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  • Indiafirst Smart Save Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    IndiaFirst Smart Save Plan is a non-participating unit-linked insurance plan that provides you life insurance protection and the facility to create a body of wealth through market-linked savings. The insurer offers you the ability to invest your money in various debt and equity funds, based on your risk appetite. The plan also enables you to switch between funds, if needed.

    The life cover ensures that your family is financially protected in the event of your demise. In addition to these benefits, you also receive tax benefits under the policy. Hence, this plan is a perfect blend of insurance and investment that helps you achieve your dreams.

    Eligibility -Who is the IndiaFirst Smart Save Plan for?

    If you intend to buy the IndiaFirst Smart Save Plan you would have to fulfill certain eligibility conditions set down by the insurance company. These factors are listed in the table below:

    Parameter Eligibility
    Minimum Entry Age 5 years
    Maximum Entry Age 65 years
    Minimum Maturity Age 18 years
    Maximum Maturity Age 75 years
    Policy Term
    • For regular premium, 10, 15, 20, or 25 years
    • For limited premium, 10, 15, 20, or 25 years
    • For single premium, 5, 10, 15, or 20 years
    Premium Payment Term
    • For regular premium, 10, 15, 20, or 25 years
    • For limited premium, 7 years
    • For single premium, it will be a one-time payment

    Sum Assured and Premium Range - What you get and what it costs

    Sum Assured:

    The minimum sum assured under the plan is as follows:

      When the entry age of the life assured is below 45 years When the entry age of the life assured is 45 years or more
    For single premium 125% of the single premium 110% of the single premium
    For regular and limited premium The highest amount among:
    • 10 times the annualised premium
    • 0.5 x plan term x annualised premium
    The highest amount among:
    • 7 times the annualised premium
    • 0.25 x plan term x annualised premium

    The maximum sum assured under the policy is ‘A’ times the annualised/single premium. Here, ‘A’ will be taken from the following table:

      Entry age up to 44 years Entry age between 45 and 50 years Entry age between 51 and 55 years Entry age between 56 and 60 years Entry age between 61 and 65 years
    For single premium 5 5 1.1 1.1 1.1
    For regular premium 40 30 25 20 11
    For limited premium 25 15 11 11 11

    Premium:

    The policyholder will have to pay premiums at intervals decided at the inception of the policy. The minimum premium that can be invested varies based on the premium payment frequency chosen, as follows:

      Monthly Half-yearly Yearly
    Single premium - - Rs.45000
    Regular premium Rs.1,000 Rs.6,000 Rs.12,000
    Limited premium Rs.1,250 Rs.7,500 Rs.15,000

    The maximum premium is:

    • For monthly premium payment frequency: Rs.20,500
    • For half-yearly premium payment frequency: Rs.1,25,000
    • For yearly premium payment frequency: Rs.2,50,000

    Plan coverage - What the IndiaFirst Smart Save Plan covers

    The IndiaFirst Smart Save Plan offers a host of benefits to the life assured and his/her family. Some of the advantages of taking the plan are listed in the table below:

    Maturity Benefit When the policy matures, the policyholder may choose from any of the following options:
    • Receive the whole fund value in the form of a lump sum.
    • Re-schedule the maturity payment, as per the ‘Settlement Option’.
    Settlement Option The policyholder can receive the policy payouts in equal installments over a specific time period. This interval is referred to as the Settlement Period.
    • During the course of the settlement period, the fund management charges and investment risks are borne by the policyholder.
    • He/she can also request for the payment of the remaining fund value at any time during this period.
    • The settlement period starts from the date of policy maturity and is applicable for a maximum duration of 5 years.
    • The policyholder is expected to opt for the settlement option before policy maturity, i.e., at least 3 months in advance.
    • The policyholder can choose his/her investment funds before the policy enters the settlement period.
    • Throughout the settlement period, there is no life insurance coverage. If the life assured passes away during this time, the fund value (as on the date when the insurer is informed about the death) is paid out to the nominee.
    • Fund switching is not allowed during the settlement period.
    Death Benefit
    • For policy in-force - If the life assured passes away during the policy tenure, the nominee will receive a lump sum payout. The amount paid out will be the highest among the sum assured and the fund value. In case the nominee is a minor, the lump sum payment is made to the appointee.
    • For paid-up policy - If the life assured faces death, a lump sum amount is paid out. This amount is the highest among the fund value and the paid-up sum assured, and is payable to the nominee/appointee.
    • The death benefit under the IndiaFirst Smart Save Plan will not be less than 105% of the total premiums paid towards it.
    • If the life assured is a minor at the time of death, the death benefit will be the fund value.

    Exclusions - What the IndiaFirst Smart Save Plan doesn’t cover

    Suicide Exclusion - If the life assured commits suicide during the policy term, the insurer will pay the death benefit that is only limited to the fund value. The insured benefits will not be included. This is relevant, irrespective of the sanity of the life assured at the time of suicide.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The IndiaFirst Smart Save Plan also offers several other benefits to the policyholder, apart from the plan coverage. These provisions, along with the key features of the plan, are detailed below:

    Partial withdrawals In the event of a financial emergency, the life assured can opt for a partial withdrawal from the policy. This is possible only if the life assured is 18 years of age or more.
    • For regular/limited premium plan - If all premiums for the first 5 years have been paid, the policyholder can withdraw partially after the fifth policy year.
    • For single premium plan - The policyholder can withdraw partially after the fifth policy year.
    Impact of partial withdrawal on death benefit - The sum assured is based on the age of the life assured at the time of death.
    • If life assured is aged below 60 years - Sum assured is reduced by the partial withdrawals made during the 2 years immediately preceding death.
    • If life assured is aged 60 years or more - Sum assured is reduced by the partial withdrawals made during the 2 years immediately preceding the 60th birthday of the life assured. All partial withdrawals made after the 60th birthday are also deducted from the sum assured.
    Investment funds The policyholder can choose to invest in any of the following funds, under the plan:
    • Equity1 - High risk
    • Balanced1 - Medium risk
    • Debt1 - Medium risk
    • Value - High risk
    Fund switching The policyholder can choose to move some or all of the units from one fund to another. The minimum switching amount is Rs.5,000 and the maximum switching amount is the fund value. Fund switching is not possible if the life assured is less than 18 years of age. The policyholder can make 2 switches in a month, free of charges.
    Premium redirection The policyholder can redirect his/her future investments towards different funds. The past premium allocation will not change.
    Liquid1 Fund The policyholder can protect his/her investments from the fluctuations in the market by moving all the money to the Liquid1 fund during the last 3 years of the policy.
    Charges The IndiaFirst Smart Save Plan is associated with the following charges:
    • Premium Allocation Charge
    • Fund Management Charge
    • Policy Administration Charge
    • Mortality Charge
    • Switching Charge
    • Discontinuance Charge
    Grace period The grace period for plans with half-yearly and yearly modes of premium payment is 30 days. For policies with monthly premium payment mode, the grace period is 15 days. All plan benefits will be intact during the grace period.
    Discontinuance of premiums The policyholder can discontinue the payment of premiums:
    • Within the first 5 years of the policy - In this case, the policyholder can exercise any of the following two options:
      • Revive the plan within 2 years by paying the pending premium amount and continuing to pay premiums in the future.
      • Completely withdraw from the policy. In this case, the fund value is moved to the Discontinuance fund. The amount in this fund is made available to the policyholder only after the completion of 5 years, i.e., the lock-in period.
    • After the first 5 years of the policy - In this scenario, the policyholder can:
      • Revive the plan within 2 years by paying the pending premium amount and continuing to pay premiums in the future.
      • Completely withdraw from the policy. In this case, the plan will be terminated and the fund value is paid out.
      • Convert the policy into a paid-up plan. In this scenario, the sum assured will be reduced in proportion to the ratio of premiums paid to the total premiums payable.
    Free-look cancellation The free-look period under the plan is 15 days. For policies that were bought through distance marketing channels, the free-look period is 30 days. Once the policyholder returns the plan within the free-look period, the insurer refunds the fund value and non-allocated premiums to him/her. The pro-rata mortality charges, medical examination costs, and stamp duty charges will be deducted from the payout.
    No guaranteed returns None of the investment funds under the plan offer an assured or guaranteed return.

    Tax benefits – How you can save with the IndiaFirst Smart Save Plan

    The tax benefits currently offered under the plan are listed below. Since these are subject to change from time to time, please consult a tax advisor for the latest provisions.

    • Under Section 80C of the Income Tax Act, the policyholder will receive tax deductions up to Rs.1,50,000 on the premiums paid towards the IndiaFirst Smart Save Plan.
    • Under Section 10(10D) of the Income Tax Act, the policyholder can also receive tax benefits on the withdrawal and maturity amounts.

    Other benefits – How you can save with the IndiaFirst Smart Save Plan

    If you buy a policy from IndiaFirst Life Insurance Company Limited you stand to benefit greatly. Apart from the benefits described above, the advantages of purchasing life insurance from IndiaFirst also include the following:

    Online application The insurer offers insurance policies that can be purchased online at the IndiaFirst Life Insurance website. Customers can also receive premium rebates when they purchase policies online
    Insurance advisor Customers can update and submit an online form to request for the assistance of an insurance advisor. An expert will get in touch with the customer within a short period of time and guide him/her through all insurance-related formalities
    Grievance redressal The insurance company has a dedicated grievance redressal cell that attends to all grievances raised within 15 business days.
    Premium payment Premiums can be paid through e-wallets, cheques, cash, or net banking. Online payment of premium is allowed as well, through the company's website.

    Why should you buy IndiaFirst Smart Save Plan from IndiaFirst Life Insurance Company Limited?

    IndiaFirst Life Insurance Company Limited, a joint venture between Andhra Bank, Bank of Baroda, and Legal and General (UK), is one of the leading insurance companies in India. The promoters of the company have a vast amount of experience in the financial domain. The company has a large customer base and widespread presence in India.

    The insurer focuses on customer centricity, offering simple-to-understand life insurance schemes at affordable prices. The exceptional work done by its post-sales and services team is noteworthy.

    The insurance products offered by IndiaFirst Life Insurance include traditional term insurance plans, child plans, group insurance schemes, and market-linked insurance policies.

    The insurer is notable for the integration of technological innovations throughout the pre-purchase, purchase, and post-purchase cycles, making it a truly new-age insurance company.

    The company has received several awards in the past for its marketing initiatives and innovative distribution strategies. Some of the awards conferred to the insurer include:

    • Model Insurer Asia Category Award in 2015 at Celent Model Insurer Asia.
    • Marketing Capability Award at the Asian Customer Engagement Forum and Awards in 2016.
    • Recognition for the ‘Best Disruptive Tech Solution’ at the Disruptive Tech and Innovation Awards in 2016.