IndiaFirst Anytime Plan- An Online Term Plan
Objective
This is an online term policy that aims at helping family members to tide over financial turmoil in the absence of breadwinner.
What does it do?
This pure term plan is available online for direct purchase. It pays sum assured to the nominee in case of unfortunate loss of life of the insured. The plan does not pay any maturity or survival benefit.
However, the those with single premium payment option can surrender the policy after third policy year, in case of an emergency. Surrender value will be calculated according to the predefined formula.
In case of single premium policies, if policyholder commits suicide within first 12 months of the policy, surrender value will be paid to family members.
Pros
This plan is available online.
Women can get lower premium rates.
In case of suicide within 12 months of commencement of single premium policies, this plan pays only surrender value and not the sum assured.
Cons
Maximum sum assured is fixed at Rs 49 lakh, which makes the policy unsuitable for anyone looking for higher life cover.
Suited for
A simple term policy is recommended to everyone supporting dependents.
Our View
This policy can be bought online without involving any intermediaries. This reduces operational cost for the company, an advantage that is passed on to buyers in the form of lower premiums. The policy is recommended for those who can make a choice without an agent.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 60 |
| Maximum Maturity Age (years) | 70 |
| Policy Term (years) | |
| Minimum | 5 |
| Maximum | 30 |
| Sum Assured (Rs) | |
| Minimum | 1000000 and in multiples of Rs 1 lakh thereafter |
| Maximum | 49lakh if bought online; 20 crores if bought offline |
| Premium Payment Frequency | Single, Yearly, Half-yearly, Monthly (via ECS only) |
| Premium Payment Term | Single or equal to policy tenure |
| Premium Factor (multiply with annual premium) | Half Yearly: 0.5119 times annual premium; Monthly (through ECS only): 0.0870 time annual premium |
| Policy Cover | Cover remains fixed for the tenure of the policy |
| Other Features | |
| Free Look Cancellation | In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. |
| Grace Period | You are allowed to pay premiums within 30 days from the due date (15 days in monthly option). If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated. |
| Lapsed Policy Reinstatement | You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any. |
| Tax Benefits | Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. |
| Surrender Value | Allowed to Single Premium Policies only after completion of three policy years. It will be calculated as: 40% x Premium paid x Unexpired term as on date of lapse or surrender/ Total term) |
| Customer Service | |
| Address | IndiaFirst Life Insurance Company Limited 301, 'B' Wing, The Qube, Infinity Park, Dindoshi - Film City Road, Malad (East), Mumbai - 400 097 |
| Mail To | [email protected] |
| Call On | 1800 209 8700 |
| Annual Premium Option for Male | |||||||||
| Policy term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 2180 | 2240 | 2660 | 3680 | 5240 | 8300 | 12461 | 19421 | ||
| 10 | 2180 | 2240 | 2760 | 3960 | 5981 | 9421 | 14381 | 22801 | |
| 15 | 2180 | 2320 | 3061 | 4541 | 6940 | 10880 | 16860 | NA | |
| 20 | 2180 | 2500 | 3460 | 5200 | 7960 | 12520 | NA | NA | |
| 25 | 2221 | 2761 | 3880 | 5860 | 9020 | NA | NA | NA | |
| 30 | 2360 | 3021 | 4300 | 6520 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax. | |||||||||
| Premiums for an offline policy will be higher. | |||||||||
| Annual Premium Option for Female | |||||||||
| Policy term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 2121 | 2200 | 2360 | 3080 | 4161 | 6400 | 9841 | 14881 | |
| 10 | 2121 | 2200 | 2381 | 3200 | 4621 | 7260 | 11140 | 17221 | |
| 15 | 2121 | 2200 | 2540 | 3580 | 5360 | 8360 | 12941 | NA | |
| 20 | 2121 | 2220 | 2801 | 4081 | 6140 | 9580 | NA | NA | |
| 25 | 2121 | 2381 | 3120 | 4581 | 6921 | NA | NA | NA | |
| 30 | 2140 | 2580 | 3441 | 5080 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
| Premiums for an offline policy will be higher. | |||||||||
| Single Premium Option for Male | |||||||||
| Policy term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 8400 | 8820 | 11020 | 15740 | 23600 | 38100 | 57840 | 90560 | |
| 10 | 14260 | 16440 | 22200 | 33160 | 52160 | 82080 | 125900 | 198340 | |
| 15 | 20260 | 25300 | 36040 | 55760 | 86860 | 135400 | 209439 | NA | |
| 20 | 27280 | 36240 | 53798 | 83160 | 128740 | 200500 | NA | NA | |
| 25 | 35940 | 50320 | 75460 | 116060 | 179620 | NA | NA | NA | |
| 30 | 47060 | 67340 | 101320 | 155900 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
| Premiums for an offline policy will be higher. | |||||||||
| Single Premium Option for Female | |||||||||
| Policy term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 8181 | 8460 | 9440 | 12860 | 18200 | 28920 | 45440 | 68800 | |
| 10 | 13760 | 14820 | 18300 | 26000 | 39520 | 63300 | 97260 | 150160 | |
| 15 | 18760 | 21820 | 28720 | 42900 | 66720 | 104080 | 160760 | NA | |
| 20 | 24341 | 30080 | 42080 | 64360 | 98800 | 153760 | NA | NA | |
| 25 | 30840 | 40640 | 59020 | 89520 | 137660 | NA | NA | NA | |
| 30 | 39201 | 53940 | 78840 | 120160 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
| Premiums for an offline policy will be higher. | |||||||||
