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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
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
HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?
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.
