IndiaFirst Life Plan is a non-participating pure term insurance plan. You can enjoy a life cover of 40 years at an affordable cost in addition to guaranteed lump sum benefit and tax benefits. By availing of the IndiaFirst Life Plan, you can provide a protective cushion to your family in case of your untimely demise.
Eligibility Criteria for IndiaFirst Life Plan
- Age at Entry
- Minimum: 18 years
- Maximum: 60 years
- Age at Maturity: 70 years
Features of IndiaFirst Life Plan
The salient features of this term insurance plan are listed below:
- Policy Term
- Minimum: 5 years
- Maximum: 40 years
- Premium Payment Terms: Regular and Single
- Premium Payment Frequency: Monthly, Half-Yearly, Yearly and one-time payment
- Sum Assured/Life Cover
- Minimum: Rs.1,00,000
- Maximum: Rs.50,00,00,000
Benefits of IndiaFirst Life Plan
The following are the main benefits of the plan
- Death Benefit: In the unfortunate event of your death, your nominee will receive a lump sum amount which is equal to sum assured. The death benefit which is paid will be more than 105% of all premiums paid
- Tax Benefits: You can avail of tax deductions (up to Rs.1 lakh) under Section 80C. Death benefits are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, 1961
- Maturity Benefits: There are no maturity benefits available under the plan
Madhav Kishore, a 30-year-old IT employee opt for IndiaFirst Life Plan for a sum assured of Rs.1 lakh for a policy term of 10 years under a single premium payment mode. In the unfortunate event of Kishore’s death within the policy term, his nominee/legal heir will receive the death benefit as a lump sum amount which is equal to the sum assured. The plan will stand terminated after payment of the death benefit.
- Are there any survival benefits offered under this plan?
No. There are no survival benefits offered under this plan
- How can i revive my policy?
You can choose to revive the plan within 2 years of the last unpaid premium by paying the pending premiums and starting the regular payment of premiums.
- What is the maximum sum assured under this plan?
The maximum sum assured under this plan is Rs.Rs.50,00,00,000
- Is there any surrender value under this plan?
Surrender value is payable under the single premium mode if you surrender the plan after the third year. The formula is 40% x premium paid x unexpired term/total term)
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017