IndiaFirst eTerm Plan Brochure

IndiaFirst Life e-term Plan is a non-linked, non-participating, term insurance policy that is created for enhancing the financial security of the policyholder’s needs in some unexpected and unfortunate events. The insurance cover works towards providing the individual with financial aids in emergency needs.

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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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Eligibility Criteria for IndiaFirst eTerm Insurance Plan

IndiaFirst e-Term Plan brochure has a plan for each and every need of the customer. The customer can choose one of the plans that suit them the best. There are certain eligibility requirements before one buys this plan. The eligibilities for the IndiaFirst e-Term Plan is discussed in the table below:

Parameter

Conditions

Minimum Age on Entry (as on last birthday)

·         18 years; for options except for Income Replacement Benefit.

·         20 years; for Income Replacement Benefit

Maximum Age on Entry (as on last birthday)

·         55 years; for options except for Income Replacement Benefit.

·         50 years; for Income Replacement Benefit

Premium (INR) Maximum

No limit subject to board approved underwriting policy.

Premium (INR) Minimum

·         Yearly – 3,000

·         Half Yearly – 1,536

·         Quarterly – 77

·         Monthly – 261

·         Single – 15,000

Policy Term (Minimum)

·         10 years; for all the options other than Income Replacement Benefit. 

·         60 Years minus Age at entry; for Income Replacement subject to a minimum of 10 years.

Policy Term (Maximum) 

·         40 years; for all the options other than Income Replacement Benefit.

·         60 Years; for Income Replacement Benefit subject to a maximum of 40 years.

Premium Payment Option  

Regular, Limited and Single Pay

Premium Payment Mode

Monthly, Quarterly, Half-Yearly, and Yearly(Half-Yearly and Quarterly pay are not applicable for online payment options). 

Basic Sum Assured

The Basic Sum Assured by IndiaFirst is as follows:

Minimum: Rs.1,00,000/-

Maximum: Rs.50,00,000/-

 

The above-mentioned are the minimum and maximum sum assured amounts.

Premium

The premium of a policy depends on the sum assured amount that the customer chooses. The premium of a policy depends on the Age, Gender and health issues of the policyholder. There is no limit on the maximum premium, but it will vary according to the sum assured amount that is promised by the policy upon maturity.

Salient Features of IndiaFirst eTerm Plan

The IndiaFirst Term Insurance Plan provides many features that are convenient and attractive for the policyholder. The features of the plan as discussed on the IndiaFirst e-Term Plan brochure are listed below:

  1. Cost-Effective

    The plans provided by the IndiaFirst e-term life Insurance provide a complete financial benefit to the customer and their family at an affordable premium amount. Thus, low premium and high sum assured.

  2. Different Options

    IndiaFirst e-Term Plan brochure provides information about 8 different coverage options. Thus, the customer can choose a plan that suits their needs the best. A wide range of choice is also one of the key features of this plan.

  3. Flexibility

    IndiaFirst e-Term Plan brochure discusses the flexibility of choosing the mode of receiving a sum assured amount upon death benefits. The policyholder can either receive the death benefit amount as a lump sum or as a monthly income.

  4. Enhanced Sum Assured

    The sum assured amount can be enhanced in several important milestones of life like – Marriage, Home Loan, ChildBirth, Child Adoption etc. An additional percentage of the amount is added to the existing sum assured amount during each stage from the above. 

  5. Tax Benefits

    The IndiaFirst e-Term Plan provides tax benefits under section 80C of the Income Tax Act, 1961.

    *Standard T&C Apply

    *Tax benefits are subject to change as per tax laws

Core Benefits of IndiaFirst eTerm Plan

There are several benefits in choosing the IndiaFirst plan among all the others. Details of some of the highlighted benefits as discussed in the IndiaFirst e-Term Plan brochure are given below:

  1. Life Benefit

    Life Benefit provides a payment of 100% of the sum assured as a lump sum at the time of unfortunate death of the policyholder. The nominee receives the amount and the policy gets terminated. No other premium will be collected from the policyholder’s nominee.

  2. Income Benefit

    Income Benefit provides a payment of 10% of the sum assured right after the death of the policyholder and the remaining 90% of the sum assured will be paid to the nominee of the policyholder as a monthly income over a period of time.

  3. Income Plus Benefit

    Income Plus Benefit is different from all of the above-mentioned policies. This benefit provides a 100% of sum assured amount upon the death of the policyholder and an additional 100% of the sum assured amount will be paid out to the policyholder’s nominee as a monthly income over the period of time (as chosen - 5 or 10 or 15 or 20 years).

  4. Income Replacement Benefit

    Income Replacement Benefit option offers the replacement of income of the life assured. This option provides a replacement of the policyholder's salary upon death till the end of the policy term subjected to (as the years chosen).

  5. Accident Shield Benefit

    This benefit comes into act upon the death of the policyholder due to accidents. If an accidental death happens, then the policyholder’s nominee gets 100% of the sum assured amount and an additional amount will be given along with the sum assured amount. This additional amount can be as high as 1 Crore.

  6. Disability Shield Benefit

    If a policyholder falls into total permanent disability due to accidents within the policy termination date, 100% of the sum assured amount will be provided to the policyholder. They can get it either as a lump sum amount or they can receive it as a monthly Income. No more premiums will be collected from the policyholder and the policy is terminated.

  7. Critical Illness Benefit

    Upon diagnosis of any critical illnesses of the policyholder, then they can get 100% of the total sum assured amount as a lump sum or as a monthly income for the chosen policy term period (5 or 10 or 15 or 20 years). 

The Process to Purchase IndiaFirst eTerm Insurance Policy

Customers can easily purchase the plan on the IndiaFirst website.

Step 1: The plan details are available and the interested candidates can go through them. 

Step 2: There is an option to “Get Quote”

Step 3: A form opens and the individuals need to fill in their date of birth, gender, and information about their smoking habits.

Step 4: It will then ask for sum assured and policy tenure in years.

Step 5: It will then provide a premium estimate.

Step 6: If the customer finds it right, he can go ahead and buy the plan.

Documents Required to buy IndiaFirst eTerm Plan

Documents that are required for buying the IndiaFirst plan as mentioned in the IndiaFirst e-Term Plan brochure are listed below: 

  • ID Proof (AADHAR/Voter ID)
  • Age Proof
  • Passport size Photographs
  • Proposal Forms
  • Bank Account Details
  • Address Proof

Additional Features of the Plan

Some of the additional features of the plan as mentioned in the IndiaFirst e-Term Plan brochure are given below:

  1. Increase in Sum Assured

    An idea of the increase in sum assured amount upon several milestones in the life of the policyholder are given below:

    • Marriage – 50% of the initial sum assured subject to 1 Crore.
    • Birth of 1st Child – 25% of initial sum assured subject to 50 lakh rupees.
    • Birth of 2nd Child – 25% of initial sum assured subject to 50 Lakh rupees. 
    • Adoption of 1st Child – 25% of initial sum assured subject to 50 Lakh rupees.
    • Adoption of 2nd Child – 25% of initial sum assured subject to 50 Lakh rupees.
    • Home Loan – Equal to the loan amount subject to an overall limit of 1 Crore.
  2. Reduction in Sum Assured

    If the policyholder is unable to cope up with the premium payment, then they can reduce the sum assured amount which eventually reduces the premium amount as per the affordability of the customer.

Terms and Conditions

There are several terms and conditions mentioned in the IndiaFirst e-Term Plan brochure. Some of them are given below:

  1. Grace Period

    The policyholder is given a grace period for paying their premium amount. A grace period of 15 days is provided for the monthly premium payment option and a grace period of 30 days is provided for other payment options. (Yearly, Half Yearly, Quarterly).

  2. Policy Revival

    If the policyholder can’t pay the due amount even after the grace period, then the policy gets lapsed. The lapsed policy can be revived within 5 years from the first unpaid premium date.

Key Exclusions of IndiaFirst eTerm Insurance Policy 

Like any other policy, IndiaFirst e-Term Plan has several exclusions. The exclusions of the insurance as discussed on the IndiaFirst e-Term Plan brochure are given below:

  1. Suicide Exclusion

    Upon suicide of the policyholder within 12 months from the date of commencement or revival of the policy, then the nominee of the policyholder can get 80% of the total premiums paid and cannot enjoy the sum assured amount benefit.

  2. Accidental Death Exclusion

    The accidental death exclusions are:

    • Infection – Death caused due to infection sustained after the accident.
    • Drug Abuse – Death due to overdose of drugs except the ones prescribed by a medical practitioner.
    • Self-Inflicted Injury – Death due to self-inflicted injury caused while attempting suicide.
    • Criminal acts – Death due to involvement in criminal and unlawful acts. 
    • War and Civil Commotion – Death due to taking part in a riot or civil commotion.
    • Nuclear Contamination – Death due to accidents arising from hazardous radioactive explosives and nuclear fuel materials.
    • Aviation – Death due to any flying activity other than as a passenger in a commercially licensed aircraft.
    • Hazardous Sports and Pastimes – Death due to taking part in a hazardous sport or a pastime hobby that isn’t accepted previously by the company.

    Under all the above-mentioned circumstances, the policyholder’s nominee cannot enjoy the sum assured amount.

  3. Accidental Total Permanent Disability Exclusions

    The following are the accidental total permanent disability exclusions:

    • Infection – Permanent Disability caused due to infection sustained after the accident.
    • Drug Abuse – Permanent Disability due to an overdose of drugs except the ones prescribed by a medical practitioner.
    • Self-Inflicted Injury – Permanent Disability due to self-inflicted injury caused while attempting suicide.
    • Criminal acts – Permanent Disability due to involvement in criminal and unlawful acts.
    • War and Civil Commotion – Permanent Disability due to taking part in a riot or civil commotion.
    • Nuclear Contamination – Permanent Disability due to accidents arising from hazardous radioactive explosives and nuclear fuel materials.
    • Aviation – Permanent Disability due to any flying activity other than as a passenger in a commercially licensed aircraft.
    • Hazardous Sports and Pastimes – Permanent Disability due to taking part in a hazardous sport or a pastime hobby that isn’t accepted previously by the company.

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Written By: PolicyBazaar - Updated: 15 July 2021
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