The IndiaFirst Simple Benefit Plan is a simple insurance savings plan that is non-linked in nature. This plan will provide you with dividends earned by the company as it is a participating insurance plan. You will receive extensive protection along with great investment options. This plan will enable you to save your hard-earned money and get high returns. Apart from this, you will get life cover through which your near and dear ones will be given benefits when something unfortunate happens to you.
The IndiaFirst Simple Benefit Plan is perfect for anybody who is looking for protection along with investment returns. The plan will involve the policyholder, the life assured, the appointee, and the nominee. If you are an Indian citizen who meets the certain requirements, you can apply for this plan. Let us take a look at the eligibility criteria that needs to be met for this plan:
|Minimum entry age||18 years as on your last birthday|
|Maximum entry age||60 years as on your last birthday|
|Maximum age at the end of the policy period||70 years as on your last birthday|
You will be able to make great savings when you contribute to your premium payments depending on your income and your specific requirements.
The sum assured for the IndiaFirst Simple Benefit Plan will be fixed according to your age, per thousand premium, and your policy period. With this amount, your family members will be financially secure even when you are not around. You will receive a guaranteed amount with extra earnings through bonuses that are provided for maturity and death.
The premium amounts for this plan are very affordable. You can choose premiums as low as Rs.174 for each month. You can select your sum assured amount according to your convenience. Let us take a look at the details regarding the sum assured and the premiums for this plan:
|Minimum sum assured||Rs.20,000|
|Maximum sum assured||Rs.20,00,00,000|
|Minimum premium||Annual premium paying mode: Rs.2,000 6-monthly premium paying mode: Rs.1,024 Monthly premium paying mode: Rs.174|
|Premium paying modes||Once a year, once in 6 months, and once a month|
|Policy period||10 to 20 years|
With the IndiaFirst Simple Benefit Plan, you will receive rebates on your annualised premium if it is above Rs.20,000. You will get a rebate of 1%. Let us take a look at the premium frequency factors that will be applied for monthly and 6-monthly premium payment modes:
|Premium frequency||Factor that needs to be applied to your annual premium|
Premiums vary based on age, location, plan term and other factors.
This plan provides a lot of flexibility wherein you can decide when you want your assured amount between 10 to 20 years. You can receive many benefits with this plan. Once the policy period gets over, you will receive a simple reversionary bonus as well as a terminal bonus, if any. Let us take a look at what the IndiaFirst Simple Benefit Plan covers:
|Type of benefit||Features of the benefit|
|Death benefit||If the life assured dies suddenly, then the plan gives a death benefit which is the sum assured along with 5 times the annual premium. The nominee will receive the death benefit along with the reversionary bonus that has been accumulated. The life cover is always higher than 105% of (annualised premium X premium paying term)|
|Reversionary bonus||Under this plan, the reversionary bonus will be fixed at the end of each financial year according to the surplus that is offered under this product.|
|Terminal bonus||The company may declare a terminal bonus which will be provided once the financial year is done.|
The IndiaFirst Simple Benefit Plan is offered with a few exclusions. Exclusions refer to certain aspects that will not be covered by an insurance plan as per its governing principles. If the policyholder commits suicide in 12 months after the risk begins, then the nominee will not get any death benefit. If the policyholder commits suicide in 12 months after the policy is revived or reinstated, then a benefit will be given to the nominee which will be the surrender value. This is applicable if the premium has been paid completely for 3 years.
The IndiaFirst Simple Benefit Plan provides a plethora of other features that are highly beneficial to the policyholder as well as his or her family. Let us take a look at the other significant features of this plan:
|Grace period||You will get a grace period of 15 days (for monthly mode) and 30 days (for a 6-monthly mode and an annual mode) during which you can pay your premiums even if you have missed your premium payment deadline.|
|Policy loans||The IndiaFirst Simple Benefit Plan gives you a loan option. You can take a loan of up to 90% of your policy’s surrender value. You will be required to take a loan of at least Rs.1,000.|
|Free look period||You will get a free look period during which you can assess and evaluate your policy’s terms and features. It is given for a period of 15 days from when you receive the policy document.|
|Surrender value||You will be allowed to surrender your insurance policy and you will be given a guaranteed surrender value (GSV) and a special surrender value (SSV).|
|Refund||If you choose to cancel your insurance plan, you will receive a refund value. This will be premium minus the stamp duty paid, the risk premium for the period during which the plan was in force, and the expenditures that were paid for medical examination, if applicable.|
When you take the IndiaFirst Simple Benefit Plan, you will receive tax deductions up to Rs.1,00,000 for your premium payments. These deductions are given as per the Income Tax Act, 1961 under Section 80C. You will also receive tax benefits for your maturity amount and withdrawal amounts as per the same act under Section 10(10D). Under this plan, death benefits are tax-free as per Section 10(10D).
Let us take a look at the other benefits of this plan:
IndiaFirst Life Insurance is a young life insurance provider in India that offers unique insurance plans for people belonging to all types of backgrounds. The company is dedicated to taking care of the needs of each and every policyholder. You can get your claims settled in a very quick and systematic manner with the help of this plan. With the Simple Benefit Plan from IndiaFirst Life Insurance, you can be assured that you will receive worthy life cover, bonuses, and other benefits at competitive prices. You can count on the knowledgeable staff to provide you with accurate and appropriate insurance solutions for your exact needs.
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