IndiaFirst Money Balance Plan 2024 Benefits, Features, Details, Review

IndiaFirst Money Balance Plan –To get to where you are in life, a lot of hard work has been required. It stands to reason that you should put every rupee you have earned to good use. Because the market’s volatility directly affects your investment, you need a high risk appetite to invest. A feeling of safety is absent from this circumstance. What if you had access to an investment tool that not only ensures that the money you’ve worked so hard to earn works for you, but also keeps it safe for when you need it again? The ULIP you need is the IndiaFirst Money Balance Plan. Invest in your future with an intelligent tool that gives you security and investment at the same time.

India is one of the fastest growing economies in the world, and as a result, the demand for financial services is on the rise. To meet this demand, IndiaFirst has developed the IndiaFirst Money Balance Plan 2024. This plan provides individuals and businesses with access to affordable and quality financial services, 24/7. It includes a wide range of products and services that are designed to meet the needs of both citizens and businesses in India. If you’re looking to take your business to new heights in India, this is the plan for you!

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IndiaFirst Money Balance Plan 2024

The Majority of us hesitate to purchase life insurance because we would rather take a chance than invest our hard-earned money in financial planning and protection. On the other hand, we never stop trying to make the most of our wealth. IndiaFirst Life Insurance Company has come up with a novel plan called the “IndiaFirst Money Balance Plan” to help customers get insurance and make the most of their wealth at the same time. This plan not only gives insured people insurance coverage, but it also lets them earn returns on their premiums. This is a unit-linked savings plan with an integrated investment option that enables policyholders to strategically transfer premium earnings to another performing fund that provides regular returns.

Are you looking to save money this year? IndiaFirst Money has got you covered! We offer a range of services that can help you save money on your everyday expenses, and our money balance plan is no exception. This plan allows you to save money each month without having to worry about strict limits or deadlines. Plus, there are no hidden charges or fees – everything is straightforward and easy to understand. If you’re looking to save money this year and improve your financial prospects in the long run, contact us today!

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IndiaFirst Money Balance Plan

IndiaFirst Money Balance Plan 2024 Details

Name Of ArticleIndiaFirst Money Balance Plan 2024
IndiaFirst Money Balance Plan 2024Click Here
CategoryInsurance
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WHAT IS THE INDIAFIRST MONEY BALANCE PLAN?

The unit-linked, non-participating IndiaFirst Money Balance Plan is a life insurance endowment policy that helps you build wealth for the future while limiting your market risk. You get the security of a life insurance policy and the advantages of investing in the market and earning returns tied to the market with the IndiaFirst Money Balance Plan.

The IndiaFirst Money Balance Plan helps you save consistently and earn consistent returns by transferring the earnings on your savings to a relatively safe fund as triggered. The plan’s intuitive features include the Automatic Trigger-Based Investment Strategy (ATBIS).The IndiaFirst Money Balance Plan takes the guesswork out of investing by removing the requirement to keep an eye on the market. As a result, you can relax and watch your money work wonders for you.

IndiaFirst Money Balance – Key Features

  • This straightforward ULIP plan provides Maturity and Death Benefits.
  • The “automatic trigger based” investment strategy optimizes investments by transferring investments automatically to relatively safe funds, assisting in their security and growth.
  • There are two unit-linked investment funds that the policyholder can select from.
  • There is access to the funds’ liquidity in the form of partial withdrawals.
  • The policyholder has the option of receiving their Maturity Benefit in installments as opposed to a single payment.
  • The insured can choose how long they want to pay their premium.
  • The policyholder can choose to pay their premiums on a regular basis or for a limited time, depending on how convenient it is for them. Besides, he can likewise make a solitary premium installment.

IndiaFirst Money Balance – Benefits

  • In the event that the insured survives until the policy’s expiration, the insurer will pay the insured a maturity benefit that will be paid out on the policy’s expiration date. If the policyholder passes away unexpectedly, the beneficiary will receive the death benefit, which will be the greater of the fund value or the basic sum assured less any partial withdrawals.
  • This policy covers two unit-linked equity funds for investment.
  • After the first five policy years are up, partial withdrawals are allowed to provide liquidity. The minimum amount that can be taken out in parts is Rs.5000.
  • Tax cuts are accessible according to Personal Assessment Act

Product Specification IndiaFirst Money Balance

Minimum

Maximum

Entry Age of the Life Assured (Last Birthday)

5 years

65 years

Maturity Age (Last Birthday) of the Life Assured

75 years

Policy Term (PT) in years

Regular Premium: 10, 15, 20 and 25 years

Limited Premium: 10, 15, 20 and 25 years

Single Premium: 5, 10, 15 and 20 years

Premium Paying Term (PPT) in years

Regular pay

Limited Period of 7 years for 10, 15,20 and 25 years PT

Single Premium for 5,10, 15 and 20 years PT

Premium Paying Frequency

Single, Yearly, Half-yearly

Annual Premium

Regular Pay: Rs. 12000

Limited Pay: Rs. 15000

Single Pay: Rs. 45000

No limit

Sum Assured

For Regular and Limited Pay:

Entry age less than 45 = Higher of (105% X Premium Paying Term X Annual Premium) or (10 X Annual Premium) or (0.5 X Policy Term X Annual Premium)

Entry age more than 45 = Higher (105% X Premium Paying Term X Annual Premium) or (7 X Annual Premium) or (0.25 X Policy Term X Annual Premium)

Single Pay: 125% of Single Premium

According to Maximum Sum Assured Multiple Grid

Details About Premium

Benefit illustration @8%

Age (Yrs)

Policy Term (Yrs)

Annual Premium (Rs.)

Premium Allocation Charge (Rs.)

Mortality Charges (Rs.)

Policy Admin Charge (Rs.)

Fund Management Charge (Rs.)

Fund at the end (Rs.)

Surrender Value (Rs.)

Death Benefit (Rs.)

30

1

12000

804

152

216

152

11353

9082

120000

31

2

12000

480

139

227

316

23822

22022

120000

32

3

12000

480

125

238

490

37087

35887

120000

33

4

12000

480

109

250

675

51200

50600

120000

34

5

12000

420

91

263

874

66286

66286

120000

35

6

12000

420

69

276

1085

82341

82341

120000

36

7

12000

420

43

289

1309

99430

99430

120000

37

8

12000

420

12

304

1548

117624

117624

120000

38

9

12000

420

0

319

1802

136970

136000

136970

39

10

12000

420

0

335

2073

157500

157525

157525

IndiaFirst Money Balance – Policy Details

Grace Period: The insured has 30 days to pay all outstanding premiums. The plan will be considered lapsed if no payments are made within the due dates.

Policy Termination or Surrender Benefit-

If the policy is surrendered before five years have passed, coverage ceases. The total fund value is transferred to the discontinued policy fund when the policy is surrendered; payments are only made after the fifth year of the policy’s term has expired. Only the collected fund value is offered to the nominee if the insurance holder dies during this time.

In the event that the plan is surrendered after five years, the insurer will not charge any discontinuance fees. The insured is paid the fund’s value, and the policy’s term ends. In addition, the policy will be canceled if it is not renewed within the allotted time. Policy termination also occurs when maturity and death benefits are paid.

Inclusions

  • Throughout the duration of the policy, the insured has the option of selecting between funds at any time.
  • The bare minimum for switching is Rs.5,000, with a maximum sum of the Fund Value.
  • The policyholder has the option of receiving the maturity benefit in one lump sum or in predetermined five-year installments, according to their preference.
  • Within the first five policy years, a loan can be obtained.
  • After the policy has been in effect for five years, the policyholder has the option of purchasing a new contract by transferring the policy benefits, either upon maturity or by surrendering or terminating the contract. Allocation and commission fees will not be involved.

Additional Features or Riders

  • If the policyholder pays all outstanding premiums during the Grace Period, the plan that was discontinued or lapsed can be renewed.

   Numerous charges applied on the policy are-

  • The customer’s paid premium is deducted from this amount as a premium allocation charge.
    The remaining amount is invested in accordance with the investment choice made by the policyholder.
    Each month, the Policy Administration Charge is deducted in the initials.
  • Additionally, mortality costs are deducted each month at the beginning of the month.
  • Charge for Switching: The policyholder is allowed to make 52 free switches in a single policy year. There are currently no switching fees.

Also Read-Term Insurance Calculator Plan

Exclusions

If the policyholder takes their own life within a year of the policy’s inception, the beneficiary will only receive 80% of the premium paid. If the insured commits suicide within a year of the policy’s renewal, either 80% of the paid premium or SV, whichever is higher, is paid.

Documents Required

A recent photograph, identity proof, and proof of a bank account are the required documents when completing the application. Medical evaluation may also be necessary in some cases.

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