IndiaFirst Life Plan

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 Plan - Key Features

• Pure Protection Plan: The objective of this plan is to provide financial protection to the family in unforeseen circumstances. This term plan protects the loved ones against cash flow problems in case of the untimely death of the breadwinner, who is also the life insured.
• Future Protection: The plan ensures that the future of the family is secure even in the absence of the life insured. The family is able to manage its affairs from the payout it receives on the death of the life insured.
• Long Policy Tenure: The plan offers a policy term ranging from 5 to 40 years. A long policy term ensures safety to the family for a longer duration.
• Large Cover: The plan offers an insurance cover as high as Rs. 50 crore
• Affordable Premiums: This pure term insurance plan offers a high protection cover at low premiums so that more people can benefit from a life insurance policy
• Choice of Premium Payment: The insurance premiums can be paid either throughout the entire duration of the plan under the regular pay option or in a single lump sum at policy inception under the single pay option
• Multiple Premium Payment Frequencies: Regular insurance premium can be paid in one of 3 frequencies, namely, yearly, half-yearly or monthly
• Rewards Healthy Lifestyle: The plan offers lower insurance premium to non-smokers as compared to smokers when the Sum Assured is greater than or equal to Rs. 50 lakh 

IndiaFirst Life Plan - Benefits

• Death Benefit: In the event of the passing away of the life insured during the tenure of the plan i.e. on or after the risk commencement date but before the expiry date, provided the plan is in force and all due premiums have been paid, the Death Benefit is paid to the nominee/ appointee/ legal heir.
  The Death Benefit is equal to the Sum Assured and paid as a lump sum amount. The Death Benefit will be more than 105% of all the premiums paid at any point in time.
• Maturity Benefit: There is no Maturity Benefit payable under this plan since it is a pure term insurance policy
• Tax Benefits: Tax benefits are available on the premiums paid under Section 80C and Death Benefit received under Section 10(10D) of the Income Tax Act, 1961

IndiaFirst Life Plan - Product Specifications

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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