Money Back Health Insurance Plan

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IndiaFirst Money Back Health Insurance Plan

 

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.


 

Key Features of IndiaFirst Money Back Health Insurance Plan

  • This is a unit-linked health insurance policy for self, spouse, children and parents. It provides valuable financial protection in case of hospitalisation, surgery and many more.
  • Increasing Health cover every year as a No Claim Benefit
  • Cover can be extended to new members of the family in case of marriage / re-marriage and childbirth or legal adoption.
  • Protection of investments from market fluctuations is allowed in the last 3 years of the policy term by transferring your money to a ‘Liquid1’ fund.

     

Benefits you get from IndiaFirst Money Back Health Insurance Plan

 

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

 

 

What is covered in IndiaFirst Money Back Health Insurance Plan?

 

  • Hospital room accommodation – Hospital and Nursing Home Room Rent is provided by this policy but only upto 1% of the Sum Insured subject to a maximum of Rs 5000 per day
  • There is even a limit on the Intensive Care Unit room rent reimbursement of only 2% of Sum Insured, upto a maximum of Rs 10,000 per day
  • Fees for doctor, surgeon, anesthetist, medical practitioner, consultant and specialist
  • Nursing expenses
  • Cost of medicines and drugs, OT charges, blood, oxygen, any investigation done, pathology, radiology, and other diagnostic tests, etc are paid for.
  • 195 Listed Day Care Procedures are also covered.
  • Cancer treatment including chemotherapy and radiotherapy
  • Pre and Post Hospitalisation of 30 days and 60 days are covered.

 

 

Eligibility conditions and other restrictions in IndiaFirst Money Back Health Insurance Plan

 

 

Minimum

Maximum

Sum Assured for Individual (in Rs.)

1,50,000

5,00,000

Sum Assured for Floater (in Rs.)

1,50,000

10,00,000

Premium Paying Term (in years)

Single

Equal to PT

Policy Term

5 years for Single Pay Only

10 years for Regular Pay

Entry Age of Primary Life Insured

18 years

60 years

Entry Age of Children

90 days

24 years

Entry Age of Spouse and Parents

18 years

65 years

Age at Maturity for Self/Spouse/Parents

-

75 years

Age at Maturity for Children

-

25 years

Payment modes

Single and Yearly

 

 

Sample illustration of premium amount in IndiaFirst Money Back Health Insurance Plan

 

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

 

IndiaFirst Money Back Health Insurance Plan - Sample Illustration of Returns 

  

Additional Features and Benefits of IndiaFirst Money Back Health Insurance Plan

 

Riders – There are no riders available in this plan.

 

There are 6 Investment 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.

 

 

What happens 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.

 

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.

 

 

Alternate health plans from other Life Insurance Companies

 

AEGON Religare Health Plan

LIC Jeevan Arogya Plan

Aviva Health Plus

ICICI Prudential Health Saver

 

 

Other health insurance plans from IndiaFirst Life Insurance Company

 

This is the only health insurance plan from IndiaFirst Life Insurance Company

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