IndiaFirst Life Plan is a pure that takes care of your family in our absence. The plan offers life cover benefits for up term insurance plan to 30 years. The plan offers security to the family of the life assured. In case of the unfortunate incident of death of the life assured, the family gets an assure lump sum benefit immediately.
Eligibility Conditions for IndiaFirst Life Plan:
|Minimum Entry Age||18 years (As on last birthday)|
|Maximum Entry Age||60 years (As on last birthday)|
|Maximum Maturity Age||70 years (As on last birthday)|
Policy Terms for IndiaFirst Life Plan:
|Regular Premium||5 to 30 years|
|Single Premium||5 to 30 years|
Premium Payments Offered by IndiaFirst Life Plan:
|Minimum Premium||Regular Premium Monthly – Rs.500 Half-yearly – Rs.1,000 Yearly – Rs.2,000|
|Single Premium – Rs.5,000|
|Minimum Life Sum Assured||Rs.5,00,000|
|Maximum Life Sum Assured||Rs.20,00,00,000|
Key Features of IndiaFirst Life Plan:
|Type of Plan||Non-participating Pure Term Insurance Plan|
|Premium Payment Options||Regular – Monthly (Through ECS or Direct Debit), half-yearly, yearly|
|Maturity/Survival Benefit||Not available|
|Grace Period||30 days – half-yearly or yearly premium mode 15 days – monthly premium mode|
|Revival||If your policy lapses, it can be revived within 2 years from the due date of the first unpaid premium by either paying the due premium amount and starting to pay your premiums regularly|
|Tax Benefits||Tax deductions of up to Rs.1,00,000 on premiums paid as per section 80C of the Income Tax Act, 1961|
|Free Look Period||Within 15 days of the receipt of your policy document|
|Loan Benefits||Not available|
What you need to know about IndiaFirst Life Plan:
The most striking features of the IndiaFirst Life Plan are:
- Lump sum benefit option that ensures financial security of the family of the life assured in case of an untimely death.
- Tax benefits on the premium, under Section 80C.
- Tax break on the benefits received by your family, under Section 10 (10D).
Payment Options for IndiaFirst Life Plan:
The life assured can pay premiums regularly using the following options:
- Monthly through ECS or Direct Debit
Advantages and Benefits of IndiaFirst Life Plan:
The IndiaFirst Life Plan provides the following key benefits:
Death Benefit: In the unexpected event of death of the life assured during the policy term, the nominee receives a lump sum amount, equivalent to the sum assured. However, there is no survival or maturity benefit under the plan.
Tax Benefit: Under this India First Life Insurance plan, you can avail the following tax benefits, subject to change from time to time:
- The life assured is eligible for tax deductions of up to Rs.1,00,000 on premiums paid under the policy, as per Section 80C of the Income Tax Act, 1961.
- Death benefits are also considered for tax deductions under Section 10 (10D) of the Income Tax Act, 1961.
Free-look Period: If the life assured is dissatisfied with the policy, the plan can be cancelled within 15 days from the day the policy documents are received. The plan document must be returned to the company stating the reason for cancellation. The premium that has been paid until now is returned deducting the premium for the period the plan was in-force, stamp duty fees, and medical examination charges.
Grace Period: In case you miss payment of your premiums, you are given a grace period of 30 days in case of half-yearly premium modes and 15 days in case of monthly premium modes. The date is considered from the due date of the payment. If you fail to pay the premium before the grace period ends, your policy ceases to exist.
The IndiaFirst Life Plan Policy does not provide any options for loans under the policy.
If you want to revive your plan, you can do so within a specific period by simply paying off the due premium amount and continue to make regular premium payments. The period within which you can revive the plan is 2 years from the due date of the first unpaid premium amount. However revival can be done only before the maturity date.
The policy allows you to surrender your plan.
Exclusions under the policy:
In case the life assured commits suicide within 12 months since the plan’s inception date or reinstatement date, the death benefit is not paid. However, for single premium mode, a surrender value is payable, if any. This condition holds true irrespective of whether the life assured was in his senses or not at the time of suicide.
This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017