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IndiaFirst Life Investment Plans
IndiaFirst Life Insurance Company, a leading financial institution, is renowned for a range of traditional investment plans that are designed for offering healthy long term returns. They offer the dual benefit of savings and financial security. The insurance company is a joint collaboration of Andhra Bank, Bank of Baroda and Carmel Point Investments India Private Limited. It has an extensive network of 8000+ branches across India.
Types of Traditional Investment Plans offered by IndiaFirst Life
The four traditional investment plans from IndiaFirst Life Insurance Company are:
IndiaFirst Life Cash Back Plan
(Non Linked, Non Participating, Limited Premium, Money Back Insurance Plan)
IndiaFirst Life Cash Back Plan offers guaranteed payouts at regular intervals for meeting immediate financial goals and an assured maturity payout for ensuring financial stability in the future.
Product Benefits
Pays higher of 10 times the annualized premium or sum assured on maturity, along with accumulated Guaranteed Additions, on the unforeseen death of the life assured.
Enables policyholders to fulfil their short and medium term financial objectives through regular assured payouts.
Boosts your investments through Guaranteed Additions.
Lets you enjoy long term benefits on investments by paying only for a limited period.
Avails tax benefits as per Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Details
Eligibility Criteria
Minimum
Maximum
Entry Age (for 9 year plan)
15 years
45 years
Entry Age (for 12 year plan)
15 years
50 years
Entry Age (for 15 year plan)
15 years
55 years
Maturity Age
-
70 years
Sum Assured
Rs. 50,000
No Upper Limit (subject to underwriting)
How the Plan Works
In case of death, the total of Sum Assured on death and guaranteed additions accumulated, till date of death will be paid. In case the life assured survives during the defined policy term, the life assured will receive periodical pay outs during the policy term. The pay out amount will vary depending upon sum assured at maturity opted by the policyholder.
IndiaFirst Maha Jeevan Plan (Non Linked, Participating, Endowment Plan)
IndiaFirst Maha Jeevan Plan is a participating, non-linked endowment plan that assures the policyholder of a maturity amount. This amount is also accompanied by a revisionary bonus, as declared by the insurer at every financial year end and terminal bonus, if any.
Product Benefits
Ensures your family's financial security in case of the life assured's unfortunate demise by paying higher of 10 times the annualised premium or sum assured on maturity along with accumulated bonuses.
Accumulate your savings systematically, through regular premium contributions based on your income and needs
Boost your investments through bonus (if any) and additional earnings through terminal bonus (if any)
Plan your future needs and decide when you need the assured amount - anytime between 15 – 25 years.
Enhance the plan benefits with IndiaFirst Term Rider and get an additional death benefit equal to the rider sum assured in case of the life assured's untimely demise.
Avail tax benefits under Section 80C and Section 10(10D) as per the prevailing Income Tax Laws
Eligibility Details
The minimum age for applying is 5 years and the maximum age for applying is 55 years.
The minimum age at the end of the plan is 20 years and the maximum age at the end of the plan is 70 years.
Minimum Sum Assured: Rs. 50,000 and Maximum Sum Assured: Rs. 20,00,00,000.
The minimum and maximum policy term is 15 and 25 years respectively.
How this Plan Works
In case of death, a higher of (Guaranteed Sum Assured on maturity or 10 times (7 times if entry age is 45 and above) Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured, if opted
In case you survive the policy term, the guaranteed sum assured on maturity along with the simple reversionary bonus and terminal bonus, if any, is paid at the end of the plan term.
IndiaFirst Simple Benefit Plan
IndiaFirst Simple Benefit Plan offers the dual benefit of financial protection and savings. This includes an assured payout along with bonuses for specific occasions like maturity or death.
Product Benefits
Includes guaranteed maturity amount (sum assured) and the bonus, if any
Instils savings habit
Over the counter (OTC) plan issuance with simplified underwriting for a Sum Assured up to Rs. 2 lakh
Access your money during emergencies by availing a loan of up to 90% of surrender value
Enjoy tax benefits on premium payment as per Section 80C and maturity benefits as per Section 10(10D) of the Income Tax Act, 1961
Eligibility Details
Eligibility Criteria
Minimum
Maximum
Entry Age
18 years
50 years
Maturity Age
-
70 years
Sum Assured
Rs. 20,000
Rs. 5,00,000
How the Plan Works
In case of death a higher of (Guaranteed Sum Assured on maturity or 10 times (7 times if entry age is 45 and above) Annualized Premium) + Accrued Bonus till death, if any.
In case you survive the policy term, the guaranteed sum assured on maturity, along with the simple reversionary bonus and terminal bonus, if any is paid at the end of the plan term.
IndiaFirst Life Guaranteed Monthly Income Plan
IndiaFirst Life Guaranteed Monthly Income Plan is a non-linked, participating, limited premium, life insurance plan that offers monthly guaranteed payouts after the completion of the premium payment tenure and gap year (if opted).
Product Benefits
Guaranteed monthly source of income
Makes policyholders eligible for 105% to 125% of their premiums annually
Offers the flexibility to choose between guaranteed monthly amount immediately post payment years or opt for payouts after a few years
Offers the flexibility to opt for policy term, premium payment, premium payment modes as per your preference
Offers bonus at maturity that further enables you to be eligible for a bigger corpus
Enjoy tax benefits on annual premium payment as per Section 80C and maturity benefits as per Section 10(10D) of the Income Tax Act, 1961
Eligibility Details
Eligibility Criteria
Minimum
Maximum
Entry Age
18 years
50 years
Premium Payment Term
8 years
11 years
Sum Assured
INR 75,000 No limit subject to board
approved underwriting policy
How the Plan Works
In case of death, higher of Sum Assured on death + accrued Simple Reversionary Bonus + Terminal bonus, if any.
In case the life assured survives the premium payment term, the life assured will receive the guaranteed regular income as survival benefit in this policy. These monthly income payouts will be in the range of 105% to 125% of annualized premium basis the life assured’s age, gender, gap year and premium payment term chosen at inception. The life assured will receive the survival benefit till the last month of policy or date of death whichever is earlier.
How to Apply for IndiaFirst Life Traditional Plans?
You can apply for IndiaFirst Life Traditional Plans in two ways:
Online
There are some traditional plans from IndiaFirst Life Insurance Company that are available only on their official website. All that applicants need to do is to select the required traditional plan and the coverage, and then type in the required personal details. An applicant’s premium eligibility will be decided based on the personal details that he/she has provided. Next, the applicant can pay the premium online through the available modes of payment – debit card, credit card or net banking to purchase your chosen IndiaFirst Traditional Plan.
Offline
IndiaFirst Investment Traditional Plans that are not available through their official website can be purchased through their intermediaries, banks, agents or brokers with their assistance.
FAQs on IndiaFirst Life Traditional Investment Plans
Why choose IndiaFirst Life Traditional Plan?
Some of the features and benefits of IndiaFirst life traditional plans are as follows:
Designed especially for building a corpus for guaranteed long term returns.
Offers liquidity by enabling policyholders to withdrawn from the plan whenever required.
These plans are of two types - Endowment Plans or Money Back Plans.
IndiaFirst traditional plans can be either participating or non-participating plans. Participating plans participate in the annual profits declared by the insurance company's profits, along with bonuses. Such profits and bonuses are not applicable for non-participating plans.
These automatically switch to paid-up plans on non-payment of premiums after at least 3 policy years.
Which is the best Traditional Plan of IndiaFirst Life Traditional Plans 2019?
The best IndiaFirst investment traditional plan of 2019 depends on your unique financial objectives. One traditional plan would not be the best suited for individuals across varied investment and savings needs.
Which is the best IndiaFirst Life Traditional Plans for long term?
You can consider any of these traditional plans from IndiaFirst Life Insurance - Cash Back Plan, IndiaFirst Maha Jeevan Plan, IndiaFirst Life Guaranteed Monthly Income Plan or IndiaFirst Simple Benefit Plan for long term investment and savings benefits.
Why should I buy IndiaFirst Life Traditional Plans?
Here are some benefits of IndiaFirst life traditional plans:
Designed especially for building a corpus for guaranteed long term returns.
Offers liquidity by enabling policyholders to withdrawn from the plan whenever required.
These plans are of two types - Endowment Plans or Money Back Plans.
IndiaFirst traditional plans can be either participating or non-participating plans. Participating plans participate in the annual profits declared by the insurance company's profits, along with bonuses. Such profits and bonuses are not applicable for non-participating plans.
These automatically switch to paid-up plans on non-payment of premiums after at least 3 policy years.
How to pay premium? What are the modes of payment available?
You can make your premium payment towards your IndiaFirst Life Traditional Plans in the following way:
Online
If your IndiaFirst traditional plan is available on the insurance company’s official website, you have to make your premium payment online through the available modes of payment like debit card, credit card or net banking.
How can I check policy status for IndiaFirst Life Investment Plans?
Visit the IndiaFirst investment company website with your registered user ID and password that is linked directly to your policy number. This will direct you to a page where you can view the relevant policy details.
