IndiaFirst Life e-Term Plus Plan

Note: Know more about what is term insurance first before reading this article.

Key Features of IndiaFirst Life e-Term Plus Plan

Here is a list of all the key features of IndiaFirst Life e-Term Plus Plan

• Get financial protection for yourself and your family against any eventuality at affordable premium rates

• Choose from 7 coverage options to purchase the one that fits your needs the best

• Select if you want to receive the death benefit in a lump sum amount or as monthly income

• You can receive all the premiums back after a specific point with the plan’s Life Benefit option with Voluntary Exit Advantage

• Premium Break allows you to skip a maximum of 3 annual premium payments during the policy term

• Enhance the sum assured of your term insurance in select coverage options by paying additional premiums for the different life stages like marriage, childbirth, or home loan

• The plan’s Life Protect Benefit option allows you to increase, decrease, or a combination of both to offer flexible financial protection

• This IndiaFirst term insurance plan can be purchased online as per your convenience.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Eligibility Criteria of the IndiaFirst Life e-Term Plus Plan

Here is the eligibility criteria for the purchase of the IndiaFirst Life e-Term Plus plan:

Plan Options in IndiaFirst Life e-Term Plus Plan

The IndiaFirst Life e-Term Plus Plan offers a wide variety of coverage options designed to fit the needs of every individual from all walks of life. They are as follows:

• Option 1: Life: Under this option, 100% of the sum assured will be paid as a death benefit in case of your unfortunate death. The nominee can choose to receive the payout in a lump sum amount or monthly income for 5 years.

• Option 2: Life Option with Voluntary Exit Benefit: The option pays 100% of the sum assured in case of death of the policyholder and allows the nominee to choose to receive the sum assured as a lump sum or monthly installments over a span of 5 years. You can also exit the plan and receive all the premiums paid up until that point. The special exit can be availed after 65 years of age or after 25 full year premiums are paid.

• Option 3: Life Protect: You can choose any of the following variants available under this option:

  • Increasing Cover Option: Under this, the sum assured increases by 5% from 2nd year onwards and allows the benefit to be paid in a lump sum or regular installments for 5 years. The sum assured can be increased to a maximum of 100% of the basic sum assured. 

  • Decreasing Cover Option: In this, the sum assured decreases by 5% from 2nd year onwards and can be reduced to a maximum of 50% of the basic sum assured. Your nominee can also choose to receive the benefit payout as a lump sum or in regular installments paid over 5 years.

  • Life Stage Balance Cover Option: In this, the SA increased by 5 percent per annum simple rate, i.e., from the beginning of the second year of the policy till the 10, 15, or 20th policy years for a policy term of 20, 30 & 40 years respectively. 

• Option 4: Income: Under this option, in case of your unfortunate death your nominee will be paid 10% of the basic sum assured immediately at the time of death and the rest 90% will be paid as monthly installments paid over 5 years.

• Option 5: Accident: This option offers an additional death benefit equal to the sum assured along with the basic sum assured in case of the policyholder’s death due to an accident. The maximum limit for the sum assured under this option is Rs. 1 Crore.

• Option 6: Disability Shield: The option provides coverage against death and accidental total permanent disability. In case of the death of the policyholder, 100% of the sum assured will be paid as a lump sum, and in the case of ATPD, the sum assured will be paid as monthly income over the span of 5 years.

• Option 7: Critical Illness Protector: Under this, the nominee will receive the death benefit in case of the death of the policyholder, but in case of diagnosis of any critical illness covered under the plan, 100% of the sum assured will be paid as a lump sum or monthly income as per your selection.

Additional Benefits of IndiaFirst Life e-Term Plus

• Premium Break: This feature allows you to skip premium payments a maximum of 3 times throughout the policy term. The premium break option can be availed once every 10 years, and during the premium break, you will still stay covered under the term insurance benefits. You will be allowed one premium break for a policy term of 11 to 21 years, two for a policy term of 22 to 33 years, and three for a policy term of 34 to 40 years. This feature is only available for regular premium-paying policies.

• Life Stage Benefit: Up to the age of 60 you can choose to increase your life cover at major life events like your own marriage, birth/adoption of your 1st and 2nd child, and home loan. This feature is only available under the Life Benefit, Income Benefit, and Accident Shield. You can increase your SA by 50% of the starting sum assured at your own marriage, 25% each at the birth/adoption of your 1st and 2nd child, and 50% of the basic sum assured on the purchase of a home loan.

• Tax Benefit: You can get tax benefits as per the prevailing tax laws under sections 80C, 80D, and 10(10D) of the Income Tax Act.

• Premium Payment Frequency: The premiums can be paid on a monthly, quarterly, annual, or semi-annual basis, as per your convenience.

• Special First-Year Discounts: You will be eligible to receive a 5% discount on the first-year premiums for a regular pay policy and a 1% discount on single pay plans.

Policy Details of the IndiaFirst Life e-Term Plus Plan

• Free Look Period: The policy has a free look period of 15 days for policies purchased via agents or offline and 30 days for plans bought online. You can return the policy if unsatisfied with the policy details, within this period and get a refund of your premium.

• Policy Loans: There are no loans available under the plan.

• Grace Period: the plan offers you a grace period of 30 days for yearly, half-yearly, and quarterly premiums and a grace period of 15 days for monthly premiums. You can pay your premiums within this period to avoid your policy from lapsing.

• Revival Period: You can revive your term plan within the first 5 years of the end of the unpaid premium’s due date but before the maturity date. All you need to do is pay the remaining premiums due up until that point without any late fees or interest, and provide a declaration of good health.

Exclusions of the Plan

Suicide Exclusion

In case the policyholder commits suicide within the first 12 months of the policy purchase or policy revival (whichever is applicable), the nominee will be eligible to either receive 80% of the total premiums paid until the policyholder’s death, or the surrender value available on the date of death, whichever is higher. 

Note: Check out the best term insurance plan in India and choose one that suits your requirements.