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IndiaFirst ULIP Plans

Started in the year 2010 by the then honorable Finance Minister of India, Shri. Pranab Mukherjee, IndiaFirst Life Insurance is considered to be one of the country's newest life insurance companies. Having their headquarters in Mumbai, the company is present in around 1000 cities across the nation. It is a famous joint venture which has taken place between the Bank of Baroda, which has a 44% stake, the Andhra Bank having 30% stake and one of UK`s leading risk, wealth as well as investment brand the famous Legal & General group having a 26% stake. The promoters of the organization have been catering to the financial requirements of the world for more than 360 years and offer access to a network of more than 8000+ branches and having more than 50 million satisfied customers across the country.

These days, life insurance companies offer their customers a huge array of financial services, including the Unit Linked Insurance Plans also known as ULIPs. The ULIP plans work as an investment tool for savings as well as provide an insurance cover. The company, India First provides its customers with different types of ULIPs plans that will offer them a life coverage and help them increase their savings by investing the same in the market linked funds.

Types of IndiaFirst ULIP Plans

The following are the popular Types of IndiaFirst ULIP Plans that the company has to offer for the general public. Depending on the need of the individual, they can opt for the plan which suits their needs and budget.

The IndiaFirst Life Wealth Maximizer Plan

The IndiaFirst Life Wealth Maximizer Plan offers an individual the flexibility to select from seven different fund choices as per their requirement. The plan also allows the individual to stay invested in the plan for a long time period in order to help to grow with the market trends, and to beat the inflation impact with a number of exclusive add-on benefits such as Profit Booster, Loyalty Benefits, and Loyalty Advantage.

Features

Investor can choose any one of the below investment strategies to accomplish financial goals

  • Automatic Trigger Based Investment Strategy: Build a safety net around your hard earned money by choosing to transfer positive returns in to relatively safer fund options for steady growth.

  • Fund Transfer Strategy: Invest premiums in the equity and debt market in a systematic manner and make sure you build an organized portfolio.

  • Age Based Investment Strategy: Create a portfolio that not only protects the money, but also ensures a well-balanced and stronger portfolio as you grow older. Avail unlimited free switches or premium re-direction to get the maximum benefit out of the invested money.

Benefits

A. Maturity Benefit - The policyholder will receive Fund Value, inclusive of Top-up fund value, if any, as a lump sum payout at the end of the policy term.

B. Death Benefit - In the untimely event of the life assured's demise while the policy is in force, the Nominee will receive the highest of –

  • Fund value including top-up fund value, if any
  • Sum assured plus top-up sum assured, if any
  • 105% of the total premiums paid including top-up premiums, if any and excluding service tax

Eligibility

Minimum age at the time of Entry5 Years
Minimum age at the time of Entry55 Years in case of year premium paying term (PPT)
65 Years in case of 10/15/20 year PPT
65 Years in case of Single/Regular premium
Minimum age at the time of Maturity18 Years
Minimum age at the time of Maturity70 Years in case of 5 year premium paying term (PPT)
90 Years in case of 10/15/20 year PPT
90 Years in case of Single/Regular premium

Policy and Premium Paying Term

Premium Payment TermPolicy TermMaximum Entry Age
5 Years10 to 65 years55 years
10 Years15 to 85 years65 years
15 Years20 to 25 years65 years
20 Years25 to 85 years65 years
Single5 to 30 years65 years
Premium Paying Term/Policy Term(Regular Premium)Maximum Age at Entry
10 t0 85 years65 years

The IndiaFirst Money Balance Plan

This plan is a unit-linked insurance plan. The plan offers an individual the best from both worlds of investment as well as security. With the IndiaFirst Money Balance Plan, the money of an individual is automatically transferred to a selected safer fund through the ‘automatic trigger based’ investment strategy. The plan diversifies the investments and helps to reduce the risks while creating a secure future.

Features

  • Pay premium(s) either regularly or for a limited period of time or through a single payment
  • The plan offers a life cover in case of the life assured’s untimely demise
  • Access to money in case of any financial emergency through partial withdrawals
  • Under Section 80(C), Tax Benefits are available on the premium. Investors/nominee also get tax benefits on the benefits i.e. maturity of the plan or death of the insured, under Section 10(10D) of the Income Tax Act, 1961

Benefits

A. Maturity Benefit - The policyholder will receive Fund Value as a lump sum payout at the end of the policy term or in equal installments over a period of 5 years.

B. Death Benefit - In the untimely event of the life assured's demise while the policy is in force the Nominee will receive the highest of –

  • Fund value or
  • Sum assured or
  • 105% of the total premiums paid

Eligibility

Minimum age at the time of applying for the plan5 years as on last birthday
Maximum age at time of applying for the plan65 years as on last birthday
Minimum age at the time of maturity of the plan18 years as on last birthday
Maximum age at time of of maturity of the plan75 years as on last birthday

Policy and Premium Paying Term

Premium Payment OptionPremium Payment TermPolicy Term
Reguler Premium10, 15, 20 and 25 year 10, 15, 20 and 25 year
Limited Premium7 years10, 15, 20 and 25 year
Single Premiumonetime payment only5,10, 15, and 20 year

IndiaFirst Smart Save Plan

This Plan blends the benefits of an insurance cover as well as build wealth. Based on the risk appetite of an individual, it uses the market-linked investments so as to help the individual save systematically and build a wealth portfolio.

Features

  • The plan offers a life cover in case of the life assured’s untimely death

  • Investors have the option to invest in 4 funds across different asset classes, where they choose the proportion of their investment based on their risk appetite

  • Investors can make the most of their investments by ‘switching’ or ‘redirecting their premium’ from one fund to another

  • Investors can also access their money in case of any financial emergency through partial withdrawals

Benefits

A. Maturity Benefit - The policyholder will receive Fund Value as a lump sum payout at the end of the policy term or in equal installments over a period of 5 years.

B. Death Benefit - In the untimely event of the life assured's demise while the policy is in force, the Nominee will receive the highest of –

  • Fund value or
  • Sum assured or
  • 105% of the total premiums paid

Eligibility

Minimum age at the time of applying for the plan5 years as on last birthday
Maximum age at time of applying for the plan65 years as on last birthday
Minimum age at the time of maturity of the plan18 years as on last birthday
Maximum age at time of of maturity of the plan75 years as on last birthday

Policy and Premium Paying Term

Premium Payment OptionPremium Payment TermPolicy Term
Reguler Premium10, 15, 20 and 25 year10, 15, 20 and 25 year
Limited Premium7 years10, 15, 20 and 25 year
Single Premiumonetime payment only5,10, 15, and 20 year

Why Choose IndiaFirst ULIP Plans

These days the life insurance companies offer their customers a huge array of financial services, including the Unit Linked Insurance Plans also known as ULIPs. The ULIP plans work as an investment tool for the savings as well as provide an insurance cover. The company, IndiaFirst provides its customers with different types of ULIP plans that will offer them a life coverage and help them increase their savings by investing the same in the market linked funds.

Documents Required

The Policyholder is required to fill up the application form containing accurate medical details that also requires an address proof and other KYC documents. Even then, medical tests may be needed in certain cases depending on the Sum Assured and the person’s age.

The documents that are necessary to be insured under the insurance plan are all subject to the sum assured amount that is chosen and the premiums that are paid for it. Below mentioned are some of the primary documents that are required for an individual to get insured under the plan:

  • Completely filled Application form/Proposal form with accurate information

  • Age Proof

  • Address Proof

  • Medical History

  • KYC documents such as Aadhaar Card, PAN Card, Tax Details etc.

  • Medical Diagnosis Reports as needed

FAQs on India First Ulip Plans

What should I do if I want to change my premium paying?

Generally, this is not allowed since the mode once selected cannot be changed. But on special occasions, if the need is essential and the company feels that the customer is not comfortable paying through the old medium, then based on a written application submitted by the company, the premium payment mode can be changed. All the necessary documents such as policy number and any other relevant information that is needed must be submitted to the IndiaFirst Life Insurance Company while making such changes. If the plan provides an option for changing the premiums, the insurance company will act on your request.

Why you should opt for IndiaFirst Smart Save Plan?

This Plan blends the benefits of an insurance cover as well as builds wealth. Based on the risk appetite of an individual, it uses the market-linked investments so as to help the individual to save systematically and to build a wealth portfolio

How to pay a premium? What are the modes of payment available?

In order to pay the premium, the below-mentioned modes are made available by IndiaFirst Life Insurance Company:

  • Through ECS

  • Online or NEFT transfer

  • By Cash or Cheque at the branch office.

  • At Axis branches

  • At SBI branches

How can I check policy status for IndiaFirst ULIP Plans?

The Policy status can be easily checked by logging in onto the personal account by taking the help of the User ID and the created password, and then checking in on the Policy Details icon available on the customer portal.

What is the policy renewal process for IndiaFirst ULIP Plans?

For the renewal process of the IndiaFirst Life Insurance policy, one needs to login to the account from the IndiaFirst Life Insurance website and then choose the online payment option for the purpose of renewal of the policy. One can even select an ECS option or an Auto debit option for the purpose of paying the premium amount, if the individual had initially signed up for the IndiaFirst Life Insurance policy. The person can approach the nearest IndiaFirst Life Insurance branch office and then fill out the required forms and submit the mandatory documents and pay the outstanding premiums in order to get a policy renewed.

What is the company’s process to settle the claim for IndiaFirst ULIP Plans?

IndiaFirst Life Insurance Company has a very clear and transparent process for the purpose of settling the claims. One has to intimate IndiaFirst Life Insurance Company about the occurrence of the incident, within the applicable time period. There are a number of options that are available for the purpose of intimation such as:

  • An Intimation via the IndiaFirst Life Insurance toll-free number which is 1800-209-8700
  • By the Online method
  • By Contacting the IndiaFirst Life Insurance Company at any of their branch offices.
  • By way of Approaching the IndiaFirst Life Insurance Company via an Advisor.
  • By sending across a courier to the IndiaFirst Life Insurance by mentioning the important details

A bunch of important documents that are listed on the IndiaFirst Life Insurance official website must be submitted to the IndiaFirst Life Insurance Company. On having received the same, the amount of claim is settled just within 15 days’ time period.

What is the policy cancellation process for IndiaFirst ULIP Plans?

For the purpose of cancellation of any kind of existing policy, one must fill in a surrender form. They must fill it up completely and then dispatch the duly filled form to the office of the insurance company. All Necessary documents must be attached to it, such as the ones mentioned in the policy. On receiving the documents by the Office of the insurance company, the policy would be canceled.

What is IndiaFirst ULIP Plans in India?

These days the life insurance companies offer their customers a huge array of financial services, including the Unit Linked Insurance Plans also known as ULIPs. The ULIP plans work as an investment to the savings as well as an insurance cover. The company, IndiaFirst provides its customers with different types of ULIPs plans that will offer them a life coverage and help them increase their savings by investing the same in the market linked funds.

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