IndiaFirst Young India Plan - Life Insurance
IndiaFirst Young India Plan - Life Insurance
IndiaFirst Young India Plan - Life Insurance
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There are a few other charges that may be applicable on your plan if you choose to utilise some of the optionsavailable –DiscontinuanceChargeWhere thepolicy isdiscontinuedduring thepolicy year12Discontinuancecharge as apercentage ofannualised premiumfor plans havingannualised premiumup to `25,00020% subject tomaximum of`3,00015% subject tomaximum of`2,000Discontinuancecharge as apercentage ofannualised premiumfor plans havingannualised premiumabove `25,0006% subject tomaximum of`6,0004% subject tomaximum of`5,000The DiscontinuanceCharge is a percentage ofthe fund value we holdback, on discontinuing ofthe plan.No discontinuance value ispayable before completionof five plan years.Discontinuance charge isnot applicable aftercompletion of five planyears.3410% subject tomaximum of`1,5005% subject tomaximum of`1,0003% subject tomaximum of`4,0002% subject tomaximum of`2,000SwitchingCharge5 & above Nil NilYou may make two free switches a month/ 24 freeswitches in any plan year. We currently do not levy aswitching charge. However we reserve the right tointroduce charges.We levy the switchingcharge throughcancellation of units.PartialWithdrawalChargeThere are no partial withdrawal charges applicable. -RevivalChargeThere will be a charge of ` 500 on revival of the plan.We levy the revival chargeon reinstatement of the plan.What are the additional charges applicable?RevivalChargesSwitchingCharge,PremiumRedirectionChargeThere will be a charge of `500 onrevival/reinstatement of the plan. Thiscan go up to a maximum of `2,000,subject to prior approval from IRDA.Currently no charges are applicable.However we reserve the right tointroduce charges, subject to priorapproval from IRDA. This will notexceed ` 500 per transaction.How are charges recovered?Premium allocation charges are recovered from thepremium you pay us. It is deducted upfront from thepremium before any other charge deduction orinvestment allocation. In case of other charges wewill recover the same by cancellation of units at theprevailing unit price. The cancellation of units willbe effected in the same proportion as the value ofunits held in each fund, if you hold units in more thanone fund.8