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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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Key Features of IndiaFirst Life Money Balance Plan

Flexible Premium Payment

You may pay your premium either regularly or for a limited period or through a single payment.

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Life Cover

Shield your loved ones from uncertain circumstances

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Secured earnings

 Profits earned above 10% will be transferred to a relatively safe fund for securing investments

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ULIP Tax Benefits

Maximise your savings by unlocking tax benefits

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How to buy IndiaFirst Life Money Balance Plan?

Step 1

Provide Personal Information

Enter essential details like your name, contact number, and email address.

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Step 2

Customise Your Coverage and Investment Strategy

Select an investment strategy and choose how much you wish to invest to meet your financial goals

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Step 3

Review Your Plan

You will receive a detailed quote summarizing your chosen coverage and premium options.

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Step 4

Consult with Our Advisors

Connect with our advisors who will assist you in selecting your preferred plan.

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Visualize Your Plan

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Age 30 - Policy Initiation

Vikas chooses to safeguard his family's future and build wealth with a 20-year investment plan.

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Age 30-35 - Premium Payment Phase

Vikas commits to paying an annual premium of ₹50,000 for 5 years, for steady investment towards his policy.

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Age 45 - Unforeseen Event

Tragically, Vikas passes away during the policy term, leaving his family in a critical situation.

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Vikas’s Wife and Children - Post-Event Scenario

Vikas's wife and children get the financial security provided by the plan, receiving an assured sum of ₹10,00,000. This benefit helps them maintain their standard of living despite the loss.

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Survival Benefit

In case Vikas survives the policy term, he receives the policy benefits with returns of ₹ 5.74 Lakhs @ 8% or ₹2.52 Lakhs @ 8%, securing his family's financial future.

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Eligibility Criteria

Age at entry

Answer

Minimum - 5 years

Maximum - 65 years 

Age at maturity

Answer

Minimum - 18 years

Maximum - 75 years

Policy term

Answer
  • Regular Premium - 10 to 70 years
  • Limited Premium - 10 to 25 years
  • Single Premium - 5 to 20 years

Premium Payment Term

Answer
  • Regular Premium - Equal to the policy term
  • Limited Premium - 5, 7 years
  • Single Premium - Onetime payment only 

Minimum Premium

Answer
  • Regular - Rs 1,000 (monthly), Rs. 6,000 ( half yearly ) ,Rs. 12,000 (yearly)
  • Limited - Rs 1,250 (monthly), Rs. 7,500 ( half yearly ), Rs. 15,000 (yearly)
  • Single - Rs. 45,000 

Maximum Premium

Answer

No limit subject to underwriting

Minimum Sum Assured

Answer
  • Regular and limited Premium - (7* Annualized Premium)
  • Single Premium - 125% of single premium 

Maximum Sum Assured

Answer
  • 'X’ times the annualized/ single premium for regular premium, limited premium and single premium policy
  • ‘X’ to be referred from the table below: 
     
Age BandFor Regular Premium Policies For Limited(5 Yrs) Premium PoliciesFor Limited(7 Yrs) Premium PoliciesFor Single Premium Policies(5 Term) For Single Premium Policies(Other than 5 Term)
0-25402525105
26-30402025105
31-35401520104
36-39351015102
40-453071022
46-657771.251.25

Premium mode

Answer
  • Regular Premium - Monthly, Half yearly, Yearly
  • Limited Premium - Monthly, Half yearly, Yearly
  • Single Premium - Onetime payment only 

Investment Strategies

Automatic Trigger-Based Investment Strategy (ATBIS)

If you have chosen to put your funds in Equity1 fund, and your earnings in Equity1fund exceed 10%, this strategy will shift your excess funds to Debt1 fund, thus enhancing your overall investment portfolio and potential returns

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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

How do you move from one fund to another?

Answer

You can move from one fund to another by switching your premium.
 

What is switching?
 

Under switching you may transfer some or all your units from one unit linked fund to another.
 

Are there any limits for switching?
 

Minimum switching amountMaximum switching amount 
₹ 5,000Fund Value



What are the charges for switching between funds?
 

You are allowed to make only two switches in a calendar month. Switches are free of charge. However, the unused free switches cannot be carried forward to the next calendar month. 

Is there a grace period for missed premiums?

Answer

We provide you a grace period of 30 days for payment of all premiums under half yearly and yearly modes and 15 days under monthly mode. This period starts from the due date of each premium payment. All your plan benefits continue during this grace period. 

How can you revive your policy?

Answer

Revival of the Discontinued Policy during lock-in period
 

  1. Where the policyholder revives the policy, the policy shall be revived restoring the risk cover, along with the investments made in the segregated funds as chosen by the policyholder, out of the discontinued fund, less the applicable charges in accordance with the terms and conditions of the policy.

  2. At the time of revival:
    • all due and unpaid premiums will be collected without charging any interest or fee.
    • premium allocation charge will be levied as applicable during the discontinuance period. No other charges shall be levied.
    • the discontinuance charges deducted at the time of discontinuance of the policy will be added back to the fund.

 

Revival of the Discontinued Policy after lock-in period
 

  1. Where the policyholder revives the policy, the policy shall be revived restoring the original risk cover in accordance with the terms and conditions of the policy.

  2. At the time of revival:
    • all due and unpaid premiums under base plan will be collected without charging any interest or fee.
    • premium allocation charge will be levied as applicable.
    • No other charges shall be levied. 

How do we value units in your policy?

Answer

We will value your units in line with the unit linked guidelines issued by the IRDAI. As per the prevailing guidelines of the Authority, Unit Price will be calculated as follows –

 

Market value of the investment held by the fund
 

Plus: value of current assets

Less: value of current liabilities and provisions, if any,

Divided: by the number of units existing on the valuation date (before creation/redemption of units).

 

When divided by the total number of units in the fund at the valuation date (before any units are redeemed), we get the unit price of the fund under consideration. 

What is the IndiaFirst Life Money Balance Plan?

Answer

IndiaFirst Life Money Balance Plan is a unit linked, non-participating, life insurance endowment policy that helps you save for the future, while limiting your exposure to market fluctuations. The policy is designed to offers market linked returns along with the security of a life cover. 

What are the premium paying modes available?

Answer
Regular PremiumLimited PremiumSingle Premium 
Monthly, Half yearly, YearlyMonthly, Half yearly, YearlyOnetime payment only

How much premium can you pay?

Answer
Minimum PremiumMonthlyHalf yearlyYearly
Regular PremiumRs 1,000Rs. 6,000Rs. 12,000
Limited PremiumRs 1,250Rs. 7,500Rs. 15,000
Single Premium--Rs. 45,000
Maximum PremiumNo limit subject to underwritingNo limit subject to underwritingNo limit subject to underwriting

Who are the people involved in the policy?

Answer

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

Who can be a Life Assured?
 

Life Assured is the person, on whose life the policy depends. On the life assured’s death, the benefit is paid out to the Nominee(s) / Appointee / Legal Heir and the policy terminates. Any Indian citizen can be the life assured, as long as - 

 

Minimum age at the time of applyingMinimum age at the time of  maturity Maximum age at the time of  applying  Maximum age at the time of  maturity
5 years as on last birthday 18 years as on last birthday65 years as on last birthday75 years as on last birthday

 

Life cover for the minor life starts at the end of two years from the date of commencement of the policy or at the first monthly policy anniversary after attainment of age 18 years whichever is earlier. In case the Life Assured is a minor, the policy will vest on the Life Assured on attainment of age 18 years. If the Life Assured is a minor then, on death of Policyholder, the Policy immediately and automatically vest in the surviving parent of the Insured.
 

Who is a Policyholder?
 

Policyholder is a person who holds the policy. The policyholder may or may not be the life assured. To be a policyholder, you must be at least 18 years as on your last birthday at the time of applying for the policy.
 

Who is a Nominee(s)?
 

Nominee(s) is the beneficiary under the policy who receives the death benefit in case of the 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?
 

Appointee is the person whom you may appoint at the time of buying the policy in case your nominee is a minor. The appointee takes care of the policy in your absence. 

What do you receive at the end of the policy term?

Answer

You receive the fund value at the end of the policy term.
 

What are the payment options at the end of the policy term?
 

On maturity you may choose to -
 

  • Receive the entire fund value as a lump sum payout
  • Receive your maturity payout up to a period of 5 years by opting the ‘Settlement Option’ 


During the Settlement period, applicable fund management charges and mortality charges will be applicable. The policyholder can withdraw the balance fund value at any time during the settlement period.
 

When does the settlement period start? 
 

Your settlement period starts from the maturity date and is applicable up to a period of 5 years. First instalment under settlement option shall be payable on the date of maturity. However, you have to opt for the Settlement Option at least 3 months prior to the date of maturity.
 

Does the life cover benefit continue during the settlement period?
 

Yes, in case of the life assured’s untimely demise during the settlement period, we will pay higher of the fund value as on the date of intimation of death or 105% of the total premiums paid to the Nominee(s) / Appointee / Legal Heir and the policy shall terminate.
However, on complete withdrawal during settlement period life cover ceases immediately.
 

Who bears the investment risk during the settlement period?
 

The investment risks will be borne by the policyholder during the settlement period. 
 

Are you allowed to make switches/ partial withdrawals during the settlement period? 
 

No, switches/ partial withdrawals are not allowed during the settlement period. 

What happens in case of the Life Assured’s demise?

Answer

In the untimely event of the life assured’s demise while the policy is in force or from the due date of first unpaid premium till the expiry of the grace period, the Nominee(s)/Appointee/Legal Heir, as the case may be, will receive the benefit under the policy equal to higher of fund value as on date of death or sum assured, either 
 

  • As a lump sum amount; or  As monthly instalments up to a period of 5 years, if the policyholder has opted for the ‘Settlement Option’ at inception of the policy. Nominee(s) / Appointee/ Legal Heir, as the case may be can ask to withdraw the balance fund value at any time during the settlement period. No Partial Withdrawals or switching of Funds will be allowed during this period. In case of instalment payment of death benefit, the instalment benefit amount will be calculated as dividing lump sum amount (say, S) by annuity factor ( i.e. a(n)(12)) i.e. S/a(n)(12) where n is the instalment period either 1,2,3,4, or 5 years. The prevailing SBI savings bank interest rate as on date of death will be used to calculate the annuity factor. Once the instalment payment starts, this payment remains level throughout the instalment period. The interest rate used to calculate annuity factor is subject to review at the end of every financial year and will be changed in case of change in SBI savings bank interest rate. 


The amount will be paid out to the appointee, if the nominee(s) is a minor. However, at any point of time, the death benefit will not be less than 105% of the total premiums paid during the policy term.
In the untimely event of death of the minor life assured before the commencement of risk, the death benefit will be equal to the fund value.
 

In case of paid-up policies, on death of the life assured, a lump sum amount equal to higher of the paid-up sum assured or fund value will be payable to the Nominee(s)/ Appointee/Legal Heir, as per the payout option selected by the policyholder at the inception of the policy. 
 

What is the impact of partial withdrawals on death benefit? 
 

The Sum Assured / paid up sum assured will be reduced by the amount equal to the partial withdrawals, if any made during the 24 months immediately preceding the date of death of the life assured. 

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