IndiaFirst Anytime Plan is an online pure Term Plan. It is a Traditional Plan without Bonus facility which provides protection in case of premature death of the insured.
How it works – In this plan, premium can be paid regularly or one time in the form of Single Premium. The plan can be taken for up to 40 years during which the plan will cover the insured against death during the term. No benefit is payable upon Maturity but on death of the life assured during the term of the policy, the Sum Assured is paid as the death benefit to the nominee
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured
Maturity Benefit– Being a pure Term Plan, there is no Maturity Benefit under the plan
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Regular – Equal to Policy Term
Single – One Time
Entry Age of Life Insured (in years)
Age at Maturity(in years)
Regular – 2000
Single – 10,000
Yearly, half-yearly, monthly and Single
The below illustration is for a non-smoker male at various ages:
Sum Assured = 1 crore
Term = 30 years
Riders – There are no additional riders in this plan
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. The policyholder can revive the plan within 2 years from the date of lapsation after which no benefits will accrue under the plan.
You want to surrender the policy– There is no Surrender Value in case of Regular Premium paying option. However, in case of Single Premium, the policy acquires a Surrender Value after 3 complete policy years.
The Surrender Value is calculated as: 40% * Premium Paid * (Unexpired Term/Total Term)
You want a loan against your policy– Loan facility is not available under the plan
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