IndiaFirst Smart Save Plan

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

IndiaFirst Life Smart Save Plan is your trusted companion on your financial journey, offering a blend of protection and savings benefits. Whether you're planning for your child's education, or buying a home this plan helps you realize your aspirations.

Life Protection and Death Benefits
Life Coverage Plus Investments
Regular Savings to Beat Inflation
Flexible-Premium Payments
Customized for Your Risk Level
Partial Withdrawal Flexibility

Overview
Key Features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Features of ULIP IndiaFirst Life Smart Save Plan

Systematic Savings

Build your savings systematically through various fund options.

Life Cover

The plan offers a life cover in case of the life assured's untimely death.

Diverse Fund Options

Choose from 4 funds across different asset classes, tailoring your premiums based on your risk appetite.

Emergency Access

Access your money for financial emergencies through partial withdrawals after the lock-in period.

Tax Benefits

Enjoy potential ULIP tax benefits on premiums paid and benefits received as per prevailing tax laws.

How to buy Investment Insurance?

Step 1

Provide Your Basic Details

Provide essential information like your name, contact number, and email address.

Step 2

Customise Your Coverage and Investment Strategy

Tailor your life cover to meet your needs and choose the preferred investment amount to align with your financial goals.

Step 3

Review Your Personalised Quote

Get a personalized quote based on your selected sum assured.

Step 4

Connect with Our Expert Advisors

Engage with our experienced sales representatives for personalized guidance and assistance.

Eligibility Criteria

Age at entry

Question: Age at entry
Sequence
Answer: Minimum: 5 years

Maximum: 65 years
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Age at maturity

Question: Age at maturity
Sequence
Answer: Minimum: 18 years

Maximum: 75 years
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Policy term

Question: Policy term
Sequence
Answer: Regular Premium - 10 to 70 years
Limited Premium -10 to 25 years
Single Premium -5 to 20 years
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Payment premium term

Question: Payment Premium Term
Sequence
Answer: Regular Premium - Equal to the Policy Term
Limited Premium -5, 7 years
Single Premium -One-time payment only
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Premium Options

Question

Premium Options

Sequence

Answer

Regular/ Limited - Monthly, Half Yearly, Yearly

Single Premium - Onetime payment only

Limited Premium

Question: Limited Premium
Sequence
Answer: Monthly - ₹1,250
Half Yearly - ₹7,500
Yearly - ₹15,000
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Regular Premium

Question: Regular Premium
Sequence
Answer: Monthly - ₹1,000
Half Yearly - ₹6,000
Yearly - ₹12,000
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Single Premium

Question: Single Premium
Sequence
Answer: Monthly - NA
Half Yearly - NA
Yearly - ₹45,000
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Maximum Premium

Question: Maximum Premium
Sequence
Answer: No limit subject to underwriting
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Minimum Sum Assured

Question: Minimum Sum Assured
Sequence
Answer: Regular and Limited Premium - 7 * Annualized Premium
Single Premium- 125% of Single Premium
For Death Benefit - 105% of total premiums paid.
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Maximum Sum Assured

Question: Maximum Sum Assured
Sequence
Answer: X' times annualized/single premium for all plan types
‘X’ to be referred from the table below:

Age Band For Regular Premium Policies For Limited(5 Yrs) Premium Policies )
For Limited(7 Yrs) Premium Policies For Single Premium Policies(5 Term)
For Single Premium Policies(Other than 5 Term)
5-25 40 25 25 10 5
26-30 40 20 25 10 5
31-35 40 15 20 10 4
36-39 35 10 15 10 2
40-45 30 7 10 2 2
46-65 7 7 7 1.25 1.25
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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

General
Premiums and Payments
Claim and Beneficiary

Are taxes applicable under this plan? If yes, who bears it?

Answer: Yes, we will deduct the applicable taxes in accordance with the applicable provisions of Indian tax laws on all the applicable charges levied by us under this Policy. The taxes deducted by us in addition to the charges under the policy. The tax rates are subject to change basis any change in the directives issued by the Government.

How can you protect your fund value from market fluctuations?

Answer

You can protect your fund value from market fluctuations by transferring your money to a ‘Liquid1’ Fund during the last three years of your policy. A reminder about this option will be sent to you three years prior to the end of your policy term with further details about the same.

How does the transfer of fund value to the Liquid1 Fund actually happen?

3% of your fund value in each of the policy funds will be automatically switched to the Liquid1 Fund in each of the last thirty six monthly anniversaries prior to end of the policy term.

Does the proportionate allocation of remaining funds change on transfer to the Liquid1 Fund?

No. When we transfer your funds to the Liquid1 Fund, the ratio in which your remaining funds are allocated does not change.

How are funds deployed under the Liquid1 Fund?

Fund Name	What does the fund do?	Asset allocation			Risk profile
Fund Name	What does the fund do?	Equity	Debt market	Money
Liquid1 Fund	Provides steady returns achieved through high proportion of money market securities. There is a low probability of negative returns in the short term	0%	0% to 20%	80% to 100%	Low

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 plan 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

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 policy benefits continue during this grace period.

What happens if you discontinue paying your premiums?

Answer

Discontinuance of the policy premium payments during the ULIP lock-in-period:

For Regular/ Limited premium policies, upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the fund value after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.
On such discontinuance, we will communicate the status of the policy, within three months of the first unpaid premium, to the policyholder and provide the option to revive the Policy within the Revival Period of three years
- In case the policyholder opts to revive but does not revive the policy during the revival period, then the proceeds of discontinued policy fund shall be paid to the policyholder at the end of the revival period or lock in period whichever is later. In respect of revival period ending after lock-in period, the policy will remain in discontinuance fund till the end of revival period. The fund management charges of discontinued fund will be applicable during this period and no other charges will be applied.
- In case the policyholder does not exercise the option as set above, the policy shall continue without any risk cover if any, and the policy fund shall remain invested in the discontinuance policy fund. At the end of the lock-in period, the proceeds of the discontinuance fund shall be paid to the policyholder and the policy shall terminate.
- However, the policyholder has an option to surrender the policy anytime and proceeds of the discontinued policy shall be payable at the end of lock-in period or date of surrender whichever is later.
In case of Single premium policies, the policyholder has an option to surrender anytime during the lock in period. Upon receipt of request for surrender, the find value, after deducting the applicable discontinuance charges, shall be credited to the discontinuance policy fund. The policy shall continue to be invested in the discontinuance policy fund and the proceeds from the discontinuance fund shall be paid at the end of the lock in period. Only fund management charge can be deducted from this fund during this period. Further, no risk cover shall be available on such policy during the discontinuance period.

Discontinuance of the Policy after the Lock-in-period

For Regular/ Limited Premium Policies:
- Upon expiry of the grace period for your ULIP premium payment, in case of discontinuance of policy due to non-payment of premium after lock-in period, the policy shall be converted into a reduced paid up policy with the paid-up sum assured i.e. original sum assured multiplied by the total number of premiums paid to the original number of premiums payable as per the terms and conditions of the policy. The policy shall continue to be in reduced paid-up status without rider cover, if any. All charges as per terms and conditions of the policy may be deducted during the revival period. However, the mortality charges shall be deducted based on the reduced paid-up sum assured only
- On such discontinuance, the status of the policy will be communicated, within three months of the first unpaid premium, to the policyholder and provide the following options
  (1) To revive the policy within the revival period of three years, or
  (2) Complete withdrawal of the policy.
- In case the policyholder opts to revive the policy but does not revive the policy during the revival period, the fund value shall be paid to the policy holder at the end of the revival period.
- In case the policyholder does not exercise any option as set out above, the policy shall continue to be in reduced paid up status. At the end of the revival period the proceeds of the policy fund shall be paid to the policyholder and the policy shall terminate.
- However, the ULIP policyholder has an option to surrender the policy anytime and proceeds of the policy fund shall be payable.
In case of Single Premium Policies, the policyholder has an option to surrender the policy any time. Upon receipt of request for surrender, the fund value as on date of surrender shall be payable.

What is the IndiaFirst Smart Save Plan?

Answer: IndiaFirst Smart Save Plan is a Unit Linked, Non Participating, Life Insurance Endowment Plan that offers market linked returns along with the security of a life cover.

How is the sum assured calculated?

Answer

The calculation of the sum assured depends on the type of the policy you hold. Ideally a sum assured is a value chosen by the policyholder based on their requirements. You can determine whether your sum assured is value you can maintain throughout the policy duration by getting premium estimates for the specified sum assured using a ULIP calculator.

Minimum Sum Assured

Regular and Limited Premium	7 * Annualized Premium
Single Premium	125% of Single Premium

*Note: The Death Benefit at any point of time will not be less than 105% of the total premiums paid.

Maximum Sum Assured

The maximum sum assured is set at ‘X’ times the annualized/ single premium for regular premium, limited premium and single premium plans. Here ‘X’ will be taken from the table below –

Age band	For Regular Premium Policies	For Limited (5yrs) Premium Policies	For Limited (7yrs) Premium Policies	For Single Premium Policies (5Term)	For Single Premium Policies (Other than 5Term)
5-25	40	25	25	10	5.00
26-30	40	20	25	10	5.00
31-35	40	15	20	10	4.00
36-39	35	10	15	10	2.00
40-45	30	7	10	2	2.00
46-65	7	7	7	1.25	1.25

Where Annualized Premium means the premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premium on riders, if any.

What are the basic eligibility criteria in this policy?

Answer

Premium Payment Option	Policy Term	Premium Paying Term
Regular Premium	10 to 70 years	Equal to the Policy Term
Limited Premium	10 to 25 years	5, 7 years
Single Premium	5 to 20 years	One-time payment only

Parameter	Minimum	Maximum
Age at entry (as on last birthday)	5 years	65 years
Age at maturity (as on last birthday)	18 years	75 years

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 Life Assured.

Premium Payment Option	Premium Frequency
Regular/ Limited Premium	Monthly, Half Yearly, Yearly
Single Premium	Onetime payment only

Minimum Premium	Monthly	Half Yearly	Yearly
Regular Premium	Rs.1,000	Rs.6,000	Rs.12,000
Limited Premium	Rs.1,250	Rs.7,500	Rs.15,000
Single Premium	-	-	Rs.45,000
Maximum Premium	No limit subject to underwriting

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 payout 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 in monthly instalments up to a period of 5 years, 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 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 demise during settlement period, we will pay the higher of fund value as on the date of intimation of death or 105% of total premiums paid, to the Nominee / Appointee / Legal Heir and the policy shall terminate immediately. However, on complete withdrawal during settlement periodlifecoverceases immediately.

Who bears the investment risk during the settlement period?

The investment & inherent 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 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 / 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 payout; 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 / 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 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 of paid-up policies, on death of the life assured, an amount equal to the higher of the paid-up sum assured or fund value will be payable to the Nominee/ Appointee/ Legal Heir, as per the payout option selected by the policyholder at the inception of the policy.

In case of the life assured’s demise, where the Life Assured is a minor and the commencement of life cover is yet to begin, the death benefit will be equal to the Fund Value.

Are partial withdrawals allowed?

Answer

Yes. You may access your money in case of any financial emergency, by withdrawing partially. Partial withdrawal is allowed after life assured attains age 18 years.

Regular/ Limited premium	Single premium
If you have paid your premiums for the first 5 years, you can withdraw your money partially after the fifth policy year.	You can withdraw after completion of the fifth policy year.

Are there any limits on partial withdrawals?

Minimum withdrawal	Maximum withdrawal – Regular/ Limited premium	Maximum withdrawal – Single premium
Rs.5,000	Up to 25% of the fund value, only if your fund is left with a minimum balance equal to 110% of your annual premium after the withdrawal	Fund value after the withdrawal should not be less than Rs.45,000

Example: You can withdraw up to Rs.20,000 if you pay an annual premium of Rs.15,000 and have accumulated a fund value of Rs.80,000 over a few years (25% of the fund value).

There are no partial withdrawal charges applicable.

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