IndiaFirst Life-Assured Income For Milestones Plan

Eligibility Criteria for the India First Life Assured Income For Milestones Plan

Features of Assured Income for IndiaFirst Life Milestones Plan

Here are the key features of the IndiaFirst Wealth Maximiser Plan:

• Three plans: Income, Income Plus, and Income with Enhanced Maturity plans.
• Two variants of income: Immediate Income or Deferred Income, based on the time when you would begin to receive payouts.
• Guaranteed Long-Term Income: Get income benefits up to 40 years.
• Short Premium Payment Period: Pay premiums for 6-12 years with long-term benefits.
• Life Insurance Protection: Provides financial security to family members in the event of unforeseen circumstances. IndiaFirst Life Traditional Plans offer reliable insurance solutions that help individuals achieve their future financial goals.
• Life Cover Continuance Benefit: Life cover continues for one year even if a premium is missed, provided at least 2 years of premiums have been paid.
• Save-The-Date Feature: Choose a specific date to receive annual income payments.
• Online Purchase Option: Policy can be purchased conveniently through digital platforms.

Benefits of the Assured Income for India First Life Milestones Plan

Below are the benefits available under the plan:

• Regular Income Benefit: The policyholders are provided with a guaranteed income payout throughout the term of the policy based on the choice of the income variant. The immediate income will commence in the initial policy month, and the deferred income will commence in the 10 th policy year or post-premium payment term, whichever is later.
• Maturity Benefit: The policyholder receives a payout at maturity, at the end of the policy term, depending on the plan option selected. In some cases, a maturity benefit may be at least 100 per cent, or even 150 per cent, of the total amount of premiums paid, offering greater savings value.
• Death Benefit: In the death of the life assured during the time of the policy, the nominee will get the death benefit, which is the cover applicable to the life, in order to support the family.
• Tax Benefits: Premiums paid and benefits received may qualify for tax benefits according to prevailing tax regulations.

Riders Under the Assured Income for India First Life Milestones Plan

Policyholders can enhance their protection through optional riders available under the plan:

• IndiaFirst Life Waiver of Premium Rider
• IndiaFirst Life Accidental Death Benefit Rider
• IndiaFirst Life Total and Permanent Disability Rider

These riders provide additional protection benefits and can be added by paying an extra premium.

Policy Details of the Assured Income for IndiaFirst Life Milestones Plan

The following are the policy details of the Assured Income for IndiaFirst Life Milestones Plan:

1. Grace Period:

   The plan offers a grace period, during which the policyholder has a set period to pay the overdue premium without the policy lapsing. The grace period will vary depending on the premium payment mode, and the policy will remain in force as long as the mode continues.

2. Revival:

   If policy lapses due to failure to pay premiums even after the grace period, it may be revived within the revival period. To restore the policy, the policyholder must pay the outstanding premiums and other charges, as per the policy conditions.

3. Free Look Period:

   Policyholders have a 30-day period, starting on the day the policy document is received, to review the terms and conditions. If you are not satisfied, you can cancel the policy during this period and receive a refund, subject to deductions.

4. Surrender:

   It is possible to surrender the policy prior to maturity, but the surrender benefits will be paid in accordance with the policy terms and conditions. This usually relies on the amount of premiums paid and the period during which the policy is active.

5. Fund Switching:

   This is a non-linked insurance scheme, that is, it does not invest in market-linked funds. Thus, this policy does not allow making fund changes. Investors often explore the best investment plans to select strategies that align with their financial objectives and risk tolerance.

Exclusions Under the IndiaFirst Life Assured Income For Milestones Plan

Suicidal Cover

If the life assured dies due to suicide within 12 months from policy commencement or revival, the nominee receives 80% of the premiums paid or the surrender value, whichever is higher.