IndiaFirst Simple Benefit Plan

What is the Plan all About?

IndiaFirst Simple Benefit plan is a participating non linked insurance plan which offers the benefit of insurance plus savings. The plan will ensure the cash flows to your family when needed the most.

What are the Key Features?

Systematic saving plan
Choose term as per your future objectives
Family protection by offering death benefit
Guaranteed maturity benefit
Get Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

In case of death event of the policyholder’s demise while the life assured is a minor, the surviving parent or legal guardian who has an insurable interest of the minor life will be the policyholder.
In case of death, of life insured who is <45 years, Higher of (Guaranteed Sum Assured on maturity or 10 times Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured, if opted is payable.
In case of death of life insured who is >45 years, Higher of (Guaranteed Sum Assured on maturity or 7 times Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured, if opted is payable.

Maturity Benefit

The guaranteed sum assured on maturity plus the simple reversionary bonus and terminal bonus, if any is paid at the end of the plan term.

Bonus

The simple reversionary bonus, if any, will be announced by us at the end of the financial year. The rate of the simple reversionary bonus may vary from time to time.

Loan Benefit

The policy can help you in getting a loan amount up to 90% of the available surrender value.The minimum loan amount should be ` 1,000.

Surrender Value

The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Tax Benefit

Premiums paid, are eligible for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	50 Years
Age at Maturity	-	70 Years
Policy Tenure	15 Years	25 Years
Premium Paying Term	Regular Pay	-
Premium Paying Mode	Annually,half Yearly And Monthly	-
Premium Amount	-	-
Sum Assured	Rs 20,000	Rs 5 Lacs
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days / 15 Days For Monthly Mode	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No Rider is available under the plan.

How the Plan Works?

Let us understand with the help of an illustration for the plan

Policy Holder: Ramesh, 25 years

Policy Term: 15 years

Sum Assured: Rs 3,44,180

Premium: Rs 20,000 per annum

Death Benefit:

Higher of (Guaranteed Sum Assured on maturity or 10 times Annualized Premium) + Accrued Bonus till death.

Maturity Benefit:

Lump Sum Amount payable at the end of the Plan Term: `3,44,180 (Sum Assured as mentioned in the above table) + Bonus (Simple Reversionary Bonus + Terminal Bonus, if any)

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