Term Insurance 262 views January 4, 2022

IndiaFirst Life Plan protects your loved ones financially in case of your death. This is a pure term insurance policy that provides life cover for up to 40 years. Highlights of the IndiaFirst Life Insurance Plan are –

  • Affordable Premium Amount
  • High Sum Assured
  • Flexible Premium Payment Term
  • Surrender Benefit
  • Death Benefit

Learn more about the benefits of the plan on this page below.

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IndiaFirst Life Plan Benefits

The insurance company will provide you and your nominee the following benefits.

Death Benefit for the Nominee

In case of your unfortunate demise, your nominee will receive the policy sum assured. The death benefit should be more than 105% of all the paid premiums.

Surrender Benefit for the Life Assured

The company allows you to surrender this policy. If you have chosen the regular premium option, you won’t get any surrender value. Whereas, in the case of single pay, the surrender value is payable upon surrendering the policy after the second year and before the end of the term. The surrender value is calculated as –

40% x Paid Premium x (Unexpired Term / Total Policy Term)

IndiaFirst Life Plan Policy Term & Premium Payment Options

The policy tenure ranges from 5 to 40 years, and you can choose the premium payment term from the following options –

Regular Premium – In this, your premium payment term will be the same as the policy term, and you can pay the amount yearly, half-yearly or monthly (via ECS).

Single Premium – If you choose this, you need to pay the premium in a one-time lump sum only.

The payable premium amount will be based upon your age, policy term and sum assured. Check out the table below and see the minimum payable premium amount –

Premium Payment ModesMinimum Premium Amount (In INR)
Single Pay5000

The minimum sum assured is INR 1 Lakh, and the maximum is INR 50 Crore.

Who Can be Your Nominee Under the IndiaFirst Life Plan?

The nominee can be any person who receives the death benefit in case of your demise during the policy term. It can be your immediate family member or even a minor. But in the case of a minor, you need to add an appointee. They will receive the benefit under the policy until the nominee attains the age of 18 years.

Eligibility Criteria for the IndiaFirst Life Plan

This life insurance policy is available to you if you meet the below age criteria –

  • Minimum age at the time of purchase – 18 years
  • Maximum age at the time of purchase – 60 years
  • Maximum age at the time of the end of the policy term – 70 years

Suicide Clause Under the IndiaFirst Life Plan

In case of suicide within 12 months from the risk commencement date or revival of the policy, the nominee will get 80% of the total paid premiums or the surrender value available (whichever is higher).

Free Look Cancellation Facility

The company allows you to return the IndiaFirst Life Plan if you disagree with the terms and conditions within the first 15 days (free look period) from its receipt. If you have purchased the IndiaFirst Life Plan via distance marketing, the free look period is 30 days. Distance marketing modes include – SMS, email, online purchase, newspaper, TV commercials, etc. Upon cancellation, you will get the refund of the paid premium after the deduction of the following –

  • Risk Premium for the period on cover
  • Medical examination expenses, if any
  • Stamp duty charges

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