IndiaFirst Smart Save Plan
IndiaFirst Simple Benefit Plan
IndiaFirst Smart Save is a unit-linked insurance plan from IndiaFirst Life Insurance Company. In this plan, if the Life Insured dies within the policy tenure, the nominee would get the Sum Assured or the Fund Value, whichever is higher as Death Benefit. If the Life Insured survives the entire policy tenure, then he would get the Fund Value as Maturity benefit.
Key Features
Premium = Rs.50,000
Age = 30 years and 35 years
Policy Term = 25 years
Premium Paying Term = 25 years
Sum Assured = Rs 15,00,000
Total Investment = Rs. 50,000 x 25 years = Rs. 12,50,000
Benefits
In case of death of the Life Insured, the nominee would get higher of Sum Assured and Fund Value
On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
There are no riders available in this policy
There are 5 Investment Funds available
- Equity 1 Fund
- Balanced 1 Fund
- Debt 1 Fund
- Index Tracker Fund
- Value Fund
Not Applicable
The minimum amount that you can switch is Rs 5,000. 2 switches are free every month, i.e. 24 switches are free every year.
Partial withdrawals are allowed only after completion of 5 policy years or 18 years age of the life insured, whichever is later. The minimum amount that you can withdraw is Rs 5,000 and the maximum is 25% of Fund Value such that the Fund Value after withdrawal does not fall below 110% of the annual premium for Regular Payment and Limited Payment Options and the Fund Value after withdrawal does not fall below Rs 45,000 for Single Payment Option.
Eligibility
Minimum |
Maximum |
|
Sum Assured (in Rs.) for Regular and Limited Payment Options |
Higher of 105 % of Premium Paying Term x Annualized Premium or 10 x Annualized Premium |
40 X Annualized Premium (if age less than 45) And 11 X Annualized Premium (if age>=45 years) |
Sum Assured (in Rs.) for Single Payment Option |
For age <45 years, 125% of Single Premium and for age>=45 years, 110% of Single Premium |
5 x Single Premium |
Policy Term (in years) |
15 |
20 |
Premium Payment Term (in years) |
Single |
Equal to Policy term |
Entry Age of Policyholder |
5 |
60 |
Age at Maturity |
- |
75 |
Single premium (in Rs.) |
Rs 45000 |
NA |
Payment modes |
Single, Yearly and Half-Yearly |
FAQs
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.
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.
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 the fund value shall be paid immediately and the policy would be terminated.
Loan is available under this plan before completion of 5 years and not afterwards.