IndiaFirst Money Balance Plan

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The India’s First Money Balance Plan is a Unit Linked Insurance Plan (ULIP) without Bonus facility. The plan provides life coverage along with securing returns on the money that the policyholder invests. The policy ensures the security of its investments through an automatic trigger based investment strategy.

 IndiaFirst Money Balance - Key Features 

  • This policy is a simple ULIP plan that has both Maturity and Death Benefits.
  • Investments are optimized with the “automatic trigger based” investment strategy that helps to secure and build the investments through an automatic transfer to relatively safe funds.
  • The policy owner has a choice of two unit-linked investment funds.
  • In form of partial withdrawals, liquidity of funds is available.
  • The policyholder may opt to receive his or her Maturity Benefit via installments rather than as a lump-sum amount.
  • The insured can choose the premium payment term according to their own choice. According to their convenience the policy holder can choose to pay premiums either regularly or for a limited time.  Moreover, he can also make a single premium payment. 

IndiaFirst Money Balance - Benefits 

  • In case of survival of the insured until policy maturity, the insurer provides maturity benefit to the insured which is funded as on maturity date. 
  • In case of unfortunate death of the policy owner, the beneficiary receives the death benefit as the fund value or the basic sum assured minus any partial withdrawal whichever is higher. 
  • There are two unit-linked equity funds under this policy for investment.
  • Liquidity is available as partial withdrawals are allowed after the completion of the first five policy years. The minimum amount allowed for partial withdrawals is Rs. 5000.
  • Tax benefits are available as per Income Tax Act 

IndiaFirst Money Balance - Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured (Last Birthday)

5 years

65 years

Maturity Age (Last Birthday) of the Life Assured

-

75 years

Policy Term (PT) in years

Regular Premium: 10, 15, 20 and 25 years

Limited Premium: 10, 15, 20 and 25 years

Single Premium: 5, 10, 15 and 20 years

Premium Paying Term (PPT) in years

Regular pay

Limited Period of 7 years for 10, 15,20 and 25 years PT

Single Premium for 5,10, 15 and 20 years PT

Premium Paying Frequency

Single, Yearly, Half-yearly

Annual Premium

Regular Pay: Rs. 12000

Limited Pay: Rs. 15000

Single Pay: Rs. 45000

No limit

Sum Assured

For Regular and Limited Pay:

Entry age less than 45 = Higher of (105% X Premium Paying Term X Annual Premium) or (10 X Annual Premium) or (0.5 X Policy Term X Annual Premium) 

Entry age more than 45 = Higher (105% X Premium Paying Term X Annual Premium) or (7 X Annual Premium) or (0.25 X Policy Term X Annual Premium) 

Single Pay: 125% of Single Premium

According to Maximum Sum Assured Multiple Grid

 

Details About Premium

Benefit illustration @8%

Age (Yrs)

Policy Term (Yrs)

Annual Premium (Rs.)

Premium Allocation Charge (Rs.)

Mortality Charges (Rs.)

Policy Admin Charge (Rs.)

Fund Management Charge (Rs.)

Fund at the end (Rs.)

Surrender Value (Rs.)

Death Benefit (Rs.)

30

1

12000

804

152

216

152

11353

9082

120000

31

2

12000

480

139

227

316

23822

22022

120000

32

3

12000

480

125

238

490

37087

35887

120000

33

4

12000

480

109

250

675

51200

50600

120000

34

5

12000

420

91

263

874

66286

66286

120000

35

6

12000

420

69

276

1085

82341

82341

120000

36

7

12000

420

43

289

1309

99430

99430

120000

37

8

12000

420

12

304

1548

117624

117624

120000

38

9

12000

420

0

319

1802

136970

136970

136970

39

10

12000

420

0

335

2073

157525

157525

157525

 

IndiaFirst Money Balance - Policy Details 

Grace Period: The policyholder is given 30 days to pay all due premiums. In case of failure of payment within the applicable timeframe the plan will acquire lapsed status.  

Policy Termination or Surrender Benefit- The policy coverage ceases, if it is surrendered before the completion of 5 years.  After the policy is surrendered the total fund value is transferred to the discontinued policy fund and it is only payable after the completion of 5th years of policy term. If, the insurance holder demies during this period then only the collected fund value is offered to the nominee.

In case, the plan is surrendered after the completion of 5 years then the insurer do not charge any discontinuance charge. The insured receives the fund value and the tenure of the policy comes to an end. Moreover, in case the policy is not renewed in given time frame then the policy is terminated. The payment of maturity and death benefits also results in policy termination. 

Free Look Period: 15 days free look period is provided by the policy. 

Inclusions 

  • The insured can choose between funds whenever he/she wants throughout the policy term. The minimum switching amount is Rs. 5000 while the maximum amount is equal to the Fund Value.
  • The insurance holder can choose to receive the maturity benefit as a lump-sum amount or through pre-selected installments as chosen by the policyholder, over a period of five years.
  • A policy loan may be availed within the first five policy years.
  • Once the policy completes five policy years, the policyholder can, either on maturity or by surrendering or terminating the policy contract, transfer policy benefits to buy a new contract. There will be no allocation or commission charges involved.

 Additional Features or Riders 

  • The renewal of a discontinued or lapsed plan is possible if the policyholder pays all due premiums within the Grace Period.  

   Numerous charges applied on the policy are-

  • A certain amount is deducted as premium allocation charge from the paid premium of the customer.
  • According to the investment option chosen by policy holder, the balance is invested.
  • In the initials of each month Policy Administration Charge is deducted. Besides, mortality charges are deducted at the starting of each month.
  • Switching Charge – The policyholder can make fifty-two free switches permitted in a single policy year. There are currently no charges for switching.   

Exclusions 

Only 80 % of the premium paid is returned to the beneficiary, if the policy owner commits suicide within 12 months of the policy inception. Within 12 months of the policy renewal if the insured commits suicide then either 80% of the paid premium or SV is paid whichever is higher. 

Documents Required

The documents required while submitting the application form are bank account proof, identity proof, a recent photograph, bank account proof. Some cases may require medical examination too. 

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