Secure Save Plan from IndiaFirst Life Insurance
IndiaFirst Secure Save plan is an endowment plan which offers bonus. If the Life Insured dies within the policy tenure, the nominee would get the Sum Assured along with simple reversionary Bonus accumulated till death. If he survives the entire policy tenure, then the policy holder would get the basic Sum Assured along with simple reversionary Bonus and Terminal Bonus as Maturity Benefit.
Key Features of IndiaFirst Secure Save Plan
§ This is an endowment plan with Bonus
§ Both Simple Reversionary Bonus and Terminal Bonus will be paid along with Maturity Benefit
§ Term Rider is available with this plan to enhance Life Coverage
Benefits you get from IndiaFirst Secure Save Plan
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured along with simple reversionary bonus accumulated till death along with additional Sum Assured if Term Rider has been selected.
Maturity Benefit – On the maturity date, the policyholder would get basic Sum Assured along with simple reversionary bonus and terminal bonus.
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 Secure Save Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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20,00,00,000
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Policyholder
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5
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65
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Age at Maturity
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-
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75
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Single premium (in Rs.)
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NA
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NA
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Payment modes
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Yearly, Half-Yearly and Monthly
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Sample illustration of premium amount in IndiaFirst Secure Save Plan
Age = 30 years, 40 years and 50 years
Policy Term = 20 years
Sum Assured = Rs 1,00,000
Additional Features and Benefits of IndiaFirst Secure Save Plan
Riders – There is a Term Rider available with this policy which can be availed to enhance life coverage.
You stop paying the premium before 3 years - If the policy holder stops paying the premium before completion of 3 policy years, the insurance cover will cease and all benefits will stop. It can however be revived within 2 years from the first unpaid premium due date.
You stop paying the premium after 3 years - If the policy holder stops paying the premium after completion of 3 policy years, then the policy acquires a Guaranteed Paid-Up Value. The plan stops participating in the Bonus and the Paid-Up Value will be paid to the policyholder on maturity of the plan or on earlier death of the Life Insured.
You want to surrender the policy – If the policy holder wants to surrender the policy, then the amount payable on surrender will be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
GSV= 30% of Total Premium Paid - (First Year Premium + Any additional Premium + Rider Premium, if any)
SSV= Paid-Up Value X SSV factor at the time of surrender (The SSV factor will be determined by us from time to time).
You want a loan against your policy- Yes, Loan is available. The amount of the loan that you may avail at any point of time will depend on the surrender value. The maximum Loan Amount is 90% of Surrender Value and the minimum Loan Amount is Rs 1,000.
Alternate Endowment Plans from different insurance companies
LIC Endowment Assurance Policy
Tata AIG Life Maha Guarantee Flexi
Bajaj Allianz Life Invest Gain
Other plans from IndiaFirst Life Insurance
IndiaFirst Smart Save Plan
IndiaFirst Young India Plan
IndiaFirst Money Balance Plan
