IndiaFirst Life - Micro Bachat Plan

This a limited premium paying, participating plan which not only provides a shorter pay commitment of 5 years but also gives you savings and protection in a single policy. Not just this, our policy will also ensure, continuation of your life cover benefit even in case you miss to pay one premium, thus protecting your family with a life cover even in absence of premium payment. This policy will also take care of your liquidity needs through its Loan
facility. Buying this policy as per your convenience is also a possibility as it can be bought online as well.

* Pay premiums only for five years to fulfil your long-term goals
* Continue to enjoy life cover benefit for one full year even if you miss to pay one premium (applicable after you have paid one full years premiums)
* Boost your savings with upside of annual bonuses (if any)
* At the end of term, you get Sum Assured at Maturity plus accrued bonuses (if any)
* Opt for Accidental Death Benefit option and secure your loved ones from adverse effects of such unfortunate event
* Option to add Waiver of Premium Rider on payment of rider premium to secure your loved ones from burden of paying future premiums in case of occurrence of death, accidental total permanent disability or any of the defined critical illness while continuing the benefits of the plan.
* Choose to receive the death benefit as one-time payment or in instalments over a period of 5 years
* Tax benefit may be available on the premiums paid and benefits received as per prevailing tax laws.

Yearly
Half yearly
Quarterly
Monthly

Within one year from the date of first unpaid premium Death benefits under the policy will continue as per the in-force policy.
If Death happens after One Year from the date of first unpaid premium - Death benefit would be the Reduced paid-up Sum Assured on death plus accrued simple Reversionary Bonus (if any) plus terminal bonus, if any till the date of reduced paid-up.

At the end of policy term, you will receive Reduced paid-up Sum Assured on maturity plus accrued simple Reversionary Bonus, if any, plus terminal onus, if any till the date of reduced paid-up less survival benefit amount paid if any.
Where, Reduced paid-up Sum Assured on maturity is defined as: (guaranteed Sum Assured on maturity plus survival benefit) x (Total numbers of premiums paid)/(Total Number of premiums payable over the policy term) Policy will not be eligible for any future simple
reversionary bonuses once it has been converted into a paid-up policy.

This policy has a grace period of 30 days for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency from the premium due date. In case of death of the life assured during this period, death benefit after deducting due premiums before date of occurrence of death, will be paid to the nominee(s)/appointee/legal heir.

You may benefit from a loan facility under this plan.
The amount of the loan that you may avail at any point of time will depend on the surrender value. You may avail of a loan amount up to 90% of the available surrender value. The minimum loan amount should be Rs.1,000. We will charge interest at a rate of 9% per annum which may be revised by us from time to time subject to IRDAI approval. When the loan with accrued interest exceeds the surrender value, the policy will foreclose and outstanding loan along with accrued interest will be recovered from surrender proceeds. Loan outstanding along with interest, if any will be recovered from death/maturity proceeds in case if it is not repaid before the event of death or maturity.

Cover Option - Life Option

Risk Coverage - Death

Cover Option - Extra Life Option
Risk Coverage - Death and Accidental Death
Benefit Details - Death Benefit as mentioned above + An additional death benefit on Accidental Death which is equal to Guaranteed Sum Assured on death will be paid.