IndiaFirst Life Plan, is a pure term protection plan, which will help you secure the future of your loved ones in your absence. The plan gives you a higher coverage for lower premiums. It is important for all of us that our families have to lead a healthy and happy life which is not affected by any sort of uncertainties. IndiaFirst term plan can give you that web of protection that you need for your family’s well-being. The plan also offers death benefits. The policy ensures that upon the death of the insured individual, the nominee will immediately receive the lump-sum amount and make sure that their lifestyle is unaltered and future needs are met as per their requirements.
Any earning individual can opt for this plan. listed below are the eligibility conditions required for this plan.
|Minimum entry age||18 years completed|
|Maximum entry age||60 years completed|
|Minimum maturity age||70 years as on last birthday|
|Plan name||IndiaFirst Life Plan|
|Nationality||Indian Residents only|
|Policy Term||5 years to 40 years maximum|
Under IndiaFirst Life Plan, sum assured is received by the nominee of the insured person upon the unfortunate death of the policyholder based on the number of premiums he/she has paid.
|Minimum Purchase amt||Rs 5,00,000|
|Maximum Purchase amt||Rs 50 crore|
|Premium payment frequency||Half yearly, annually or monthly|
|Premium payment term||Equal to policy term or single pay|
|Premium Payment||Minimum Rs 1000 Regular, Rs 5000 single pay. No maximum limit|
Disclaimer – The premiums may vary depending upon factors like age, plan term, coverage amount etc.
This is a non-participating pure term insurance plan. The plan does not cover any benefit other than death benefit. In case of an uncertain death of the policyholder, the nominee can avail the benefit and claim the amount to secure the future of their loved ones. The amount paid to the nominee depends on the number of premiums paid, duration covered etc.
If the policyholder, whether mentally ill or otherwise, commits suicide within one year of the date of commencement of the policy, then the policy becomes void and the company will be liable to pay only the premiums paid until such period.
|Free look period||The company provides 15 and 30 days’ time for normal and distant policy buyers respectively, from the date of the receipt to return the policy in case he/she is not satisfied with the policy. The purchaser will get back his money after deducting all the expenses.|
|Surrender value||Surrender value is not payable under this plan. However, in case of a policy with single premium mode, surrender value will be paid out. This payout does not depend on the mental condition of the policyholder at the time of death.|
|Grace Period||A grace period of 30 days can be availed by the policyholder under IndiaFirst Life Plan, for half-yearly and yearly premium payment modes. For monthly premium payments via direct debit and ECS, a grace period of 15 days can be availed by the policyholder. The policy continue to be active during the grace period.|
|Other key features||
Tax benefits are always applicable for life insurances. Under this plan, tax benefits are available for the premiums paid under section 80C. When the nominee receives the death benefit of the policyholder, it is exempted under section 10(10D) of the Income Tax act, 1961.
The IndiaFirst Life Insurance Company is one of the leading insurance solution providers in India. The solutions offered by this company come with a lot of flexibility and innovation. They are designed to meet the needs of the customers. The IndiaFirst Life Insurance Company is the conglomeration of Legal and General (UK) with 26% shares of the company, Andhra bank with 30% and Bank of Baroda with 44%. The headquarters is situated in Mumbai and most of the operations are carried out through Mumbai. When the company first started its operations in the year 2009, the company made more than Rs 2 billion in just 4 and half months. IndiaFirst Life insurance company has grew to glory since then.
IndiaFirst Life Plan is a pure term protection plan, that even breadwinner of a family should think of having. The plan is affordable to almost every person with wide range of coverage and protection for your loved ones.