offer protection in the truest sense and is a must have policy. These policies are purely meant to , the sole breadwinner of the family meets their demise. The term plans provide financial security to the family and loved ones of the policyholder and prevents further hardship such as financial commitments like mortgages or other loans from passing on to them and allows them to carry on with the lifestyle they were used to.
On India First Official Website
Updated: 18-05-2024 03:04:19 PM
| Feature | Description |
| Term of the policy | Minimum term of the policy is 5 years
Maximum term of the policy is 30 years |
| Age of Maturity | 70 years |
| Premium Payment Terms | Single Payment or Regular Payment |
| Premium Payment Mode | Annual, Half-yearly, Monthly and single payment |
| Age of entry | Minimum age is 18 years as at last birthday
Maximum age is 60 years as at last birthday |
| Sum assured | Minimum sum assured is Rs 5 lakhs
Maximum sum assured is Rs 20 lakhs |
| Premium Amount | Minimum amount is Rs 500 for monthly, Rs 1000 for half yearly and Rs 2000 for yearly.
Minimum amount for single payment premium is Rs 5000 |
| Benefits | Death benefit is payable
No maturity benefit Surrender benefit only for single premium payment term |
| Feature | Description |
| Term of the policy | Minimu
m term of the policy is 5 years Maximum term of the policy is 30 years |
| Maturity of the policy | Policy Matures when policyholder or life assured attains 70 years as at last birthday |
| Premium Payment Terms | Single Payment
Regular Payment |
| Premium Payment Mode | Annual, Half-yearly, Monthly and onetime payment |
| Age of entry | Minimum age is 18 years as at last birthday
Maximum age is 60 years as at last birthday |
| Sum assured | Minimum sum assured is Rs 10 lakhs
Maximum sum assured is Rs 49 lakhs |
| Premium Amount | Minimum amount is Rs 2400
There is no maximum limit |
| Benefits | Death benefit is payable
No maturity benefit Surrender benefit only for single premium payment term |
Yes. Grace period provided depends on the premium payment term and is 30 days for yearly or half yearly and 15 days for monthly. Failure to pay premium within the time frame will lead to lapsed policies
Lapsed policies can be revived within 2 years from date of first missed premium but before the maturity date and the policyholder will have to pay all outstanding premiums and begin regular payment of premiums to revive the policy
If the life assured commits suicide whether in a sane or insane state of mind within 12 months from the date of commencement of the policy or revival of the policy or issue of the policy, the nominee stands will receive the surrender value of the policy till date. The suicide exclusion is applicable only to single premium payment policies and not regular payment policies.
Under sections 80C and 10D of the income tax act of India 1961, the premiums paid towards the policy are eligible for tax deductions.
