IndiaFirst Life Smart Pay Plan

(A Non-Linked, Participating, individual, Money Back Savings 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, 15, 20 & 25 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

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

Age 55

At the end of the plan term, he will receive the maturity benefit of INR 1,50,000 @4% or INR 2,25,375 @ 8%.

Death Benefit

Even in case of his death during the policy term, his loved ones are safeguarded with the life cover through a lumpsum or in instalment over a period of 5 years.

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: 75 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 & 15 years Policy Term

5 years

For 15 years Policy Term

6/7/8/10/12 years

For 20 years Policy Term

10/12/15/17 years

For 25 years Policy Term

10/12/15/17/20 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 if you disagree to any of the policy terms and conditions and you have not made any claim, you shall have the option of returning the policy to us for cancellation, stating the reasons for same, within 30 days from the date of receipt of policy document whether received electronically or otherwise.

Do you get any refund when you cancel your policy?

Yes. We will refund (within 7 days of receipt of such request) 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

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.

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 payment of first full year premium.

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.

What is the Life cover continuance benefit in this plan?

Answer: Full death benefit will remain inforce for a period of one year (Life Cover Continuance period) from the date of first unpaid premium if first two annual premiums have been paid.

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

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: The policy will lapse after the expiry of the grace period from the date of first unpaid premium if less than one full year premium has been paid and any subsequent premium is not duly paid.

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 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.

What is the survival benefit under this policy?

Answer

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

Premium Paying Term (in years)	Payout Year (103% of one annualized premium is paid at the end of this policy year)
5	4th year
6	5th year
7	6th year
8	7th year
10	9th year
12	11th year
15	14th year
17	16th year
20	19th 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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Why Choose IndiaFirst Life Insurance Plans?

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1.64 Crore

Lives secured since inception

Available in 16,500+

BOB & UBI Branches

30,968 Crore

AUM as of Mar’25

1 Day

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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.