A non-participating unit linked savings cum insurance scheme, the Money Balance Plan from aims to secure the future of a policyholder through a unique investment strategy. High growth potential coupled with the safety net of insurance ensure that an individual can live without worries about the future, knowing that his/her loved ones will be financially stable even if something unfortunate happens. The ULIP plan hopes to utilise an investment in the best mode possible, offering financial stability to individuals.
Key Features of IndiaFirst Money Balance Plan
Some of the main features of this Money Balance Plan are mentioned below.
- Automatic trigger investment – This plan comes with an automatic trigger based investment strategy which systematically increases savings by automatically investing in safe funds.
- Flexible premium paying options – Policyholders can choose to pay their premiums either regularly or by means of a single payment.
- Partial withdrawals – This plan has a provision for partial withdrawal during financial emergencies.
- Premium paying modes – Policyholders can choose premium paying modes which suit their needs, opting for either a regular/premium mode which come with a monthly, yearly or half yearly payment option or a onetime single premium mode.
- Nominee and Appointee – A policyholder can appoint a nominee and an appointee to manage the funds in the event of his/her death.
- Multiple fund options – A policyholder can choose between two different funds, each offering unique returns with a different level of risk attached.
- Discontinuance – A policyholder can opt to discontinue his/her plan in which case the fund value will be paid (subject to policies in place at IndiaFirst).
- Policy renewal – A policyholder gets a grace period to renew his/her lapsed policy by paying the dues within a specific time period.
- Life cover– A policyholder is entitled to a during the period of this scheme.
- High sum assured– Policyholders are entitled to a minimum sum assured equivalent to 105% of all premiums paid, with the maximum depending on the age and premium paying modes.
Benefits of IndiaFirst Money Balance Plan
The Money Balance Plan from IndiaFirst Life offers a host of benefits to policyholders, some of which are mentioned below.
- Maturity benefit – Policyholders are entitled to maturity benefits at the end of their term. This amount can be availed either in the form of a lump sum or through instalments.
- Death benefit – The nominee or appointee will be entitled to an amount equivalent to the sum assured or the fund value, whichever is higher, in the event of demise of policyholder. This amount can be availed in the form of a lump sum.
- Tax benefits – Policyholders are entitled to tax benefits on their premiums paid under Section 80C of the Income Tax Act. Amounts received on maturity or death are also covered under provisions of the Income Tax Act.
- Fund switching – A policyholder can choose to switch his/her investment from one fund to another, as per his/her requirement.
Eligibility Criteria for IndiaFirst Money Balance Plan
Individuals who wish to avail the benefits of should keep the following eligibility criteria in mind.
- Entry Age - The minimum and maximum entry age are 5 years and 65 years respectively.
- Maturity Age - The minimum and maximum maturity age are 18 years and 75 years respectively.
- Minimum premium - The minimum premium depends on the type of premium paying mode, with the limits for regular premium being Rs 1,000/-, Rs 6,000/- and Rs 12,000/- for the monthly, half-yearly and yearly mode respectively. The minimum premium for limited mode are Rs 1,250/-, Rs 7,500/- and Rs 15,000/- for the monthly, half-yearly and yearly payment options respectively. The minimum premium for a single premium mode is Rs 45,000/-.
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