Indiafirst Life Money Back Plans

• 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

Most of us strive to earn a steady source of income, one which can support our lifestyle. While a number of investment avenues offer cashback, finding an insurance policy which also provides cashback can be hard. A good money back policy provides not just life cover, but also an assured income after a specified period of time. IndiaFirst Life Insurance offers solutions for various needs, with it providing a money back plan as well.

Money back plans are ideal for people looking to secure the financial future of their loved ones. These help in meeting medium/short-term goals, with guaranteed payouts, irrespective of market conditions.

Benefits of IndiaFirst Life Money Back Plans

Investing in a money back plan from IndiaFirst offers these benefits:

• Tax savings – One can save money on taxes. The premium paid is eligible for deduction under Section 80C of the Income Tax Act. The amount received is also eligible for tax benefits under Section 10(10D).
• Hassle-free – Purchasing a policy is simple and quick, with limited paperwork. This makes the entire process hassle-free.
• Affordable – It is possible to invest in this plan by paying a low amount.
• No risk – Unlike other plans which provide returns on maturity, money back plans do not have risk associated with them. A guaranteed amount is paid on completion of the term.

List of Money Back Plans offered by IndiaFirst Life Insurance

IndiaFirst Life Insurance currently offers a single money back plan:

IndiaFirst Life Cash Back Plan – This is a non-linked, non-participating money back policy which can be purchased by paying limited premiums. Periodical payouts ensure that there is sufficient money for life events. As a limited premium plan one enjoys the benefits of staying protected for a longer period by paying premium only for a specified term.

Benefits and features of IndiaFirst Life Cash Back Plan

• Death Benefit – In the event of demise of policyholder during the policy term the nominee will be paid the death benefit. This amount consists of the sum assured and guaranteed additions earned till the date of death. The policy ceases to function once this is paid.
• Maturity Benefit – 60% of the sum assured is paid to the policyholder on maturity of the policy.
• Guaranteed payout – 20% of the sum assured is paid twice during the policy. The actual year of payment depends on the policy term.
• Policy term – There are three options one can choose from, with each term having a unique premium payment term (PPT). The policy term options provided are 9 years, 12 years, and 15 years. The PPT is 5 years for a 9 year policy, 7 years for a 12 year policy, and 10 years for a 15 year policy.
• Premium payment modes – The premium can be paid either annually, bi-annually, quarterly, or monthly.
• Discount on premium – Individuals who choose a high sum assured are eligible for discounts on the premium.
• Surrender Benefit – Individuals who wish to surrender their policy can do so, with a surrender benefit payable in such cases. The amount depends on the period for which the policy was active.

Why do you need IndiaFirst Money Back Plans?

There are numerous occasions in life when one requires money. Lack of money during such situations can lead to problems which can have an adverse impact on the individual and his/her family. The Cash Back plan from IndiaFirst ensures that a policyholder has funds at regular intervals, enabling him/her to fulfil his/her duties.

With no risk factor associated with the plan, one can be rest assured that market conditions do not dilute the value of the investment. A limited premium payment term helps one stay protected for a longer period of time by paying a lower amount.

Guaranteed additions ensure that the returns are significant.

Additionally, IndiaFirst Life has established itself as a keen player in the Indian insurance sector, having earned an ISO 9001:2008 certification. The company has a good track record when it comes to consumer grievances, having established a dedicated team to handle all such issues. This ensures that policyholders/nominees do not face any problems when it comes to claims.