Term Insurance 799 views June 9, 2021

IndiaFirst Life Anytime Plan

IndiaFirst Life Anytime Plan is a non-participating pure term insurance plan that provides life cover to the insured person for a period as long as 30 years. The policy term will also depend on your age at the proposed maturity of the plan. Your age at maturity should not exceed 70 years. Based on how far you are from 70 years at inception, the insurer will set your policy term.

The life cover is equal to the sum assured opted under this plan. You can select your life insurance cover from INR 10,00,000 to INR 50,00,00,000. The life cover should be in multiples of INR 1,00,000. You can pay your premium regularly through ECS or Direct Debit, half-yearly, yearly. Even a single premium payment is allowed wherein you pay the premium once during the policy term. Read this page further to understand more about the policy coverage and terms and conditions.

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IndiaFirst Life Anytime Plan Death Benefit

In case you die during the plan term, the nominee/appointee/legal heir will receive a lump sum amount equal to the sum assured and the policy terminates.

What is IndiaFirst Life Anytime Plan Premium Amount?

The premium amount is based upon the life assured’s age, policy term and sum assured. The minimum premium amount under this policy is as follows:

  1. INR 174, monthly
  2. INR 1,024, half-yearly
  3. INR 2,000, yearly
  4. INR 10,000, for a single premium payment

Grace Period

Under this policy, you’ll get a grace period of 30 days on choosing a half-yearly or yearly premium mode and 15 days in the case of monthly premium mode. This period starts from the due date of each premium payment and allows you a specific period to pay your due premium amount before the policy lapses. IndiaFirst Life Anytime Plan benefits shall continue during this grace period. So, in case of death of the life assured during this period, the death benefit after the deduction due premium shall be paid to the nominee/appointee legal heir.

If you do not pay your premiums before the end of the grace period, your life cover ceases and the policy lapses. You can revive your plan within two years from the due date of the first unpaid premium but before the maturity date.

IndiaFirst Life Anytime Plan Surrender Value

A surrender value shall be payable to you if you surrender this plan after three policy years and before the end of the plan term.

Surrender Value = 40% x Paid Premium x (Unexpired term/Total term)

Note: Surrender value is payable only if you choose a single premium.

Suicide Clause

If the life assured commits suicide within 12 months from the date of risk commencement, the nominee/appointee /legal heir will be limited to 80% of the paid premium. Whereas, if the life assured commits suicide within 12 months from the date of revival/reinstatement, the insurer will pay the surrender value or 80% of the paid premium, whichever is higher.

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