Indiafirst High Life Plan
IndiaFirst High Life Insurance Plan
IndiaFirst High Life Plan is a simple unit linked insurance plan (ULIP) with Double Benefit. This is a Non-Traditional Plan without Bonus facility.
In this plan, premium can be paid in a lumpsum or for a maximum period of 7 years. There are various policy terms that can be selected from 5 to 25 years and premium needs to be paid accordingly.
In this plan, if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit. The Maturity Benefit is the Fund Value. This plan has 2 investment strategies- Fund Management can be done by oneself by simply investing in Debt or Liquid Fund or it can be left to the professional hands by investing in Dynamic Asset Allocation Fund is possible.
The uniqueness of this plan is the Dynamic Asset Allocation Fund, where the Fund is designed such that if the team feels that the market is bullish, equity exposure would rise and vice versa. This would help the customer to make the maximum possible profits from the amount invested.
Key Features
Premium = Rs.50,000
Age = 30 years
Policy Term = 25 years and 20 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 5,00,000
Total Investment = Rs. 50,000 x 7 years = Rs. 3,50,000
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured or the Fund Value, whichever is higher.
On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. Maturity Benefit is tax free under section 10(10)D if all conditions are satisfied.
There are no riders available in this policy
Investment Fund Options
There are 2 Investment Strategies available under this plan
- Dynamic Asset Allocation Fund- where the Funds are managed professionally.
- Self Managed Fund
- Debt 1 Fund
- Liquid 1 Fund
Top-up - NA
The minimum amount that you can switch is Rs 5,000 and the maximum amount is the entire Fund Value. There are 2 switches free every month, i.e. 24 free switches per year.
Partial withdrawals are allowed only after completion of 5 policy years, provided all premiums have been paid till date. The minimum amount for Partial Withdrawal is Rs 5000 and a maximum of up to 25% of the fund value, only if your fund is left with a minimum balance equal to 110% of your annual premium after the withdrawal for Limited Premium. And the maximum amount of Partial Withdrawal for Single Premium is such that Fund Value after partial withdrawal should not be less than Rs 1,00,000
Eligibility
|
Minimum |
Maximum |
|
|
Sum Assured (in Rs.) for Limited Pay |
10 X Annualized Premium |
7.5 X Annualized Premium |
|
Sum Assured (in Rs.) for Single Pay |
125% of Single Premium |
110% of Single Premium |
|
Policy Term (in years) |
10/15/20/25 for Limited Premium Payment 5/10/15/20 for Single Premium Payment |
|
|
Premium Payment Term (in years) |
Single |
7 years |
|
Entry Age of Policyholder (in years) |
5 |
65 |
|
Age at Maturity (in years) |
- |
75 |
|
Annual Limited Pay Premium (in Rs.) |
50,000 |
No Limit |
|
Single Premium (in Rs.) |
1,00,000 |
No Limit |
|
Payment modes |
Single, Yearly and Half Yearly |
|
FAQs
What happen if you stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happen if you paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happen if you want to surrender the policy ?If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
What happen if you stop want a loan against your policy ?There is loan available under this plan.
