IndiaFirst Young India Plan - Life Insurance

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15. What are the charges applicable under this plan?Type of charge Charge details DescriptionPremiumAllocationChargeYearAllocation Charge1 6.7%2 to 4 4%5 onwards 3.5%We deduct the shown percentage (inthe table to the left) from your premiumas Premium Allocation Charge. This isdeducted before we make anyinvestments or before we apply anyother charge.FundManagementCharge (FMC)Fund nameEquity 1Balanced 1Debt 1Annual rate1.35% p.a.1.35% p.a.1.35% p.a.We deduct FMC and applicable servicetax on a daily basis from the fund valuebefore calculation of the NAV (NetAsset Value).Index Tracker1.35% p.a.Value1.35% p.a.Liquid11.35% p.a.PolicyAdministrationChargeThe charges are 1.8% of first year’s premium perannum inflating by 5% every plan year. This issubject to a maximum of ` 6,000 p.a.We deduct a monthly administrationcharge by cancelling units in advance.We do this at the beginning of eachmonthly anniversary of the plan.Charges forDeath andAdditionalBenefit onDeath andDisabilityAnnual Charge is expressed in rupees per 1000sum at risk which is the Sum Assured. (Pleaserefer to Annexure 1 for indicative rates)In case of the Additional benefit being applicableas a result of disability, the charges will continueuntil the end of the waiting period but stopthereafter in case the disability claim is accepted.The death benefit charges will however continuefor the main death benefit but not the additionalbenefit.Deduction of the charge and applicableservice tax on the first business day ofeach plan month by way of cancellationof units.Note: Where AP is Annualised Premium and FV is Fund Value7
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
Page 1 and 2: Your child, your pride...Our joy!In
Page 3 and 4: IntroductionYour loved ones, your p
Page 5 and 6: all future premium(s) payable on de
Page 7: Example: At the age of 30, you choo
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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