Indiafirst Life Term Insurance Plans

Term insurance plans are the most basic type of life insurance schemes. If the insured life faces death during the policy term, his/her family will receive the death benefit as payout. In case he/she survives the tenure, i.e., lives till policy maturity, there are usually no benefits payable under the plan.

Term insurance products are also the most popular insurance schemes in India. These are highly affordable and offer coverage for a limited period of time. The term insurance plans from IndiaFirst Life Insurance are tailor-made to suit the specific insurance needs of customers.

Benefits of IndiaFirst Life Term/Protection Plans

• Customers can pay premiums in regular installments or as a lump sum amount. The term plans from IndiaFirst Life Insurance enable you to choose a payment option as per your cash-flow.
• IndiaFirst Life Term/Protection Plans provide you complete peace of mind as you would have secured your family financially from unprecedented events in life.
• The claim settlement service of the insurer is excellent, and customer service is given utmost importance at IndiaFirst Life Insurance.
• Term plans from IndiaFirst Life Insurance can be customised to suit your specific needs.

List of Term/Protection Plans provided by IndiaFirst Life Insurance

IndiaFirst Life Insurance offers a bouquet of protection plans for the benefit of its customers. You can analyse the terms and conditions of each plan and choose one that suits your lifestyle. The term/protection plans offered by the insurer are:

IndiaFirst Anytime Plan:

IndiaFirst Anytime Plan is a pure term insurance product that offers financial protection to your family after your death. The insurer enables you to register online to purchase the plan. The plan offers life insurance coverage from 5 to 40 years. Premiums can be paid at regular intervals (monthly, half-yearly, yearly) or as a single lump sum amount.

Benefits and Features of IndiaFirst Anytime Plan

1. Death Benefit - The life cover under the product is the sum assured. The policyholder can choose life cover, as required, at the time of policy inception. The minimum sum assured under the plan is Rs.10 lakh and the maximum sum assured is Rs.50 crore. The life cover should be selected in multiples of Rs.1 lakh only. If the life assured dies during the term of the policy, the nominee will receive the sum assured as death benefit.

1. Maturity benefit - Since this is a non-participating pure term insurance scheme, there are no maturity or survival benefits under it.
2. Surrender benefit - The policyholder may choose to surrender the plan at any point of time. For plans with regular premium payment, there is no surrender value. For single premium payment plans, the surrender value is paid only when you surrender the plan after the third policy year but before policy maturity.
3. Policy term - For single and regular premium plans, the policy term can be between 5 and 40 years.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
IndiaFirst Anytime Plan	Minimum - 18 Maximum - 60	Maximum - 70	Premiums vary based on the life assured’s age, sum assured chosen, and the plan term. For monthly premium payment frequency, the minimum premium amount is Rs.174. For half-yearly premium payment frequency, the minimum premium amount is Rs.1,024. For annual premium payment frequency, the minimum premium amount is Rs.2,000. For single premium payment plans, the minimum premium amount is Rs.10,000. The premiums for smokers and non-smokers will also vary for sum assured above Rs.50 lakh.

IndiaFirst Life Plan:

IndiaFirst Life Plan is a term insurance product that offers protection to the family of the life assured against unforeseen events. If the life assured succumbs to death during the policy term, the nominee will receive an assured benefit. Under the policy, life cover is offered for up to 40 years. Premiums can be paid towards the policy at monthly, half-yearly, and yearly frequencies. The option of single premium payment can also be chosen.

Benefits and Features of IndiaFirst Life Plan

1. Death benefit - At the time of policy inception, the plan offers the policyholder the flexibility of choosing the sum assured. If the insured life faces death during the policy tenure, the family receives the sum assured selected under the plan. The minimum life cover under the scheme is Rs.1 lakh and the maximum life cover is Rs.50 crore. The life cover can only be chosen in multiples of Rs.1,000.
2. Maturity benefit - If the life assured survives the policy term, there are no maturity or survival benefits payable.
3. Surrender value - The policyholder has the choice of surrendering the plan at any point of time. For regular premium plans, no surrender value is payable. For single premium plans, a surrender value is offered only if the plan is surrendered after the third policy year and before the maturity of the policy.
4. Policy term - For single and regular premium plans, the policy term varies between 5 and 40 years.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
IndiaFirst Life Plan	Minimum - 18 Maximum - 60	Maximum - 70	Premiums vary based on the age of the life assured, sum assured chosen, and the plan term. For monthly premium payment frequency, the minimum premium amount is Rs.100. For half-yearly premium payment frequency, the minimum premium amount is Rs.500. For annual premium payment frequency, the minimum premium amount is Rs.1,000. For single premium payment plans, the minimum premium amount is Rs.5,000. The premiums for smokers and non-smokers will also vary for sum assured above Rs.50 lakh.

Why do you need IndiaFirst Life Term/Protection Plans?

The term insurance plans from IndiaFirst Life Insurance provide complete peace of mind to the life assured as his/her family is offered financial protection for a specific period of time. In addition to the life coverage, these protection plans also offer tax benefits on premiums paid under Section 80C of the Income Tax Act. The death benefits received under the plans are eligible for tax deductions under Section 10(10D) as well. But it should be noted that tax rules are subject to regular changes. Hence, you should consult a tax advisor to get updates on the latest provisions.