IndiaFirst CSC first Shubhlabh is a micro-insurance, non-linked, non-participating, dual benefit plan providing saving and protection needs for the policyholder.
The plan can be purchased easily by simply providing name and Aadhaar number.
The plan has been designed so that it is affordable due to its low premium and at the same time it helps you build corpus through savings at your convenience. Tax benefits can also be availed under this plan as per the Income Tax Act.
Life cover guaranteed:The plan offers a crucial life cover of 10 times of annual premium for entry age below 45 and 7 times of annual premium for entry age above 45 years.
Lump sum death benefit : If the policyholder dies, a lump sum benefit will be paid to the nominee. The death benefit amount will be sum assured or 105% of total premiums paid including extra premiums if any till the date of death compounded at 1% p.a. or Account Value, whichever is higher.
Withdrawal benefit : The plan allows you to make a partial withdrawal after 5 years for any short term financial goals.
Long term Guaranteed Returns: The plan helps you to build your fund over the period of time with minimum 1.0% per annum on account value of the duration of the plan. Guaranteed addition of interest at 4% p.a for the first 5 plan years and 0.5% p.a for the subsequent years.
Revival Period: This plan can be revived if lapsed due to non-payment of premium. The window to revive the plan is open for a period of 2 years from the date of payment of last premium due. The revival may be conditional and subject to financial and medical underwriting.
Free Look period: The plan offers a free look period of 15 days and if you disagree with any terms and conditions you can return the policy back to the company. The company will refund premium amount minus pro-rata mortality charge, medical fees and stamp duty paid if any.
Surrender Value: The plan offers to partially or completely withdraw fund only after 5 years of the plan term. Hence the surrender value in the plan will be built only after 5 years of the plan term.
Grace Period: The plan offers 30 days grace period for premium payment. If the policyholder does not make premium payment beyond 30 days of the due date the policy will lapse.
Suicide : If Suicide is committed by the policyholder during the first year of the policy term then death benefit will be limited to 80% of the total premium paid including any top-up premium paid. If the suicide is committed within one year of reinstatement of lapsed policy the plan will pay higher of 80% of the total premium paid including any top-up premium paid or account value. This condition is irrespective whether the policyholder is sane or insane at the time of death.
IndiaFirst CSC Shubhlabh offers a good combination of protection and saving needs of the customer. The plan is affordable and helps in building a corpus for long-term goals. The withdrawal facility after 5 years makes it flexible for emergency fund needs during the term of the plan. The plan makes a good purchase for people who want to start investing low amounts to build funds for their big dreams.
