IndiaFirst Simple Benefit Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
IndiaFirst Simple Benefit Plan that provides you with dual benefits of a life cover and assured savings. The plan promises to pay out an assured amount plus bonuses on specific events like death or maturity.
Product Description
- Plan your future needs, by deciding when you need the assured amount – anytime between 10 to 20 years.
- Simple Reversionary Bonus accrues in this plan.
- The sum assured along with simple reversionary bonus and terminal bonus, if any will be paid at the end of the plan term.
- Choose your premium paying mode and premium amount from as low as Rs. 174 per month based on your income and needs.
COMPARE & BUY SIMILAR PLANS
Unique Features
- "India First Simple Benefit Plan " is a simple, non linked, participating savings plan with a low annualized premium.
- This policy provides Simple Reversionary Bonus and Terminal Bonus that are paid as part of the Maturity Benefit or Death Benefit.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age of Policyholder | Minimum | 18 Years | |||
| Maximum | 60 Years | ||||
| Max age of Maturity | 70 years | ||||
| premium (Rs.) | Rs 2,000 p.a. | No Limit | |||
| Sum Assured (Rs.) | 20,000 | 20,00,00,000 | |||
| Payment modes | Annual, Semi Annual and Monthly | ||||
| Premium Paying Term | Equal to Policy Tenure | ||||
| Policy Term (in years) | 10 years | 20 years | |||
| Invest | |||||
| Premium Paying Mode | Minimum Premium | ||||
| Monthly | Rs. 174 | ||||
| Six monthly | Rs. 1,024 | ||||
| Yearly | Rs. 2,000 | ||||
| Premium Frequency | Factor To Be Applied To Yearly Premium | ||||
| Monthly | 0.087 | ||||
| Six monthly | 0.5119 | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit :
Sum Assured + Simple reversionary bonus accumulated + Terminal Bonus, if any. - Death Benefit :
Sum Assured + 5 times the Annualized Premium + simple Reversionary Bonus as Death Benefit and the policy terminates, subject to a minimum of 105% of (Annualized Premium X Premium Paying Term)
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus | ||||||
| Simple Reversionary Bonus | A simple reversionary bonus, if any, is a percentage of the sum assured declared by us at the end of each financial year. | |||||
| The rate of bonus or percentage of the sum assured is not fixed and may change from time to time. | ||||||
| Terminal Bonus | A terminal bonus may be announced by us at the end of the financial year | |||||
| This bonus amount will be credited into the plan at the end of the plan term | ||||||
| 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 | ||||||
| Loan | The amount of the loan that you may avail at any point of time will depend on the surrender value | |||||
| Avail of a loan amount up to 90 percent of the available surrender value | ||||||
| Notes :- The minimum loan amount should be Rs. 1,000. As and when the outstanding loan principal along with interest exceeds the surrender value |
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| Surrender Value | The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). | |||||
| Guaranteed Surrender Value = 30% of total premium paid - 1st year premium ( extra Rider Premium , if any) | ||||||
| Special Surrender Value = Paid up value x Special Surrender value 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 Simple Benefit 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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