India First Life Plan

Name: India First Life Plan

Type of policy: Term Policy

For buying policy: Yes

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

IndiaFirst Life Plan is a pure term insurance plan that offers a high protection cover for low premiums. The policy offers death benefit whereby if the dependent of life insured gets the sum assured if the life insured dies within the policy tenure. No riders are available with this policy. We recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

60 years

Minimum Term

5 years

Maximum policy term

30 years or 70 years of age whichever is earlier

Minimum sum assured

Rs 5 lakh

Maximum sum assured

Rs. 20,00,00,000

 

Illustration:

Below table shows indicative premiums for a male.

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 7529

30 years

25 years

Rs. 10506

40 years

20 years

Rs. 20113

50 years

10 years

Rs. 34326

*Exclusive of service tax and educational cess.

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

Better Alternative:

Online Pure Term Policies.

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