Claim Documents

Question 1

What is IndiaFirst Life Long Guaranteed Income Plan?

Answer

IndiaFirst Life Long Guaranteed Income Plan is a great way to save money while having life insurance coverage. It guarantees regular income, making it an excellent savings plan. Plus, it's eligible for income tax saving schemes, providing additional financial benefits. With the convenience of online purchases, it's a straightforward solution for achieving your financial goals and securing your family's future.

Question 2

What are the income benefit plan options that are offered under this policy?

Answer

IndiaFirst Life Long Guaranteed Income Plan presents two Income Benefit options. A Definite Income Option and a Whole Life Income Option. Under the Definite Income Option, a percentage (X%) of the annualized premium is paid as income for 20 years, supplemented by a percentage (Y%) of the return of premium at the end of the income benefit period, contingent on premium payments and the survival of the life assured.
The Whole of Life Income Option ensures X% of the annualized premium as income until the age of 99 years, coupled with Y% of the return of premium at the end of the income benefit period, subject to premium payments and the survival of the life assured. These options provide flexibility for individuals to tailor their income benefits to align with their financial objectives. To check in detail, please go through the plan brochure.

For annualized premium less than or equal to Rs. 5 lakhs

Age at Entry / PPT	5 years	6 years	7 years
8 to 29 years	41%	48%	55%
30 to 45 years	40%	47%	54%
46 to 50 years	37%	44%	51%

For annualized premium more than Rs. 5 lakhs

Age at Entry / PPT	5 years	6 years	7 years
8 to 29 years	49.20%	57.60%	66%
30 to 45 years	48.00%	56.40%	64.80%
46 to 50 years	44.40%	52.80%	61.20%

Question 3

Are there any Riders available in this policy?

Answer

You can avail 4 riders by paying additional premium under this plan for more comprehensive coverage -

IndiaFirst Life Waiver of Premium Rider (UIN: 143B017V01).

IndiaFirst Life Term Rider (UIN: 143B001V02)

IndiaFirst Life Accidental Death Benefit Rider (UIN: 143B019V01)

IndiaFirst Life Total and Permanent Disability Rider (UIN: 143B021V01)

For more details on rider benefits please refer the rider brochure.

Question 4

Can I get a loan in this policy?

Answer

The amount of the loan that you may avail at any point of time will depend on the surrender value under this life insurance plan. You may avail of a loan amount up to 90% of the available surrender value. The minimum loan amount should be Rs. 1,000. We will charge interest at a rate of 9% per annum, which may be revised by us from time to time subject to prior IRDAI approval, in line with prevailing norms applicable to life insurance plans and income-oriented products.

At the end of the policy term, the loan outstanding together with the interest thereon, if any, will be deducted from the present value of future guaranteed income under this guaranteed income plan, as well as Y% of all premiums paid, discounted at the rate of 9% per annum. The balance amount, if any, will be payable immediately and the policy will be terminated, which is a standard feature across most of the best guaranteed income plan structures.

We will recover any unpaid loan amount along with interest before paying the death benefit to the Nominee(s) / Appointee / legal heir(s) or the maturity benefit to the Life Assured under this life insurance–based savings plan. As and when the loan principal along with interest exceeds the surrender value for paid-up policies, the policy will be compulsorily surrendered by us and the outstanding loan amount along with the interest will be recovered from the Surrender Value or paid-up benefit. Compulsory surrender will not apply to in-force policies.

Question 5

What is the Life Cover Continuance benefit in this plan?

Answer

Your policy will have Life Cover Continuance benefit if at least 2 full year’s premiums have been paid.

Full death benefit will remain in force for a period of one year (Life Cover Continuance period) from the date of First Unpaid Premium (FUP).
You will have an option to further extend the “Life Cover Continuance benefit” if you pay due premium with interest @9% p.a. within one year from the FUP date. On such payment, Life cover continuance benefit will be applicable, for one year from the revised “Unpaid Premium” date.

If you do not pay premium within 12 months from the FUP date, then the policy will get converted to reduced paid up policy.

At the end of life cover continuance period, you will have the following options to exercise:

Pay all the due premiums with interest/late fees as applicable and revive the policy

Pay one due annual premium with interest/late fees and extend the Life Cover Continuance benefit for one year from first unpaid premium date

Not pay due premium and hence continue the policy with reduced paid up benefits

Question 6

What happens in case of life assured’s demise in this policy (death benefit)?

Answer

In the unfortunate event of the life assured's demise, the policy provides comprehensive death benefits.

Death During Policy Term:

Lump sum or monthly income options for the nominee.

Payout calculated as the higher of Sum Assured on Death or 105% of total premiums.

Policy terminates post the payout.

Death During Income Benefit Period:

Continuation of income benefit to the nominee till the period concludes.

Return of premium provided at the end of the income benefit period.

Nominee has the option to receive future benefits as a lump sum, discounted at a non- guaranteed rate.

Any changes in the interest rate require IRDAI approval.

Return of Premium Definition:

Defined as the total of annualized premium.

Specific Death Benefit Multiples detailed in Annexure II.

This streamlined approach offers a clear understanding of the death benefits under the IndiaFirst Life Long Guaranteed Income Plan. To check in detail, please go through the plan brochure.

Question 7

What will be the amount that I will receive at the end of my policy term as maturity benefit?

Answer

At the end of the policy term (maturity), IndiaFirst Life Long Guaranteed Income Plan offers the following benefits:

Definite Income Option:

Maturity Benefit comprises Guaranteed Income for 20 or 30 years.

Y% of the return of premium is provided at the end of the income benefit period.

Option to receive a lump sum, representing the present value of future guaranteed income and Y% of return of premium, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval).

Whole of Life Income Option:

Maturity Benefit includes Guaranteed Income until Age 99.

Y% of the return of premium is disbursed at the end of the income benefit period.

Choice to receive a lump sum, reflecting the present value of future guaranteed income and Y% of return of premium, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval).

During the income benefit period, an alternative option allows policyholders to receive future income as a lump sum, representing the present value of future income benefits and Y% of return of premiums, discounted at 9% p.a. (interest rate not guaranteed, subject to IRDAI approval). The "Return of Premium" is defined as the sum total of annualised premium. To check in detail, please go through the plan brochure.

Question 8

What are the tax benefits in this policy?

Answer

Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before investing.

Question 9

What is the Free Look Period available in your policy?

Answer

You can return your policy within the Free Look period under this life insurance–based savings plan.

In case you do not agree to any policy terms and conditions, you have the option to review the terms and conditions of the policy and, if you disagree with any of those terms or conditions, you may return the policy to the insurer for cancellation, stating the reasons for your objection within 30 days from the date of receipt of the policy. This facility applies to life insurance plans, including long-term income-oriented products such as a guaranteed income plan.

Question 10

What happens in case you miss paying the premiums?

Answer

In case of missed premium payments, the following scenarios unfold:

Lapse Before Surrender Value is acquired:

Lapse occurs if premium isn't paid within the grace period.

Risk cover ceases, and no further benefits are payable.

Lapse happens if less than one full years' premiums are paid.

Revival Procedure:

Policy revival within five years requires payment of all due premiums with interest

Successful revival reinstates all benefits as per the original policy.

Paid-Up Value:

Non-payment before grace period expiry results in a policy with paid-up value.

Death Benefit:

Within one year of the first unpaid premium: Full death benefit.

After one year: Reduced paid-up Sum Assured on death.

Maturity Benefit:

Survival till the end of the policy term yields a Reduced paid-up Sum Assured on Maturity.

Calculation of Reduced Paid-Up Sum Assured:

Death Benefit: Sum Assured on Death x (Total premiums paid / Total premiums payable).

Maturity Benefit: Present value of income payments and Y% of premiums paid discounted at 9% p.a. x (Total premiums paid / Total premiums payable).

Revival Procedure:

Policy revival within five years requires payment of all due premiums with interest (currently 9% p.a.).

Successful revival reinstates all benefits as per the original policy.

Continuation in Reduced Paid-Up Mode:

If not revived during the revival period, the policy persists in the reduced paid-up mode until maturity, death, or surrender. To check in detail, please go through the plan brochure.

In all scenarios, the Reduced Paid-Up Sum Assured on death or maturity will not be less than the total premiums paid under the policy. Revival is subject to the Board Approved Underwriting Policy.

Question 11

Is there a grace period for missed premiums?

Answer

We provide you with a grace period, which is the time provided for payment of premium from the premium due date, during which the policy is considered to be in-force with the risk cover under this life insurance–based savings plan. This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date.

In case of death of the life assured during this period, the death benefit after deducting due premiums till the date of occurrence of death will be paid to the nominee(s) / appointee / legal heir, as applicable under this life insurance plan. During this period, the policy will be considered to be in-force, ensuring continuity of protection typically associated with a guaranteed income plan.

Question 12

Do I get a discount on renewal premiums, if paid in advance?

Answer

We will offer discount on renewal premium amount if you pay the premium at least one month prior to premium due date till 12 months prior to premium due date, provided this period falls within the same financial year as the premium due date.
The premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium to be eligible for discount.

No discount will be offered if premium is paid within one month prior to premium due date. The renewal premium so collected in advance shall only be adjusted on due date of premium.

Question 13

Can you surrender your policy?

Answer

It is advisable to continue your policy to enjoy full benefits of your policy. However, we understand that in certain circumstances you may want to surrender your policy. The policy will acquire surrender value after first full years’ premiums have been paid.

At the time of surrender higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be payable. The GSV factors are dependent upon policy year of surrender and policy term. The GSV factors will be applicable on total premiums paid till date of surrender.

GSV will acquire on payment of first 2 full year’s premiums

GSV = GSV factor for premium x total premium paid excluding applicable taxes and extra premium and rider premium, if any

SSV will acquire on payment of first 1 full year’s premiums

For more details on SSV please refer the product brochure

Note: GSV factors are mentioned in Annexure I

Question 14

Do you get any refund when you cancel your policy?

Answer

Yes. We will refund an amount equal to the –

Premium paid under this life insurance plan

Less:
i. Pro-rata risk premium and rider premium, if any, for the time the policy was in force
ii. Any stamp duty paid
iii. Expenses incurred on medical examination, if any

How to Buy IndiaFirst Life Long Guaranteed Income Plan?

Enter Your Basic Details

Choose Your Income Option

You can choose from the following premium payment term options

Choose your Policy Term

Review Your Customized Quote

Consult with Our Experts

Make Secure Payments

Who Should Buy Guaranteed Income Plans?

Salaried Professionals

Retirees or Pre-Retirees

Self-Employed or Business Owners

Parents Planning for Future Milestones

Risk-Averse Investors

Anyone Seeking Long-Term Financial Discipline

Visualize your Plan

Mr. Sinha

At Age 40

From Age 40–47

At Age 46

Sinha’s Wife

Why Choose IndiaFirst Life Insurance Plans?

1.64 Crore

Available in 16,500+

30,968 Crore

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