What is IndiaFirst Happy India Plan?
Child plans have recently captured the attention of a large number of Indian consumers. Evidently, kid insurance plans are quickly becoming one of the most important insurance sectors due to the numerous benefits they give for the child’s benefit as he or she develops. Inflation and other market conditions have only boosted the prices of goods and critical services in recent years. Raising a child has become an expensive endeavour, from school to child care. As a result, an investment in a child insurance plan today has the potential to provide significant profits when the kid most needs it.
The Happy India Plan from IndiaFirst Life Insurance is a specialised plan built with a family-oriented client in mind. With periods ranging from 10 to 25 years, this programme seeks to guarantee that a prospective policyholder gets the optimum term for his or her needs. The provisions of this have been established to offer adequate money through investing in market connected instruments, with the goal of fulfilling a policyholder’s ambitions and desires and assisting him/her in achieving success in life. The Happy India Plan from IndiaFirst Life Insurance is a specialised plan built with a family-oriented client in mind.
The IndiaFirst Insurance Happy India Plan is a non-participating, unit-linked endowment insurance plan that allows you to invest while simultaneously providing life insurance coverage to your loved ones. This plan provides several benefits, including a Death Benefit upon the death of the life assured policyholder, payment of unpaid premiums after the life assured’s death by the insurer, an additional Benefit payable if the life assured suffers from a Permanent Total Disability as a result of an accident, and a Maturity Benefit paid to the life assured. This plan also provides policyholders with tax benefits for premiums paid under Section 80C of the Income Tax Act. Death and maturity benefits payable under the plan are likewise tax-free under Section 10(10D) of the Income Tax Act.
Key Features of IndiaFirst Happy India Plan
Some of the distinctive aspects of this ULIPs Plan are listed below:
- Timely money disbursement – Under this programme, a policyholder can pick when he or she wants to receive cash, ensuring that financial needs are satisfied during critical times.
- Partial withdrawals – During an emergency, this plan provides for a partial withdrawal of cash. Partial withdrawals are permitted under this plan only when the policy has completed 5 full terms and the life assured is at least 18 years old. In this scenario, the minimum amount that can be removed is Rs.5,000. The maximum partial withdrawal amount shall not exceed 25% of the Fund Value. There are no fees associated with partial withdrawal.
- Flexible terms – The programme offers four term options: 10, 15, 20, and 25 years.
- Nominee/appointee – A policyholder can name a nominee who will receive benefits in the case of his or her death. If the nominee is a minor, an appointee can be designated to manage the plan in the policyholder’s absence.
- Multiple premium payment options — This programme has three premium payment modes, with the policyholder having the choice of choose a monthly, half-yearly, or yearly frequency.
- Multiple fund alternatives — A policyholder has four fund options to select from, each with its own set of market benefits. If necessary, a policyholder can switch between funds.
- Lapsed policies can be restored by paying all dues within two years after the plan’s discontinuation.
- High sum assured – Policyholders are entitled to a high sum assured, with the amount determined by their entering age. For those under the age of 44, the minimum and maximum sum insured are 10 times the annualised premium OR (0.5 times the annualised premium multiplied by plan duration) and 14 times the annualised premium, respectively. For those over 45, the minimum amount is 7 times the annualised premium or 0.25 times the plan term multiplied by the annualised premium, with the maximum amount being 7 times the annualised premium.
- Free Look Period: Starting from the date of delivery of the policy, policyholders have a 15-day free look period (30 days if received via distance marketing). In the event of cancellation, the policyholder must submit a written request to the insurer, along with the original policy document, during the free look time. The insurer will repay any unallocated premium as well as any unit allocation charges. The return amount will be reduced by the amount of pro-rata Mortality Charges, stamp duty, and medical examination charges.
Benefits of IndiaFirst Happy India Plan
- The IndiaFirst Happy India Plan is a life insurance investment plan for your kid. It assists you in providing financial stability in life when you need it the most.
- Premiums must be paid throughout the duration of the plan.
- In the event of the policyholder’s death, the plan will pay you a lump payment.
- In the event of the insurance holder’s death, the business waives all future premiums while also depositing all premiums into the policy fund. Alternatively, the nominee receives the money promised as well as the sum of any future premiums payable and fund value.
- The insurance holder has the option of switching funds twice between plans.
- You may also withdraw money in increments to control your spending. The same applies to policy circumstances.
- The plan is available in terms of 10, 15, 20, or 25 years.
- The arrangement also provides tax advantages under Sections 80C and 10(10D).
- The plan also includes riders such as a disability benefit.
- Death Benefit: If the Life Assured policyholder dies within the policy’s term, the nominee/beneficiary of the life assured will be entitled to the Death Benefit Sum Assured amount. The minimum death benefit is set at 105 percent of the life assured’s total premiums paid. The death benefit provided under this plan also includes the following two additions:
- Additional Benefit Paid on Death of Life Assured – The insurer will cover the whole of all future due premiums under the Regular Premium payment for the balance of the policy term under this additional benefit. This pay-out can be paid to the appointee/nominee/legal heir immediately following the death of the life assured, along with the fund value, after which the plan is cancelled; or (ii) the insurance company will pay all outstanding future premiums promptly. The plan’s fund value is payable on the plan’s maturity date.
- Total and Permanent Disability Benefit – This is an additional benefit that is paid if the life insured is rendered totally and permanently disabled as a result of an accident. This pay-out can be paid to the appointee/nominee/legal heir immediately following the death of the life assured, along with the fund value, after which the plan is cancelled; or (ii) the insurance company will pay all outstanding future premiums promptly. The plan’s fund value is payable on the plan’s maturity date.
- Maturity Benefit: If the life guaranteed survives the policy term, they are entitled to the Fund Value as of the maturity date as a Maturity Benefit. This pay-out is payable if the plan is in force and the insurer has received all outstanding premiums from the life guaranteed. This maturity benefit can be obtained in annual, semi-annual, or monthly instalments. If the life assured dies during this Settlement Period, their nominee(s) will receive just the remaining Fund Value (as of the date of death notification) and the policy will be cancelled with immediate effect.
- Tax Benefit: This plan also provides policyholders with tax benefits for premiums paid under Section 80C of the Income Tax Act. The plan’s death and maturity benefits are likewise tax-free under Section 10(10D) of the Internal Revenue Code.
Pay premiums – You can pay your policy premiums online (through the website, net banking, wallet or cash cards), by auto debit (ECS or credit card standing instructions), or in other means such as cash, check, account transfer, IVR, and so on.
Download e-statements — From the IndiaFirst website, you can quickly download your premium receipt, insurance premium notice, or tax statement.
Track Application – The IndiaFirst website makes it simple to track your policy application. All you need to do is provide the life assured’s date of birth, application number, registered mobile number, or email address.
Update Contact Information — There is no need to drag yourself to the branch office to update your contact information. Simply visit the IndiaFirst website and submit a request to amend your name, email address, contact number, or mailing address.
Update Nominee — From the website, you can easily alter your nominee details for the policy. You must submit a properly completed Nomination Form that is signed by the policyholder and includes the nominee’s name, address, date of birth, and relationship to the policyholder. A minor may also be named as a nominee. These modifications can be made online, by email, in person at the IndiaFirst office, or by mail or courier.
Change Funds – You can also easily switch between the various funds offered through your plan. Online from the IndiaFirst website, by filling out and emailing the Fund Switch form, contacting IndiaFirst on their toll-free number, visiting any IndiaFirst Life, Andhra Bank, or Bank of Baroda office, or even by post or courier.
- The insurance holder’s age ranges from 18 to 50 years.
- The policy’s maximum maturity age is 60 years.
- The lowest premium amount is INR 12,000, with a maximum limit of INR 2.5 lakhs.
- The premium can be paid monthly, semi-annually, or yearly
How do plan works?
This plan’s methodology is pretty simple and straightforward. During the policy period, the money invested by the insurance holder as premiums multiplies. The returns are sent to the insurance holder at the end of the policy period, along with any bonuses earned throughout the years.
Why should you buy IndiaFirst Happy India Plan?
IndiaFirst Life, which was founded in 2010, is one of the country’s most popular and yet youngest life insurance carriers. IndiaFirst Life Insurance is a joint venture between Andhra Bank, Bank of Baroda, and the Legal & General Business, a renowned wealth, risk, and investment management group based in the United Kingdom. With vast experience in banking, wealth management, and financial management, IndiaFirst has tailored its products and services to meet the demands of its consumers. IndiaFirst provides exceptional post-sales service and a variety of affordable, well-appointed, and simple-to-understand insurance solutions in categories such as health, retirement, protection, wealth, and savings. The insurer also provides a variety of group insurance products, such as gratuity and leave encashment plans and credit life insurance.
1. Do I have an option to change investments in my policy?
Yes. In the case of an investment-based insurance policy, the switching option allows you to change your investment fund twice during the policy’s lifespan.
2. Which is the best IndiaFirst Child Plan for long term?
Ideally, both of IndiaFirst programmes for children are the greatest and most competitive items on the market. Both of these plans’ policy terms are centred on long-term investments, ensuring that policyholders obtain maximum profits over a specific time period. Rating the best of the two plans would be unjustified because each plan has its unique set of perks and qualifying requirements. As a potential insurance holder, we recommend that you go through both policies and then determine which one is best for you.
3. What is the policy renewal process for IndiaFirst Child Plans?
The insurance may be renewed online by simply selecting the renewal option and paying the required premium. You can also renew your coverage by visiting the nearest branch with your documentation.
4. What is the policy cancellation process for IndiaFirst Child Plans?
IndiaFirst Child Plans are cancelled within 15 days of the policyholder submitting an application to the nearest branch with the necessary paperwork.