India First Anytime Plan - An Online Term Plan

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IndiaFirst Anytime Plan- An Online Term Plan

	Objective		This is an online term policy that aims at helping family members to tide over financial turmoil in the absence of breadwinner.
What does it do?		This pure term plan is available online for direct purchase. It pays sum assured to the nominee in case of unfortunate loss of life of the insured. The plan does not pay any maturity or survival benefit. However, the those with single premium payment option can surrender the policy after third policy year, in case of an emergency. Surrender value will be calculated according to the predefined formula. In case of single premium policies, if policyholder commits suicide within first 12 months of the policy, surrender value will be paid to family members.
Pros		This plan is available online. Women can get lower premium rates. In case of suicide within 12 months of commencement of single premium policies, this plan pays only surrender value and not the sum assured.
Cons		Maximum sum assured is fixed at Rs 49 lakh, which makes the policy unsuitable for anyone looking for higher life cover.
Suited for		A simple term policy is recommended to everyone supporting dependents.
Our View		This policy can be bought online without involving any intermediaries. This reduces operational cost for the company, an advantage that is passed on to buyers in the form of lower premiums. The policy is recommended for those who can make a choice without an agent.
Eligibility
Entry Age (years)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		70
Policy Term (years)
Minimum		5
Maximum		30
Sum Assured (Rs)
Minimum		1000000 and in multiples of Rs 1 lakh thereafter
Maximum		49lakh if bought online; 20 crores if bought offline
Premium Payment Frequency		Single, Yearly, Half-yearly, Monthly (via ECS only)
Premium Payment Term		Single or equal to policy tenure
Premium Factor (multiply with annual premium)		Half Yearly: 0.5119 times annual premium; Monthly (through ECS only): 0.0870 time annual premium
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date (15 days in monthly option). If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Surrender Value		Allowed to Single Premium Policies only after completion of three policy years. It will be calculated as: 40% x Premium paid x Unexpired term as on date of lapse or surrender/ Total term)
Customer Service
Address		IndiaFirst Life Insurance Company Limited 301, 'B' Wing, The Qube, Infinity Park, Dindoshi - Film City Road, Malad (East), Mumbai - 400 097

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