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.

kapil-sharma
  • 4.8++ Rated
  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold

Investment Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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We are rated++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1286 Reviews)

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