IndiaFirst Cash Back Plan

• Periodic payback during the policy term
• Limited premium payment term
• Guaranteed additions to boost your savings
• Covers unfortunate death of the insured
• Guaranteed maturity benefit
• Avail Tax Benefit under IT Act

Death Benefit

The death benefit payable to the nominee in the event of death of the life insured is an aggregate of Sum Assured on death plus guaranteed addition, till date of death. The sum assured on death is higher of10 times of the annualized premium or 105% of all premiums paid, excluding service tax and extra premium / rider premium, if any, as on date of death or guaranteed sum assured on maturity.

Once the death benefit proceeds are paid to the nominee, the policy gets terminated and no Survival Benefit or Maturity benefit is payable in that scenario.

Survival Benefit

The life insured will receive the payout during the policy term, as per the premium payment term opted.

The survival benefits payable are as follows:

For a 9 year policy term: 20% of the sum insured on maturity is payable in the 3^rd policy year and 20% of the sum insured on maturity is payable in the 6^th policy year.

For a 12 year policy term: 20% of the sum insured on maturity is payable in the 4^th  policy year and 20% of the sum insured on maturity is payable in the 8^th policy year.

For a 15 year policy term: 20% of the sum insured on maturity is payable in the 5^th  policy year and 20% of the sum insured on maturity is payable in the 10^th policy year.

Maturity Benefit

Maturity benefit is payable on  the survival of the Life Assured till the end of the policy term. Maturity benefit is payable to the Policyholder which is the base Sum Assured plus accrued bonus and Terminal Bonus, (if any) and the policy terminates.

Guaranteed Additions

The guaranteed additions will depend on the policy term as mentioned below:

Bonus

The plan is not eligible for any bonus as it is a non participating plan.

Loan Benefit

No loan benefit is available under this policy.

Surrender Value

The plan can be surrendered after payment of 2 and 3 full years's premium provided the premium paying term is 5 or 7 years and 10 years respectively. The surrender value will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Tax Benefit

The plan helps in getting tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

No Riders are available under this plan.

Let us understand the plan with the example of Rahul:

Life Insured: Rahul
Policy Term: 9 years
Sum Assured: Rs 1 Lakh

Survival Benefit: Rahul will receive 40% of the sum assured during the policy term, i.e Rs 20,000 in the 3^rd policy year (20 % of the sum assured) and  another Rs 20,000 in the 6^th policy year (20% of the sum assured).

Guaranteed Additions: 5% of the annualized premium at every policy year end.

Maturity Benefit: The remaining 60% of the sum assured i.e Rs 60,000 is paid at the end of the policy term along with accrued guaranteed additions.

Death Benefit: The death benefit payable to Rahul’s nominee in the event of death is an aggregate of Sum Assured on death plus guaranteed addition, till date of death.