IndiaFirst Anytime Plan

Benefits

If the policyholder dies within the policy tenure, the Sum Assured is paid to the nominee as death benefit and the policy terminates

However, if the Life Insured survives for the entire policy, nothing further is payable

The nominee gets the Sum Assured on death of the policyholder

Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

70 years

Policy Term (PT) in years

5 years

40 years

Premium Paying Term (PPT) in years

Single

Equal to Policy Tenure

Premium Paying Frequency

Single, Yearly, Semi-Annually and Monthly

Yearly Premium

Rs 10,000 for Single Mode, Rs 2000 for Regular Mode

No Limit

Sum Assured

Rs 10 Lacs

Rs 50 Crores

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium for Annual and Semi-Annual Modes and 15 days for Monthly Mode

Policy Termination or Surrender Benefit: there is no surrender value under the plan for Regular Premium Payment.

However, for Single Premium Payment, there is Surrender Benefit available after the 3^rd Policy year.
Surrender Benefit= 40% X Single Premium Paid X (Unexpired Tenure / Total Policy Tenure)

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.

In case of suicide committed after 12 months of policy inception or revival, the death benefit payable to the nominee will be higher or Surrender Value, if applicable or 80% of total premiums paid.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents as per the requirement. Medicals will be done as per the company’s internal medical grid.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.