IndiaFirst Simple Benefit Plan

The IndiaFirst Simple Benefit Plan is a non-linked endowment Insurance Plan with Bonus facility. It offers life cover plus assured savings and helps to enhance the wealth of the policyholders with the bonuses available under this policy. Policyholders just have to save regularly and protection is provided to the their loved ones in case of the untimely demise of the policyholder, while the policyholders themselves receive a lump sum benefit if they survive the policy term.

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

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD+

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
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
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
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Why we need your mobile number?
We need it to confirm more details about you and advise accordingly. Our licensed experts work for you, not the insurance companies, so their advice is entirely unbiased
— No sales pitches here

Key Features

  • This policy is a non-linked endowment insurance plan with both Maturity and Death Benefits.
  • The policy helps to increase the policyholders’ savings through regular premiums and by way of the Simple Reversionary Bonus and Terminal Bonus.
  • On the premature demise of the policyholder, nominees may receive up to ten times the annualized premium.
  • The policy application process is simple and hassle-free with an instant Over-the-counter plan issuance that has simplified underwriting.

Benefits

  • If the policyholder survives until the policy matures, he or she receives a Maturity Benefit, which is Guaranteed Sum Assured plus the Simple Reversionary Bonus and Terminal Bonus if any.
  • In the sad and unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit.  The Death Benefit paid is the Guaranteed Sum Assured plus the Accrued Reversionary Bonus and Terminal Bonus. The Death Benefit is calculated as the following:
    • When the entry age is less than 45 years, the Death Benefit is the higher of ten times the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued Bonus and Term Rider Sum Assured (if any).
    • When the entry age is 45 years or higher, the Death Benefit is the higher of seven times the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued Bonus and Term Rider Sum Assured (if any).
      • Tax benefits are available as per sections 80(C) and 10 (10D) of the Income Tax Act.
      • This policy provides Simple Reversionary Bonus and Terminal Bonus that are paid as part of the Maturity Benefit or Death Benefit.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday) of the Life Assured

-

70 years

Policy Term (PT) in years

15 years

25 years

Premium Paying Term (PPT) in years

Regular pay

Premium Paying Frequency

Yearly, Half-yearly, Monthly

Annual Premium

Rs. 2000

Rs. 32340

Sum Assured

Rs. 20000

Rs. 500000

 

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. The timeframe for monthly mode of payment is fifteen days.

Policy termination or Surrender Benefit: The policy may be surrendered after three years of full premium payment. If policy premiums are not paid for two full years, then the policy will lapse. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.

Free look period: Policyholders have a limited free look period of fifteen days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days in case the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive premiums paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions

A policy loan may be availed after the policy acquires Surrender Value, on the condition that the loan amount does not exceed 90% of the Surrender Value.

Additional Features or riders

      • The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
      • If premiums for three policy years are paid, and subsequently the policyholder fails to pay the due premiums within the Grace Period, then the policy acquires Paid- up Value.

Exclusions

The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund 80% of the premiums paid to the nominee. In case the person insured commits suicide within one year from the policy reinstatement, the nominee will receive the higher of 80% of the premiums paid or the Surrender Value.

Documents Required

The policyholder has to fill up an ‘Application form ’with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and medical examination.

 

*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
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Investment Plan
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Investment Plan 2
Average Rating
(Based on 0 Reviews)
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
How Thanks giving and Black Friday Affect The Indian Stock Market?

23 Nov 2023

Black Friday and Thanksgiving mark the beginning of the holiday
Read more
Axis Bank NRI Account

11 Oct 2023

The Axis Bank NRI Account is a gateway to seamless banking
Read more
ICICI Bank NRI Account

09 Oct 2023

The ICICI NRI Account is a specialized banking solution designed
Read more
Long- Term Income Plans

11 Sep 2023

Long-Term Income Plans are strategic financial products that
Read more
Max Life Capital Guarantee Solution

28 Aug 2023

Capital Guarantee Solution Plan offered by Max Life insurance, a
Read more
Best NRE Savings Accounts for NRIs in 2023
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily
Read more
10 Disadvantages of Senior Citizen Savings Scheme (SCSS)
The Senior Citizen Savings Scheme (SCSS) is a popular investment option, introduced by the Indian Government in
Read more
Ways to Double Your invested Money
One of the main reasons we invest money is to save it and watch it grow. However, with low interest rates from
Read more
How to Change Mobile Number in Post Office Account Online?
Indian Post Payment Bank (IPPB) is the banking division of the Department of Post (Ministry of Communications)
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL