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  • Indiafirst Happy India Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Happy India Plan by IndiaFirst Insurance is a non-participating, unit-linked endowment insurance plan which fulfil the dual function of not only letting you invest but also provide life insurance cover to your loved ones. This plan offers multiple benefits like the Death Benefit on the demise of the life assured policyholder, payment of premiums unpaid after life assured’ death paid by the insurer, additional Benefit payable if the life assured suffers from a Permanent Total Disability due to an accident and Maturity Benefit that is paid to the life assured. With this plan, policyholder also get to enjoy tax benefits for the premiums paid under Section 80C of the Income Tax Act. Death and maturity benefits payable under the plan are also eligible for tax benefits under Section 10(10D) of the Income Tax Act.

    Eligibility - Who Is The IndiaFirst Happy India Plan For?

    The minimum entry age to be eligible for this plan is set at 18 years and the maximum age at which this plan can be availed is 50 years. The maximum age which an applicant can be at the time of plan maturity is fixed at 60 years.

    Sum Assured & Premium Range - What You Get & What It Costs

    Sum Assured

    The Sum assured that is payable under this plan will be decided based on the Annualized premium that the life assured has opted for. Sum assured is the amount that will be paid on the event of the death of the life assured during the term of the policy. Under this plan, the sum assured (for regular premium payment) varies on the life assured’s age, as is illustrated in the following table:

    If age below 45 years Sum Assured amount will be the highest of 10x of Annualized Premium OR 0.5 *Plan Term* Annualized Premium.
    If age equal to or more than 45 years Sum Assured amount will be the highest of 7x of Annualized Premium OR 0.25 *Plan Term* Annualized Premium.

    Premium Payment Mode

    Premiums due under this plan can be paid as Regular Premiums. These can be paid on a yearly, half-yearly (6 months) or monthly basis. Selection for the same must be made on the policy’s proposal form.

    Plan Coverage - What The IndiaFirst Happy India Plan Covers

    Death Benefit

    In case the Life Assured policyholder passes away during the term of the policy, the nominee/beneficiary of the life assured will stand to receive the Death Benefit Sum Assured amount. The minimum death benefit paid is fixed at 105% of total premiums paid by the life assured. The death benefit payable under this plan also includes two other additions which are as follows:

    1. Additional Benefit Paid on Death of Life Assured – Under this additional benefit, the total of all the future outstanding premiums under the Regular Premium payment, for the remainder of the policy term will be covered by the insurer. The 2 options for receiving this benefit are (i) Paid to the appointee/nominee/legal heir straightaway following the death of the life assured, along with the fund value after which the plan is terminated; or (ii) The insurance company will pay all the outstanding future premiums will be paid instantly. The fund value under the plan is payable on the plan maturity date.
    2. Total & Permanent Disability Benefit – This is an additional benefit which is payable if the life insured suffers total and permanent disablement due to an accident. The 2 options for receiving this benefit are (i) Paid to the appointee/nominee/legal heir straightaway following the death of the life assured, along with the fund value after which the plan is terminated; or (ii) The insurance company will pay all the outstanding future premiums will be paid instantly. The fund value under the plan is payable on the plan maturity date.

    Maturity Benefit

    If the life assured survives the policy term they are entitled to a Maturity Benefit which is the Fund Value as on the maturity date. This benefit is payable on the condition that the plan is in force and the insurer has received all due premiums from the life assured. This maturity benefit can be received in regular instalments spread out on a yearly, half yearly or monthly basis. If the life assured passes away during this Settlement Period, then their nominee(s) will receive only the balance Fund Value (as on the date intimation of Life Assured’s death) and the policy will be terminated with immediate effect.

    Other Key Features – Free Look Period, Surrender Values, Grace Period Etc.

    Grace Period For making premium payments, policyholders will be provided an additional grace period of 30 days (for yearly and half-yearly premium payment frequency) and 15 days (for policies with monthly mode of premium payment).
    Nomination Nomination facility is available under this policy as per provisions of Section 39 of the Insurance Act.
    Policy Revival Period A lapsed policy can be revived within a period of 2 years starting from the date when the plan was discontinued. Revival of the policy can be done on the payment of all outstanding premium and submission of a proof of good health.
    Partial Withdrawals Partial withdrawals under this plan are only allowed after the policy has completed 5 full terms, providing the age of the life assured is 18 years or above. The minimum amount that can be withdrawn in this case is fixed at Rs.5,000. Maximum partial withdrawal amount must not be more than 25% percent of the Fund Value. There are no charges deducted towards partial withdrawal.
    Fund Switching Policyholders can switch from one fund to another by providing the insurer with a written notice, providing the life assured is above 18 years of age. 2 fund switches are allowed in one month and a total of 24 fund switches are allowed in a year. This is permitted on the condition that minimum fund switch amount is not below Rs.5,000. There are no charged levied for fund switching.
    Premium Re-direction Policyholders also have the option of redirecting their future investments in different funds or sets of funds.
    Fund Investment Options Policyholders have the option to invest in the following funds under this plan. These are Equity1 Fund, Balanced1 Fund, Value Fund, Debt1 Fund and Liquid1 Fund (available only under Settlement Options and for the Systematic Transfer of Fund benefit).
    Free Look Period Policyholders have a free look period of 15 days (30 days in case of receipt via distance marketing), starting from the date of receipt of the policy. In case of cancellation, the policyholder must give the request for the same in writing, along with providing the original policy document to the insurer within the free look period. The insurer will refund any amount of unallocated premium along with any charges levied on unit allocation. The refund amount will be reduced by the amount of pro-rata Mortality Charges, stamp duty and expenses incurred on medical examination.
    Assignment Assignment facility is provided under this plan as per the provision of Section 38 of the Insurance Act. 1938
    Loan facility Loan facility not available with this plan.

    Tax Benefits – How You Can Save With The IndiaFirst Happy India Plan

    With this plan, policyholder also get to enjoy tax benefits for the premiums paid under Section 80C of the Income Tax Act. Death and maturity benefits payable under the plan are also eligible for tax benefits under Section 10(10D) of the Income Tax Act.

    Other Benefits – How You Can Save With The IndiaFirst Happy India Plan

    • Pay premiums – Pay your policy premiums online via multiple channels like online (through the website, via net banking, wallet or cash cards), via auto debit (ECS or credit card standing instructions) or in other ways like in cash, by cheque, account transfer, IVR, etc.
    • Download e-statements – You can easily download your premium receipt, policy premium notice or your tax statement from the IndiaFirst website itself.
    • Track Application – You can easily track your policy application from the IndiaFirst website. All you have to provide are details of the life assured’s date of birth, the application number, registered mobile number or email id.
    • Update Contact Details – If you wish to update your contact details, there is no need to drag yourself to the branch office. You can simply update your name, email id, contact number or mailing address online by visiting the IndiaFirst website and placing a request.
    • Update Nominee – You can also change your nominee details for the policy from the website itself. For this, you must submit a duly filled Nomination Form which is signed by the policyholder and mentions the nominee’s name, address, date of birth and their relationship with the policyholder. A minor can also be appointed as a nominee. You can make these changes online, via email, by visiting the IndiaFirst office or by mail or courier.
    • Switch Funds – You can also easily switch between different funds available under your plan. Find switching can be done online from the IndiaFirst website, by filling up and sending the Fund Switch form via email, by calling IndiaFirst on their toll free number, by visiting any IndiaFirst Life, Andhra Bank or Bank of Baroda branch and even by post or courier.

    Why You Should Buy The Happy India Plan From IndiaFirst Insurance?

    IndiaFirst Life was launched in the year 2010 and is one of the country’s most popular yet youngest life insurance providers. IndiaFirst Life Insurance was formed as a joint venture between Andhra Bank, Bank of Baroda and the Legal & General Group, leading UK-based wealth, risk and investment management group. With extensive experience in the field of banking, wealth and financial management, IndiaFirst has crafted its products and services closely based on the needs of their customers. Delivering stellar post-sales service, IndiaFirst offers a number of affordable, well-appointed and simple to understand insurance solutions under various categories like health, retirement, protection, wealth and savings. The insurer also offers a number of group insurance products like gratuity and leave encashment plans and credit life plans. . Our products are easy to understand and competitively priced.

    *Premiums Vary Based On Age, Location, Plan Term And Other Factors