IndiaFirst Smart Save Plan – Overview

IndiaFirst Smart Save Plan - Key Features

• Unit Linked Insurance Plan: It offers the benefit of life insurance and investment in a single integrated plan. A part of the premium goes towards providing a protection cover and the rest is invested in market-linked investment funds. This life insurance product helps fulfil long-term financial goals and offers the benefit of rupee cost averaging due to its long-term nature. A ULIP plan has the added advantage of flexibility and transparency.
• Life Insurance Cover: The plan offers a life cover which helps secure the future of the family in case of the life assured’s untimely death. The Death Benefit is paid to the nominee/ appointee or the legal heir.
• Systematic Savings: The plan helps instil the discipline of investing at regular intervals in various funds to meet long-term goals
• Choice of Investment Funds:The plan gives the option of investing in 4 funds across different asset classes. It allows one to choose the proportion of investment in each of these funds based on one’s risk appetite.
  • Equity1 Fund: The asset allocation in this fund is skewed towards equities, hence it has a high risk profile. It offers a high rate of return in the long term.
  • Balanced1 Fund: The asset allocation of this fund is balanced across different asset classes, namely, equities, debt and money market instruments. It has a medium risk profile and gives returns that exceed the rate of inflation in the long term.
  • Debt Fund: The asset allocation in this fund is skewed towards debt. The fund has a medium risk profile and provides investment returns that exceed the rate of inflation in the long term.
  • Value Fund: This fund invests more in equities, especially those which are relatively undervalued and possess a high growth potential. It has a high risk profile and offers moderate to high real rate of return in the long term.
• Partial Withdrawal: The plan allows partial withdrawal of funds after 5 policy years to meet liquidity requirements in case of a financial emergency. This can be done once the life assured has turned 18. There are no partial withdrawal charges.
• Fund Switching: This plan allows transfer or switching of some or all units from one unit linked fund to another. Switching is not permitted if the age of the life assured is less than 18 years. Switches are free of charge and one is allowed 2 switches in a calendar month.
• Premium Redirection: This feature allows redirecting future investments into a different fund or set of funds. Premium redirection lets one adapt to change in personal circumstances and/ or market conditions.
• Protection of Investments from Market Fluctuations: The plan offers a feature where one’s investments can be insulated from market fluctuations by transferring funds into a Liquid1 Fund during the last 3 policy years. The risk profile of the Liquid1 Fund is low as it primarily invests in money market instruments. If opted for, 3% of the investments in each fund are automatically transferred to the Liquid1 Fund in each of the last 36 monthly anniversaries. The proportionate allocation of remaining funds does not change on transfer to the Liquid1 Fund. 

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IndiaFirst Smart Save Plan - Policy Details

Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes of premium payment after which policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

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 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Unlimited free Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
• 2 free Switches are allowed every month for switching between funds with a minimum value of Rs.5000
• Premium Redirection is allowed to redirect future premiums

Exclusions

The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and submit KYC documents.

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