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.

Read more
Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

 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. 

You may also compare: IndiaFirst Life Investment Plans

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about health plans.

Investment plans articles

Recent Articles
Popular Articles
How to Invest Money

25 Nov 2021

The investment made today is the asset created for tomorrow...
Read more
Gold Bonds in India for NRIs

24 Nov 2021

Gold is an asset whose value increases over time that may be...
Read more
PIS Account for NRI

24 Nov 2021

Non-Resident Indians can operate in the recognized stock...
Read more
Process to Fill SSY Form in Post Office?

20 Nov 2021

The Sukanya Samriddhi Yojana (SSY) is a post office scheme...
Read more
How to Fill a Post Office Savings Bank Form?

20 Nov 2021

Post Office Savings Bank Account is a deposit scheme with easy...
Read more
Best LIC Policies For Investment in 2022
When it comes to purchasing a life insurance plan, 'LIC policies' are the most popular choice for customers. LIC...
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking...
Read more
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides...
Read more
State Bank Of India Investment Plans
Monthly investments plan is a popular investment options for individuals who wants to gain a profitable investment...
Read more
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL