Indiafirst CSC Shubhlabh Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
If you are concerned about savings and building up a corpus and also need life cover, the CSC Shubhlabh Plan is ideal. Your investment will earn interest additions regularly through the course of the plan. Enrolment into this policy is simple and hassle-free requiring only your name and Aadhaar number. Secure your family’s future in case of your untimely demise as this plan pays out a lump sum death benefit. This non-linked, non-participating variable insurance plan comes with a affordable annualised premium that is payable either monthly, semi-annually or annually, as per the convenience of the customer.
Eligibility -Who is the IndiaFirst CSC Shubhlabh Plan for?
In order to be eligible for this plan, you must meet certain set requirements as per the terms and conditions of IndiaFirst. Given below are the eligibility requirements of the CSC Shubhlabh Plan:
| Particulars | Details |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Maximum Cover Ceasing Age | 65 years |
| Minimum Premium | Rs.125 per month |
| Maximum Premium | Rs.1,667 per month |
*Ages mentioned are ages last birthday
Sum Assured and Premium Range - What you get and what the IndiaFirst CSC Shubhlabh Plan costs
Listed below are the details pertaining to the sum assured and premiums of this plan:
| Particulars | Details |
| Minimum premium | Monthly - Rs.125 Half-yearly - Rs.750 Yearly - Rs.1,500 |
| Maximum premium | Monthly - Rs.1,667 Half-yearly - Rs.10,000 Yearly - Rs.20,000 |
| Policy term | 10 years and 15 years |
| Premium payment terms | Regular pay - 10 years and 15 years |
| Annuity payment frequency | Monthly, half-yearly, yearly |
*Premiums vary based on age, location, plan term and other factors
Plan coverage - What the IndiaFirst CSC Shubhlabh Plan covers
The IndiaFirst CSC Shubhlabh Plan guarantees that the insured person receives an annuity during their retirement years. Given below are some of the important benefits associated with this plan.
| Benefits | Details |
| Maturity Benefit | If the policyholder survives the term of the policy, the higher of the following becomes payable:
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| Death Benefit | If the policyholder dies during the term of the plan, the higher of the following will be payable to the nominee:
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| Top-up | You can increase the life cover by paying top-up premiums at your convenience. The minimum top-up premium is Rs.500. The maximum top-up premium is the sum total of the regular premium paid up to date at that point of time.
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| Tax Benefits | Applicable as per the Income Tax Act, 1961. |
Exclusions - What the IndiaFirst CSC Shubhlabh Plan doesn’t cover
If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. IndiaFirst will refund 80% of the total premiums including top-up premiums to the nominee.
If the life insured commits suicide within 1 year from the reinstatement date of the policy, whether medically sane or insane, the policy benefits are not payable. IndiaFirst will refund the higher of 80% of the total premiums (including top-up premiums) or the account value to the nominee.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Knowing the details mentioned in your retirement insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the IndiaFirst CSC Shubhlabh Plan.
| Features | Details |
| Free-look period | 15 days is granted to review the policy. Upon cancellation during this period, the company will refund the premium minus pro-rata risk premium, stamp duty and medical expenses, if any. |
| Grace period | 30 days. Benefits will continue through this period. Upon the expiry of 30 days, all benefits will lapse. |
| Surrender benefits | You can surrender the plan after the 5th policy year. |
| Discontinuance | If you fail to pay the premium by the end of the grace period, your life cover will cease but you can still enjoy benefits of guaranteed interest and guaranteed additional interest on the value of your account till the expiry of the lock-in period or revival period, whichever is later. If the premium is discontinued after 5 years, the life cover will continue till the end of the revival period. If the plan is not revived within 2 years or withdrawn, it will be converted to a paid-up plan. |
| Paid-up Plan | You can convert your plan to a paid-up plan after 5 years. If you do not pay premiums after 5 years and fail to revive the policy within 2 years, it will automatically be converted to a paid-up plan. The sum assured will be reduced. Paid-up sum assured = sum assured x (total premiums paid / total premiums payable). |
| Revival | You can revive a lapsed plan within 2 years from the due date of the first unpaid premium. You need to pay up all due premiums without any interest or charges. Revival is approved based on satisfactory financial and medical underwriting. If you do not revive the policy, the value of the account will be paid to the life insured at the end of the lock-in period. Residual additions will not be paid on policies that have lapsed within the first 5 years. |
| Minimum interest | 1% p.a. on the value of the account during the policy term. |
| Residual addition | From the 5th year onwards, residual addition, if any, will be added in order to meet Reduction in Yield requirements. This is applicable even to paid-up policies. |
| Guaranteed additional interest |
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| Partial withdrawals | Access your funds and make withdrawals after the fifth policy year. The minimum withdrawal allowed is Rs.1,000. The maximum that can be withdrawn in any plan year is 25% of the account. The balance amount should not be less than 1.5 times one year’s full annualised regular premium. |
| Nomination | Nomination is available in accordance with the provision of Section 39 of the Insurance Act, 1938. |
Tax benefits – How you can save with the IndiaFirst CSC Shubhlabh Plan
You can claim for tax deductions for up to Rs.1 lakh on premiums paid under Section 80C of the Income Tax Act, 1961.
For the maturity amount and withdrawal amounts, you can claim for deductions under Section 10(10D).
Death benefits are eligible for tax deductions under Section 10(10D).
Tax laws are subject to amendments from time to time. You are advised to seek counsel from a tax advisor to know more about claiming tax deduction.
Other benefits – How you can save with the IndiaFirst CSC Shubhlabh Plan
When you choose IndiaFirst as your insurance provider, you can stand to benefit from the following:
- Get death benefits and maturity benefits
- This plan provides guaranteed interest rates, additional interest and residual additions
- Easy online claims process
- Easy access to customer care
- Calculate your premiums online
- Wealth and financial planner tools available online
Why you should buy the CSC Shubhlabh Plan from IndiaFirst ?
IndiaFirst company is a young insurance company that stepped into the Indian market in 2010. Launched by Mr. Pranab Mukherjee, President of India, the company strives to achieve excellence and caters to over 50 million customers across the country. IndiaFirst operates in banking, financial and wealth management. It offers a host of products spanning across retirement, health, savings, and protection.
This CSC Shubhlabh plan gives you the option of savings, growing your investment and getting life protection all under one plan. With a number of benefits, this plan is ideal for those who have dependents and wish to secure their future.
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