IndiaFirst Money Balance Plan

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 5^th 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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