IndiaFirst Simple Benefit Plan – The IndiaFirst Simple Benefit Plan is an insurance plan with a bonus facility and no linked endowment. It provides assured savings in addition to life insurance and contributes to policyholder wealth enhancement through bonuses. In the event of the policyholder’s untimely death, the policyholder’s family receives protection, and if the policyholder survives the term, they receive a lump sum benefit. All policyholders need to do is save regularly.
IndiaFirst has been helping small businesses in India grow and thrive for over 20 years now. We understand the importance of providing dependable and simple benefits to our employees, and that’s why we’ve developed IndiaFirst Simple Benefit Plan 2024. This plan is designed to meet the needs of small businesses in India, and it includes everything from medical coverage to retirement savings. If you’re looking for a reliable and affordable way to provide benefits to your employees, give IndiaFirst a try!
IndiaFirst Simple Benefit Plan 2024
The IndiaFirst Simple Benefit Plan is a straightforward non-linked insurance savings plan. As a participating insurance plan, this plan will pay you dividends that the company has earned. You will have excellent investment options and extensive protection. You will be able to save money and get high returns with this plan. In addition, you will receive life insurance that will provide benefits to your loved ones in the event of your death.
India is quickly emerging as a major global player, with a population that is set to hit 1.5 billion by 2024. In order to support this burgeoning economy and meet the needs of its citizens, IndiaFirst has developed a Simple Benefit Plan that provides comprehensive coverage for employees and their families. Designed to be simple to use and affordable, the plan will help employees and their families get the health care they need without breaking the bank. Learn more about the IndiaFirst Simple Benefit Plan 2024 here!
IndiaFirst Simple Benefit Plan Details
| Name Of Article | IndiaFirst Simple Benefit Plan 2024 |
| IndiaFirst Simple Benefit Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Eligibility Who is the IndiaFirst Simple Benefit Plan for?
IndiaFirst Simple is a comprehensive, end-to-end benefit plan that serves as the perfect solution for businesses and individuals in India. Offering a wide range of benefits and services, IndiaFirst Simple is perfect for companies that need to offer their employees a comprehensive package of benefits. From medical insurance to retirement plans, this plan has it all! Who is eligible for IndiaFirst Simple? Read on to find out more!
The IndiaFirst Simple Benefit Plan is ideal for anyone seeking investment returns and protection at the same time. The policyholder, the life insured, the appointed person, and the nominee will all be a part of the plan. This plan is open to applicants who meet certain requirements and are Indian citizens. Allow us to investigate the qualification standards that should be met for this arrangement:
| Minimum entry age | 18 years as on your last birthday |
| Maximum entry age | 60 years as on your last birthday |
| Maximum age at the end of the policy period | 70 years as on your last birthday |
Depending on your income and specific needs, you can save a lot of money by contributing to your premium payments.
Sum Assured and Premium Range What you get and what it costs?
The IndiaFirst Simple Benefit Plan’s sum assured will be fixed based on your age, per thousand premium, and policy duration. Your loved ones will be able to provide for themselves financially even if you are not there. You will be paid a set amount, and you will also get bonuses for reaching maturity and dying. This plan’s premium prices are very reasonable. You can select monthly premiums as low as Rs. 174.Your sum assured amount can be selected at your convenience. Let us examine the specifics of this plan’s premiums and the amount guaranteed:
| Minimum sum assured | Rs.20,000 |
| Maximum sum assured | Rs.20,00,00,000 |
| Minimum premium | Annual premium paying mode: Rs.2,000 6-monthly premium paying mode: Rs.1,024 Monthly premium paying mode: Rs.174 |
| Premium paying modes | Once a year, once in 6 months, and once a month |
| Policy period | 10 to 20 years |
If your annualized premium for the IndiaFirst Simple Benefit Plan is greater than Rs. 20,000, you will be eligible for rebates. A one percent discount will be yours. Let’s examine the premium frequency factors for the monthly and six-monthly premium payment options:
| Premium frequency | Factor that needs to be applied to your annual premium |
| Monthly frequency | 0.0870 |
| 6-monthly frequency | 0.5119 |
Product Specification
Minimum | Maximum | |
Entry Age of the Life Assured (Last Birthday) | 18 years | 50 years |
Maturity Age (Last Birthday) of the Life Assured | – | 70 years |
Policy Term (PT) in years | 15 years | 25 years |
Premium Paying Term (PPT) in years | Regular pay | |
Premium Paying Frequency | Yearly, Half-yearly, Monthly | |
Annual Premium | Rs. 2000 | Rs. 32340 |
Sum Assured | Rs. 20000 | Rs. 500000 |
Plan coverage What the IndiaFirst Simple Benefit Plan covers?
You have a lot of options with this plan, and you can choose when you want your assured amount between 10 and 20 years in the future. This plan has a lot of benefits for you. You will receive a simple reversionary bonus and, if any, a terminal bonus at the end of the policy period. Let’s examine the benefits of the IndiaFirst Simple Benefit Plan:
| Type of benefit | Features of the benefit |
| Death benefit | The plan provides a death benefit equal to the sum assured and five times the annual premium in the event of the assured’s sudden death. Both the accumulated reversionary bonus and the death benefit will be paid to the nominee. The life insurance coverage never falls below 105 percent of (annualized premium x premium-paying term). |
| Reversionary bonus | The reversionary bonus will be set at the end of each fiscal year in accordance with the product’s surplus under this plan. |
| Terminal bonus | The company may announce a terminal bonus that will be paid out at the end of the fiscal year. Exclusions – What the IndiaFirst Simple Benefit Plan doesn’t cover |
There are some limitations on the IndiaFirst Simple Benefit Plan. An insurance plan’s governing principles will not cover certain aspects, which are referred to as exclusions. The nominee will not receive any death benefits if the policyholder kills themselves within a year of the risk beginning. A benefit equal to the surrender value will be paid to the nominee in the event that the policyholder takes their own life within a year of the policy being revived or reinstated. If the premium has been paid in full for three years, this applies.
Other Key Features Free-look Period, Surrender Values, Grace Period?
Numerous additional features of the IndiaFirst Simple Benefit Plan are extremely beneficial to the policyholder and his or her family. Let us examine the remaining significant aspects of this plan:
| Grace period | Even if you miss the premium payment deadline, you will have a grace period of 15 days for the monthly mode and 30 days for the 6-monthly mode and annual mode to pay your premiums. |
| Policy loans | You can get a loan through the IndiaFirst Simple Benefit Plan. You can borrow up to 90% of the surrender value of your policy. A loan of at least Rs.1,000 will be required of you. |
| Free look period | You will get a free look at your policy, during which you can look over its terms and features. It is provided for a period of fifteen days from the date the policy document is received. |
| Surrender value | A guaranteed surrender value (GSV) and a special surrender value (SSV) will be provided to you when you surrender your insurance policy. |
| Refund | A value will be returned to you if you cancel your insurance plan. This will include the premium less any paid stamp duty, the risk premium for the plan’s duration, and any costs associated with a medical examination, if any. Tax Benefits – How you can save with the IndiaFirst Simple Benefit Plan |
You can deduct your premium payments from your taxable income up to a maximum of Rs. 1,000,000 if you enroll in the IndiaFirst Simple Benefit Plan. Section 80C of the Income Tax Act of 1961 provides these deductions, and Section 10(10D) of the same act provides tax benefits for your maturity and withdrawal amounts. According to Section 10(10D), death benefits under this plan are exempt from taxes.
Other benefits How you can save with the IndiaFirst Simple Benefit Plan?
IndiaFirst has been offering affordable, quality health insurance to its customers for over 30 years now. And we know that our customers are always looking for ways to save money. That’s why we’ve created the IndiaFirst Simple Benefit Plan – a plan that offers great value for your money. Plus, it’s simple and easy to use, so you’ll be able to get the coverage you need without all the fuss. So what are you waiting for? Get started today and see for yourself just how great the IndiaFirst Simple Benefit Plan is!
Let us take a look at the other benefits of this plan:
- IndiaFirst Life Insurance offers excellent customer service by calling the toll-free number at 1800 209 8700 (within India) or +91 22 61164900 (outside of India).
- On the company’s official website, you can login as a customer, an employee, a group, or a distributor, among other ways.
- You can become a life insurance advisor with the company.
Why should you buy the Simple Benefit Plan from IndiaFirst Life Insurance?
IndiaFirst Life Insurance is a new life insurance company in India that provides individual insurance plans to people from all walks of life. The business is committed to meeting the requirements of each and every policyholder. We can get your cases gotten comfortable an extremely speedy and deliberate way with the assistance of this arrangement. You can rest assured that IndiaFirst Life Insurance’s Simple Benefit Plan will provide you with priceless life insurance, bonuses, and other benefits. You can depend on the educated staff to give you precise and fitting protection answers for your definite requirements.
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