IndiaFirst Life Plan is a traditional, non-participating, pure term insurance plan. This protection plan offers a life insurance cover for a period of up to 40 years at affordable rates which helps secure the family in case of the demise of the life insured. It ensures that the loved ones are protected from uncertainties of life and are taken care of even in the absence of the life insured. This way an untoward event will not disrupt the daily lives of one’s near and dear ones.
IndiaFirst Life - Policy Details
- Free Look Period: The insurance company provides a free look period of 15 days from the date of receipt of the plan document for normal purchase methods and 30 days if the plan has been bought through distance marketing. This period is provided to the policyholder to review the terms and conditions of the plan. In case the policyholder disagrees with any of the terms and conditions, he/ she has the option to cancel the plan during the free look period by returning the original plan document along with a written request stating the specific reasons and objections for cancellation. The insurance company will then refund the premium paid after deducting the pro-rata risk premium i.e. risk premium for the short period of cover, stamp duty charges and expenses incurred towards medical examination (if any).
- Grace Period: The insurance company provides an additional period of 30 days from the premium due date for payment of unpaid premium in case of yearly and half-yearly premium payment modes. A grace period of 15 days is provided for monthly premium payment mode. All plan benefits continue to be in force during the grace period.
- Riders: There are no riders available under this plan
- Policy Loan: No loan benefits are available under this plan
- Nomination: The facility of nomination is available in this plan provided it is in accordance with Section 39 of the Insurance Act, as amended by Insurance Laws (Amendment) Act, 2015. The policyholder can nominate a person (the beneficiary) to receive the Death Benefit in the event of the demise of the life insured or make a change in nomination at any time during the tenure of the plan, provided the plan is in force, by submitting a written request to the insurance company.
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