Everything You Need To About IndiaFirst Term Rider Plan

Everything You Need To About IndiaFirst Term Rider Plan
Key Highlights of IndiaFirst Term Rider Plan
Benefits Provided By IndiaFirst Term Rider Plan
Conclusion

IndiaFirst is an organisation providing many financial services in India since its incorporation in the year 2009. The life insurance company is also in collaboration and being promoted by Andhra Bank, Bank of Baroda along with the United Kingdom’s leading risk, wealth and management conglomerate, Legal and General. IndiaFirst’s Term Rider Plan is one of the most sought after riders of India. Read on to know everything about IndiaFirst’s Term Rider Plan.

Everything You Need To About IndiaFirst Term Rider Plan

Some situations become financially more burdensome than others. It covers scenarios such as accidental death, serious disease and more. You must take the appropriate actions to protect yourself and your family from the dangers of financial hardship. In addition to your basic life insurance plan such as the IndiaFirst Term Rider Plan, it is consequently vital to purchase riders.

Key Highlights of IndiaFirst Term Rider Plan

The minimum age for entering the rider is 18 while the maximum is capped at 60.
The maximum coverage age under this plan is 70 years.
As far as the rider’s term is concerned, the minimum term is 5 years and maximum term is 40 years.
The minimum sum assured under this rider plan is INR 50,000.
This rider can only be added to traditional insurance policies and is not meant for ULIPs.

Benefits Provided By IndiaFirst Term Rider Plan

Below are FirstIndia’s Term Rider's advantages. It should be noted that under this rider there are no maturity or surrender allowances provided to the insured person. In addition to your basic life insurance policy, the benefits are supplied for a fraction of the cost.

Death Benefits

In cases where the policyholder dies within the period of the policy, the rider shall have a death benefit. The sum is equal to 10 times the annual riders' premium, the Rider Sum Assured. Furthermore, the rider's coverage stops immediately. TheFirstIndiaLife Term Rider terms and conditions further specify that the mortgage benefit must not be less than 105% of the riders' premiums paid by their policyholder under any circumstances.

Tax Benefits

The India First Life Term Rider also offers its policyholders some tax advantages. The provisions of Sections 80C (for premium) and 10D (for payments) of the Income Tax Act are applicable on the rider and provide a good exemption on taxes.

Revival Benefits

The coverage is delayed if even during the grace period the policyholder fails to pay the premium amount. The policyholder may use the recovery benefit under these circumstances by making the payment in arrears and with the interest within two years of the first unremunerated payment. India First's rider and the basic policy coexist and cannot therefore be revived individually.

Maturity Benefits

The India First Term Rider Plan does not offer maturity benefits under this rider. This is duly mentioned in the terms and conditions of the plan and should be read by the insured.

Surrender Allowance Benefits

The India First Term Rider does not provide surrender allowance benefits as well and this should not come to the insured as a harsh reality at the end therefore it is highly recommended and advised that all the terms and conditions including the inclusions and exclusions should be duly read and understood.

Conclusion

The India First Life Term Rider is thus a complete, sufficiently protective rider. Compared to stand alone and separate plans, here you receive additional advantages and cover at a minimum cost. In addition to your insurance policy, the rider compensates you in addition to what you receive. Subscribe to India First Life Term Rider and enhance your policy for long term benefits.