IndiaFirst CSC Shubhlabh Plan

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Introduction/Overview

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:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	55 years
Maturity Age (Last Birthday)	-	65 years
Policy Term (PT) in years	10 and 15
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, half-yearly, monthly
Premium	1500	20,000
Sum Assured	10 * annual premium for ages<45 yrs. and 7* annual premium for ages>=45 yrs.

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Policy Termination or Surrender Benefit: the plan can be surrendered and the money withdrawn after 5 completed policy years.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.

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