IndiaFirst Life ULIP Plans

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP plans are as follows:

• The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
• Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
• Insurance coverage depends on the amount of premium paid
• The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
• Switching option is available which enables the policyholder to switch his investment between funds

IndiaFirst ULIP Plans

IndiaFirst Life Insurance Company Limited offers various types of Unit Linked Insurance plans to its customers with varied features and benefit structure. Let us take a look at the different types of plans offered by the company and the features and benefits of each plans in details.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

IndiaFirst Smart Save Plan

A unit linked Endowment Assurance plan which promises market linked returns and life insurance coverage. The features and benefits of the plan are as follows:

• Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure or in one lump sum at the commencement of the plan
• The premiums paid net of applicable charges can be invested in a choice of four funds available with the company at the discretion of the policyholder. The funds are Equity 1 Fund, Balanced 1 Fund, Debt 1 Fund and Value Fund
• The policyholder has the option to protect his fund from market volatility by transferring his Fund Value proportionately to the Liquid 1 Fund as the plan approaches maturity. Under this option, 3% of the Fund Value is transferred to the Liquid 1 Fund every month in the last 3 years of the plan maturity.
• On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option.
• In case of death of the insured during the tenure of the plan, higher of the Sum Assured or the Fund Value is paid subject to a minimum of 105% of all premiums paid till the date of death.
• Two free switches are allowed every month to change between the funds with a minimum value of Rs.5000 and premium redirection is also allowed for redirecting future premiums into another fund.
• Unlimited free partial withdrawals can be made from the fund value subject to a minimum of Rs.5000
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

IndiaFirst Money Balance Plan

A unit linked plan which provides attractive returns through market linked growth and life insurance protection. The features and benefits of the plan are as follows:

• Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure or in one lump sum at the commencement of the plan
• The premiums paid net of applicable charges can be invested in a choice of two funds available with the company at the discretion of the policyholder. The funds are Equity 1 Fund and Debt 1 Fund.
• The policyholder may choose the option of Automatic Trigger Based Investment Strategy. Under this strategy, if the policyholder invests the net premium in Equity 1 Fund, it will grow and if the rate of growth exceeds 110% of the net premium invested, the total return is transferred to the Debt 1 Fund where it is protected from market volatility.
• On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option.
• In case of death of the insured during the tenure of the plan, higher of the Sum Assured or the Fund Value is paid subject to a minimum of 105% of all premiums paid till the date of death.
• Two free switches are allowed every month to change between the funds with a minimum value of Rs.5000
• Unlimited free partial withdrawals can be made from the fund value subject to a minimum of Rs.5000
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

IndiaFirst Happy India Plan

A unit linked child insurance plan which protects the child’s future against untimely death of the parent by providing financial assistance.On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option.In case of death of the insured during the tenure of the plan, the Sum Assured is paid subject to a minimum of 105% of all premiums paid till the date of death. The policyholder may additionally choose the disability benefit option under which, in case of death or disability of the insured during the tenure of the plan, the aggregate of all future premiums is paid which can be availed immediately in lump sum or can be invested in the fund where it will attract market linked returns. The resultant fund value is then paid on maturity of the plan.

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

• On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
• Click New Quotes to compare and choose from top insurance providers.
• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

To know more about other life insurance plans check at IndiaFirst Life Insurance

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

IndiaFirst Life ULIP Plans - FAQs