IndiaFirst Money Back Health Insurance Plan is a comprehensive unit-linked health insurance plan. It covers self, spouse, children as well as parents and has a unique combination of a health insurance plan along with the benefits of a unit-linked plan. Hence it provides the best of both worlds. Basic health insurance policy features like hospitalisation benefits, day care procedure coverage, doctor’ s fees, medicines, tests, etc are paid for along with option to choose from 6 investment funds available and tax benefits, as well.
Death Benefit – In case of death of the primary life insured, the Fund Value is paid to the nominee and the policy is terminated for everyone else as well. However, if other members die, then only that member is removed from coverage and the plan continues.
Maturity Benefit – The Fund Value is paid to the primary life insured at the end of the Plan Term.
Income Tax Benefit – The premium paid is tax free under section 80D for health care charge and under 80C for the premium paid towards market linked fund. Maturity value is also tax free under section 10(10) D provided the premium in any year during the plan term does not exceed 20% of the sum assured
Sum Assured for Individual (in Rs.)
Sum Assured for Floater (in Rs.)
Premium Paying Term (in years)
Equal to PT
5 years for Single Pay Only
10 years for Regular Pay
Entry Age of Primary Life Insured
Entry Age of Children
Entry Age of Spouse and Parents
Age at Maturity for Self/Spouse/Parents
Age at Maturity for Children
Single and Yearly
The below illustration is for an individual opting for:
Sum Assured = Rs 1,50,000
Policy Term = 10 years
Premium = Regular, Annual
Age = 30 years and 40 years
Investment Fund = 100% in Equity 1
Policy Type= Single Cover of Primary Life Insured Only
Riders – There are no riders available in this plan.
There are 6Investment Funds options to choose from:
1. Equity 1 Fund
2. Balanced 1 Fund
3. Debt 1 Fund
4. Index Tracker Fund
5. Value Fund
6. Liquid 1 Fund
Top-up - Not allowed in this plan
Switching - Minimum Switch amount is Rs. 5,000. Two Switches are allowed free of charge in a Policy Month, i.e. 24 switches per year to a maximum amount of the Fund Value.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 and the Maximum Partial Withdrawal allowed is upto 25% of Fund Value as on withdrawal request date such that at least minimum balance equal to 110% of your annual premium after the withdrawal.
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.
You stop 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.
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.
You want a loan against your policy - There is loan available under this plan after completion of 5 policy years.
AEGON Religare Health Plan
Aviva Health Plus
ICICI Prudential Health Saver
This is the only health insurance plan from IndiaFirst Life Insurance Company