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IndiaFirst Simple Benefit Plan
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IndiaFirst Simple Benefit Plan
IndiaFirst Simple Benefit Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure and the policy can be chosen for any period between 10-20 years. Simple Reversionary Bonus gets accumulated in this plan, which is payable on Policy Maturity or on earlier Death.
In this plan, the premium needs to be selected and the Sum Assured is calculated thereafter. Thus, on survival till the end of the Policy Tenure, the Sum Assured + simple Reversionary Bonus + Terminal Bonus as Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the Policy Tenure, the nominee gets the Sum Assured + 5 times the Annualized Premium + simple Reversionary Bonus as Death Benefit and the policy terminates, subject to a minimum of 105% of (Annualized Premium X Premium Paying Term).
Key Features of IndiaFirst Simple Benefit Insurance Policy
It is an Endowment Plan without Bonus facility
The policy can be opted for a period of 10 to 20 years
Simple Reversionary Bonus accrues in this plan
The minimum Sum Assured is Rs 20000 and the minimum premium payable is Rs 2000 p.a. or Rs 174 p.m.
In this plan, if the Life Insured dies within the Policy Tenure, the nominee gets the Sum Assured + 5 times the Annualized Premium + simple Reversionary Bonus as Death Benefit
On survival till the end of the Policy Tenure, the Sum Assured + simple Reversionary Bonus + Terminal Bonus as Maturity Benefit
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from IndiaFirst Simple Benefit Insurance Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + 5 times the Annualized Premium + simple Reversionary Bonus as Death Benefit and the policy terminates, subject to a minimum of 105% of (Annualized Premium X Premium Paying Term).
Maturity Benefit – On survival till the end of the Policy Tenure, the Sum Assured along with Simple reversionary bonus accumulated + Terminal Bonus, if any, is paid to the policyholder as Maturity Benefit.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in IndiaFirst Simple Benefit Policy
Minimum
Maximum
Sum Assured (in Rs.)
20,000
20,00,00,000
Policy Term (in years)
10
20
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
70
Premium (in Rs.)
2000 p.a.
No Limit
Payment modes
Annual, Semi Annual and Monthly
Additional Features and Benefits of IndiaFirst Simple Benefit Plan
Riders – There are no additional riders in this plan
What happens if?
You stop paying the premium within 3 policy years - If the policy holder stops paying the premium, the policy lapses and all benefits cease. The policy can however be revived within the 2 years Revival period.
You stop paying the premium after 3 policy years - If the policy holder stops paying the premium, the policy is converted to the Paid Up Value and the policy continues for the reduced coverage. The policy can however be revived within the 2 years Revival period.
You want to surrender the policy – There are Surrender Benefits in this plan but only if at least 3 policy years’ premiums have been paid.
Guaranteed Surrender Value= 30% of all Basic Premiums Paid till date -1st years’ premium
There is Special Surrender Value in this plan as well.
You want a loan against your policy – Loan facility is available under this plan upto 90% of Surrender Value. The Minimum Loan Amount is Rs 1,000. As and when the outstanding loan principal along with interest exceeds Surrender Value, the plan will be compulsorily surrendered.
