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IndiaFirst Simple Life insurance is a pure term plan with limited options of cover. The plan offers fixed sum assured options of Rs 5,000, Rs 10,000 and Rs 50,000 only. This is a single premium pure term plan for 5 or 10 years.
§ Single premium policy
§ Low sum assured of Rs 5,000, Rs 10,000 and Rs 50,000 only
§ Pure Term Insurance Policy with Death Benefit only
§ Cover is available for a period of 5 or 10 years
| Have any doubts that need to be clarified? |  |
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured that has been chosen.
Maturity Benefit – There are no maturity benefits under this plan.
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
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
5,000 and 10,000 |
50,000 |
|
Policy Term (in years) |
5 |
10 |
|
Premium Payment Term (in years) |
Single |
Single |
|
Entry Age of Policyholder |
18 |
60 |
|
Age at Maturity |
- |
70 |
|
Single premium (in Rs.) |
5,000 |
No Limit |
|
Payment modes |
Only Single |
|
Riders – There are no riders are available in this policy
You stop paying the premium –There is no question of stopping to pay premium as this is a single premium policy where the entire premium is paid at inception.
You want to surrender the policy – Surrender benefit is available under this plan according to a pre-defined formula.
Surrender Benefit= 40% X Premiums Paid X (Unexpired Term/Total Term)
You want a loan against your policy – There is no loan facility under this plan.
