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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) 
Minimum18
Maximum60
Maximum Maturity Age (years)70
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum1000000 and in multiples of Rs 1 lakh thereafter
Maximum49lakh if bought online; 20 crores if bought offline
Premium Payment FrequencySingle, Yearly, Half-yearly, Monthly (via ECS only)
Premium Payment TermSingle 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 CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Surrender ValueAllowed 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 
AddressIndiaFirst 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 On1800 209 8700
Annual Premium Option for Male
Policy term (in years)Age (in years)
2530354045505560
2180224026603680524083001246119421
102180224027603960598194211438122801
15218023203061454169401088016860NA
202180250034605200796012520NANA
2522212761388058609020NANANA
302360302143006520NANANANA
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)
2530354045505560
5212122002360308041616400984114881
102121220023813200462172601114017221
1521212200254035805360836012941NA
20212122202801408161409580NANA
2521212381312045816921NANANA
302140258034415080NANANANA
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)
2530354045505560
584008820110201574023600381005784090560
10142601644022200331605216082080125900198340
152026025300360405576086860135400209439NA
2027280362405379883160128740200500NANA
25359405032075460116060179620NANANA
304706067340101320155900NANANANA
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)
2530354045505560
58181846094401286018200289204544068800
1013760148201830026000395206330097260150160
151876021820287204290066720104080160760NA
202434130080420806436098800153760NANA
2530840406405902089520137660NANANA
30392015394078840120160NANANANA
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.

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