IndiaFirst Life Radiance Smart Invest Plan

(A Unit Linked, Non Participating, Individual Life Insurance Endowment Plan)

A ULIP insurance plan that can help you build a legacy by combining wealth growth and life coverage. This plan can help safeguard your finances and earn returns. Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.

Zero Fund allocation charges
10 different funds to choose from
3 plan options to achieve your investment goals
100% money invested for higher returns
Life cover charges returned at the end of policy year

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Overview
Key features
How to Buy
Sample Illustrations
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Life Radiance Smart Invest Plan

Wealth Accumulation

Grow your savings through market-linked ULIP fund options, aiming for wealth accumulation to meet your long-term goals.

Flexible Fund Options

Choose from ten diverse fund options, tailoring your investment to match your risk appetite and financial objectives.

Investment Strategies

Optimise your portfolio with six unique ULIP investment strategies, designed to align with your evolving financial goals and maximise ULIP benefits.

Life Insurance Cover

Secure your family's financial future with comprehensive life insurance cover through a ULIP plan, ensuring peace of mind in unforeseen events and offering ULIP tax benefits.

Switch Options

Benefit from unlimited free switches within your ULIP policy, allowing you to adapt your investment strategy as market conditions change, a key feature of ULIP plans in India.

Zero Allocation Charges

Maximise your investment with zero allocation charges, ensuring your entire premium is invested into the chosen funds.

How to Buy IndiaFirst Life Radiance Smart Invest Plan Online?

Step 1

Choose plan

Share your basic details and the details of the person for whom you want to buy this plan.

Step 2

Premium Amount

Select your ideal premium amount and payment frequency

Step 3

Select strategy

Select an investment strategy that meets your unique financial goals.

Step 4

Make payment

Once your payment is complete, the plan will be issued to you.

How Does IndiaFirst Life Radiance Smart Invest Plan Work?

Mr. Kumar, aged 40 years has bought the IndiaFirst Life Radiance Smart Invest Plan.

He invested in the Family Care Shield Option for a policy and premium payment term of 40 years and chose to pay an annual regular premium for INR 2,50,000 for a Sum Assured of INR 25,00,000 in the policy.

IndiaFirst Life Radiance Smart Invest ULIP Plan offers 10 fund options and 6 investment strategies. Now get investment and insurance in one plan. Get a Quote Today!

He further optimized his investments by selecting the Defined Allocation Strategy.

He chose Dynamic Asset Allocation (30%), Flexi Cap Equity (25%), Sustainable Equity (25%) and Equity Elite Opportunities (20%) as the 4 fund options in the strategy.

IndiaFirst Life Radiance Smart Invest ULIP Plan offers 10 fund options and 6 investment strategies. Now get investment and insurance in one plan. Get a Quote Today!

At the end of policy term, he will receive a fund value of INR 3,34,92,608 @8% or INR 1,32,88,611 @4% and help him achieve his goals.

Even in case of his death during the policy term, the premiums would be funded by us, and the policy will continue till maturity and will help his loved ones achieve their goals.

IndiaFirst Life Radiance Smart Invest ULIP Plan offers 10 fund options and 6 investment strategies. Now get investment and insurance in one plan. Get a Quote Today!

Eligibility Criteria for IndiaFirst Life Radiance Smart Invest Plan

Age

Policy Term Options

Premium Payment Term (PPT)

Annualised Premium

Assured Financial Security

Age at Entry

Question

Age at Entry

Answer

Minimum:

For Life Plan Option : 0 years (91 days)
For Extra Shield & Family Care Plan Options: 18 years

Maximum: 65 years for all Plan Options

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Limited Pay

Question

Limited Pay

Answer

For 5/7/10/15-Year Payment Term: Policy term can be up to 20 years

For 20/25-Year Payment Term: Policy term remains at 30 years

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Regular Pay

Question

Regular Pay

Answer

Minimum Policy Term: 10 years

Maximum Policy Term:

For Life Plan Option: 99 years

For Extra Shield & Family Care Options: 81 years

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Single Pay

Question

Single Pay

Answer

Minimum Policy Term: 10 years

Maximum Policy Term: 34 years

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Premium Payment Term (PPT)

Question: Premium Payment Term (PPT)
Answer: Options include Regular Pay, Limited Pay, and Single Pay
Regular Pay: Equal to policy term
Limited Pay: 5, 7, 10, 15, or 20 years
Single Pay: One-time payment
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Annualised Premium

Question

Annualised Premium

Answer

Minimum:

Limited / Regular Pay: ₹48,000
Single Pay: ₹2,50,000

Maximum: No limit, subject to the board-approved underwriting policy

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Assured Financial Security

Question: Assured Financial Security
Answer: Provides life cover ensuring financial security for your family with a ULIP insurance policy.
In Case of Early Demise:

For the Life Plan Option: The family receives the higher of the sum assured or the fund value, ensuring financial security and support for the policyholder's dependents.

For the Extra Shield Option: The family is entitled to an enhanced death benefit, which includes the higher of the sum assured plus an additional percentage of the sum assured or the fund value. This option provides an extra layer of financial protection.

For the Family Care Option: In the unfortunate event of the policyholder's demise, the family receives the higher of the sum assured or 105% of the total premiums paid, a specific assurance designed to fulfill future aspirations and provide comprehensive financial security.
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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)

Investment Strategies for IndiaFirst Life Radiance Smart Invest Plan

Automatic Trigger Based Investment Strategy

Maximise your investment returns with minimal risk. Our ULIP plan strategy automatically shifts your gains to safer funds once a 10% return threshold is reached, ensuring steady growth amidst market fluctuations and highlighting the advantages of ULIP.

Fund Transfer Strategy

Systematically enhance your ULIP policy's performance. We allocate your premiums between equity and debt funds in your ULIP insurance plan, utilising rupee cost averaging to optimise returns and reduce market risk over time, showcasing the features of unit linked insurance plans.

Age-Based Investment Strategy

Align your investment with your life's journey. As you age, we adjust your ULIP plan's risk, gradually moving towards more secure fund options, ensuring a balanced approach to growth and safety, a key feature of ULIP life insurance.

Defined Allocation Strategy

Customise your investment blueprint. Specify your fund allocation at the outset, and we'll rebalance your portfolio bi-annually to adhere to your chosen strategy in your ULIP insurance policy, maintaining your desired investment mix and maximising ULIP benefits.

Smart Switch Option

Safeguard your investment as you near policy maturity. We progressively shift your funds to lower-risk options in the last five years of your ULIP policy, protecting your corpus from market downturns and ensuring peace of mind, a unique advantage of ULIP plans in India.

Self-Managed Strategy

Take control of your investments with ULIP. With access to our suite of 10 segregated funds in your investment plan, you have the freedom to switch and redirect your investments according to your financial goals and market outlook, leveraging the flexibility and benefits of ULIP insurance plans in India.

IndiaFirst Life Radiance Smart Invest Plan FAQs

View All FAQ

General

Premiums and Payments

Claim and Beneficiary

Can you cancel (free-look) your policy?

Answer: You have a free look period of 30 days from receipt of your policy document whether received electronically or otherwise, to review terms and conditions and in case you disagree to any of those terms & conditions, you shall have an option to return the policy to us for cancellation, stating the reasons for your objection, we shall arrange to refund you the value of units allocated as per the Net Asset Value (NAV) on the date of cancellation along with premium allocation charge plus charges levied by cancellation of units, subject to deduction of the proportionate risk premium for the period on cover, stamp duty charges, and the expenses incurred by us on medical examination, if any Such a request received by us for free look cancellation of the policy shall be processed and the premium shall be refunded within 7 days of receipt of the request, subject to applicable deductions

How can you revive your policy?

Answer

Revival of the Discontinued Policy during lock-in period

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.
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

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.
At the time of revival:

all due and unpaid premiums under base policy 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 assets, 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 “Ask an Expert” facility in this policy?

Answer: This is a unique facility which allows you to ask us your queries and get responses from our market experts.
You will be allowed to ask 2 queries every year regarding your monies to our Chief Investment Officer or Fund Manager and get a personalized mail response specific to your queries raised.
This facility is free of any charges currently and is available for customers under all plan options.

What is the IndiaFirst Life Radiance Smart Invest Plan?

Answer: Our IndiaFirst Life Radiance Smart Invest Plan is a linked, non-participating, individual, endowment/ savings, life insurance policy, specially designed for high net worth individuals like you, who want to provide overall protection through insurance cover, maximize returns on their savings and create additional wealth for a comfortable life ahead.

Do I get a discount on renewal premiums, if paid in advance?

Answer: We will offer discount on renewal premium amount if you pay the premium at least one month prior to premium due date till 12 months prior to premium due date, provided this period falls within the same financial year as the premium due date. The premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium to be eligible for discount. No discount will be offered if premium is paid within one month prior to premium due date.

The discount rate applicable for the quarter will be calculated using 5-year G-Sec bond yield (rounded to nearest 5 bps) as at beginning of the quarter. Any changeoftheabovebasis is subjecttoIRDAIapproval.

How are premiums allocated to units?

Answer

Every premium (new business or renewal), is allocated into fund options as selected in the proposal form or through subsequent request or as per the investment strategy opted, after deducting allocation charges, if any.

When and how does your premium get allocated to units in your policy?

The allotment of units to you, the policyholder will be done only after we receive the premium amount.

New Business: We will allocate new units on Business the day we receive premiums if we receive these before 3:00 p.m. They are allocated the next day if we receive them after 3:00 p.m.

Renewal Premiums: We will allocate the premium on the Premiums due date, whether or not it has been received before due date. (This assumes that the full premium is received on the due date). We will keep the renewal premiums received before the due date in the deposit account. It will not earn any returns until the renewal premium due date. On the due date, we will use the same for unit funds.

How do we value your units at the time of renewals and redemptions of your premiums? We will value your units in line with the unit linked guidelines issued by the IRDAI.

For renewal premiums / funds switch/ maturity / surrender received till 3:00 p.m.: We will apply the closing unit price of the day on which your renewal premium/ funds switch/ maturity/ surrender is received. This can happen only if we receive it by 3.00 p.m. along with a local cheque or a demand draft payable at par at the place where the premium is received.

For renewal premiums / funds switch/ maturity / surrender received after 3:00 p.m.: We will apply the closing unit price of the next business day if we receive your renewal premiums/ funds switch/ maturity/ surrender after 3.00 p.m. This has to be accompanied with a local cheque or a demand draft payable at par at the place where the premium is received.

For outstation cheques/ demand drafts: We will apply the closing unit price of the day on which cheques/ demand draft is realized if the cheque you issue for premium renewal is an outstation cheque/demand draft.

Is there a grace period for missed premiums?

Answer: We provide you a grace period of 30days for payment of all premiums under quarterly, half yearly and yearly modes and 15 days under monthly mode. This period starts from the due date of each premium payment. Your policy will be considered in-force and all your policy benefits will continue during this grace period.

What happens in case of the Life Assured’s demise (death benefit)?

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 death benefit under the policy equal to higher of fund value as on date of death or sum assured (as specified in Section 3). For Life Option & Extra Shield Option the death benefit as specified in Section 3 and for Family Care Option, the lump sum amount payable at the time of death as specified in Section 3 will be paid either

As a lump sum payout; or
As monthly instalments over a period of 5 years, as opted by the policyholder/nominee at any time during policy period / on death of Life Assured. 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 of 5 years. The SBI savings bank interest rate as on the beginning of financial year will be used to calculate the annuity factor. The current prevailing SBI savings bank interestrate for FY21-22 is 2.70% p.a. 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 on every financial year and will be changed in case of change in SBI savings bank interest rate.

The above is applicable for all plan options.

If this option is opted for, the Nominee(s) /Appointee/ Legal Heir(s), as the case may be can ask to withdraw the balance death benefit at any time during the settlement period. No Partial Withdrawals of Funds will be allowed during this period.

The amount will be paid out to the appointee if the nominee 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 case the event which has caused death due to an Accident has occurred during the Policy Term and Accidental death occurs after the Policy Term is over but within 180 days from the date of Accident, the Accidental Death Benefit shall be payable, i.e. even if the accident occurs on the last day of the policy term also, the cover will be provided for 180 days irrespective of the termination of the risk cover.

In case of reduced paid-up policies, on death of the life assured, an amount equal to the higher of the reduced paid-up sum assured or fund value as on the date of receiving intimation of death will be payable to the Nominee/ Appointee/ Legal Heir, as per the payout option selected by the policy holder at the inception of the policy and the policy will terminate.

Paid-up Sum Assured is defined as Sum Assured * (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term)

What is the impact of partial withdrawals/systematic partial withdrawal on death benefit?

In case of life assured’s untimely demise, the Nominee(s)/ Appointee/Legal Heir will receive the death benefit, where the sum assured will be reduced by an amount equal to the partial/systematic partial withdrawals made from fund value, during the 2 year simmediately preceding the date of death of the life assured.

What is the death benefit if the policy acquires a reducedpaid-upstatus?

The Sum Assured/paid up sum assured will be reduced by the amount of partial/systematic partial withdrawals made during the 2 years immediately preceding the date of death ofthe life assured as on the date of receiving in timation of death or the Fund Value.

A lump sum amount equalto higher ofthe paid-up sum assured orfund value (as on date of receiving intimation of death) will be payable to the Nominee(s)/Appointee/ Legal Heir, while the policy is in reduced paid-up status.

Family Care Option: In case of death of the life assured in a reduced paid-up policy, where the policyholder has stopped paying the premiums, higher ofreduced paid-up sum assured or fund value will be payable and the policy will terminate.

The mortality charges, if any for reduced paid-up policy before death will be calculated based on paid-up sum assured. All the charges other than FMC recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.

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

Answer

You, the policyholder will receive –

Fund Value, at the end of the policy term, plus,
Total mortality charges deducted throughout the policy term [A], plus,
An amount equal to Y% of Annualized Premium [B] where Y% vary by premium paying termand policy term and the same are provided in ‘Annexure C’
- If the policyholder has done any partial withdrawals during the term of the policy, the said amount shall be reduced by a factor X% subject to a maximum of 100% where X is defined as sum total of partial withdrawals expressed as % of fund value prevailing at the time of respective partial withdrawals. For example, if the policyholder withdraws 5% of the fund value as partial withdrawal in 5th policy year and 10% of the fund value as partial withdrawal in 8th policy year then the amount will be reduced by ([A] + [B] as above) 15%.

In case of maturity of a reduced paid-up policy

Fund value as on the date of maturity, plus
Total mortality charges deducted throughout the policy term [A], plus
An amount equal to Y% of Annualized Premium [B] * (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term) where Y% vary by premium paying term and policy term and the same are provided in ‘Annexure C’.

If the policyholder has done any partial withdrawals during the term of the policy, the said amount shall be reduced by a factor X% subject to maximum of 100%.
Where X is defined as sum total of partial withdrawals expressed as % of fund value prevailing at the time of respective partial withdrawals.

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

On maturity you may choose to

Receive the entire fund value as a lump sum payment, or
Receive your maturity payout in monthly instalments up to a period of 5 years as per your choice by opting for the ‘Settlement Option’. During the Settlement period, applicable fund management charges & mortality charges will be applicable. The policyholder can ask to withdraw the balance/complete fund value at any time during the settlement period.

You may choose to receive this payment in equal units at regular intervals (i.e. monthly/quarterly/ half-yearly/yearly as chosen by the policyholder) over a period of time specified by you. This period is called the Settlement Period. During this period, only the fund management and mortality charges will be applicable. You can ask for the balance fund value at any time during the settlement period.
You may place your funds in the Liquid1 Fund or any other fund allowed under this product at the time of exercising the settlement option.

When does the settlement period start?

Your settlement period starts from the maturity date and is applicable up to a period of 5 years, as chosen by you. However, you have to opt for the Settlement Optionatleast3monthspriortothedateofmaturity.

Does the life cover benefit continue during the settlement period?

Yes, in case of the Life Assured’s demise during settlement period,wewill pay the higher offund value as on the date of intimation of death or 105% of total premiums paid, to the Nominee / Appointee / Legal Heirandthepolicyshallterminateimmediately.
On complete withdrawal during settlement period life cover ceases immediately.

Who bears the investment risk during the settlement period?

The investment risk & inherent risk will be borne by the policyholder during the settlement period.

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

No, Switches and partial withdrawals are not allowed.

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