Indiafirst Life Savings Plans

A relatively new player in the life insurance segment, IndiaFirst Life Insurance was established in the year 2010. A joint venture between the Bank of Baroda, Andhra Bank and the Legal & General Group, 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. The savings plans offered by the company offer a choice of savings plans, from cash back plans for those looking to earn from their insurance policy to traditional savings plans.

In addition to the various perks and benefits offered by the individual plans, policyholders can also benefit from tax exemptions through investments made in life insurance policies. IndiaFirst offers its customers a choice of 3 savings plans, which are listed below:

• IndiaFirst Cash Back Plan.
• IndiaFirst Mahajeevan Plan.
• IndiaFirst Simple Benefit Plan.

Benefits of IndiaFirst Life Savings Plans

The benefits of IndiaFirst Life Savings Plans are listed below:

• The plans provide insurance coverage that offer flexibility as well as a choice of payment options, making it affordable for policyholders to make their premium payments on time.
• 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.

List of IndiaFirst Life Savings Plans

IndiaFirst Life Cash Back Plan: This plan offers policyholders an opportunity to secure their dependents futures in the event of the unfortunate death. The plan provides regular payouts, enabling the policyholder to meet short-term financial goals or meet any expenses that could arise.

Features and benefits of IndiaFirst Life Cash Back Plan:

• The plan provides for guaranteed additions that are payable at the end of the policy term or on the death of the life insured. These guaranteed additions are accumulated over a period of time, enabling the policyholder to receive a larger payout on maturity.
• The policy offers policyholders a choice of policy terms, with varying premium payment terms. Policyholders can opt for a 9 year policy term, a 12 year term or a 15 year term based on their requirements.
• The policy has a relatively low minimum sum assured amount, making it affordable for policyholders across socio-economic segments. The minimum sum assured amount for the policy is Rs.50,000.
• Policyholders stand to receive tax benefits on purchase of this plan.

IndiaFirst Life Maha Jeevan Plan: This is a non-linked, participating endowment savings plan that provides policyholders a bonus amount in addition to the sum assured payable on maturity. The policy also provides policyholders with a chance to systematically accumulate savings, thereby ensuring the financial security of their dependents in the event of an unfortunate circumstance.

Features and benefits of the IndiaFirst Life Maha Jeevan Plan:

• The policy offers policyholders a choice of policy terms based on their convenience. Policyholders can opt for a policy tenure ranging between 15 to 25 years.
• Policyholders can build their wealth and returns through assured guaranteed maturity benefits, which are payable along with the sum assured on maturity.
• The plan allows for a choice of premium paying terms- policyholders can pay their premiums either annually, semi-annually or monthly, based on the policyholder’s convenience.
• A wide sum assured range, with the minimum amount being Rs.50,000 and the maximum being Rs.20 lakh allows policyholders to choose a sum assured based on their individual requirements.
• If the policyholder wishes to enhance the cover available under the policy, he/she can add riders based on his/her requirement.
• In the event of the policyholder’s death, the nominees stand to receive either the guaranteed sum assured on maturity or 10 times the annualised premium, whichever is higher as well as the accrued bonus amount.

IndiaFirst Life Simple Benefit Plan: This is a non-linked, individual, participating endowment plan that offers policyholders from lower economic groups life cover at a nominal cost. The plan provides basic life cover, with a guaranteed sum assured payable on maturity or in the event of the untimely death of the policyholder. The policy also offers over the counter underwriting for sum assured amounts up to Rs.2 lakh. In addition, the plan also offers policyholders a non-guaranteed annual bonus that is accrued and paid out at the time of policy maturity.

Features and benefits of IndiaFirst Life Simple Benefit Plan:

• The plan provides policyholders with a choice of policy terms based on their requirement and convenience. Policyholders can choose a policy term ranging from 15 to 25 years.
• The plan allows for a choice of premium payment options- policyholders can choose to pay their premiums either annually, semi-annually or monthly based on their convenience.
• The minimum premium amount is Rs.174, making it an affordable plan for policyholders across the economic spectrum.
• Policyholders stand to receive a sum assured on maturity as well as a simple reversionary bonus and a terminal bonus, which are payable on maturity.
• Policyholders can avail of tax benefits subject to prevailing tax laws.

IndiaFirst Life Insurance Savings Plans At A Glance

The below table lists the IndiaFIrst Life Savings Plans at a glance:

Plan Name	Entry Age				Maturity Age		Premium
IndiaFirst Life Cash Back Plan	Plan term	Min age	Max age	70 years		Monthly			Rs.552
	9 years	15 years	45 years			Quarterly			Rs.1,554
	12 years	15 years	50 years			Half-yearly			Rs.3,071
	15 years	15 years	55 years			Yearly			Rs.6,000
IndiaFirst Life Maha Jeevan Plan	5 years – 55 years				20 years – 70 years		Monthly			Rs.552
							Quarterly			Rs.1,554
							Half-yearly			Rs.3,071
							Yearly			Rs.6,000
IndiaFirst Life Simple Benefit Plan	18 years - 50 years				70 years		Monthly	Rs.174			Rs.2,814
							Half-yearly	Rs.1,024			Rs.16,555
							Yearly	Rs.2,000			Rs.32,340

Why One Needs IndiaFirst Life Savings Plans?

IndiaFirst Savings Plans enable policyholders to save and earn from their life insurance, resulting in them enjoying twice the benefits. Savings plans provide policyholders with the opportunity to build wealth through structures investments over a period of time, with most IndiaFirst plans offering good returns on the premium amount invested. Additionally, policyholders stand to receive bonuses and add-ons through certain plans, adding to their returns.

Policyholders can also benefit from the tax benefits associated with the plans.