IndiaFirst Simple Benefit Plan
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
- 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
Benefits
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).
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.
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.
There are no additional riders in this plan
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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20,000
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20,00,00,000
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Policy Term (in years)
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10
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20
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Premium Payment Term (in years)
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Equal to Policy Tenure
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Entry Age of Life Insured (in years)
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18
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60
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Age at Maturity (in years)
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-
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70
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Premium (in Rs.)
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2000 p.a.
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No Limit
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Payment modes
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Annual, Semi Annual and Monthly
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FAQs
What happen 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.
What happen if 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.
What happen if you want to surrender the policy ?What happen if 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.
