IndiaFirst ULIP Plans-indiafirst-life-ulip-plans

IndiaFirst Life Insurance Company Limited offers various types of Unit Linked Insurance plans to its customers with varied features and benefit structure. Let us take a look at the different types of plans offered by the company and the features and benefits of each plans in details. IndiaFirst Smart Save Plan A unit linked Endowment Assurance plan which promises market linked returns and life insurance coverage. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure or in one lump sum at the commencement of the plan The premiums paid net of applicable charges can be invested in a choice of four funds available with the company at the discretion of the policyholder. The funds are Equity 1 Fund, Balanced 1 Fund, Debt 1 Fund and Value Fund The policyholder has the option to protect his fund from market volatility by transferring his Fund Value proportionately to the Liquid 1 Fund as the plan approaches maturity. Under this option, 3% of the Fund Value is transferred to the Liquid 1 Fund every month in the last 3 years of the plan maturity. On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option. In case of death of the insured during the tenure of the plan, higher of the Sum Assured or the Fund Value is paid subject to a minimum of 105% of all premiums paid till the date of death. Two free switches are allowed every month to change between the funds with a minimum value of Rs.5000 and premium redirection is also allowed for redirecting future premiums into another fund. Unlimited free partial withdrawals can be made from the fund value subject to a minimum of Rs.5000 Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details IndiaFirst Money Balance Plan A unit linked plan which provides attractive returns through market linked growth and life insurance protection. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure or in one lump sum at the commencement of the plan The premiums paid net of applicable charges can be invested in a choice of two funds available with the company at the discretion of the policyholder. The funds are Equity 1 Fund and Debt 1 Fund. The policyholder may choose the option of Automatic Trigger Based Investment Strategy. Under this strategy, if the policyholder invests the net premium in Equity 1 Fund, it will grow and if the rate of growth exceeds 110% of the net premium invested, the total return is transferred to the Debt 1 Fund where it is protected from market volatility. On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option. In case of death of the insured during the tenure of the plan, higher of the Sum Assured or the Fund Value is paid subject to a minimum of 105% of all premiums paid till the date of death. Two free switches are allowed every month to change between the funds with a minimum value of Rs.5000 Unlimited free partial withdrawals can be made from the fund value subject to a minimum of Rs.5000 Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details IndiaFirst Happy India Plan A unit linked child insurance plan which protects the childs future against untimely death of the parent by providing financial assistance.On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option.In case of death of the insured during the tenure of the plan, the Sum Assured is paid subject to a minimum of 105% of all premiums paid till the date of death. The policyholder may additionally choose the disability benefit option under which, in case of death or disability of the insured during the tenure of the plan, the aggregate of all future premiums is paid which can be availed immediately in lump sum or can be invested in the fund where it will attract market linked returns. The resultant fund value is then paid on maturity of the plan.