IndiaFirst Smart Save Insurance 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 of IndiaFirst Smart Save Plan
§ Unit-linked insurance plans where risk is borne by the policyholder
§ Choice of 5 investment funds available
§ The investment can be protected against market fluctuations in the last 3 years before maturity
§ Single, Limited and Regular Payment options available
Benefits you get from IndiaFirst Smart Save Plan
Death Benefit – In case of death of the Life Insured, the nominee would get higher of Sum Assured and 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 Smart Save Plan
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Minimum
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Maximum
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Sum Assured (in Rs.) for Regular and Limited Payment Options
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Higher of
105 % of Premium Paying Term x Annualized Premium
or
10 x Annualized Premium
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40 X Annualized Premium (if age less than 45)
And
11 X Annualized Premium (if age>=45 years)
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Sum Assured (in Rs.) for Single Payment Option
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For age <45 years, 125% of Single Premium and for age>=45 years, 110% of Single Premium
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5 x Single Premium
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Policy Term (in years)
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15
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20
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Premium Payment Term (in years)
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Single
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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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60
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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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Rs 45000
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NA
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Payment modes
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Single, Yearly and Half-Yearly
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Sample illustration of premium amount in IndiaFirst Smart Save Plan
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
Additional Features and Benefits of IndiaFirst Smart Save Plan
Riders – There are no riders available in this policy
Investment Fund Options
There are 5 Investment Funds available
§ Equity 1 Fund
§ Balanced 1 Fund
§ Debt 1 Fund
§ Index Tracker Fund
§ Value Fund
Top-up - Not Applicable
Switching - 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 Withdrawal - 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.
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 the fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy- Loan is available under this plan before completion of 5 years and not afterwards.
Alternate ULIPs from different insurance companies
HDFC SL Crest
Kotak Invest Maxima
Max New York Life Fast Track Plan
Other ULIPs from IndiaFirst Life Insurance
IndiaFirst Young India Plan
IndiaFirst Money Balance Plan
