Investment Plans 224 views October 23, 2021

IndiaFirst Young India Plan is unit-linked insurance that offers life cover along with the benefit of investment during the policy term. This IndiaFirst Life Insurance Plan helps achieve the same owing to its following key features.

  • Payout of the fund value at different life events as chosen by you
  • Lump sum payment to your loved ones in case of your death
  • Financial security for your family in case you suffer from accidental death/disability
  • Five fund options
  • Partial withdrawal facility

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

To know more about the benefits and features of the IndiaFirst Young India Plan, read this page further.

IndiaFirst Young India Plan Base Cover

The insurance company shall provide you and the beneficiary the following benefits if you are insured under the IndiaFirst Young India Plan.

Death Benefit

In case of your demise during the plan term, the sum assured will be paid out to the appointee if the beneficiary is a minor at the time of death. Whereas, if the beneficiary is 18 years or more, the company shall pay the death benefit directly to the beneficiary. The beneficiary shall also receive an additional benefit equal to the sum of all future payable premiums in case of death due to an accident.

You can choose the additional benefit payout at inception from the following two options:

Option I – Additional benefit shall be payable immediately to the nominee upon the death of the life assured in a lump sum along with the fund value, and subsequently, the policy terminates.

Option II – The company shall pay all the future premiums by creating units under funds as chosen by you. Later, the fund value shall be paid to the beneficiary on the maturity date.

Total and Permanent Disability Benefit

You will receive an additional benefit equal to the sum of payable premiums in case you suffer from an accidental bodily injury and it results in total permanent disability within 180 days of the accident. For getting this benefit, the following must have happened –

  • Loss of both arms, or legs
  • Loss of one arm and leg
  • Loss of both eyes

Maturity Benefit

On maturity, the company will pay you the fund value as a lump sum. In case of your death, this benefit shall be payable to the beneficiary, provided he/she is 18 years or above. Else, the company will pay the fund value to your appointee. The company provides you an option to receive this maturity benefit in installments for up to five years. This period is called the Settlement Period during which the fund management and policy administration charges shall continue to be charged.

You can secure your fund investment by choosing a Liquid 1 Fund or any other fund allowed by the company during the settlement period. No life cover is available during this period. And in case of your death, the company will pay the fund value to the beneficiary/appointee as on the date of intimation of death. Also, you do not get the privilege of the additional benefit in case of accidental disability/death.

Note – The investment risks will be borne by you and no switches or partial withdrawals are allowed.

IndiaFirst Young India Plan Fund Options

You can invest your premium in any of the following funds based on your risk appetite and goal –

  • Equity 1
  • Balanced 1
  • Debt 1
  • Index Tracker
  • Value

The minimum amount you can invest is INR 6,000 in six months and INR 12,000 yearly. There is no maximum limit on your investments.

IndiaFirst Young India Policy Term & Premium Payment Options

This is a regular premium unit-linked savings plan with term options of –

  • 10 years
  • 15 years
  • 20 years
  • 25 years

The minimum sum assured is equal to 105% of the premium paying term x annualized premium.

Rules Regarding the Partial Withdrawal Facility

You can do partial withdrawal from the sixth policy year onwards, provided all premiums are paid in full. The minimum amount you can withdraw is INR 5,000. And the maximum amount is subject to up to 25% of the fund value, provided the minimum balance is equal to 110% of your annual premium post the previous withdrawal.

Eligibility Criteria for IndiaFirst Young India Plan

You can purchase this ULIP from the IndiaFirst Life Insurance Company if you meet the below age criteria.

  • Minimum Age at Entry – 18 years
  • Maximum Age at Entry – 55 years
  • Maximum Age allowed at Maturity – 65 years

Free Look Period

You will have a free look period of 15 days from the receipt of the policy document to review the terms and conditions. And if you disagree with the same, you can return the plan stating the reason for the objection. On such a cancellation, you will get a refund equal to the paid premium less pro-rata death benefit, additional benefit charges, stamp duty charges, medical examination expenses (if any).

Note – The refund amount is adjusted by the fund performance between the date of receipt of premium and cancellation of the policy.

People Also Read