IndiaFirst Money Balance – Key Features
This policy is a simple ULIP plan that has both Maturity and Death Benefits.
Investments are optimized with the “automatic trigger based” investment strategy that helps to secure and build the investments through an automatic transfer to relatively safe funds.
The policy owner has a choice of two unit-linked investment funds.
In form of partial withdrawals, liquidity of funds is available.
The policyholder may opt to receive his or her Maturity Benefit via installments rather than as a lump-sum amount.
The insured can choose the premium payment term according to their own choice. According to their convenience the policy holder can choose to pay premiums either regularly or for a limited time. Moreover, he can also make a single premium payment.
IndiaFirst Money Balance – Product Specification:
Details About Premium
Benefit illustration @8%
IndiaFirst Money Balance – Policy Details
Grace Period: The policyholder is given 30 days to pay all due premiums. In case of failure of payment within the applicable timeframe the plan will acquire lapsed status.
Policy Termination or Surrender Benefit- The policy coverage ceases, if it is surrendered before the completion of 5 years. After the policy is surrendered the total fund value is transferred to the discontinued policy fund and it is only payable after the completion of 5th years of policy term. If, the insurance holder demies during this period then only the collected fund value is offered to the nominee.
In case, the plan is surrendered after the completion of 5 years then the insurer do not charge any discontinuance charge. The insured receives the fund value and the tenure of the policy comes to an end. Moreover, in case the policy is not renewed in given time frame then the policy is terminated. The payment of maturity and death benefits also results in policy termination.
Free Look Period: 15 days free look period is provided by the policy.
The insured can choose between funds whenever he/she wants throughout the policy term. The minimum switching amount is Rs. 5000 while the maximum amount is equal to the Fund Value.
The insurance holder can choose to receive the maturity benefit as a lump-sum amount or through pre-selected installments as chosen by the policyholder, over a period of five years.
A policy loan may be availed within the first five policy years.
Once the policy completes five policy years, the policyholder can, either on maturity or by surrendering or terminating the policy contract, transfer policy benefits to buy a new contract. There will be no allocation or commission charges involved.
The documents required while submitting the application form are bank account proof, identity proof, a recent photograph, bank account proof. Some cases may require medical examination too.
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