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IndiaFirst Smart Save Plan

IndiaFirst Simple Benefit Plan

IndiaFirst Smart Save is a unit-linked insurance plan from IndiaFirst Life Insurance Company. In this plan, if the Life Insured dies within the policy tenure, the nominee would get the Sum Assured or the Fund Value, whichever is higher as Death Benefit. If the Life Insured survives the entire policy tenure, then he would get the Fund Value as Maturity benefit.

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Death Benefit
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Maturity Benefit
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Income Tax Benefit
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Key Features

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Unit-linked insurance plans where risk is borne by the policyholder
Choice of 5 investment funds available
The investment can be protected against market fluctuations in the last 3 years before maturity
Single, Limited and Regular Payment options available
Illustration

Premium = Rs.50,000

Age = 30 years and 35 years

Policy Term = 25 years

Premium Paying Term = 25 years

Sum Assured = Rs 15,00,000

Total Investment  = Rs. 50,000 x 25 years = Rs. 12,50,000

Benefits

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Death Benefit

In case of death of the Life Insured, the nominee would get higher of Sum Assured and 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. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

Riders

There are no riders available in this policy

Investment Fund Options

There are 5 Investment Funds available

  • Equity 1 Fund
  • Balanced 1 Fund
  • Debt 1 Fund
  • Index Tracker Fund
  • Value Fund
Top-up

 Not Applicable

Switching

The minimum amount that you can switch is Rs 5,000. 2 switches are free every month, i.e. 24 switches are free every year.

Partial Withdrawal

Partial withdrawals are allowed only after completion of 5 policy years or 18 years age of the life insured, whichever is later. The minimum amount that you can withdraw is Rs 5,000 and the maximum is 25% of Fund Value such that the Fund Value after withdrawal does not fall below 110% of the annual premium for Regular Payment and Limited Payment Options and the Fund Value after withdrawal does not fall below Rs 45,000 for Single Payment Option.

Eligibility

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Minimum

Maximum

Sum Assured (in Rs.) for Regular and Limited Payment Options

Higher of

105 % of Premium Paying Term x Annualized Premium

or

10 x Annualized Premium

40 X Annualized Premium (if age less than 45)

And

11 X Annualized Premium (if age>=45 years)

Sum Assured (in Rs.) for Single Payment Option

For age <45 years, 125% of Single Premium and for age>=45 years, 110% of Single Premium

5 x Single Premium

Policy Term (in years)

15

20

Premium Payment Term (in years)

Single

Equal to Policy term

Entry Age of Policyholder

5

60

Age at Maturity

-

75

Single premium (in Rs.)

Rs 45000

NA

Payment modes

Single, Yearly and Half-Yearly

FAQs

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angle down iconWhat happen 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.

angle down iconWhat happen if 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.

angle down iconWhat happen if 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 the fund value shall be paid immediately and the policy would be terminated.

angle down iconWhat happen if you want a loan against your policy ?

 Loan is available under this plan before completion of 5 years and not afterwards.