IndiaFirst Life Little Champ Plan: Features and Benefits

IndiaFirst Life Little Champ Plan is a non–linked, participating, child plan that provides guaranteed payouts during the policy term to support the educational needs of your little one. The plan allows you to define the coverage under it as per your requirement - Death Benefit, Accidental Total Permanent Disability Benefit, or a combination of both. The plan waives off all future premiums, in case the life assured meets either of the unfortunate events.

Best Features of IndiaFirst Life Little Champ Plan

The best features of IndiaFirst Life Little Champ Plan are as follows -

1. Guaranteed Payouts

The plan provides guaranteed payouts during the entire policy term. You can choose from 8 payout options offering payouts ranging from 101% - 125% of sum assured, depending upon the financial needs of your child. 

2. Comprehensive Death Benefit

The plan provides 4 types of life cover specifically designed to protect the life assured from 4 uncertainties such as Death, Accidental Death, Accidental Total Permanent Disability Cover, and Death Plus. 

3. Bonus

The plan provides 2 types of bonuses - simple reversionary bonuses and a terminal bonus which is paid along with the last instalment of the guaranteed payout.

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4. High Sum Assured Rebate

The plan provides a rebate of 2.50% - 8.40% on the policies featuring a sum assured of more than INR 3 Lakh. 
Surrender Benefit- In case of surrender of the policy anytime after the payment of at least 2 full years’ premiums, a surrender benefit equivalent to the higher of guaranteed surrender value or special surrender value is paid to help you meet immediate cash requirements.

5. Reduced Paid-Up Benefit

If you fail to pay the premium after the payment of the first 2 years’ premiums, the policy gets converted into a reduced paid-up policy and continues with reduced benefits. 

6. Policy Revival

A lapsed or paid-up policy can be revived within 5 years from the date of the first unpaid premium.

Benefits of IndiaFirst Life Little Champ Plan

IndiaFirst Life Little Champ Plan provides the following benefits to its investors -  

1. Life Cover Benefit

The plan provides a choice of 4 types of life cover benefits discussed as below. You can choose the option which best meets your requirements at the time of policy inception.

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2. Death Benefit

In case of an unfortunate demise of the life assured, a death benefit equivalent to the highest of the following is paid to the nominee - 

1. 10 times of the annualised premium
2. Sum assured on maturity
3. 105% of the total premiums paid till the date

The death benefit can be received as a lump sum or as monthly income over a period of 5, 10, or 15 years along with the scheduled guaranteed payouts, maturity benefit, and accrued bonuses (if any).

3. Death and Accidental Death Benefit

In case of an untimely demise of the life assured, a benefit similar to the death benefit discussed above is paid. In addition to that, an accidental death benefit equivalent to the sum assured on maturity is paid to the nominee as a lump sum.

4. Death and Accidental Total Permanent Disability Benefit

In case the life assured acquires a total permanent disability due to an accident before the expiry of the premium payment term, IndiaFirst Life Insurance waives off all the future premiums and provides all the guaranteed payouts as scheduled along with the maturity benefit and accrued bonuses (if any).

In case of an unfortunate death of the life assured after the accidental total permanent disability, a death benefit equivalent to the sum assured on death is paid. 

5. Death and Accidental Total Permanent Disability and Accidental Death Benefit

This is the most comprehensive life cover option which provides death cover + accidental death cover + accidental total permanent disability cover, as discussed above, in case of an unfortunate death of the life assured before or after suffering from an accidental permanent total disability.

6. Guaranteed Payouts

Guaranteed payouts ranging from 101%-125% of the sum assured are paid during the policy term in accordance with the payout option chosen by you from the available 8 payout options.

7. Maturity Benefit

The life assured or nominee is entitled to receive all accrued simple reversionary bonuses (if declared) and a terminal bonus (if declared ) along with the last instalment of the guaranteed payout, based on the payout option chosen as the maturity benefit.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.