IndiaFirst CSC Shubhlabh Plan

IndiaFirst CSC Shubhlabh Plan is a traditional variable insurance plan which aims to facilitate savings for future requirements and also provide life insurance cover.

Key Features

• It is a non-participating plan with regular premium payment option
• The plan is only available through Common Service Centers CSC and can be bought by giving name and Aadhar number
• Minimum Floor Rate, Additional Interest rate and Residual Addition, if any, increase the fund

Benefits

• Guaranteed Floor Rate @ 1% on Account Value every year
• An Additional guaranteed Interest @ 4% p.a. is added in the first 5 years and thereafter the @ 0.5% p.a.
• On death of the policyholder, higher of the Sum Assured or 105% of premiums paid including top-up premiums or total premiums paid including top-up premiums compounded @ 1% p.a. or the Account Value is paid through bank transfer
• On Maturity, higher of total premiums paid including any top-up premiums net of any partial withdrawals compounded @ 1% p.a. till maturity or Accumulated Account Value will be paid through bank transfer
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the plan can be surrendered and the money withdrawn after 5 completed policy years. On Surrender within 5 years, the cover ceases but the minimum floor rate and guaranteed additional interest rate will continue to accumulate and after the completion of 5 years the account value will be paid. If surrendered after 5 years, the applicable account value will be paid

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

Partial Withdrawals are allowed after 5 completed policy years with a minimum value of Rs.1000

Additional Features or Riders

• Top-up premiums can be paid to increase Sum Assured
• The top-up Sum Assured will be 125% of the top-up premium if age is less than 45 yrs. and 110% of the top-up premium if age is 45 years and above

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and provide the name and Aadhar number.