IndiaFirst Young India Plan - Life Insurance

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5. How much can you invest?Six monthly YearlyMinimum investment ` 6,000 ` 12,000Maximum investment No limit No limit6. How is the sum assured calculated?The sum assured is –<strong>Plan</strong> under/Age bandwhile applying forthe plan (years)MinimumMaximum7. What do you receive at the end of theplan term?You receive the fund value at the end of the plan term.What are the payments on maturity?On maturity we will pay -Up to 45• You the fund value as a lump sum46 – 50In case opted for, we will pay the child or beneficiary thefund value in the unfortunate event of the life assured’sdemise during the plan term if he/she has attained theage of 18 years. Else, we will pay the fund value to yourappointee, if the beneficiary is a minor.You may choose to receive this payment ininstallments over a period of time specified by you.This period is called the Settlement Period. During thisperiod, the fund management and policyadministration charges will be charged.When does the settlement period start?51 - 55105% of (premium payingterm * annualised premium)40 30 25Your settlement period starts from the date of maturityand can be applicable for a maximum period of 5 years.However, you have to opt for the Settlement Option atleast 3 months prior to the date of maturity.Can you secure your funds during thesettlement period?You may choose your fund investment into a Liquid 1Fund or any other fund allowed under this productduring the settlement period.Does the life cover benefit continue during thesettlement period?No, there is no life cover during the settlement period.We will pay the fund value as on the date of intimationof death, to the nominated beneficiary or theappointee in case of the life assured’s unfortunatedemise.. However during this period you do not getthe privilege of ‘the Additional Benefit of all futurepremiums payable by the Company in case ofaccidental disability/death.Who bears the investment risk during thesettlement period?The investment risks will be borne by you, thepolicyholder during the settlement period.Are you allowed to make switches or partialwithdrawals during the settlement period?No. Switches or partial withdrawals are not allowedduring the settlement period.8. Tax benefits under this planCurrently you are eligible for the below mentioned taxbenefits. These are subject to change from time to time.However, you are advised to consult your tax consultant.Tax benefits on the premiums paidYou are eligible for tax deductions up to ` 1,00,000 onpremiums paid under Section 80C of the Income TaxAct, 1961.Tax benefits on the maturity amount andwithdrawalsYou can get full tax benefits on the maturity amountand the withdrawal amounts under Section 10(10) D,of the Income Tax Act, 1961. But this applies only if thepremium in any year during the plan term does notexceed 20% of the sum assured.Death benefits are tax free under section 10 (10D) ofthe Income Tax Act, 1961.9. What happens in case of the lifeassured’s demise?Your beneficiary will receive the sum assured amount ifhe/she has attained the age of 18 years, in theunfortunate event of the life assured’s demise, duringthe plan term.The sum assured will be paid out to the appointee if thebeneficiary is a minor.There is also an Additional Benefit equal to the sum of3
all future premium(s) payable on death or disabilitydue to accident of the life assured.You may choose this benefit at inception itself, to bepaid in one of the two ways as follows:Option IPaid to the policyholder/nomineeimmediately on the disability/death of thepolicyholder. In case of death, the fund valueis paid out and policy terminates.Option ii The Company pays all the future premiumsimmediately to the plan by creating unitsunder funds as exist on that time. The fundvalue will be paid at the maturity date.Hence, this benefit ensures that thebeneficiary receives the fund value asplanned by the life assured, at the end of theplan term. The beneficiary however, doesnot have any right to exercise any fundrelated option except receiving the policymoney as decided by the policyholder priorto his/her death.10. Under what circumstances is theadditional benefit equal to the sum of allfuture premium (s) payable?• In the unfortunate event of the life assured’s deathduring the plan term• In case of an unfortunate accident that causes thelife assured to be permanently and totally disabledduring the plan termDefinitions applicable to Additional Benefit onaccount of Total and Permanent Disability due toaccident only:“Accident” will mean an event or contiguous series ofevents, which are violent, unforeseen, involuntary,external and visible in nature, which causes Bodily Injury.“Bodily Injury” means Injury must be evidenced byexternal signs such as contusion, bruise and woundexcept in cases of drowning and internal injury.“Total and Permanent Disability” refers to a disability,which -• is caused by Bodily Injury resulting from an accident,and• occurs due to the said bodily injury, directly andindependently of any other causes, and• occurs within 180 days of the occurrence of suchaccident, and• completely, continuously and permanently preventsthe life assured from engaging in any work,occupation or profession to earn or obtain any wages,compensation or profit, such condition to persist forat least 6 months from the date of disabilityFor the purposes of this benefit, the loss of both arms,or of both legs, or of one arm and one leg, or of botheyes, shall be considered total and permanentdisability, without prejudice to other causes of totaland permanent disability.“Loss of an arm or a leg” will mean physical severanceof the arm at or above the wrist or physical severanceof the leg at or above the ankle which -• is caused by bodily injury resulting from an accident, and• occurs due to the said bodily injury, directly andindependently of any other causes, and• occurs within 180 days of the occurrence of suchaccident“Loss of an eye” will mean total and irrevocable loss ofsight of an eye which -• is caused by bodily injury resulting from an accident,and• occurs due to the said bodily injury, directly andindependently of any other causes, and• occurs within 180 days of the occurrence of suchaccident4
Page 1 and 2: Your child, your pride...Our joy!In
Page 3: IntroductionYour loved ones, your p
Page 7 and 8: Example: At the age of 30, you choo
Page 9 and 10: There are a few other charges that
Page 11 and 12: . You wish to discontinue your plan
Page 13 and 14: • IndiaFirst Life Insurance Compa
Page 15 and 16: Disclaimer: Unit-linked life insura

IndiaFirst Young India Plan - Life Insurance

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