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.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
15 years |
55 years |
|
Maturity Age (Last Birthday) |
- |
70 years |
|
Policy Term (PT) in years |
9, 12, 15 |
|
|
Premium Paying Term (PPT) in years |
5, 7, 10 |
|
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
|
Premium |
6000 |
No limit |
|
Sum Assured |
50,000 |
No limit |
Premium in Rupees for a Sum Assured of 1 lakh and term 15 years
|
Age |
35 years |
45 years |
55 years |
|
Premium |
9,123 |
9,524 |
10,598 |
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.
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.
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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1. What are the special features offered by the Plan?
The special features offered by the plan are-
2. What are not covered under the terms and conditions of the plan?
The conditions that are excluded from the plan’s coverage are-
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.
3. What are the advantages offered by the plan?
The advantages offered by the plan are-
4. How many days of free look period I can avail, in case I am dissatisfied with the policy coverage?
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.
