IndiaFirst Money Balance Plan
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
- There is an automatic trigger-based’ investment strategy where the investment is transferred to relatively safe funds that give consistent returns
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
Benefits
In case of death of the Life Insured, the nominee would get the higher of Sum Assured or 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. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are no riders available in this policy
There are 2 Investment Funds available
- Debt 1 Fund
- Equity 1 Fund
Not Applicable in this plan
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 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
Eligibility
|
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 [(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 |
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 |
|
FAQs
What happen if 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.
What happen if 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.
What happen if 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.
What happen if you want a loan against your policy ?There is loan available under this plan but only before completing 5 years with the policy.
