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.
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:
|Minimum Entry Age||5 years|
|Maximum Entry Age||65 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||75 years|
|Premium Payment Term||
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:
||The highest amount among:
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|
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:
The maximum premium is:
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:
|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.
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.
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.
|Investment funds||The policyholder can choose to invest in any of the following funds, under the plan:
|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:
|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:
|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.|
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.
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.|
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: