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.
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
|
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 |
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.
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.
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.
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
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