IndiaFirst Life Guarantee of Life Dreams Plan

Eligibility Criteria for the IndiaFirst Guarantee of Life Dreams Plan

The plan allows premium payments through yearly, half-yearly, quarterly, or monthly modes, offering flexibility in managing finances.

Features of the IndiaFirst Guarantee of Life Dreams Plan

Here are the key features of the plan:

• There are three income choices: Immediate Income, Intermediate Income, and Deferred Income.
• Guaranteed Long-term Income: Get consistent income over a 40-year span.
• Limited Premium Payment: Only pay premiums for 6, 8, or 10 years.
• Life Insurance Coverage: Secure your family with life coverage throughout the policy period.
• Loyalty Benefits: The income rate grows with time as long as the premium is paid on a regular basis.
• Select the date: Select a certain date for which the annual income benefits are to be paid.
• Improved Benefits to Women: The women policyholders are allowed to have higher amounts as income benefits.
• Flexible Income Frequency: Income may be paid annually/ semi-annually/ quarterly/ monthly.

Benefits of the IndiaFirst Guarantee of Life Dreams Plan

Below are the benefits of this plan:

1. Regular Income Benefit

   The policyholders will get a specified amount as income guaranteed, depending on the option chosen:

   • Immediate Income Option: Income starts during the initial policy year.
   • Intermediate Income Alternative: The income commences on the fifth year of the policy.
   • Deferred Income Option: Income begins in the tenth year of the policy.

   These income payments continue throughout the policy term.

2. Maturity Benefit

   In case the life assured lives to the end of the policy term, the plan will make a Sum Assured on Maturity.

   • In cases of Immediate and Intermediate Income plans: 75% of total premiums paid.
   • Under the Deferred Income option, 125% of total premiums will be paid.

3. Death Benefit

   If the life assured dies during the policy term, the nominee receives the highest of the following amounts:

   • Sum Assured on Death
   • 105% of total premiums paid
   • Sum Assured on Maturity minus survival benefits paid
   • Surrender value on the date of death

Riders Under the IndiaFirst Guarantee of Life Dreams Plan

Policyholders can enhance their coverage with optional riders:

• IndiaFirst Life Waiver Of Premium Rider
• IndiaFirst Life Accidental Death Benefit Rider
• IndiaFirst Life Total And Permanent Disability Rider

These riders provide additional financial protection by covering specific risks.

Policy Details of the IndiaFirst Guarantee of Life Dreams Plan

The following are the policy details of the IndiaFirst Guarantee of Life Dreams Plan:

1. Grace Period

   The policy will provide a 15-day grace period on the monthly payment and a 30-day grace period on other payment forms to pay arrears in the form of premiums.

2. Revival

   If the policy lapses due to non-payment of premiums, it can be reinstated within 5 years of the original missed premiums by paying the outstanding premiums and meeting the requirements for policy revival.

3. Free Look Period

   Policyholders are given a 30-day free-look period to review the policy and cancel it if they do not agree with its terms.

4. Surrender

   The policy can be surrendered once it acquires a surrender value, which usually happens after a minimum number of premiums have been paid. Upon surrender, the insurer pays the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV), as per the policy terms.

5. Loan

   Policyholders can avail of a loan against the policy once it acquires a surrender value. The loan amount can be up to a specified percentage of the surrender value (typically up to 80%), subject to the insurer’s terms and conditions.

Exclusions Under the IndiaFirst Guarantee of Life Dreams Plan

Suicidal Clause

If the life assured dies due to suicide within 12 months from policy commencement or revival, the nominee receives 80% of the premiums paid or the surrender value, whichever is higher.