IndiaFirst Life ULIP Plans

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India First Life Insurance is one of the youngest financial service providers in India undertaken jointly by Bank of Baroda, Andhra Bank and UK based Legal & General. The company is present in over 1000 Indian cities and towns and has marked a profit of INR 6.9 crores in the financial year 2014-15. The company offers a host of insurance products including health, savings, security and a variety of group insurance plan.

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.

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

 

Minimum

Maximum

Entry Age

5 years

65 years

Maturity Age

18 years

75 years

Policy Term

5years

25 years

Premium amount

Regular pay - Rs.12, 000

Limited Pay – Rs.15, 000

Single Pay – Rs.45, 000

Rs.2.5 lakhs

Sum Assured

Regular & Limited Pay – higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Single Pay – 1.25/1.10 times the single premium paid

Regular & Limited Pay – 40 times the annual premium

Single Pay – 5 times the single premium

Premium Payment Term

Equal to policy tenure, Single Pay or 7 years

Premium paying Frequency

Yearly half-yearly or monthly

 

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

 

Minimum

Maximum

Entry Age

5 years

65 years

Maturity Age

18 years

75 years

Policy Term

5years

25 years

Premium amount

Regular pay - Rs.12, 000

Limited Pay – Rs.15, 000

Single Pay – Rs.45, 000

Rs.2.5 lakhs

Sum Assured

Regular & Limited Pay – higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Single Pay – 1.25/1.10 times the single premium paid 

Regular & Limited Pay – 40 times the annual premium

Single Pay – 5 times the single premium

Premium Payment Term

Equal to policy tenure, Single Pay or 7 years

Premium paying Frequency

Yearly half-yearly or monthly

 

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

  1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. 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.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. 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.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. 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

IndiaFirst Life ULIP Plans - FAQs

1. How to pay premium? What are the modes of payment available?

INDIAFIRST Life Insurance offers the following modes of payment for paying premium namely:

  • Online
  • Credit card/Debit Card
  • Electronic Clearing system(ECS)
  • Cash or cheque

For ECS you must register beforehand by duly signing and submitting the ECS form. This facility is available in select cities only.

Alternatively, you can drop in cash or cheque at your nearest branch in the city.

2. How can I check policy status for IndiaFirst Life ULIP plans?

To check the policy status login to your IndiaFirst Account with the designated User ID and password this is directly linked with your policy number. After login in a detailed tab will be displayed this contains all the relevant data related to your policy.

 

3. What is the policy renewal process for IndiaFirst Life ULIP plans?

For policy renewal process, login into your account and select the online payment for renewal policy.

You can also select the ECS or the Auto debit option for paying the premium had you initially signed up for the policy.

You can approach the nearest branch office and fill in the required forms, attaching the mandatory documents to get the policy renewed.

4. What is the company’s process to settle claim for IndiaFirst Life ULIP plans?

INDIAFIRST Life Insurancehas a clear and transparent process for settling claims. You must intimate the company about the incident within one week of it occurrence. There are different options available for intimation such as:

  • Online
  • Intimation through our toll free number 1800-209-8700
  • By couriering the details
  • Approaching us via Advisor.
  • Contacting us at any of our branch office.

A set of documents as listed in the website needs to be submitted to the company. Upon receipt of the same, the claim is settled within15 days’ time period.

5. What is the policy cancellation process for IndiaFirst Life ULIP plans?

In order to cancel a policy, you can fill in the required form and submit it to the nearest branch office along with the surrender charges as mentioned in the policy.

For new users, a period of about 15 days is allotted wherein one has the option to surrender the policy in case deemed necessary.

IndiaFirst Life ULIP Plans Reviews

TOTAL REVIEWS (1)
Harindra
Fatehgarh
May 13, 2016

Trustworthy

I buy IndiaFirst life ulip plan and the policy provides many benefits. The large team are working with the company for good performance and provides great outcomes with good care. The policy coverage is high ~89% and claims are high as compared to premium which is low. The service is fast and the behaviour of the staff members is nice. Good future investment, Good job guys.