IndiaFirst Life - Super Protection Plan

About Plan

IndiaFirst Life Super Protection Plan, a life insurance product, that aims to ensure that the visions that you desired for your family in your lifetime, doesnt remain unfulfilled by the financial void which might get created due to untoward events. With multiple coverage options, always be confident of the happiness of your loved ones, irrespective of the circumstances.

Features

Get financial protection for yourself and your family with life cover at an affordable cost.
Tailor this policy to suit your safety needs as you get a choice of 2 different coverage options
Flexibility to receive death benefit as a lump sum or as a monthly income (as per the selected coverage option)
Get covered for up to whole of life (till age 99) with an option of paying premiums for only a short duration
Want to enhance your sum assured without additional underwriting We provide you with the flexibility to do so on life stages like Marriage, taking a Home Loan, Childbirth (in selected coverage options). This enhanced sum assured would be available on payment of additional premium
Get your premiums back at the end of policy term through Return of Premium option
Opt for Waiver of Premium benefit, to ensure policy continuity on diagnosis of any of the 40 Critical Illness or Accidental Total Permanent Disability (in selected coverage options)
Option to cover your spouse as well under the same policy.

Benefits

A. Life Stage Benefit
This option shall only be available under Life Option
Sum Assured can be increased without any medical underwriting on any of the below specified events during the life of the Life Assured. The total increase in Sum Assured shall be subject to overall limit of 100% of initial Sum Assured.
The option to increase Sum Assured can be availed within a period of six months from the date of the specified events provided no claim has been made under the policy for Option (C) Waiver of Premium. The increase in Sum Assured will be effective from the annual policy anniversary falling immediately after the date of notification and an additional premium will be charged for an increase in the Sum Assured based on the attained age of
the policyholder at the option exercise date

To exercise the above options life assured should be underwritten at standard rate at policy inception, the policy should be premium paying at the time of exercising the option and age of the policyholder must be less than 45 years. This option is not allowed for single premium policies.

B. Reduce Sum Assured
Sum Assured can be reduced in future if it had been increased during an event beforehand and post attaining age 45 years. This option is also applicable only under Life Option.
The decrease will be allowed to the extent of Sum Assured increased under the specified event in the life of the Life Assured.
The reduction in Sum Assured will be effective from the annual policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time.
The decrease in premium corresponding to the specified event of increase will be equal to the additional premium charged at the time of increase in Sum Assured benefit corresponding to that specific event as mentioned in the option to Increase Sum Assured.
The option to decrease sum assured benefit cannot be availed by the policyholder during the last 5 policy years.
Once the sum assured is decreased it cannot be increased in future. The written request for a reduction in Sum Assured should be sent at least two months prior to the annual policy anniversary.

C. Waiver of Premium Option
This is an optional benefit, available only with Life Option provided the policy has been underwritten on standard terms. This option has to be selected by the policyholder at the inception of the policy. All future premiums shall be waived if the Life Assured is diagnosed with any of the listed 40 Critical Illnesses or total permanent disability due to accident. An additional premium will be charged for this benefit. If Joint Life Option is
chosen along with this option, then WOP is applicable only on the primary life assured.

D. Joint Life Option
You can cover your spouse along with yourself under the same policy. You can do this by opting Joint Life Option. This option is available only with Life Option. Insurance coverage as chosen commences on both the Life Assureds at inception of the policy. If this option is chosen, an additional cover of 50% of Primary Lifes Sum Assured will be offered to the spouse up to a max of INR 1Cr cover. An additional premium will be charged for this
option where a discount of 2% will be offered on premium of second life. On occurrence of death of the secondary life assured, applicable benefit shall be payable. In case payout happens for a life assured, policy will continue for the other life assured till benefit for both the life assureds is exhausted or till the end of policy term, whichever is earlier.

E. Discount on Advance Renewal Premium
Collection of renewal premium in advance shall be allowed within the same financial year for the premium due in that financial year. Provided, the premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium. No discount will be offered if premium is paid within one month prior to premium due date. The discount rate applicable for the quarter will be calculated on 5-year G-Sec bond yield (rounded to nearest 5 bps) as at beginning of the quarter. The same discount rate will be applicable to all the advance premiums being paid by the policyholder during that quarter. Any change in the said methodology for the calculation of discount on advance premium is subject to approval of the authority. The
discount rate will be calculated from advance premium paid date to premium payment due date (in complete months).

Entry Age Details

Minimum - 18 years
Maximum - 65 years

Maturity Age Details

Minimum Maturity Age: years. Maximum Maturity Age depends on the Premium Payment Term(PPT)

Premium Payment Term

For Option 1: Single Pay, Limited Pay 5 to 47 years
For Option 2: Single Pay, Limited Pay 5, 7, 10, 12, 15, 20, 25, 30, 35

Premium payment mode

Yearly

Half Yearly

Quarterly

Monthly

Single

Sum Assured Details

Minimum
For Option 1: Rs. 50,00,000
For Option 2: Rs. 25,00,000
Maximum
No limit, subject to BAUP

Death Benefits

On death of the life assured or diagnosis of terminal illness whichever is earlier, below death benefit will be payable:
For Limited Pay Policies:
The death benefit with be Higher of:
10 times of Annualized Premium
an absolute amount, which is the Sum Assured prevailing at the time of death
105% of Total Premiums Paid (TPP)

For Single Premium
The death benefit with be Higher of:
1.25 times of Single Premium
an absolute amount, which is the Sum Assured prevailing at the time of death
where the Sum Assured prevailing at the time of death is the Sum Assured chosen by the policyholder at inception

Maturity Benefits

For Life Option
There is no Maturity Benefit Payable under this option
For Life with Return of Premium Option
On survival of the life assured till the end of the policy term, Maturity Benefit i.e.100% of Total Premiums Paid (TPP) shall be paid to the Policyholder. The policy terminates once the full amount of benefit is paid.
Total Premiums Paid shall be the Annualized Premium Number of years for which premium has been paid. Annualized premium payable In a year is the base premium, excluding applicable taxes, rider premium (if any), underwriting extra premium (if any) and loadings for modal premium (if any).

Options Availability

A. Lumpsum Option
The benefit on death or diagnosis of terminal illness, whichever is earlier, is payable as lumpsum and the policy terminates.
B. Lumpsum and Level Income Option
On death or diagnosis of terminal illness, whichever is earlier, the policyholder can choose 10% to 50%, in multiple of 10%, of the applicable death benefit to be paid immediately as lumpsum and the balance amount to be paid in arrears as equal monthly instalments over a period of 5 years. The lumpsum percentage has to be chosen at the inception of the policy. In case of instalment payment of death benefit, the monthly instalment benefit amount will be calculated as dividing lump sum amount (say, S) by annuity factor (i.e. a(n)(12)) i.e. S/a(n)(12), where n is the instalment period of 5 years. The interest rate used to determine annuity factor is {5-year G-Sec rate less 2.00%, rounded down to the nearest 25 bps}, where the 5-year GSec is at the beginning of the financial year. The applicable interest rate for FY.
24-25 is 5% p.a. (i.e. ~7.18% (5-year G-Sec rate) less 2.00%).

Claim & Solvency Ratio

Claim Ratio	Solvency Ratio
98% (2023-24)	2% (March 2024)

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Frequently Asked Questions About Insurance

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What is health insurance? +

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It may also provide coverage for other types of health-related costs, such as prescription drugs, mental health services, and preventive care.

Why do I need health insurance? +

Health insurance helps protect you from high medical costs. It provides access to medical care when you need it, helping to pay for doctor visits, hospital stays, surgeries, prescription medications, and other health-related services.

What is a premium? +

A premium is the amount you pay for your health insurance every month. Depending on your plan, the premium may vary based on factors like age, location, and level of coverage.

What is a deductible? +

A deductible is the amount of money you must pay out-of-pocket before your health insurance starts covering your medical expenses. For example, if you have a deductible of $1,000, you must pay $1,000 out-of-pocket before your insurance starts covering your medical bills.

What are copayments and coinsurance? +

Copayment (copay): A fixed amount you pay for a covered health care service, typically when you get the service. Coinsurance: The percentage of the cost you pay for covered health services after you've paid your deductible. For example, if your coinsurance is 20%, you pay 20% of the bill, and the insurance company pays the remaining 80%.

What is an out-of-pocket maximum? +

The out-of-pocket maximum is the maximum amount you can spend on your health insurance. If you exceed this amount, your insurance company will pay 100% of your medical expenses.

What is the difference between in-network and out-of-network providers? +

In-network providers: Health care providers that have a contract with your health insurance plan to provide services at negotiated rates. Out-of-network providers: Providers that don't have a contract with your insurance plan. Services from these providers may cost more or not be covered at all.

What is a Special Enrollment Period (SEP)? +

The Special Enrollment Period (SEP) is a special time during the year when you can sign up for or make changes to your health insurance plan. If you miss this period, you may have to wait until the next one unless you qualify for a Special Enrollment Period (e.g., due to a life event like marriage or having a baby).

Can I keep my doctor with health insurance? +

If you have a preferred doctor, it’s important to check if they are in-network with your insurance plan. If they are not in-network, you may need to pay more out-of-pocket, or you may have to switch to another doctor who is in-network.

What is a Health Savings Account (HSA)? +

A tax-advantaged account for people with high-deductible health plans (HDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Flexible Spending Account (FSA)? +

A tax-advantaged account for people with low-deductible health plans (LDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Health Maintenance Organization (HMO)? +

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. HMOs often have lower premiums and out-of-pocket costs but offer less flexibility in choosing providers.

What is a Preferred Provider Organization (PPO)? +

A PPO is a health insurance plan that offers more flexibility in choosing healthcare providers and doesn’t require referrals to see specialists. You can see any doctor, but you’ll pay less if you use in-network providers.

What is the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? +

HSA: A tax-advantaged account for people with high-deductible health plans (HDHPs) The funds roll over from year to year and can be used for qualifying medical expenses. FSA: A tax-advantaged account for people with low-deductible health plans (LDHPs) The funds roll over from year to year and can be used for qualifying medical expenses.

What does the term "pre-existing condition" mean? +

A pre-existing condition is a medical condition that you had before you got your health insurance. It could include things like diabetes, high blood pressure, or heart disease.

Can I cancel my health insurance at any time? +

Yes, you can cancel your health insurance plan at any time. However, if you cancel outside the open enrollment period, you may not be able to get another plan until the next enrollment period unless you qualify for a Special Enrollment Period.

Are prescription drugs covered by health insurance? +

Many health insurance plans cover prescription medications, but the coverage may vary. Plans typically have a formulary, or list of covered drugs, and different drugs may have different levels of coverage, depending on whether they are generic, brand-name, or specialty drugs.

What is preventive care? +

Preventive care includes health services that help prevent illnesses, such as vaccinations, screenings, and annual checkups. Under the Affordable Care Act, most preventive services are covered by health insurance plans at no additional cost to the policyholder.

What should I do if my health insurance claim is denied? +

If your claim is denied, you can appeal the decision. Review the denial letter for reasons, contact your insurer for assistance, and file a written request for a hearing. If you win the appeal, you may be able to get a refund or other compensation.

How can I choose the best health insurance plan for me? +

When selecting a plan, consider factors like: Your health care needs (e.g., frequent visits, prescriptions) The plan’s network of doctors and hospitals The cost of premiums, deductibles, copays, and out-of-pocket maximums Coverage for specialized care or treatments Compare the different plans and benefits to find one that meets your needs.

What happens if I don't have health insurance? +

If you don’t have health insurance, you can still access some health care services, such as emergency care, in-network doctors, and in-network hospitals. You may be eligible for Medicaid, which provides some health care services at no cost to you.

What is life insurance? +

Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a lump sum payment (death benefit) to your beneficiaries upon your death.

What are the different types of life insurance? +

Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during this term, your beneficiaries receive the death benefit. It does not build cash value. Whole Life Insurance: Offers lifetime coverage with a death benefit and also builds cash value over time, which you can borrow against or use. Universal Life Insurance: A flexible policy that allows you to adjust the premiums and death benefit while also building cash value.

How much life insurance coverage do I need? +

The amount of coverage you need depends on factors like your income, debts, family needs, and long-term financial goals. A common rule is to have coverage worth 10 to 15 times your annual income, but this can vary based on your individual situation.

What is the difference between beneficiaries and policyholders? +

The policyholder is the person who owns the life insurance policy and pays the premiums, while the beneficiary is the person or group that receives the death benefit when the policyholder passes away.

Can I change my beneficiaries? +

Yes, you can change your beneficiaries at any time during the life of the policy, as long as the policy is in force and you follow the correct procedure with the insurance company.

What is the contestability period? +

The contestability period is the time during which you have the right to contest the decision of the insurer to pay the death benefit. This period varies depending on the type of life insurance policy and the insurer.

Does life insurance cover accidental death? +

Some life insurance policies include accidental death coverage, while others may require a separate rider for this benefit. Be sure to review your policy to understand what’s covered.

Can I cancel my life insurance policy at any time? +

Yes, you can cancel your life insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is cash value? +

Cash value is the accumulated value of the life insurance policy that can be used to pay for expenses, such as medical bills or funeral expenses.

How do I borrow against cash value? +

You can borrow against the cash value of your life insurance policy, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What is the difference between whole life and universal life insurance? +

Whole life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and builds cash value over time. Universal life insurance offers lifetime coverage with a death benefit and also builds cash value over time.

How are life insurance premiums determined? +

Life insurance premiums are based on factors like age, health, lifestyle (e.g., smoking), coverage amount, and type of policy. Generally, younger, healthier individuals pay lower premiums.

Can I borrow money from my life insurance policy? +

If you have a whole life or universal life policy, it may build cash value over time. You can borrow against this cash value, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What happens if I stop paying my life insurance premiums? +

If you stop paying premiums, your policy may lapse. For permanent policies like whole or universal life, the cash value may cover the premiums for a time, but eventually, if premiums are not paid, the policy will end.

What is auto insurance? +

Auto insurance is a contract between you and an insurance company that provides financial protection against damage or injury caused by accidents, theft, or other incidents involving your vehicle. It covers both liability and your vehicle's repair costs depending on the type of policy.

What types of auto insurance coverage are available? +

There are several types of auto insurance coverage, including liability, collision, comprehensive, uninsured/underinsured motorist, and additional coverage like roadside assistance and collision damage waiver.

How much auto insurance do I need? +

The amount of coverage you need depends on factors such as the value of your car, your driving habits, your state's legal requirements, and whether you own or lease your vehicle. A good starting point is to meet your state's minimum required coverage, but you may want additional coverage for added protection.

Can I cancel my auto insurance policy at any time? +

Yes, you can cancel your auto insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between liability and comprehensive coverage? +

Liability coverage covers the damages and injuries caused by accidents, while comprehensive coverage also covers non-accident damages, such as theft or vandalism.

How do I choose the right auto insurance policy? +

When selecting an auto insurance policy, consider factors such as the type of coverage you need, your driving habits, the value of your vehicle, and your state's legal requirements.

What factors affect my auto insurance premium? +

Several factors impact your insurance premium, including: Your driving history (accidents, tickets), The make, model, and age of your car, Your location (accident rates in your area), Your age, gender, and marital status, The level of coverage you choose, Your credit score (in some states).

What is a deductible? +

A deductible is the amount you must pay out of pocket before your insurance policy starts to cover the remaining cost of repairs or claims. For example, if you have a $500 deductible and incur $2,000 in damages, you will pay $500, and your insurer will pay the remaining $1,500.

What is the difference between comprehensive and collision coverage? +

Collision coverage pays for repairs to your vehicle after a collision with another vehicle or object, regardless of who is at fault. Comprehensive coverage covers non-collision incidents, such as theft, vandalism, or damage from natural disasters.

Can I get uninsured/underinsured motorist coverage? +

Yes, uninsured/underinsured motorist coverage is available in some states. This coverage provides financial protection for you if another driver is uninsured or underinsured.

Is auto insurance required by law? +

Yes, in most states, you are required to have a minimum level of liability insurance. Some states also require additional coverage like Personal Injury Protection (PIP) or uninsured motorist coverage. The requirements vary by state, so it’s important to check your local laws.

What happens if I don’t have auto insurance? +

If you drive without insurance, you risk facing legal penalties, fines, and the possibility of your driver's license being suspended. If you're involved in an accident, you could be held responsible for the damages.

Can I add other drivers to my auto insurance policy? +

Yes, you can add other drivers, such as family members or friends, to your policy. However, their driving record and age may affect your premium. It's important to inform your insurer about all the drivers in your household.

What should I do if I get into an accident? +

If you're in an accident, follow these steps: Ensure safety by moving to a safe location if possible. Call the police and file a report. Exchange contact and insurance information with the other driver(s). Take photos of the accident scene, vehicle damage, and injuries. Notify your insurance company about the accident as soon as possible.

What is home insurance? +

Home insurance is a contract between you and an insurance company that provides financial protection against damage or loss caused by natural disasters, theft, or other incidents.

What types of home insurance coverage are available? +

There are several types of home insurance coverage, including flood, fire, burglary, and liability. You may also have coverage for water damage, mold, and other property damage.

How much home insurance do I need? +

The amount of home insurance coverage you need depends on the value of your property, the type of coverage you want, and your insurance provider. You may also need additional coverage for water damage, mold, and other property damage.

Can I cancel my home insurance policy at any time? +

Yes, you can cancel your home insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between flood and fire coverage? +

Flood coverage covers damage caused by floods, while fire coverage covers damage caused by fires.

How do I choose the right home insurance policy? +

When selecting home insurance, consider factors such as the type of coverage you need, the value of your property, and your insurance provider.

What factors affect my home insurance premium? +

Factors such as the type of coverage you need, the value of your property, and your insurance provider can significantly impact your premium.