IndiaFirst Life Insurance Company Limited offers IndiaFirst Online Term Plan that can be purchased online without any hassle. With this term insurance plan, you and your family are financially safe from an unforeseen event. This insurance provides coverage against Accidental Total Permanent Disability, Critical Illness, Death and Accidental Death. Here, the customer has the convenience to pay the premium and receive the benefit as per his/her chosen mode. Read this page and know more about the India First Online Term Plan.
Let’s check the below pointers and see what you need to have this plan.
- Entry age is 18-55 years (depending on whether you choose Income Replacement Benefit or not)
- The minimum annualized premium amount should be INR 3,000, and there is no maximum limit for this as per the Board Approved Underwriting Policy.
- The policy term for the India First Online Term Plan ranges from 10-40 years
- Premium Payment mode available for this plan is monthly, quarterly, half-yearly, yearly, or a single premium payment in the policy.
IndiaFirst Online Term Plan Coverage Options
If you buy this Term Plan online, you can choose your policy coverage as per your desire. Because with IndiaFirst Online Term Plan, you have a choice of 8 different coverage options. Please refer to the below pointers mentioning the coverage options:
- Life Benefit – 100% of the Sum Assured will be payable to the nominee if the Life Assured dies during the term of the policy. The maturity age for this benefit is 80 years, and the claimant can receive a minimum lump sum benefit of up to INR 50 lakh.
- Income Benefit – 10% of the Sum Assured is payable if the death of the Life Assured happens during the term of the policy. And, the 90% Sum Assured will be paid out as level income during 5, 10, 15, or 20 years (as chosen at inception). The Sum Assured of INR 50 lakh is the minimum amount under this plan, and the Life Assured age must not be more than 80 years at maturity.
- Income Plus Benefit – 100% of the Sum Assured is payable when the Life Assured dies during the term of the policy. And an additional 100% Sum Assured will be paid out as level income during 5, 10, 15, or 20 years (as chosen at inception). The minimum Sum Assured will be INR 50 Lakh and the Life Assured age must not be more than 80 years at maturity.
- Income Replacement Benefit – This benefit will replace the Life Assured death monthly income. In this, the monthly income is calculated as Annual Income/12. The initial annual income amount will be disclosed by the Life Assured at inception. And this income payment will start at the end of the monthly policy anniversary immediately after the Life Assured death. For this, your policy should have a minimum term of 2 years even when the income payment extends beyond the policy term. The maturity age for this benefit is 60 years and it offers a minimum sum assured of INR 2,20,000 per annum.
- Accident Shield Benefit – Under this coverage plan, 100% of the Sum Assured will be payable if the Life Assured dies due to an accident. If there is any additional death benefit in the policy, the Sum Assured will also be payable to the nominee. For the additional Sum Assured, the maximum limit is INR 10,000,000. The maturity age for this plan should be 65 years.
- Disability Shield Benefit – A 100% of the Sum Assured will be paid to the Life Assured on death (in lump-sum) and Total Permanent Accidental Disablement (in monthly income). If the Life Assured dies while receiving Total Permanent Accidental Disablement benefits, the same will continue to be paid to the nominee. For this coverage plan, the age of the Life Assured at maturity should be 65 years and the Sum Assured will range from INR 50 lakh to INR 1 Crore.
- Critical Illness Protector Benefit – 100% of the Sum Assured becomes payable if the Life Assured dies (in lump-sum) or gets diagnosed with any of the defined critical illnesses (in monthly income or lump-sum). And unfortunately, if the Life Assured dies while receiving Critical Illness benefits, the same will continue to be paid to the nominee. For this plan, the age of the Life Assured at maturity should be a maximum of 65 years and the Sum Assured will range from INR 50 lakh to INR 1 Crore.
- Comprehensive Benefit – If you choose this coverage plan, you will get a combination of death, accidental death, accidental total permanent disability, and critical illness. In this plan, the age of the Life Assured at maturity should be a maximum of 65 years and the minimum Sum Assured will be INR 50 lakh, and the maximum Sum Assured will be INR 1 Crore.
Note – If you choose the Income Replacement option, your minimum annual income is considered instead of the minimum sum assured. For all coverage options, except for the Critical Illness Protector Benefit and Comprehensive Benefit, a rate down of 3 years may apply for female lives aged 21 years as on last birthday. Male rare for 18 years of age shall apply under Critical Illness Protector Benefit and Comprehensive Benefit option. Whereas the premium rates for this benefit are guaranteed for 10 years only from the date of policy commencement.
Exclusions from IndiaFirst Online Term Plan
The customer must know the scenario when they can’t claim. So to make things easier, we provide you a list of exclusions below:
If you commit suicide within 12 months from the date of inception or revival of the policy, the company pays 80% of the total paid premiums, except for the applicable taxes as per tax laws. This will be payable to the nominee(s), appointee, or the legal heir of the Life Assured.
Accidental Death/ Total Permanent Disability Exclusions
If an accidental death happens due to the following reasons, the same will not be covered under the policy:
- If an infection arises and causes death, it will not be covered by the insurer unless the infection is caused by any external visible means.
- If you consume alcohol or drugs (unless it is registered by a medical practitioner)
- Self-inflicted Injury
- Criminal and Unlawful acts performed by the Life assured or if there is any involvement
- War, invasion, hostilities, civil war, rebellion, revolution, riot participation, or civil commotion
- Accidents due to radioactive, explosive, or hazardous nuclear fuel materials
- Or if an accident happens due to the participation of the Life Assured in any flying activity, other than as a passenger in a commercially licensed aircraft.
- Participation in any hazardous sports
Critical Illness Exclusion
You aren’t eligible for a claim if the critical illness arises directly or indirectly due to the following:
- HIV infection or AIDS
- If any disease occurs during the waiting period from the policy inception or the last revival.
- For a Critical Illness cover, a 30-day survival period may apply between the diagnosis period of a critical illness and its benefit payout.
- Any of the critical illnesses is not payable if any care, treatment, or advice is recommended by or received by a physician. And such illness is first manifested itself or contracted before the policy issuance/ inception.
- Congenital condition
- Intentional self-inflicted injury or attempted suicide
- Abuse of Alcohol, Drugs, Narcotics Psychotropic substances (unless you have a prescription for it from a registered medical practitioner)
- Failure in medical advice
- War, invasion, an act of a foreign enemy, hostiles, armed/unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military/usurped power, riot/civil commotion, or strikes.
- If the insured takes part in naval military or air force
- Participation in any flying activity, except you, attend as the fare-paying passenger
- If the insured is guilty of any criminal or unlawful act
- Participation in professional sport(s)
- Participating in any hazardous pursuits, including driving, riding, or any kind of race
When IndiaFirst Online Term Plan Can be Enhanced?
As per your need, you can increase IndiaFirst Online Term Plan Sum Assured without any medical underwriting. This benefit is available to you till the age of 55 years. The maximum rise in the Sum Assured is capped to 100% of the initial Sum Assured. For this, you need to pay an additional premium amount which will be based on the age of the Life Assured and the increase in the Sum Assured. You can use this option for up to 6 months from the date of the specified event such as:
- First Child Birth or Adoption
- Second Child Birth or Adoption
- Home Loan
This benefit is available under Life Benefit, Income Benefit, Income Plus Benefit, and Accident Shield Benefit.