• Indiafirst Money Balance Plan

    Life Insurance
    • 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 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.

    Eligibility – Who is the IndiaFirst Money Balance Plan for?

    To be eligible to purchase the IndiaFirst Money Balance Plan, individuals will have to meet the below mentioned eligibility criteria:

    Parameter Details
    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

    Sum Assured and Premium Range – What You Get and What It Costs

    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.

    Parameter Details
    Minimum Sum Assured The sum assured is calculated based on the type of plan the policyholder holds.
      Policyholder below 45 years while purchasing the policy Policyholder above 45 years while purchasing the policy
    Regular and Limited Premium Option The sum assured payable will be 105%*Premium Paying Term*Annualised Premium. Or 10*Annualised Premium Or 0.5*Plan Term*Annualised Premium (whichever is higher) The sum assured payable will be 105%*Premium Paying Term*Annualised Premium. Or 7*Annualised Premium Or 0.25*Plan Term*Annualised Premium (whichever is higher)
    Single Premium 125% of the single premium paid. 110% of the single premium paid.
    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:
    Policy Type/ Age while purchasing the policy Up to 45 years 46-50 years 51-55 years 56-60 years 61-65 years
    Regular 40 30 25 20 11
    Limited 25 15 11 11 11
    Single 5 5 1.1 1.1 1.1
    Premium Payment Options Regular Premium, Limited Premium, and Single Premium.
    Premium Payment Term  
    Premium Payment Option Premium Payment Term
    Regular Premium 10, 15, 20, and 25 years
    Limited Premium 7 years
    Single Premium One-time payment
    Policy Term  
    Premium Payment Option Policy Term
    Regular Premium 10, 15, 20, and 25 years
    Limited Premium 10, 15, 20, and 25 years
    Single Premium 5, 10, 15, and 20 years
    Premium Payment Modes  
    Premium Payment Option Premium Payment Modes
    Regular Premium Yearly and quarterly
    Limited Premium Yearly and quarterly
    Single Premium One-time payment
    Minimum Investment  
    Minimum Investment Quarterly Yearly
    Regular Premium Rs.6,000 Rs.12,000
    Limited Premium Rs.7,500 Rs.15,000
    In case of Single Premium, the amount to be paid is Rs.45,000. Please note that the premium amount for Single Premium option can be increased in multiples of Rs.1,000. Also, there is no maximum limit for investment.

    Plan Coverage – What the IndiaFirst Money Balance Plan Covers

    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.

    Exclusions – What is Excluded from the IndiaFirst Money Balance Plan

    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:
    Fund Name Allocation Risk
    Equity Debt Money Market
    80% to 100% 0% 0% to 20%
    Equity Debt Money Market
    0% 70% to 100% 0% to 30%
    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:
    • Premium Allocation Charge
    • Fund Management Charge
    • Policy Administration Charge
    • Mortality Charge
    • Switching Charge
    • Partial Withdrawal Charge
    • Discontinuance Charge
    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.

    Tax Benefits – How You Can Save with the IndiaFirst Money Balance Plan

    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.

    Other benefits of IndiaFirst Money Balance Plan

    The benefits of IndiaFirst Money Balance Plan are listed below:

    • The plans provide insurance coverage that offers flexibility as well as a choice of payment options, making it affordable for policyholders to make their premium payments on time.
    • Apart from insurance coverage, they also allow policyholders to invest in funds.
    • The savings plans provide risk cover that is comprehensive, giving policyholders complete protection at a nominal cost.
    • The plans offer the policyholder financial security, ensuring his/her dependents will be taken care of in the event of the policyholder’s untimely demise.
    • Policyholders can avail tax benefits based on existing tax laws and provisions.

    Why You Should Choose the IndiaFirst Money Balance Plan?

    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.

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