Most of us hesitate to buy a life insurance policy as we prefer to take the risk than to spend our hard-earned money on protection and financial planning. On the other hand, we always look for ways to maximise our wealth. To help customers get insurance coverage and to maximise their wealth simultaneously, IndiaFirst Life Insurance Company has introduced a unique plan called the “IndiaFirst Money Balance Plan” which not only offers insurance cover but allows the insured person to earn returns on the premiums paid.
This is a unit linked savings plan that comes with an inbuilt investment option which helps policyholders to invest the earnings they make on the premiums by strategically transferring it to another performing fund which yields regular returns.
To be eligible to purchase the IndiaFirst Money Balance Plan, individuals will have to meet the below mentioned eligibility criteria:
|Plan Type||Unit-linked savings plan|
|Minimum Entry Age||5 years|
|Maximum Entry Age||65 years|
|Maximum Age at Maturity||75 years|
|Policy Term||10, 15, 20, and 25 years|
While purchasing the IndiaFirst Money Balance Plan, the policyholder will be given an option to select the sum assured amount. For more information on the sum assured and the premium range available under the IndiaFirst Money Balance Plan, read on.
|Minimum Sum Assured||The sum assured is calculated based on the type of plan the policyholder holds.
|Maximum Sum Assured||The maximum sum assured amount that a policyholder will be eligible for under this plan is as follows:
“X” * Annualised/Single Premium(for regular, limited, and single premium plans). The value of “X” is given in the below table:
|Premium Payment Options||Regular Premium, Limited Premium, and Single Premium.|
|Premium Payment Term||
|Premium Payment Modes||
Following are the benefits offered by the IndiaFirst Money Balance Plan:
|Maturity Benefit||The IndiaFirst Money Balance Plan offers a maturity benefit. At the end of the policy term, the policyholder will be eligible to receive a lump sum amount. The lump sum amount will be the fund value amount as on that date. On maturity, the insured person can choose to either withdraw the entire fund value amount or postpone the maturity payment by opting for the “Settlement Option”. If the Policyholder chooses “Settlement Option”, then the maturity benefit will be paid in installments over a period of time as chosen by the insured person. The period that the amount is spread across is called the “Settlement Period”. Please note that the settlement period will begin from the maturity date and the policyholder can choose a maximum settlement period of 5 years.|
|Death Benefit||In the event of death of the policyholder, guaranteed death benefit is given. This benefit is payable only when the insured person dies during the policy term and provided the policy is in active status. In case of the unfortunate death of the insured, the nominee will be eligible to receive a lump sum amount. The insurer will pay the total fund value or the sum assured amount, whichever is higher.|
Suicide Exclusion:If the life insured commits suicide within one year from the date of issue of the insurance policy, the death benefit payable will be limited to only the fund value. The nominee will not be eligible to receive other insured benefits available under the plan.
Other Key Features
Following are some of the other key features of the IndiaFirst Money Balance Plan:
|Fund Options||Under The IndiaFirst Money Balance Plan, policyholders will have two fund options, namely Equity1 and Debt1Fund. All the premiums and interest earned by the policyholder will be transferred either the Equity1 or the Debt1Fund.
The asset allocation and the risk profile of the two fund options are as follows:
|Partial Withdrawals||Partial withdrawals are allowed under The IndiaFirst Money Balance Plan. This option can be opt only after the policyholder attains 18 years of age. The minimum partial withdrawal amount is Rs.5,000 and the maximum amount depends on the type of policy.|
|Charges||The charges applicable under the IndiaFirst Money Balance Plan are:
|Grace Period||The IndiaFirst Money Balance Plan has a grace period of 30 days for quarterly and yearly premium payment modes.|
|Revival / Renewal||A lapsed policy can be reinstated for full benefits by reviving it within two years from the date of the first unpaid premium. The insured has to pay the total outstanding premiums with interest to reinstate the policy.|
|Free Look Period||The IndiaFirst Money Balance Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded.|
|Policy Loan Facility||Under the IndiaFirst Money Balance Plan, policyholders are eligible to avail a loan.|
Policyholders who have purchased the IndiaFirst Money Balance Plan will enjoy tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
The benefits of IndiaFirst Money Balance Plan are listed below:
It is very important that we buy insurance plan from a reputable insurance provider. IndiaFirst Life Insurance Company is one of the leading private sector insurance companies in India. Established in the year 2010, IndiaFirst Life Insurance company is a joint venture between the Bank of Baroda, Andhra Bank, and the Legal & General Group. Since its inception, the company has distinguished itself through its savings plans that offer policyholders life coverage as well as the chance to secure their dependents’ future in the event of an unfortunate circumstance that could result in their demise.