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IndiaFirst Money Balance Plan

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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 of IndiaFirst Money Balance Plan

  • This is a simple ULIP with both Maturity and Death Benefit
  • There is an automatic trigger-based’ investment strategy where the investment is transferred to relatively safe funds that give consistent returns
  • There is a choice of 2 Investment Funds options available
  • There are 52 free switches in a year, i.e. 1 for each week 


COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from IndiaFirst Money Balance Plan

Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or 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 Money Balance Plan

 

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
For age >= 45 years,

[(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
For age >= 45 years, SA=  110% 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

 

Sample illustration of premium amount in IndiaFirst Money Balance Plan

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

India First Money Balance Plan Sample Returns

 

Additional Features and Benefits of IndiaFirst Money Balance Plan

Riders – There are no riders available in this policy

 

Investment Fund Options - There are 2 Investment Funds available

1.     Debt 1 Fund

2.     Equity 1 Fund

 

Top-ups – Not Applicable in this plan

 

Switching - 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 Withdrawal - 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

                                     

What happens 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.

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 your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - There is loan available under this plan but only before completing 5 years with the policy.


 

 

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