IndiaFirst Cash Back Plan
Product Info
UIN
143N024V01
Status
Active
Launch Date
09/03/2015
Withdrawn Date
Product Overview
IndiaFirst Cash Back Plan guarantees payouts at regular intervals to meet your specific needs and an assured maturity payout to secure your future.
Product Description
- This is a non participating, non linked, money back insurance Plan.
- Pay for a limited period under the Plan and enjoy regular pay back through the Plan term
- The Plan offers a death benefit equal to higher of 10 times the annualized premium or sum assured on maturity along with accumulated guaranteed additions
- A limited premium Plan with the option of choosing a Plan term of 9/ 12/ 15 years.
COMPARE & BUY SIMILAR PLANS
Unique Features
- "India First Cash Back Plan " is a non participating, having guaranteed additions and it is a Money Back Plan.
- Guaranteed Additions accrue @ 5%, 6% or7% for term 9,12 and 15 years respectively
- On Maturity 60% of the Sum Assured and Guaranteed Additions are paid
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age of Policyholder | Plan Term | Minimum | Maximum | ||
| 9 Years | 15 Years | 45 Years | |||
| 12Years | 15 Years | 50 Years | |||
| 15Years | 15 Years | 55 Years | |||
| Max age of Maturity | 70 years as on the last birthday | ||||
| Sum Assured (Rs.) | 50,000 | No limit subject to Underwriting | |||
| Payment modes | Monthly/ Quarterly/ Six monthly or Yearly | ||||
| Premium Paying Term | Plan Term | Premium Payment Term | |||
| 9 Years | 5 years | ||||
| 12Years | 7 years | ||||
| 15Years | 10 years | ||||
| Policy Term (in years) | 9 / 12 / 15 years | ||||
| Invest | |||||
| Premium Paying Mode | Minimum Premium | ||||
| Monthly | Rs. 522 | ||||
| Quarterly | Rs. 1,554 | ||||
| Six monthly | Rs. 3,071 | ||||
| Yearly | Rs. 6,000 | ||||
| Premium Frequency | Factor To Be Applied To Yearly Premium | ||||
| Monthly | 0.0870 | ||||
| Quarterly | 0.259 | ||||
| Six monthly | 0.5119 | ||||
| Sum Assured on maturity | Limit | ||||
| Minimum | Rs 50,000 | ||||
| Maximum | No limit subject to Underwriting | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
60% of the sum assured at maturity along with guaranteed additions based on the Plan term as maturity benefit. - Survival Benefit :
20% of Sum Assured on maturity payable on 5th, and 10th year plus maturity benefit - Death Benefit :
Higher of 10 times of annualized premium or 105% of all premiums paid
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | ||||||
| Plan Term | Guaranteed Additions as % of Annualized Premium at every Plan year end |
|||||
| 9 Years | 5% of Annualized Premium | |||||
| 12Years | 6% of Annualized Premium | |||||
| 15Years | 7% of Annualized Premium | |||||
| Plan offers a high sum assured rebate | ||||||
| Sum Assured | Discount in premium Sum Assured per thousand Sum Assured on maturity | |||||
| 50 thousand to less than Rs 1 lakh | Nil | |||||
| Rs 1 lakh to less than Rs 2 lakhs | 6 | |||||
| Rs 2 lakhs to less than Rs 5 lakhs | 9 | |||||
| Rs 5 lakhs and above | 10 | |||||
| The payout frequency and the amount is given below | ||||||
| Payout Year / Plan Term | 9 Years | 12 Years | 15 Years | |||
| 3 | 20% of Sum Assured on maturity |
- | - | |||
| 4 | - | 20% of Sum Assured on maturity |
- | |||
| 5 | - | - | 20% of Sum Assured on maturity |
|||
| 6 | 20% of Sum Assured on maturity |
- | - | |||
| 8 | - | 20% of Sum Assured on maturity |
- | |||
| 9 | 60% of Sum Assured on maturity + Guaranteed Additions |
- | - | |||
| 10 | - | - | 20% of Sum Assured on maturity |
|||
| 12 | - | 60% of Sum Assured on maturity + Guaranteed Additions |
- | |||
| 15 | - | - | 60% of Sum Assured on maturity + Guaranteed Additions |
|||
| Discontinue Premium | ||||||
| Before Acquiring Paid-up Value | ||||||
| Plan Term | Number of years premium needs to be paid to have paid up value |
|||||
| 9/ 12 years | 2 years | |||||
| 15 years | 3 years | |||||
| After Acquiring Paid-up Value | ||||||
| Paid up value payable on maturity |
Paid up value payable on death |
|||||
| Sum Assured on Maturity X (No. of Premiums Paid / Total Number of Premiums Payable) + Guaranteed Additions – Survival Benefits paid, if any | Sum Assured on death X (No. of Premiums Paid / Total Number of Premiums Payable) + Guaranteed Additions |
|||||
| Notes:- Survival Benefit and Guaranteed Additions will not be payable once the Plan becomes paid up. | ||||||
| Discontinuous | First three plan years | |||||
| The plan does not acquire any value, if you stop paying your premium during the first three plan years. | ||||||
| No benefits will be payable during this period. | ||||||
| Fourth plan year onwards | ||||||
| The proportional Sum Assured is equal to – (Sum Assured X No. of Premiums Paid)/ Total Number of Premiums Payable | ||||||
| Revive | Simply paying the pending premium amount along with interest from the due date of first unpaid premium | |||||
| Begin the payment of premiums | ||||||
| Surrender Value | The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). | |||||
| Special Surrender Value = Proportionate Sum Assured on maturity plus guaranteed additions, till date of surrender X SSV factor at the time of surrender |
||||||
| The SSV factor will be determined by us from time to time | ||||||
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of India First Cash Back Plan
Company Overview
Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 625 crore, is one of the country's youngest life insurance company promoted by two large public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General.The company launched operations nationwide in March, 2010
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