of any unfortunate event.

Convenient Online Purchase

Easily buy your policy online, at your convenience.

Tax Benefits

Potentially save on premiums and benefits, following prevailing tax laws.

How to buy IndiaFirst Life Smart Pay Plan?

Step 1

Provide Your Information

Simply enter your name, mobile number, and other basic details.

Step 2

Select Coverage and Policy Term

Choose your desired sum assured amount and policy duration of either 10 or 15 years to meet your needs.

Step 3

Review Your Quote

Receive and review your personalized quote for the selected coverage.

Step 4

Speak with Our Experts

Our sales representative will assist you in understanding the next steps.

Step 5

Complete Your Purchase

Finalize your application by making the payment.

Visualize your Plan

Vikas Rai
Mr. Kumar

Age 40

Mr Kumar bought IndiaFirst Life Smart Pay Plan for a 15-year policy term and a sum assured of ₹1,50,000, paying ₹19,200 premium annually for 8 years.

Age 47

Mr Kumar receives a timely survival benefit of ₹19,776 i.e. 103% of his annual premium, providing a financial boost for his family's needs.

Age 53

Mr. Kumar passed away during the policy term.

Kumar's Nominee

His family members will be entitled to receive death benefits of ₹1,92,000 @4% or ₹2,70,750 @8% through a lump sum or instalment benefit for 5/10/15 years as chosen.

Age 40

Mr Kumar bought IndiaFirst Life Smart Pay Plan for a 15-year policy term and a sum assured of ₹1,50,000, paying ₹19,200 premium annually for 8 years.

Age 47

Mr Kumar receives a timely survival benefit of ₹19,776 i.e. 103% of his annual premium, providing a financial boost for his family's needs.

Age 53

Mr. Kumar passed away during the policy term.

Kumar's Nominee

His family members will be entitled to receive death benefits of ₹1,92,000 @4% or ₹2,70,750 @8% through a lump sum or instalment benefit for 5/10/15 years as chosen.

Eligibility Criteria

Age at Entry

Question

Age at Entry

Answer

Minimum

8 years for a policy term of 10 years
3 years for a policy term of 15 years

Maximum: 50 years

Maximum Age at Maturity

Question: Maximum Age at Maturity
Answer: 65 years
Tags

Policy Term

Question: Policy Term
Answer: 10 and 15 years
Tags

Premium Payment Term (PPT)

Question

Premium Payment Term (PPT)

Answer

For 10-year Policy Term

5 years

For 15-year Policy Term

5/6/7/8 years

Sum Assured

Question

Sum Assured

Answer

Minimum: ₹1,50,000.

Maximum: No limit subject to underwriting

Premium Mode

Question: Premium Mode
Answer: Yearly, Half-Yearly, Quarterly, or Monthly.
Tags

Maximum Premium

Question: Maximum Premium
Answer: No limit; subject to board approved underwriting policy
Tags

Minimum Premium

Question: Minimum Premium
Answer: Monthly: ₹1,556
Quarterly: ₹4,662
Half-yearly: ₹9,215
Yearly: ₹18,000
Tags

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
Policy Types
Premiums and Payments
Claim and Beneficiary

What is the IndiaFirst Life Smart Pay Plan?

Answer: Introducing the IndiaFirst Life Smart Pay Plan, a life insurance and savings plan combined into one. It's not just a smart payment plan; it's also an income tax-saving scheme. With this money-saving plan, you pay premiums for a limited time, and you may receive some money back during this period. Even if you miss a premium payment, your life cover stays active. Plus, when this smart term payment plan matures, you may get bonuses (if declared). This plan also provides life cover to protect your family in case of any unfortunate event. It's designed to help you reach your financial goals with more flexibility and security.

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 any of the policy terms and conditions, you have the option to review the terms and conditions of the policy and if you disagree to any of those terms or conditions, you have the option of returning the policy to the insurerus 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?

Yes. We will refund an amount equal to the –
Premium paid
Less: i. Pro-rata risk premium and rider premium, if any for the time the policy was in force
Less ii. Any stamp duty paid
Less iii. Expenses incurred on medical examination, if any
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.

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 90% of the available surrender value. The minimum loan amount should be Rs.1,000. We will charge interest at a rate of 10% 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.

Can you surrender your policy?

Answer: It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand that in certain circumstances you may want to surrender your policy. The policy will acquire surrender value after 2 full years’ premiums have been paid.
At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. The surrender value payable will vary by policy term and policy year of surrender. The GSV factors are dependent upon policy year of surrender and policy term. There are two sets of GSV factors. One set of GSV factors will be applicable on total premiums paid and other set of GSV factors will be applicable on any subsisting simple reversionary bonus (if declared) accrued till date of surrender.
GSV = GSV factor for premium * total premium paid excluding applicable taxes, rider premium if any and extra premium, if any; Plus
GSV factor for simple reversionary bonus * accrued simple reversionary bonus (if declared); Less
survival benefit of 103% of Annualised premium paid, if any till the date of surrender.
The SSV will be = {(Total No of premiums paid/Total No of premiums payable during the policy term) x (Sum Assured plus survival benefit of 103% of Annualised premium payable under the policy);
Less, Survival benefit of 103% of Annualised premium paid, if any, till the date of surrender; Plus, Accrued simple Reversionary Bonus (if declared)} multiplied by the SSV factor prevailing at the time of surrender.
The SSV factor will be determined by us from time to time subject to prior Regulatory approval. GSV factors are mentioned in Annexure I

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 Smart Pay Plan for a policy term of 15 years. He paid the annual premium of INR 19,200 (exclusive of taxes) for the premium payment term of 8 years and a Guaranteed Sum Assured at Maturity of INR 150,000. Just before the last year premium payment, Kumar will receive the survival benefit of INR 19,776; which is nothing but 103% of his annual premium. At the end of the plan term, he will receive the maturity benefit of INR 169,776 @4% or INR 248,526 @ 8%. Even in case of his death during the policy term, his loved ones are safeguarded with the life cover. Kumar can opt to receive this death benefit in the policy as a lump sum or an installment benefit over 5/10/ 15 years.

What are the basic eligibility criteria in this policy?

Answer

Criteria	Parameters
Age at Entry	Minimum* – 8 years for policy term of 10 years; 3 years for policy term of 15 years Maximum – 50 years
Maximum Age at Maturity	65 years
Premium Paying Modes – Modal Factors	5 years PPT for 10 years Policy Term 5/6/7/8 years PPT for 15 years Policy Term
Premium	Minimum - ₹ 18,000 yearly - ₹ 9,215 half – yearly - ₹ 4,662 quarterly - ₹ 1,556 monthly Maximum – No limit; subject to board approved underwriting policy
Premium Paying Modes – Modal Factors	Yearly Half – Yearly – 0.5119 Quarterly – 0.2590 Monthly – 0.0870

*Under minor life assured, risk cover starts immediately. For minor life assured, either of the parent or legal guardian who has insurable interest on the minor life can be a proposer/policyholder who pays the premium. As and when the life assured attains majority, the policy will vest on the life assured.

On the death of the policyholder during minority of the life assured, the surviving parent or legal guardian who has insurable interest of the minor life will be the policyholder. In case there is no surviving parent or legal guardian and the policy has not acquired surrender value then the policy terminates else the policy will be continued as paid-up policy and proceeds will be paid as per policy terms and conditions.

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 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

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.
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.
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.
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.
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.

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 (if declared) 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 declared 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.

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.

Minimum Basic Sum Assured	Minimum Basic Sum Assured
1,50,000	No limit; subject to 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.

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, halfyearly 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 till date of occurrence of death, will be paid to the nominee(s)/appointee/legal heir. During this period, the policy will be considered to be in-force.

Is there any high sum assured discount in this policy?

Answer

Yes, there is a premium discount if you opt for higher sum assured as per below table:-

Sum Assured on maturity Band	Discount % on Premium
1,50,000 to < 2,00,000	Nil
2,00,000 to <3,00,000	1%
3,00,000 to <5,00,000	2%
5,00,000 to <10,00,000	3%
10,00,000 and above	4%

Are there any Riders available in this policy?

Answer

Yes, you have an option to opt for IndiaFirst Life Waiver of Premium (WOP) Rider (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 of Premium 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 of Premium on Death or Accidental Total Permanent Disability or Critical Illness

This option provides the benefit of waving all future premiums due and payable under the 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 are the bonuses declared under this policy?

Answer

The bonuses under this policy include Simple Reversionary Bonus (SRB) and Terminal Bonus (TB), as per the company's declared bonus policy.

Simple Reversionary Bonus (SRB): This bonus, if declared, is calculated based on the Guaranteed Sum Assured at Maturity. While the SRB rates are not fixed and may change, once declared, they become guaranteed. However, if the policy is in Paid-Up Mode, no future SRB will be added.
Terminal Bonus (TB): The Terminal Bonus, if declared, is based on the company's investment experience and is given at the company's discretion. It can be paid out on death, maturity, or surrender, according to the policy terms. No Terminal Bonus is payable if the policy is in Paid-Up Mode.

What happens in case you miss paying the premiums?

Answer

In the event of non-payment of premium due under the policy within the grace period, the policy will lapse if the policy has not acquired a guaranteed surrender value. The risk cover will cease, and no further benefits will be payable in case of a lapsed policy.
The policy will lapse if less than two full years’ premiums have been paid.

However, you can revive your lapsed policy within the revival period. You can see further sections below on Revival for more information.
The policy will acquire paid-up value after expiry of grace period from the date of first unpaid premium if at least two (2) full years premium have been paid and any subsequent due premiums are not paid. Policy will not be eligible for any future simple reversionary bonuses (if declared) once it has been converted into a paid-up policy.

Note:
A Paid-Up policy can be revived (to the original benefits) within five years from the date of first unpaid Premium subject to the conditions.

If policy in Paid-Up mode is not revived during the revival period, it will continue in the reduced paid up mode until maturity or death or surrender of the policy. A Policy becomes Fully Paid-Up provided all due premiums are paid during the term of the policy and the benefits payable will be as per the terms and conditions of the policy

Once a policy becomes paid-up:

Death Benefit:
- Within one year from the date of first unpaid premium – Death benefits under the policy will continue as per the in-force policy as mentioned in point 14 above
- If Death happens after One Year from the date of first unpaid premium - Death benefit would be the Reduced paid-up Sum Assured on death plus accrued simple Reversionary Bonus (if declared) plus terminal bonus, if declared* till the date of reduced paid-up Where, Reduced paid-up Sum Assured on death is defined as:
  Sum Assured on Death as on the date of policy being made paid-up * (Total numbers of premiums paid / Total Number of premiums payable over the policy term)
Maturity Benefit:

At the end of policy term, you will receive Reduced paid-up Sum Assured on maturity plus accrued simple Reversionary Bonus, if declared, plus terminal bonus, if declared till the date of reduced paid-up less survival benefit amount paid if any.
Where, Reduced paid-up Sum Assured on maturity is defined as:

(guaranteed Sum Assured on maturity plus survival benefit) x (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term)

What are your options to revive the policy?

You may revive your policy within 5 years from the due date of first unpaid premium but before the expiry of the policy term by –
paying all unpaid due Premiums along with interest; and
providing satisfactory evidence of health, if required, as per the Board approved underwriting policy. The cost of medicals, if any, will be borne by the policyholder.

A lapsed or Reduced Paid-Up Policy will only be revived along with all its benefits in accordance with our board approved under writing policy.If the policy is revived, then all benefits as per policy terms and conditions for an in-force policy will be restored.
Note: The current interest charged for delay in premium payment is 9% p.a. which may be revised every financial year subject to prior approval from IRDAI

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

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 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.

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

Answer

You stand to receive the following at maturity: -

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

This is also known as maturity benefit in the policy.
On payment of the maturity benefit, the policy will terminate and no more benefits will be payable.

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

Answer

In case of the life assured's demise during the policy term, the Death Benefit is paid to the nominee either as a lump sum or monthly income for 5/10/15 years. The Death Benefit is determined as the higher of two options:

Sum Assured on Death plus any accrued bonuses, if declared, or
105% of total premiums paid till the date of death, excluding taxes, rider premiums, and underwriting extra premiums.

The Sum Assured on Death is calculated as the highest of:

10 times the Annualized Premium,
the absolute amount assured to be paid on death,
or the minimum guaranteed Sum Assured on Maturity.

If the death benefit is paid in instalments, the monthly instalment amount is determined by multiplying the death benefit by an annuity factor based on the prevailing SBI savings bank interest rate at the date of death. The instalment amount remains level throughout the instalment period. The prevailing SBI savings bank interest rate is subject to review at the end of every financial year, with decisions made on March 31st.

What is the survival benefit under this policy?

Answer

You will receive your survival benefit as per table below: -

Premium Paying Term	Payout Year (103% of one annualized premium is paid at the end of this policy year)
5 years	4th year
6 years	5th year
7 years	6th year
8 years	7th year

You have an option to use this survival benefit to pay the premium of your policy. Sum Assured at Maturity amount selected by you at outset will remain guaranteed even after the survival benefit and will not be reduced to the extent of amount paid back to you. You need to choose this option at inception.

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Lives secured since Inception

Available in 16,500+

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27,073 Crore

AUM as of Feb'2024

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Disclaimer

Linked Insurance Products are different from the traditional insurance products and are subject to risk factors. The Premium paid in unit-linked life insurance policies are subject to investment risks associated with capital markets and NAVs of the units may go up or down, based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. IndiaFirst Life Insurance Company Limited is only name of the Insurance Company and does not in any way indicate the quality of the contract, its future prospects, or returns.

Please know the associated risks and the applicable charges from your Insurance Agent or the Intermediary or policy document issued by the Insurance Company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance may or may not be sustained in future and is not a guarantee of future performance. Some of the contents of this document may contain statements / estimates / expectations / predictions, which may be 'forward looking'.

The actual outcomes could differ materially from those expressed /implied in this document.These statements, do not intend to provide personal recommendation to any specific individual or any investment needs of an individual. The recommendations / statements / estimates / expectations / predictions are of general in nature and may not take into account the specific investment needs or risk appetite or financial situations of individual policyholder / clients. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Tax benefits are subject to changes in the tax laws.