IndiaFirst Smart Save Plan
Product Info
UIN
143L010V01
Status
Withdrawn
Launch Date
31/08/2010
Withdrawn Date
31/12/2013
Product Overview
IndiaFirst Smart Save Plan offers you an insurance cover on your life and additionally helps you grow and develop a body of wealth through market linked investments.
Product Description
- You can build your savings systematically, through investments in various funds
- The plan offers a life cover in case of the life assured’s untimely death
- The investment can be protected against market fluctuations in the last 3 years before maturity
- ‘automatic trigger-based’ investment strategy available
COMPARE & BUY SIMILAR PLANS
Unique Features
- "IndiaFirst Smart Save Plan" is a simple unit linked insurance plan (ULIP)
- Plan offers a range of funds to invest in, along with sizeable death and maturity benefits
- The policy ensures the security of its investments through an "Automatic Trigger based investment strategy".
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age of Policyholder | Minimum | 5 Years | |||
| Maximum | 60 Years | ||||
| Max age of Maturity | 75 years | ||||
| Payment modes | Regular Premium | Six monthly, yearly | |||
| Limited Premium | Six monthly, yearly | ||||
| Single Premium | Onetime payment only | ||||
| Single premium (in Rs.) | Minimum - Rs 45,000 | ||||
| Premium Paying Term | |||||
| Premium Payment Option | Premium Paying Term | Policy Term | |||
| Regular Premium | 10, 15, 20 and 25 years | 10, 15, 20 and 25 years | |||
| Limited Premium | 7 years | 10, 15, 20 and 25 years | |||
| Single Premium | Onetime payment only | 5 , 10, 15 and 20 years | |||
| Minimum Sum Assured | |||||
| Age under 45years while applying for the plan | Age 45 years and above while applying for the plan |
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| Regular and Limited Premium |
[(105% * Premium Paying Term * Annualized Premium) or (10* Annualized Premium) or (0.5 * Plan Term * Annualized Premium)] whichever is higher |
[(105% * Premium Paying Term * Annualized Premium) or (7* Annualized Premium) or (0.25 * Plan Term * Annualized Premium)] whichever is higher |
|||
| Single Premium | 125% of single premium | 110% of single premium | |||
| Maximum Sum Assured | |||||
| Policy under/Age band while applying for the plan (years) |
Up to 45 | 46–50 | 51-55 | 56-60 | 61-65 |
| Regular Premium | 40 | 30 | 25 | 20 | 11 |
| Limited Premium | 25 | 15 | 11 | 11 | 11 |
| Single Premium | 5 | 5 | 1.1 | 1.1 | 1.1 |
| Invest | |||||
| Minimum Investment | Six Monthly | Yearly | |||
| Regular Premium | Rs. 6,000 | Rs. 12,000 | |||
| Limited Premium | Rs. 7,500 | Rs. 15,000 | |||
| Single Premium | - | Rs. 45,000 | |||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
Life Insured receive the fund value at the end of the plan term. - Death Benefit :
In case of death of the Life Insured, the nominee would get the higher of Sum Assured or Fund Value
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Investment Funds | ||||||
| Fund Name & Objective | Asset Allocation | Risk Profile | ||||
| Equity1 | Equity | 80 – 100% | High | |||
| Debt Securities | 0 | |||||
| Money Market | 0 – 20% | |||||
| Debt1 | Equity | 0 | Moderate | |||
| Debt Securities | 70 – 100% | |||||
| Money Market | 0 – 30% | |||||
| Notes :-All your premiums (net of charges) are allocated either under the Equity1 Fund or Debt1 Fund | ||||||
| Switching | Minimum switching amount | Rs. 5,000 | ||||
| Maximum switching amount | Fund Value | |||||
| You are allowed to make 52 free switches in a plan year. However, the unused free switches cannot be carried forward to the next plan year. | ||||||
| Partial Withdrawal Charge | There are no partial withdrawal charges applicable | |||||
| Partial Withdrawal Allowed | ||||||
| Regular/ Limited Premium |
If you have paid your premiums for the first 5 years, you can withdraw your money partially after the fifth plan year |
|||||
| Single Premium | You can withdraw after completion of the fifth plan year | |||||
| Limit of Partial Withdrawals | ||||||
| Minimum Withdrawal | Rs. 5,000 | |||||
| Maximum withdrawal – Regular/ Limited Premium |
Up to 25% of the fund value, only if your fund is left with a minimum balance equal to 110% of your annual premium after the withdrawal | |||||
| Maximum withdrawal – Single Premium | Fund value after the withdrawal should not be less than Rs.45,000 | |||||
| Notes : - There are no partial withdrawal charges applicable | ||||||
| Discontinuance within the first 5 years of the Plan | ||||||
| The amount of the discontinued plan will be refunded only upon the completion of the fifth plan year after deducting discontinuance charges on the date of discontinuance | ||||||
| The minimum return on the fund shall be 3.50% p.a. compounded or as prescribed by IRDA from time to time | ||||||
| Discontinuance after the first 5 years of the Plan | ||||||
| If you choose to discontinue your plan after five plan years, the fund value as on date of discontinuance will be payable to you | ||||||
| Settlement Options | Your settlement period starts from the maturity date and can be applicable for a maximum period of 5 years | |||||
| However, you have to opt for the settlement option at least 3 months prior to the date of maturity | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Fund Management Charges | |||||
| Fund Name | % of Fund Value | ||||
| Equity1 | 1.35% p.a | ||||
| Debt1 | 1.35% p.a | ||||
| Premium Allocation Charges | |||||
| Regular Premium | Year | Regular / Limited Premium | |||
| 1 | 6.70% | ||||
| 2 - 4 | 4% | ||||
| 5 onwards | 3.5% | ||||
| Single premiums are subject to a 2% allocation charge at the time of payment. | |||||
| Notes :- This charge is deducted from the Premium Paid by you | |||||
| Policy Administration Charges | |||||
| For regular/ limited premium, the charges are 1.8% of first year’s premium per annum inflating by 5% every plan year. This is subject to a maximum of Rs. 6000 per annum | For single premium business, the charges are 1.20% of the single premium for the first ten years and 0% thereafter. This is subject to a maximum of Rs. 6,000 per annum |
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| Surrender Charge | |||||
| Policy discontinuance year | annual premium up to Rs. 25,000 p.a |
annual premium more than Rs.25,000 p.a | |||
| 1 | Lower of 20% of (AP or FV) subject to max Rs 3,000 |
Lower of 6% of (AP or FV) subject to max Rs.6,000 |
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| 2 | Lower of 15% of (AP or FV) subject to max Rs.2,000 |
Lower of 4% of (AP or FV) subject to max Rs.5,000 |
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| 3 | Lower of 10% of (AP or FV) subject to max Rs.1,500 |
Lower of 3% of (AP or FV) subject to max Rs.4,000 |
|||
| 4 | Lower of 5% of (AP or FV) subject to max Rs.1,000 |
Lower of 2% of (AP or FV) subject to max Rs.2,000 |
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| 5th onwards | Nil | ||||
| Notes : *AP means Annualized Premium , FV means Fund Value . | |||||
| Mortality Charge | Annual Mortality Charge is expressed in rupees per 1000 sum at risk which, is the sum assured less fund value subject to this becomes non-negative. | ||||
| Notes :- The mortality charges are applicable throughout the contract period of the policy | |||||
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 IndiaFirst Smart Save 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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