Life Plan from India First Life Insurance
IndiaFirst Life Plan is a pure term insurance plan that offers a high protection cover for low premiums. The policy offers death benefit whereby if the dependent of life insured gets the sum assured if the life insured dies within the policy tenure. There is no benefit if the life insured survives till the maturity of the policy.
Key Features of India First Life Plan
§ Pure Term Insurance Policy with Death Benefit only
§ Long Policy Tenure of 30 years
§ Maturity Age allowed till 70 years
Benefits you get from India First Life Plan
Death Benefit – In case of death of the policy holder, the nominee gets the entire sum assured in a lump sum under the plan
Maturity Benefit – There are no maturity or survival benefits under this plan. This means that if the policy holder does not die during the policy period, then he/she will not be returned any money on the policy maturity date.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in India First Life Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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5,00,000
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20,00,00,000
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Policy Term (in years)
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5
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30
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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-
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70
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Single premium (in Rs.)
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5,000
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No Limit
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Payment modes
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Single, Yearly, half-yearly, monthly
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Sample illustration of premium amount in India First Life Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of India First Life Plan
Riders – There are no riders available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse after the grace period ends. You can re-instate the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are Surrender Benefits only in case of Single Premium under this term plan. Regular Premium policies do not have any surrender benefit.
In Single premium policies,
Surrender Benefit= 40% X Premiums Paid X (Unexpired Term/Total Term)
You want a loan against your policy – There is no loan facility under this plan.
Alternate term plans from different insurance companies
Aviva iLife Term Plan
AEGON Religare iTerm
Future Generali Care Plus Classic
Birla Sun Life Term Plan
Other term insurance plans from India First Life Insurance
India First Simple Life Plan
India First Anytime Plan
