IndiaFirst Young India Plan - Life Insurance

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Is service tax applicable? If yes, who bears it?Yes. Mortality and Fund Management Chargesmentioned above are exclusive of service tax and theapplicable cess. Service tax will have to be borne byyou, the policyholder.16. Your options if you miss paying thepremiums.If you miss paying your premiums, you are entitled toexercise one of the following options -Option 1: Revival of the plan, orOption 2: Complete withdrawal from the planwithout any risk cover.In case you have not paid your premiums, we will sendyou a notice within a period of 15 days from the date ofdiscontinuance of the plan and ask you to exerciseone of the options mentioned above, within a periodof 30 days.During this period your plan will be in force andmortality and other charges will continue to be applied.What are your options to revive the plan?You can revive your plan within 2 years from the date ofdiscontinuance but before completion of first 5 planyears by –• Simply paying the pending premium amount• Begin the payment of premiumsYou can revive your plan by paying of revival charge of` 500, Premium Allocation Charges and any medicalcosts. The revival is subject to satisfactory medical andfinancial underwriting. Upon revival of the plan, thediscontinuance charges, if any, already deducted shallbe added back to the discontinuance fund and the fundwill be used to purchase units at the NAV as on thedate of revivalAre there any constraints to revive your plan?Yes. You can revive your plan as long as you do it within45 days from the date of the discontinuance. Therevival is subject to satisfactory medical and financialunderwriting. The plan will discontinue, if you do notrevive your plan within 45 days.Is there a grace period for missed premiums?We provide you a grace period of 30 days for paymentof all premiums under six monthly and yearly mode..This period starts from the due date of each premiumpayment. All your plan benefits continue during thisgrace period.17. Can you discontinue your plan?You will have a maximum period of 30 days from thereceipt of the notice from us to exercise the followingoptions.Option 1: Revival of the plan, orOption 2: Complete withdrawal from the plan withoutany risk cover.If we have not received any communication from yourend within 30 days from the receipt of the notice byyou, we will believe it as your consent to exerciseoption 2 for complete withdrawal from the planwithout any risk cover.Discontinuance within first 5 years of the Plana. You miss your premiums and choose to revive yourplanIf you miss paying your premiums, the Fund Value ofthe Plan will be credited to the Discontinuance Fund afterdeducting discontinuance charges on the date ofdiscontinuance. Fund Management Charges @ 50 bps perannum will be deducted from the Discontinuance Fund.The minimum return on the fund will be equal to theinterest rates on savings bank account offered by StateBank of India or as prescribed by IRDA from time totime.You may choose to revive your plan within 2 years fromthe date of discontinuance but before completion offirst 5 plan years subject to submission of evidence ofhealth to our satisfaction. Depending on evidence ofhealth as required by the company, we shall have theright to refuse your request for revival or put suchconditions or extra charges as may be deemed fit. Inorder to revive the plan, you need to pay all duepremiums that have been missed along with anycharges that was due. Upon revival of the plan, thediscontinuance charges already deducted shall beadded back to the discontinuance fund and the fundwill be used to purchase units at the NAV as on thedate of revival.9
. You wish to discontinue your planThe fund value of the plan will be credited to thediscontinued plan fund, The amount of thediscontinued plan will be refunded only upon thecompletion of the fifth plan year after deductingdiscontinuance charges on the date of discontinuance.The income earned on the fund value will beapportioned to the discontinued plan fund. Theminimum return on the fund will be equal to theinterest rates on savings bank account offered by StateBank of India or as prescribed by IRDA from timeto time.In case of death of the life insured after the fund valueof the policy credited to the discontinuance policyfund, the discontinuance policy fund value as on dateof receiving intimation of death will be paid and theplan will be closed.No benefit will be payable in case of disability of the lifeinsured after the fund value of the policy credited to thediscontinued policy fundDiscontinuance within after 5 years of the PlanIf you choose to discontinue your plan after five planyears, the fund value as on date of discontinuance willbe payable to you.18. Can you move from this plan to anyother plan of IndiaFirst Life Insurance?If at any point you would like to opt out of this plan and1invest into another Unit Linked plan of IndiaFirst LifeInsurance, we give you flexibility to do so. This option isavailable for existing policyholders after completion offive policy years from the date of commencement ofthe policy. Under this option, you can transfer policybenefits (surrender, maturity etc.) without anycharges, fully to another plan wherein portabilityoption is available.This option must be exercised at least 30 days beforethe date of the receipt of benefit under the policy. Theterms and conditions as specified in the opted policydocument would apply to the policy holder opting forthe ‘Portability Option’. The new plan will be offeredonly on the life of the policyholder or life assured underthe existing plan. This plan allows policyholders totransfer policy benefits from another Unit Linked planwhere portability options are allowed.In case the policyholder opts for the Portability option,a new contract will be issued on either the maturity ofthe old contract or on surrender/termination of the oldcontract.19. Can you avail of a loan under this plan?Yes. You can avail of a loan under this plan. Theconditions for the same are as follows:Before completion of 5 years:The maximum loan amount shall not exceed 40% ofthe surrender value in those policies where equityaccounts for more than 60% of the total share andshall not exceed 50% of the surrender value of thosepolicies where debt instrument accounts for morethan 60% of total share. In case surrender value at anytime is less than loan outstanding plus accruedinterest, then plan terminates. The company isallowed to charge interest rate on such loan and thebasis of interest rate will be SBI base rate plus 7.00%.On or after completion of 5 years:Loans are not available.20. Can you cancel your plan?Yes you can cancel your plan if you disagree with anyof the terms and conditions within the first 15 days(free look period) of the receipt of your plandocument. You can return the plan to us, while statingyour specific objections.Do you get any refund when you cancel your plan?Yes. We will refund an amount equal to the -Premium paidLess: i.ii.Pro-rata death benefit and Additional BenefitChargesAny stamp duty paidiii. Expenses incurred on medical examination, if anyThis amount is adjusted by the fund performancebetween the date of receipt of premium and the dateof cancellation.1Only applicable on plans without any implicit/explicit guarantees; not applicable on pension plans.2Effective from 18th August, 201110
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IndiaFirst Young India Plan - Life Insurance

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