IndiaFirst Money Balance Plan
IndiaFirst Money Balance Plan is a simple unit linked insurance plan (ULIP) such that the Life Insured would receive the Fund Value on maturity of the policy. However, if the Life Insured dies within the policy tenure, the nominee would receive the higher of Sum Assured or Fund Value as Death Benefit.
Key Features of IndiaFirst Money Balance Plan
- This is a simple ULIP with both Maturity and Death Benefit
- There is an automatic trigger-based’ investment strategy where the investment is transferred to relatively safe funds that give consistent returns
- There is a choice of 2 Investment Funds options available
- There are 52 free switches in a year, i.e. 1 for each week
Benefits you get from IndiaFirst Money Balance Plan
Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or Fund Value.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
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 IndiaFirst Money Balance Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.) for Regular and Limited Premium
|
For age <45 years, SA = [(105% * PPT X AP)
or
(10 X AP) or
(0.5 X PT X AP)]
whichever is higher
For age >= 45 years,
[(105% * PPT X AP)
or
(7 X AP) or
(0.25 X PT X AP)]
whichever is higher
|
According to maximum Sum Assured multiple grid.
|
|
Sum Assured (in Rs.) for Single Premium
|
For Age< 45 years, SA= 125% X SP
For age >= 45 years, SA= 110% X SP
|
According to maximum Sum Assured multiple grid.
|
|
Policy Term (in years)
|
10 years
|
25 years
|
|
Premium Payment Term (in years)
|
Single, 7 years
|
Equal to Policy Term
|
|
Entry Age of Policyholder
|
5 years
|
65 years
|
|
Age at Maturity
|
-
|
75 years
|
|
Regular Pay premium (in Rs.)
|
Rs 12,000 p.a.
|
No Limit
|
|
Limited Pay premium (in Rs.)
|
Rs 15,000 p.a.
|
No Limit
|
|
Single Pay premium (in Rs.)
|
Rs 45,000
|
No Limit
|
|
Payment modes
|
Single, Yearly and Half-Yearly
|
Sample illustration of premium amount in IndiaFirst Money Balance Plan
Premium = Rs.20,000, Age = 30 years, Sum Assured = Rs 4,20,000
Policy Term = 20 and 25 years
Total Investment = Rs. 20000 X 20 = Rs 4,00,000
Rs 20000 X 25 = Rs 5,00,000
Additional Features and Benefits of IndiaFirst Money Balance Plan
Riders – There are no riders available in this policy
Investment Fund Options - There are 2 Investment Funds available
1. Debt 1 Fund
2. Equity 1 Fund
Top-ups – Not Applicable in this plan
Switching - The minimum amount that you can switch is Rs 5,000 upto a maximum of an amount equal to the Fund Value. 52 switches are free in a year but cannot be carried forward to the next year.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or the life insured is at least 18 years old, whichever is later. One Partial Withdrawal is allowed in each policy year upto a maximum of 25% of the existing Fund Value such that at least 110% of the annual premium is left in the Fund Value after withdrawal. The partial withdrawals are free of cost but the minimum is Rs 5,000
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 but only before completing 5 years with the policy.
Alternate ULIPs from different insurance companies
SBI Life Smart Performer
Bharti Axa Life True Wealth
Max New York Life Fast Track
Other ULIPs from IndiaFirst Life Insurance
IndiaFirst Young India Plan
IndiaFirst Smart Save Plan
IndiaFirst High Life Plan
