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.
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.
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.
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:
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.
|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.|
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.
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