India First Simple Life Insurance Plan
IndiaFirst Simple Life insurance is a pure term plan with limited options of cover. The plan offers fixed sum assured options of Rs 5,000, Rs 10,000 and Rs 50,000 only. This is a single premium pure term plan for 5 or 10 years.
Key Features of India First Simple Life Plan
§ Single premium policy
§ Low sum assured of Rs 5,000, Rs 10,000 and Rs 50,000 only
§ Pure Term Insurance Policy with Death Benefit only
§ Cover is available for a period of 5 or 10 years
Benefits you get from India First Simple Life Plan
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured that has been chosen.
Maturity Benefit – There are no maturity benefits under this plan.
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 Simple Life Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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5,000 and 10,000
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50,000
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Policy Term (in years)
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5
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10
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Premium Payment Term (in years)
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Single
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Single
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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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Only Single
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Additional Features and Benefits of India First Simple Life Plan
Riders – There are no riders are available in this policy
You stop paying the premium –There is no question of stopping to pay premium as this is a single premium policy where the entire premium is paid at inception.
You want to surrender the policy – Surrender benefit is available under this plan according to a pre-defined formula.
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
Bajaj Allianz New Risk Care II
LIC Two Year Temporary Assurance Policy
Reliance Simple Term Plan
Other term insurance plans from India First Life Insurance
India First Life Plan
India First Anytime Plan
