Simple Benefit Plan
The IndiaFirst Simple Benefit Plan is a non-linked endowment Insurance Plan with Bonus facility. It offers life cover plus assured savings and helps to enhance the wealth of the policyholders with the bonuses available under this policy. Policyholders just have to save regularly and protection is provided to the their loved ones in case of the untimely demise of the policyholder, while the policyholders themselves receive a lump sum benefit if they survive the policy term.
This policy is a non-linked endowment insurance plan with both Maturity and Death Benefits.
The policy helps to increase the policyholders savings through regular premiums and by way of the Simple Reversionary Bonus and Terminal Bonus.
On the premature demise of the policyholder, nominees may receive up to ten times the annualized premium.
The policy application process is simple and hassle-free with an instant Over-the-counter plan issuance that has simplified underwriting.
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. The timeframe for monthly mode of payment is fifteen days.
Policy termination or Surrender Benefit: The policy may be surrendered after three years of full premium payment. If policy premiums are not paid for two full years, then the policy will lapse. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.
Free look period: Policyholders have a limited free look period of fifteen days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days in case the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive premiums paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
A policy loan may be availed after the policy acquires Surrender Value, on the condition that the loan amount does not exceed 90% of the Surrender Value.
Additional Features or riders
The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
If premiums for three policy years are paid, and subsequently the policyholder fails to pay the due premiums within the Grace Period, then the policy acquires Paid- up Value.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund 80% of the premiums paid to the nominee. In case the person insured commits suicide within one year from the policy reinstatement, the nominee will receive the higher of 80% of the premiums paid or the Surrender Value.