IndiaFirst Life Guaranteed Single Premium Plan

Eligibility Criteria for the IndiaFirst Life Guaranteed Single Premium Plan

Features of the IndiaFirst Life Guaranteed Single Premium Plan

Some of the key features of the IndiaFirst Life Guaranteed Single Premium Plan include:

• It is a one-time premium payment at policy initiation; there is no need to pay an annual premium.
• Depending on their financial objectives, policyholders are allowed to take a policy term of between 5 and 30 years.
• The plan has a maturity guarantee that will be paid at the policy's expiry if the policy is still running.
• When the life assured dies during the policy term, the nominee will receive the death benefit as per the policy terms.
• It is also a policy where one can choose a multiple death benefit according to personal protection needs.

You can explore different savings and wealth-building options offered by insurers through IndiaFirst Life investment plans to choose a plan that aligns with your financial goals.

Benefits of the IndiaFirst Life Guaranteed Single Premium Plan

IndiaFirst Life Guaranteed Single Premium Plan offers both protection and savings benefits, which can be used for long-term financial planning.

• Maturity Benefit: The policyholder will get the maturity of the guaranteed benefit upon maturity at the end of the policy term, provided that the life assured lives till the end of the policy term.
• Death Benefit: If the life assured dies during the policy, the death benefit will be paid to the nominee as per the policy terms. The sum that will be paid upon death will usually be the amount he has at death or the value that is available during the time of death.
• Flexible Payout Option: The maturity or death benefit may be received as a lump sum or as monthly instalments over 5 years, depending on the option chosen.
• Financial Security: The benefits of the plan can assist individuals to create a financial reserve by making one premium, guarantee, and having their family covered.

Riders Under the IndiaFirst Life Guaranteed Single Premium Plan

The IndiaFirst Life Guaranteed Single Premium plan enables the policyholders to increase their cover through optional riders.

• IndiaFirst Life Accidental Death Benefit Rider
• IndiaFirst Life Total and Permanent Disability Rider

These riders involve an extra payment of premium and extra financial cover in case of certain events.

Policy Details of the IndiaFirst Life Guaranteed Single Premium Plan

Understanding the terms of the plan helps policyholders make better choices when selecting their savings plan, enabling them to feel more secure in the long term.

1. Grace Period:

   It is a single-premium plan; thus, the premium is paid only at the start of the policy. No grace period is applicable since there are no recurring premiums.

2. Revival:

   Revival benefits apply to policies that lapse due to premium default. Since this plan involves a single premium payment, non-payment does not lapse, and therefore, revival is not availed.

3. Free Look Period:

   The policyholder is given a 30-day free look period after receiving the policy document. In the process, they can check the terms and conditions and the cancellation policy if they do not like them, with deductions made.

4. Surrender:

   If the policyholder decides to surrender the policy, the payout will be determined by the policy's terms, which may be based on the number of years the policy has been held and any other charges the policyholder may have incurred.

5. Loan:

   Policyholders are allowed to take a loan based on the policy after it has attained a surrender value. The loan value is typically a percentage of the surrender value and is subject to the insurer's terms and conditions.

   If you are looking to grow your savings while maintaining life cover, you can compare some of the best investment plans available in India to find a suitable option for long-term financial planning.

Exclusions Under the IndiaFirst Life Guaranteed Single Premium Plan

• Suicidal Cover: In case the life assured commits suicide within 12 months of the date of the commencement of the policy, the benefit will be payable as per the requirements of the policy.
• Total Permanent Disability (TPD): The benefits of Total Permanent Disability cannot be considered a part of the base plan, yet they can be offered as a rider.