IndiaFirst Cash Back Plan

India First Cash Back Plan is a traditional Money Back Plan that takes care of liquidity requirements by providing money backs at regular intervals and also takes care of protection needs through insurance cover.

India First Cash Back - Key Features

• The plan provides an option of limited premium payment and is a non-participating plan.
• Guaranteed Additions expressed as a percentage of annual premiums accrue every policy year.
• Money Back Benefits are paid to the policyholder on survival as per the pre-defined schedule. 

India First Cash Back - Benefits

• Guaranteed additions accrue @ 5%, 6% or 7% for term 9, 12 and 15 years respectively.
• If the policy-holder dies, sum assured on death + an accrued guaranteed addition is paid.
• Sum Assured on death is higher of the following options-

• Sum assured on maturity
• Ten times the yearly premium
• 105 percent of all premiums paid till death.
• Survival benefit is paid @ 20% of SA in the 3rd and 6th policy year for the 9-year term, in the 4th and 8th policy year for the 12-year term and in the 5th and 10th policy year for the 15-year term plan.
• On maturity, 60% of the SA and guaranteed additions is paid.
• The insured can avail tax rebate as per the sections 80C and 10(10D) Income Tax Act on the premium paid and claim received.

India First Cash Back - Product Specification:

Details about Premium

Premium in Rupees for a Sum Assured of 1 lakh and term 15 years

India First Cash Back - Policy Details

Grace Period: 15 days’ grace period is permissible for premium payment in monthly mode and 30 days in other modes. If the policyholder fails to make payment within the grace period, the policy will lapse.

Policy Termination or Surrender Benefit Policyholder is allowed to surrender the policy provided 2 or 3 years’ full Premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = (GSV % of Premiums paid + GSV% of Guaranteed Additions) – Survival Benefits already paid.

SSV = (proportionate SA on Maturity + accrued Guaranteed Additions * SSV Factor) – Survival Benefits already paid

Free Look Period: From starting date of policy issued, the insurance owner has a limited 15 days period of free-look during which they can initiate policy cancellation if he/she did not like the terms and conditions offered by the policy. The customer will receive the paid premium and a proportionate premium for the risk borne by the company is subtracted, including any add-on expenses, like medical examination or stamp duty charges. 

Inclusions

The plan does not offer any loan facility.

Additional Features or Riders

High sum assured rebates are also allowed for coverage of 1 lakh and more

Exclusions

The coverage of the term insurance is nullified if the life insured ends his/her own life or we can say if he/she commits suicide within 12 months from the date the policy was issued on and comes into action. The insurer of the policy returns only 80% of the premium paid to the beneficiary of the policy. In case, the policyholder does the same act within a year of policy renewal then the nominee of policy wee receive either the surrender benefits or the 80% of the premium paid whichever is higher.

Documents Required

The policy owner has to fill up an ‘Application form ’with identity proof, bank account proof, address proof and a recent photograph.A medical examination may be required in some cases, based on the sum assured and the age of the person.

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