| Criteria | Minimum | Maximum | |
|---|---|---|---|
| Entry Age | 18 years; for options except Income Replacement Benefit 20 years; for Income Replacement Benefit |
55 years; for options except Income Replacement Benefit 50 years; for Income Replacement Benefit |
|
| Premium (₹ INR) | Yearly | 3,000 | No limit subject to Board approved underwriting policy |
| Half Yearly | 1,536 | ||
| Quarterly | 77 | ||
| Monthly | 261 | ||
| Single | 15,000 | ||
| Policy Term | 10 years; for all the options other than Income Replacement Benefit 60 years minus Age at entry; for Income Replacement Benefit subject to minimum of 10 years |
40 Years; for all the options other than Income Replacement Benefit 60 years minus Age at entry; for Income Replacement Benefit subject to maximum of 40 years |
| Coverage Options | Maximum Maturity Age (at end of Policy Term (Yrs)) | Minimum Sum Assured (₹) | Maximum Sum Assured (₹) |
|---|---|---|---|
| 1. Life Benefit | 80 | 5,000,000 | No limit subject to board |
| 2. Income Benefit | 80 | 5,000,000 | No limit subject to board |
| 3. Income Plus Benefit | 80 | 5,000,000 | No limit subject to board |
| 4. Income Replacement Benefit | 80 | 5,000,000 | No limit subject to board |
| 5. Accident Shield Benefit | 65 | 5,000,000 | No limit on Death Benefit subject to board approved underwriting policy Additional Accidental Death Benefit is capped at 10,000,000 |
| 6. Disability Shield Benefit | 65 | 5,000,000 | 1,00,00,000 |
| 7. Critical Illness Protector Benefit | 65 | 5,000,000 | 1,00,00,000 |
| * In case of Income Replacement option, minimum annual income is considered instead of minimum sum assured | |||
| Coverage Option | Description | Details |
|---|---|---|
| 1. Life Benefit | 100% Sum Assured paid out on Death during the term of policy | This option provides payment of 100% of Sum Assured as lump sum at the time of death of the life assured and policy terminates once the full amount of benefit is paid on occurrence of the events |
| 2. Income Benefit | 10% Sum Assured paid out on Death during the term of policy + 90% Sum Assured paid out as level income during 5 / 10 / 15 / 20 years (as chosen) | This option offers a combination of death cover and income benefit. In the case of demise of the life assured, we will pay out 10% of the Sum Assured immediately and balance 90% of the Sum Assured will be paid out as monthly income over a period of time, as chosen at inception as level income. The monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. Both the lump sum and income benefit is paid to nominee and policy terminates. Level monthly instalment payment might extend beyond policy term. |
| 3. Income Plus Benefit | 100% Sum Assured paid out on death during the term of the policy + 100% Sum Assured paid out as level income during 5 / 10 / 15 / 20 years (as chosen) | This option offers death cover along with an income. In the case of death of life assured we will pay 100% of the Sum Assured as a lump sum immediately and an additional 100% of the Sum Assured will be paid as monthly income over a period of time as chosen at inception as level income. The monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. Both the lump sum and income benefit is paid to nominee and policy terminates. Level monthly instalment payment might extend beyond policy term. |
| 4. Income Replacement Benefit | Level income will be paid as death benefit till the end of the policy term subject to minimum term of 2 years | This option offers a mechanism to replace the income of the life assured. The option is designed to provide a replacement of one’s monthly income on death till the end of policy term subject to minimum term of 2 years. The minimum term of 2 years shall
apply even when the income payment extends beyond the policy term. This monthly income will be calculated as annual income divided by 12. Initial Annual Income amount is as disclosed by you at the inception of the policy. The Income starts at the end of the monthly policy anniversary immediately after the death of the life assured. |
| 5. Accident Shield Benefit | Additional pay out on Death due to Accident | This option offers additional Accidental Death Benefit. In the case of death of the life assured, 100% of the Sum Assured will be payable as a lump sum or in case of accidental death of the Life Assured; an additional death benefit equal to Sum Assured chosen at inception will also be payable to the nominee(s) subject to a maximum limit of 10,000,000 during the term of the policy and policy terminates once the full amount of benefit is paid on occurrence of the either of the events. The Additional Accidental Death Benefit (ADB) is fixed at 1,00,00,000 if Sum Assured on death chosen at inception is greater than or equal to 10,000,000. The Sum Assured per life for ADB will be capped at 10,000,000 across all IndiaFirst policies. |
| 6. Disability Shield Benefit | Payout on any type of Disability* | In case of death of the life assured 100% of the Sum Assured will be payable as a lump sum. In case of occurrence of Total Permanent Accidental Disability, 100% of the Sum Assured will be paid as monthly income over 5 / 10 /15 / 20 years. The monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. This monthly instalment payment might extend beyond policy term. The policy terminates after the payment of full benefits for either of the events. Premium is continued to be paid till the time it is established that the disability is permanent. Once the permanency of the disability is established, the premium paid, if any from the date of accident is refunded along with eligible disability benefit If life assured dies while receiving ATPD instalment benefits, then the same instalment benefit continues to be paid for outstanding term as applicable to nominee. ATPD is an accelerated benefit and not an additional benefit. If payout of ATPD instalments start then no separate benefit would be payable on death. Refer Important Definitions section for definitions on Disability. |
| 7. Critical Illness Protector Benefit | Pay out in case of occurrence of any of the defined Critical Illnesses | In case of death of the life assured, 100% of the Sum Assured will be payable as a lump sum. In case of Life Assured is diagnosed from any of the covered critical illness; this Sum Assured will be payable as a lump sum or level monthly income during 5 / 10 / 15 / 20 years as chosen by you at the inception. The monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. This monthly instalment payment might extend beyond policy term. The policy terminates after the payment of full benefits for either of the events. If life assured dies while receiving CI instalment benefits, then the same instalment benefit will continue to be paid for outstanding duration as applicable to nominee. Critical Illness Protector Benefit is an accelerated benefit and not an additional benefit. If Critical Illness Benefit is paid in lump sum or the instalments start then no separate benefit would be payable on death Refer Important Definitions section for definitions on Critical Illnesses. |
| 8. Comprehensive Benefit | Combination of death + Accidental death + ATPD + Critical illness | In case of death, 100% of Sum Assured is paid as a lumpsum amount. In case the death is due to an accident, an additional death benefit equal to the Sum Assured will also be payable as lumpsum amount. In case the life assured suffers from accidental total permanent disability (ATPD), a level monthly instalment income is payable in arrears over 5/10/15/20 years as chosen at inception. In case of diagnosis of critical illness from the list of illnesses covered under the policy conditions, sum assured as lump sum or a level monthly instalment income is payable in arrears over 5/10/15/20 years as chosen at inception. The monthly instalment amount will be calculated by multiplying the death benefit by factor, where factor will be arrived on the basis of prevailing SBI savings bank interest rate subject to review at the end of every financial year. This monthly instalment payment might extend beyond policy term. The benefit will be paid on occurrence of any of the above events whichever occurs first and policy terminates. If life assured dies either due to accident or any other reason while receiving either ATPD or CI instalment benefits, then the same instalment benefit continues to be paid for outstanding term as applicable to nominee Premium is continued to be paid till the time it is established that the disability is permanent. Once the permanency of the disability is established, the premium paid, if any from the date of accident is refunded along with eligible disability benefit. ATPD & Critical Illness Protector Benefit are accelerated benefits and not additional benefits. If payout of ATPD starts or Critical Illness Benefit is paid in lump sum or instalments start then no separate benefit would be payable on death or accidental death The Sum Assured per life for ADB is capped at 10,000,000 across all IndiaFirst policies. |
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